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$.03...$.00 Done and dead.
I appreciate the fairy dust reference - it's accurate.
This is why it's worthless:
http://www.gcginc.com/cases/sdt/pdflib/481_52649.pdf
The good news is that they have more than $5MM left. So, they have only spent about $8MM since they began.
The bad news is that they have more than $160MM in liabilities, and no income. Some would call that being upside down. However, on this board it is considered good long-term growth.
I'm sure today's hearing will help...Maybe Chen will write a check for $160MM and we can just call it even.
They are working on making a nano fairy dust as I write this. Court date today in NY for Chinese bank access.
$.03?!
Great investment! I expect that given the robust growth in China and the health of the global economy will push this back above $10.
Anyone who trades this will be a billionaire - guaranteed!
Buy more, it just keeps getting cheaper. It's no big deal if they run out of money. It will run on hype, and pumping, and fairy dust, which is the only reason it is not at zero now.
Thanks for the info!
Information you can use to make up your own mind.
http://www.gcginc.com/cases/sdt/
Dockett 442. Pages 27 to end are very interesting. Yes Shorty Short will say see they are going to run out of money, so Shorty do not even bother bringing it up.
It takes money to make money. It does make me wish I had become a lawyer.
Shengdatech is far from dead.
Also see hearing next Tuesday in NY, regarding chinese banks.
Note this:
Extend the period, flounder about, collect more fees...
Extend the period, flounder about, collect more fees...
Extend the period, flounder about, run out of funds...DONE!
It goes to zero, regardless of the time table, or your prayers. You can't tell me you believe in this company. It's a pump and dump fantasy. Only, the volume and overall liquidity is non-existent.
Luck seems to be the only strategy here...
Staying near 10 cents, your theory isn't panning out so far.
Anyone have any updates from court? Any notable days in the future?
Taking longer than I expected, but $0.00 is the value.
Proof is in the price, volume, etc...
But, hey, in the words of Journey, "Don't stop believing..."
Forget everything I have said, at $.07...
Someone has seen the writing on the market wall, and they decided to use their wisdom.
I think everyone else should sit on their hands and pray for gifts from the Chinese commodity gods...Good luck!
I think the length of time you hold this dog is an inverse relationship to your intelligence.
Have a great Friday!
I was very fortunate to make some very good money here in the past. Thought I would check in to see if anything ever developed.. ANY THING NEW?
How is the trial coming along @ those who are following closely. Interesting how this stock is stuck still- any one care to speculate on what this could mean?
Shorty I am just trying to pick up some cheap shares at .06, should be buying at the ask. No one wants to let them go. Where are the .05 you promised us, and I dont mean 200 shares a day, we want the cheap volume you have been spouting about.
BIG NEWS ABOUT SDTHQ:
It's still in bankruptcy, they are no closer to recovering the stolen chops or the stolen money and they continue to run out of time and money. Former management has been very effective in creating obstacles to each of these. I don't think anyone gives Chen enough credit. He is still alive and sitting on hundreds of millions of dollars of stolen money.
Plus, last time I look the bid was at $.06 and the only activity was market makers.
If you are looking for good news about SDTHQ you are waiting for a miracle - which I think everyone would agree is a sound trading strategy.
Any new information coming from the SDTHQ front?
All you really need to know about SDTHQ:
First off I would like compliment the CRO and his team's efforts. It is clear they are vigorously and diligently acting in the interest of unsecured creditors. A little reminder that it does nothing for shareholders in the near-term. Plus, despite his efforts, he likely won't have the time or the resources that he needs to bring this to any meaningful conclusion. Instead, they will run out of money and end the engagement.
Here is the reference for the details below, and you can see from the link it's not another message board post - it's an actual court filing available on the case administration website. See the difference Persurfer?: http://www.gcginc.com/cases/sdt/pdflib/4...
This is an action to enforce Debtor’s Rule 2004 subpoenas to obtain account information from the Banks for Debtor’s indirectly owned Chinese subsidiaries (the “PRC Subsidiaries”).1 Debtor needs this information in order to value its sole asset, confirm the funds held by its PRC Subsidiaries, and administer its Chapter 11 Case for its stakeholders, including its U.S. bondholders who invested more than $230 million in Debtor, much of which remains unpaid. Without question, the information Debtor seeks relates to the “property or to the liabilities and financial condition of the debtor [and] . . . matter[s] which may affect the administration of the debtor’s estate,” falls within the scope of Rule 2004(b), and should be produced immediately.
C. Debtor’s Futile Efforts to Obtain Account Information From the Banks
On November 18, 2011, Debtor issued subpoenas to the Banks seeking the production of account and other information. (Id. at Group Ex. 8 (Subpoenas served upon the Banks)). Prior attempts to obtain this information from the Banks’ branches in China proved futile because the PRC Subsidiaries no longer possessed the corporate “seals” or “chops” (which were stolen),2 and the PRC Subsidiaries were told that no information would be provided unless they were recovered. (Id. at Ex. 3 ¶ 11.) The Debtor has in fact legally replaced all officers, directors, legal representatives, managers and the like at the Debtor, Faith Bloom and the PRC Subsidiaries who were believed to be participants in the fraud which lead to the bankruptcy. These new legal representatives and managers of the PRC subsidiaries have demanded the “chops” from the former management who have refused to turn them over. Left with little choice, Faith Bloom, as the sole shareholder of the PRC Subsidiaries then commenced actions in China against prior legal representatives and managers who are believed to have stolen the “chops” or “seals,” but
2 “Chops” are wood or metal seals used to sign documents in China. The chop is pressed into red paste and the image is transferred to paper by applying pressure to the chop.
4
there is no expectation that those actions will be resolved within the near term, or even in time to have an impact on Debtor’s Chapter 11 Case, which must begin moving towards a plan given the current cash situation caused by former management’s conduct. (Id.)
Thanks shorty, I like to support a team instead of harass another team. Us Toronto maple leaf fans are used to types like you
$.08 looks very promising, as does the overall global market...
I think it hits $1.08 by the end of the day!
Good luck (you'll need it).
Watch it slowly bleed out:
http://www.gcginc.com/cases/sdt/maincase.php
In preparing the MOR, the Debtor relied on financial data derived from those books and records available at the time of such preparation. At the time of preparation of the MOR, the Debtor had limited access to its books and records.
The Debtor only had access to information in the possession of A. Carl Mudd and Sheldon B. Saidman, two of the Debtor’s independent board members, Greenberg Traurig, LLP, the Debtor’s legal counsel and other third parties, including, without limitation, JPMorgan Chase which maintains the Debtor’s sole bank account. The Debtor recently gained control of three bank accounts maintained by non-Debtor affiliates, which are described in the MOR. Upon information and belief, the Debtor’s books and records are located at the Debtor’s headquarters in China (which location is currently unknown) and at the various plant locations in China owned by the Debtor’s indirect subsidiaries. The Debtor’s books and records may also be located at the offices of ShengdaGroup, an entity related to the Debtor through common ownership of the Debtor’s largest shareholder and former Chairman of the Board of Directors and Chief Executive Officer, Mr. Xiangzhi Chen, in China. At the time of preparation of the MOR, the Debtor did not have access to any records at the locations noted in the foregoing two sentences.
A new round of payables, and another step closer to extinction.
No value is given for property and equipment?
Every body knows there are icebergs in the water. I will be keeping my shares thank you. I believe this ship has a lot of float left in her.
I'm going down with the ship then!
Your post, and your link proves you wrong Dorian - again!
Out of the 100's of millions of dollars they stole, the CRO has control of less than $7 million. This indicates nothing about their income, or profit, and it further supports my point that they do not have control, they are still fighting the thieves that stole the money, and will continue until they run out of money.
Plus, this is how the CRO describes the Chapter 11 case:
Intercompany Claims. Given the lack of access to the Debtor’s books and records, the
2 Debtor was unable to determine the amount of intercompany receivables and payables as of the
3 reporting date. Moreover, the Debtor would have concerns as to the accuracy of any such
4 intercompany receivables and payables given the circumstances of this Chapter 11 Case.
This is a joke, posts in support of it are a joke, or just downright deceptive. Roll dice with better odds, or just roll dice.
Chew on this, the most current, most accurate, non-fraudulent, financial information available:
http://www.gcginc.com/cases/sdt/pdflib/411_52649.pdf
ENJOY
I just posted their Earnings Statement, it says you are wrong. You want to dispute their earning Statement, go ahead.
Wrong? Not hardly. If you keep up with the misinformation, I'll be more than happy to post a link to the MOR so everyone can check your math.
Like I said, it's their quarterly earnings Statement, and you are WRONG. It clearly shows a continuing operation that is earning after debt servicing a 6.989 million per quarter profit. Not zero income, 6.989 MILLION in profit.
Income Statement Get Income Statement for:
View: Annual Data | Quarterly Data All numbers in thousands
Period Ending Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009
Total Revenue 34,417 33,238 30,227 30,055
Cost of Revenue 20,406 19,605 17,529 18,105
Gross Profit 14,012 13,632 12,698 11,950
Operating Expenses
Research Development - - - -
Selling General and Administrative 2,492 2,175 1,985 2,389
Non Recurring - - - -
Others - - - -
Total Operating Expenses - - - -
Operating Income or Loss 11,519 11,458 10,713 9,561
Income from Continuing Operations
Total Other Income/Expenses Net 42 66 91 675
Earnings Before Interest And Taxes 11,561 11,524 10,804 10,236
Interest Expense 3,542 3,400 3,266 3,036
Income Before Tax 8,019 8,124 7,539 7,199
Income Tax Expense 973 1,044 836 478
Minority Interest - - - -
Net Income From Continuing Ops 7,046 7,080 6,702 6,721
Non-recurring Events
Discontinued Operations (57) (65) (57) (58)
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 6,989 7,015 6,645 6,663
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares 6,989 7,015 6,645 6,663
Currency in USD.
That was from their latest Monthly Operating Report.
Total cash on hand = 7.5 million.
Total income = squat.
Total liabilities ahead of your shares = as far as the eye can see.
That 14 million was their quarterly earnings, the 7.5 million, their debt service payments. Not Zero income, not bleeding to death, that's a 6.5 million profit for the quarter.
Evidence says they had 14 million in august, and now they have 7.5 million. Zero income. Bleeding to death at this point, unless something miraculous happens.
And I'm not even going to mention the 100's of millions in debt.
Any idea when we will hear anything about anything to do with shengda?
I want a piece of the chemical pie ($)
So where does it say they make $30MM/year?
And how does that fit with the fact that the CRO has already said recently he doesn't trust any of there numbers.
All you posted was b-s from the case administration site.
How about you quote a couple of lines that support your point?
As you can clearly see the actual court filing prove you wrong, yet again Shorty.
BACKGROUND
A. Background and Operations
7. On August 19, 2011 (the “Petition Date”), the Debtor commenced this Chapter 11
Case by filing a voluntary petition for relief under chapter 11 of the Bankruptcy Code.
8. The Debtor has continued in possession of its property and is operating and
managing its business as a debtor-in-possession pursuant to sections 1107(a) and 1108 of the
Bankruptcy Code.
9. On August 31, 2011, the Office of the United States Trustee appointed the
Committee in the Chapter 11 Case. On October 27, 2011, the U.S. Trustee filed the Amended
Notice of Appointment of Committee of Unsecured Creditors [Docket No. 213].
10. The Debtor is a Nevada corporation with its principal place of business in the PRC.
On March 31, 2006, the Debtor consummated a share exchange pursuant to a Securities Purchase
Agreement and Plan of Reorganization with Faith Bloom, which remains the Debtor’s wholly
owned subsidiary. Faith Bloom is the direct parent company of the following entities formed under
the laws of the PRC: Shandong Haize Nanomaterials Co., Ltd., Shandong Bangsheng Chemical Co.,
Ltd., Shaanxi Haize Nanomaterials Co., Ltd., Zibo Jiaze Nanomaterials Co., Ltd. and Anhui
Yuanzhong Nanomaterials Co., Ltd. (collectively, the “PRC Subsidiaries”).
11. Other than Shandong Bangsheng Chemical Co., Ltd., which, upon information and
belief is not an operating entity, all of the other PRC Subsidiaries are operating entities (the “PRC
Operating Subsidiaries”). The PRC Operating Subsidiaries manufacture a specialty additive known
as nano-precipitated calcium carbonate, which is used in a variety of products to enhance their
Case 11-52649-btb Doc 370 Entered 02/16/12 16:22:41 Page 4 of 17
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CHI 62,077,194v3 2-16-12 5 Greenberg Traurig, LLP
Suite 400 North, 3773 Howard Hughes Parkway
Las Vegas, Nevada 89169
(702) 792-3773
(702) 792-9002 (fax)
durability and efficiency and is widely applied in the paint, paper, plastic and rubber industries and
used for building materials such as PVC. Neither the Debtor nor Faith Bloom are operating entities.
12. The events giving rise to the Chapter 11 Case are described in detail in the
Declaration of Sheldon B. Saidman in Support of Debtor's First Day Motions [Docket No. 16]
which is incorporated herein by reference.
13. On August 19, 2011, the Special Committee of the Board of Directors of the Debtor
(the “Special Committee”) appointed Michael Kang of Alvarez & Marsal (“A&M”) as the chief
restructuring officer (“CRO”) of the Debtor. On September 2, 2011, the Court entered a final order
confirming Mr. Kang’s appointment as CRO.
B. The Chapter 11 Case
14. Since the commencement of the Chapter 11 Case, the Debtor has taken steps to
maintain control of its business and secure its assets. Moreover, the Debtor had to take certain steps
to stabilize control of the Debtor and Faith Bloom.
15. On September 2, 2011, the Court granted the Debtor’s request for a preliminary
injunction and enjoined the Debtor’s board of directors and shareholders from taking any action to
change the composition of the Special Committee or the appointment of the CRO or to interfere
with the Special Committee or other actions conducted by the Special Committee and CRO.
[Docket No. 27, Case No. 11-05082 (Bankr. D. Nev. Sept. 2, 2011)].
16. On October 7, 2011, the Debtor filed its motion for entry of an order pursuant to
section 105(a) of the Bankruptcy Code, Rules 2004 and 9016 of the Federal Rules of Bankruptcy
Procedure (the “Bankruptcy Rules”) and Rules 2004, 5075(a)(2)(L) and 9006 of the Nevada Local
Rules of Bankruptcy Practice (the “Local Rules”), authorizing the Debtor to serve subpoenas upon
certain Banks2 (the “2004 Motion”). [Docket No. 157]. As detailed in the 2004 Motion, the Special
Committee’s professionals attempted to visit certain of the Banks in the PRC that maintain the PRC
2 The “Banks” that are the subject of the 2004 Motion are (i) the Bank of China; (ii) the Industrial and Commercial
Bank of China; (iii) the Bank of Communications; (iv) China Merchants Bank; and (v) the Agricultural Bank of China.
On information and belief, prior to the Petition Date, Faith Bloom and/or the PRC Operating Subsidiaries maintained
accounts with each of the Banks (the “Bank Accounts”).
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CHI 62,077,194v3 2-16-12 6 Greenberg Traurig, LLP
Suite 400 North, 3773 Howard Hughes Parkway
Las Vegas, Nevada 89169
(702) 792-3773
(702) 792-9002 (fax)
Subsidiaries’ accounts in order to obtain information relating to the primary Bank Accounts. While
visiting the Banks, the Special Committee’s professionals received no cooperation from the legal
representatives and the local branches for these Banks in the PRC. As a result, the Debtor filed the
2004 Motion to seek information relating to the Bank Accounts, which is critical for the Debtor to
safeguard its assets, restructure its business operations and allow the Debtor to continue its ongoing
investigation of the financial affairs of the Debtor.3 While the Debtor has attempted to reach an
agreement with the Banks as to the delivery of certain information, the Debtor anticipates that it will
have to commence litigation to enforce the 2004 subpoenas.
17. The Debtor has spent significant time with the Committee and its attorneys
developing the strategic plans in the PRC and ensuring that the Committee and its attorneys are
supportive of these efforts.
18. Following commencement of this Chapter 11 Case, the Debtor sent letters to the
former legal representatives of each PRC Subsidiary, requesting that they deliver the chops and
business licenses for each PRC Subsidiary to the Debtor, which are necessary to demonstrate legal
control of an entity in China, and has informed each of the former legal representatives that they
should take no action without the approval of A. Carl Mudd, Sheldon B. Saidman or Michael Kang,
who comprise the officers and directors of Faith Bloom. The former legal representatives for the
PRC Subsidiaries have yet to comply with these requests.
19. Following commencement of this Chapter 11 Case, the Debtor sent letters to certain
governmental agencies in the PRC informing them of the newly appointed officers and directors for
Faith Bloom and informing these agencies of certain disputes concerning ownership and control of
the PRC subsidiaries.
20. Faith Bloom has engaged certain professionals in the PRC to assist in further
implementing its strategy in the PRC to safeguard and recover the PRC Subsidiaries and other
assets in the PRC. Specifically, Faith Bloom has replaced all of the legal representatives, officers
3 The Debtor’s professionals also attempted to “freeze” certain of the bank accounts held by Faith Bloom.
Case 11-52649-btb Doc 370 Entered 02/16/12 16:22:41 Page 6 of 17
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CHI 62,077,194v3 2-16-12 7 Greenberg Traurig, LLP
Suite 400 North, 3773 Howard Hughes Parkway
Las Vegas, Nevada 89169
(702) 792-3773
(702) 792-9002 (fax)
and managers of the PRC Subsidiaries. In addition, Faith Bloom has commenced litigation in the
PRC to obtain the chops, business licenses and other corporate property being held by the former
legal representatives, former managers and/or former officers of the PRC Subsidiaries.
21. The Debtor has also engaged a law firm in the British Virgin Islands to assist it with
certain corporate governance and other issues relating to Faith Bloom. Since the filing of this
Chapter 11 Case, the Debtor has removed and replaced all officers and directors at Faith Bloom and
despite resistance from the Debtor’s former management, was able to obtain recognition of the new
officers and directors by the Registered Agent in the British Virgin Islands. As noted above, the
Debtors have obtained control of all known Faith Bloom bank accounts.
C. Reorganization Efforts
22. Since the Petition Date, the Debtor has been focused on tracing and securing its
assets and the assets of Faith Bloom and the PRC Subsidiaries. These efforts are complicated by
the fact that many of the PRC Subsidiaries’ assets are maintained in the PRC and parties in the PRC
have been unwilling to assist the Debtor or its professionals.
23. In spite of these obstacles, the Debtor has made progress with its reorganization
efforts. Since the filing of the Chapter 11 Case, the Debtor has initiated a multi-fronted campaign to
obtain visibility into and control over the PRC Subsidiaries which, upon information and belief,
hold the assets potentially available for distribution to the creditors of the Debtor’s estate.
24. The Debtor and its advisors have made progress in gathering documents informally
from third party sources. Moreover, the Debtor and its advisors have gained insights into the PRC
Subsidiaries through informal interviews of prior employees.
25. On November 16, 2011, the Debtor filed its first motion seeking to extend the
Exclusive Periods [Docket No. 249] (the “First Exclusivity Motion”). An order granting the First
Exclusivity Motion was entered on December 19, 2011 [Docket No. 285]. The Exclusive Periods
currently expire on March 19, 2012 and June 14, 2012 respectively.
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CHI 62,077,194v3 2-16-12 8 Greenberg Traurig, LLP
Suite 400 North, 3773 Howard Hughes Parkway
Las Vegas, Nevada 89169
(702) 792-3773
(702) 792-9002 (fax)
D. Summary
26. Since the filing of the First Exclusivity Motion, the Debtor and its advisors have
continued to focus on activities that are critically important to the Debtor’s reorganization,
including assisting the Special Committee in its ongoing investigation of the Debtor’s prepetition
financial affairs, commencing litigation in the PRC in furtherance of the Debtor’s strategy to take
control of the PRC Subsidiaries and their assets, further responding to the subpoena issued by the
SEC, and taking further steps to preserve the Debtor’s assets.
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF NEVADA
In re:
SHENGDATECH, INC.,
Debtor.
Case No. BK-11-52649
Chapter 11
ORDER PURSUANT TO 11 U.S.C. §
1121(d) FURTHER EXTENDING THE
EXCLUSIVE PERIODS WITHIN WHICH
TO FILE A CHAPTER 11 PLAN AND
SOLICIT VOTES ON SUCH PLAN
Hearing Date: March 15, 2012
Hearing Time: 2:00 p.m.
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CHI 62,077,194v3 2-16-12 2
Upon the second motion (the “Motion”)1 of ShengdaTech, Inc. (the “Debtor”), as debtor and
debtor-in-possession in the above-captioned chapter 11 case (the “Chapter 11 Case”), for entry of an
order, pursuant to section 1121(d) of title 11 of the United States Code (the “Bankruptcy Code”),
further extending the periods during which the Debtor has the exclusive right to file a Chapter 11 plan
and solicit votes on such plan (the “Exclusive Periods”); and the Court having jurisdiction to consider
the Motion and the relief requested therein pursuant to 28 U.S.C. §§ 157 and 1334; and this being a
core proceeding pursuant to 28 U.S.C. § 157(b)(2)(A) and (O); and venue being proper before this
Court pursuant to 28 U.S.C. § 1408; and it appearing that notice of the Motion was good and
sufficient under the circumstances and that no other or further notice be given; the Court having the
authority to grant the relief requested and such relief is just; and the Court having found that the relief
requested in the Motion is in the best interests of the Debtor, its creditors and all parties in interest,
NOW, THEREFORE, IT IS HEREBY ORDERED THAT:
1. The Motion is GRANTED.
2. The period during which the Debtor shall have the exclusive right to file a
Chapter 11 plan is extended to and including June 18, 2012.
3. The period during which the Debtor shall have the exclusive right to solicit
votes to accept such plan is extended to and including September 12, 2012.
4. This Order is without prejudice to the Debtor’s ability to seek further extension
of the Exclusive Periods, subject to the requirements of the Bankruptcy Code.
5. The Debtor is authorized to take all actions necessary to effectuate the relief
granted pursuant to this Order in accordance with the Motion.
6. The terms and conditions of this Order shall be immediately effective and
enforceable upon its entry.
///
///
///
You are mistaken Shorty, SDTHQ shows a documented 30 million a year profit. Sadly you misread the court documents and made a foolish decision on based on that misreading. SDTHQ is in Chapter 11, not because it is running out of money, but because the CEO was caught embezzling money. He created a company that didn't exist, and was caught purchasing material's that did not exist from that company.
You in your ignorance, mistook that fake company for SDTHQ, had you actually bothered to read the court documents you would have seen that absolutely no one disputed that SDTHQ is a profitable company earning 30 million a year in profits.
This is not the floor...Not by a long shot!
It can only go down. There is no good news to come. They will run out of money and go away forever.
The end.
It appears we have established a pretty solid floor, when should we hear more news from court? I tried to get on the case website to figure out the schedule, no dice
Evidence says.......... WRONG AGAIN shorty...
This is a classic pumpers trade. It went to $.11, which makes it early for a victory lap.
It will go back down, and then die.
They are almost out of money, and at that point they stop investigating and everyone goes home.
But it isn't stopping him from trying.
Shorty this has never been below a penny and never will be. It will cease to exist or be a winner, end of story. If it ever gets to a nickle I will certainly be buying more so bring it on if you think you can. You are powerless to have this stock do your bidding.
ROTFLMAO... Your ability to predict the future is sorely lacking. As we have already seen...
It's early for a victory lap...
Back below $.05, and more than likely, back below a penny.
Yea, apparently you were wrong about that as well.
Hmmm, seems your prognostication skills need work.
Now it's time to watch it die!
Please pardon my absence, but life has its demands. It's good to be back. I have a candle lit in memory of the money that was lost with this trade.
I was wrong about the timing, but not about the price.
Kaboom!!!!
Noob here, what do you mean by ripping
This board is ripping,Any news on horizon?
Its been a long time since bkrpcy, think we would know something.
SHENGDA na na na na na na na na SHENGDA na na na na na na na na
I would make AC/DC proud
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ShengdaTech Inc. (SDTH), a maker of nano precipitated calcium carbonate for the tire industry, sought bankruptcy protection on 8/19/2011 from creditors without citing a reason.
The company listed $295.4 million in assets and $180.9 million in debt as of Sept. 30 in Chapter 11 documents filed in U.S. Bankruptcy Court in Reno, Nevada.
Nano precipitated calcium carbonate or NPCC, is a chemical additive used in automotive and polyvinyl chloride products. ShengdaTech is a leading maker of NPCC in China, according to the company website. The company says it's the only supplier of NPCC products to the tire industry.
The Reno-based company said in court papers that unsecured creditors should expect to see a recovery from the reorganization.
The 20 largest unsecured creditors are owed about $167.5 million. Bank of New York Mellon Corp. (BK) is the biggest, acting as the indenture trustee for 6.5 percent noteholders owed about $130 million, court documents show. The bank is also listed as the trustee for 6 percent noteholders owed about $36.3 million. Fifteen of the 20 creditors are listed as owed an "unknown" amount.
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