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Saturday, December 21, 2019 7:06:05 PM
Not word for word.
27:19 – 30:20
Judge Mary Walrath: What’s wrong with closing the case and in the event you’re successful on appeal, reopening the case?
Alice Griffin: Well, because I’m concerned that the Trust will basically deploy all of the assets…in the last filing…
Judge Mary Walrath: They are going to distribute all of the assets…
Alice Griffin: Right.
Judge Mary Walrath: But, they go to the creditors….er…they go to people in classes above you.
Alice Griffin: But, we won’t be able to get any relief. And, one of the things that…
Judge Mary Walrath: If you reopen the case why can’t you get any relief?
Alice Griffin: We can’t recover the 1.4 million shares that were paid to the Underwriters, that came out of the Class 19. If Judge Andrews rules in my favor…
Judge Mary Walrath: Yes.
Alice Griffin: …those shares…how are they going to be recovered?
Judge Mary Walrath: Well, that’s an issue whether or not this bankruptcy case is open or closed, and then reopened.
Alice Griffin: No, I disagree…
Mary Walrath: Why?
Alice Griffin: …because, for example, those shares…they were 72 million face in preferred, so they translated to about 1.4 million. The reorganized debtor had a reverse split, so now you’re down to about 120 thousand. They are publicly traded on the New York Stock Exchange. And, they’re valued, I checked yesterday, about one and a half million. ($1.5 million). Where is that going to come from?
Judge Mary Walrath: Well, that is a issue…whether or not I leave this case open or close it, isn’t it?
Alice Griffin: Well,…
Judge Mary Walrath: How are you helped if the case is never closed…
Alice Griffin: It’s not that it’s never going to be closed.
Judge Mary Walrath: What is the difference between you trying to recover that, in the event that you win before Judge Andrews, and then file whatever action you need to…
Alice Griffin: If I prevail with Judge Andrews I will ask Judge Andrews, if the case is still open,…Judge Andrews of that money that’s sitting for Class 18…take it out of that.
Judge Mary Walrath: There is nothing that prohibits the Trust now from making a distribution to Class 18.
Alice Griffin: I’m aware of that, your Honor.
Judge Mary Walrath: Ok, so, you’re not asking to stay any distributions into Class 18 of the funds remaining in the Trust?
Alice Griffin: Well, I understand. Well, actually, i…Mr. Rosen has said for some time that the distribution wouldn’t happen until the Spring. And, that it would happen in the first quarter. I was hoping there would be a final resolution so that we could take care of all of that before the case was closed.
Judge Mary Walrath: Well, that’s beyond our control.
Yes, I heard the same thing. I think it was about 28-29 minutes into the audio where the judge seemed to suggest that none of the shareholders would be served by keeping the bankruptcy cases open.
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