I cant find documentation that the bankruptcy was ever finalized or approved by the judge.
Some of the people here are obviously more educated in this matter than i am so please feel free to correct me if im wrong.
IMHO the bankruptcy was replaced with the deal between GBI and Soupman. If the chaptwr 11 bankruptcy had been approved that should have allowed Soupman to continue to opereate under the protection of chapter 11 without paying debts to creditors including WC and of coarse shareholders.
This sale or auction went more like what i would have to think a chapter 7 bankruptcy would go if that would have been the case. Since it was chapter 11 there should have been no auction of assets if the bancruptcy had been approved, but there would have been a bunch of creditors that would not have gotten paid and yes, including us.
Since a bankruptcy of any kind is started with a petition to a bankruptcy court, a judge has to decide whether or not that is the only alternative left.
WC found the alternative to get creditors paid but that alternative did not allow Soupman to retain ownership which is the whole reasoning for chapter 11 bankruptcy. That is why Soupman challenged WC on this issue.
When the judgement was awarded to WC/GBI, that tells me that the chapter 11 bankruptcy was not approved and Soupman was sold instead. IMO that is why the burden of payment to creditors was put on GBI when they purchased the assets.
To me, since a chapter 11 bankruptcy was never finallized and the sale of the Soupman was, Soupman AVOIDED bankruptcy and was sold INSTEAD.
Soupman has a clean slate and new owners now and thats it for now IMO. I believe that allows the new owners (GBI) to operated under the SOUPQ ticker because it didnt go bankrupt after all. I would believe that would allow the q to be removed as well.
Now what GBI decides to do with all that has yet to be seen and is completely up to them. Myself, I cant find a logical reason for GBI to not persue any ticker changes other than removeing the q.
