"If" the Confirmation Order may be vacated by the Court >
and "If" the Confirmation Order is vacated, and the Plan shall be "null and void in all respects", then in my opinion, it is conceivable that the court just might allow the cancelled shares to remain "intact".
This Bankruptcy Case is NOT closed yet.
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DEBTOR’S PLAN OF LIQUIDATION
DATED DECEMBER 23, 2009
UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
page 32
9.1 Conditions to Consummation
The Plan may not be consummated, and the Effective Date shall not occur, unless and until each of the conditions set forth below is satisfied. Except as provided in Section 9.2, anyone or more of the following conditions may be waived:
1. The Lenders have reviewed and approved of the proposed Confirmation Order;
2. The Confirmation Order shall have become a Final Order;
3. The Wind-down Budget is completed; and
4. The Debtor and/or Liquidation Trust have sufficient Cash on hand (or investments projected by the Debtor to provide timely Cash) to make timely Distributions sufficient (including allocating Cash to reserves as provided in the Plan) to make payments in respect of all allowed Administrative Claims, and allowed Fee Claims required as of the initial Distribution Date.
9.2 Waiver of Conditions to Consummation
Other than the requirement that the Confirmation Order must have become a Final Order and the Debtor and/or Liquidation Trust must have sufficient Cash on hand, none of which can be waived, the requirement that a particular condition be satisfied may be waived in whole or part by consent of the Debtor, after consulting with KeyBank, without notice or hearing.
9.3 Effect of Nonoccurrence of the Conditions to Consummation
If each of the conditions to consummation and the occurrence of the Effective Date has not been satisfied or duly waived thirty (30) days after the Confirmation Date, or such later date as shall be agreed by the Debtor, after consulting with KeyBank, the Confirmation Order may be vacated by the Court. If the Confirmation Order is vacated, the Plan shall be null and void in all respects, and nothing contained in the Plan or otherwise shall constitute a waiver or release of any Claims by or against, or Interests in, the Debtor.
