Stanner - catch the wording
This is from Doc 71 page 3 # 13. It reads,
"It is hereby ordered that the Plan Proponent shall be authorized to extinguish and cancel all
classes of shareholders’ shares of stock interest in the Debtor and to issue new shares for 100% stock
ownership of the Debtor to the Plan Proponent and/or its designee.
The Plan Proponent or Debtor is AmeriResource (see pg. 2; #4). But that is strange wording. Let me rephrase it, "It is hereby ordered that AmeriResource shall be authorized to extinguish ... all classes of shareholders' shares of stock ... in AmeriResource and to issue new shares ..."
It gets even weirder with "and to issue new shares for 100% stock ownership of AmeriResource to AmeriResource and/or its designee" (which is likely Payroll Funding). I thought AmeriResource was no longer owner, but Payroll? I repeat from pg.2 #4 "The Debtor, as proponent of the Plan ...", e.g. Debtor = proponent of the Plan.
The key phrase is SHALL BE AUTHORIZED. AmeriResource is NOT ordered, but is AUTHORIZED to now cancel all shares. So, AmeriResource does not have to cancel the shares, but is AUTHORIZED to do so if desired.
