"Unsecured creditors will receive no payment." You understand that
shareholders are beneath creditors, right?
The unsecured creditors have very small hope IMO, given that the Judge, in
my opinion, is clearly conflicted in this case, having been employed by
STG's lead counsel (Tyler, Bartl, and Ramsdell) before being appointed to
the VA federal BK bench. Big problem right there one would think, but even
if pushed by creditors, another judge would be appointed.
If not recused, this chapter 7 case should be a slam dunk for what STG is
asking.
STG played the classic scam game of monopoly here. Sold all the gold to a
buddy for a dollar, before the last roll of dice landing on the opponents
Boardwalk/Park Place properties with hotels.
As usual, shareholders will be screwed and erased. Unsecured creditors
should be raising hell claiming unfair conveyance to SoSi.
