As far as I know, its a formality at this point. I believe the Trustee only has to file a motion with the court, and Jones will approve. I do not know if the EC has its members set yet.
Thats why I was asking Iman if he was going to try and get a seat on the committee.
IMO the fact that Jones has said all the right things, means there will be an EC. Having an EC means there will be a recovery for current shareholders.
The only way the current estate can 'pay' them is with new shares of the new company (not a bad thing IMO).
EC must INSIST on the 'new company' shares being equal shares for all. NOT just 'REIT shares' for creditors while giving 'reorganized retail business' shares to classes 5 thru 12.
The REIT division will be where the real value is, and everybody knows it.
CAUTION! The bondholders and senior creditors will do what they always do in CHAPTER 11. They will drone on and on and on about how hopelessly out of the money junior creditors and shareholders are. This tired script never changes, and Judge Jones was recently duped by McDermott with this, and he knows it.
I dont think he wants to let it happen again here with JCPNQ. The 'dark' unencumbered/encumbered real estate of JCPNQ has value, and thus far the estate is trying to just rush this through and unload classes 5 thru 12 with the debt, and walk away with the 'new company.' SoS.