following is a cut/paste explanation:
The inability of a debtor in bankruptcy to pay its administrative expenses, such as attorneys' and other professional fees. Administrative claims must be paid in full as a condition to confirmation of a Chapter 11 plan of reorganization, unless administrative creditors agree to less than full payment. Therefore, administrative insolvency usually results in conversion of the case to a Chapter 7 liquidation or a dismissal of the case.
in response to your question "who, if anyone, would benefit...?" my answer would be the lawyers, as usual.
there have been recent filings which indicate there are past due administrative claims. one reason shc had for these delinquent claims was that transform was withholding money due shc under the asset purchase agreement.
the recent monthly operating report contained nothing which would indicate any hope this stock is going to do anything other than become worthless.
there was also a docket filed in the last couple of days in which judge drain ruled (largely against transform) on the outstanding motion to require transform to pay the disputed amounts owed to shc.
despite the fantasy arguments that sch will collect so much money from esl/eddie that commons will be "saved" or that eddie will sell his common shares to help pay his legal costs, based on the filings can not see anyway this stock does anything but go to zero.
so little volume recently that the flipping ability is risky at this point. writing is on the wall but it appears some have a hard time reading and comprehending. unfortunate that dd for some seems to be limited to pop psych about why eddie wouldn't walk away from his shares.
