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Thursday, January 06, 2022 2:50:18 PM
Quote:
The Creditors Committee is always appointed by the US Trustee pursuant to statute...
Quote:
11 USC 341(a). The US Trustee may appoint an Official Equity Committee but that is totally within the discretion of the U.S. Trustee. The bankruptcy court judge may also appoint an Official Equity Committee on motion of a party with standing, but only if it is determined the company is neither insolvent or hopelessly insolvent.
Here is the law, read it and weep:
341(a)Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.
341(b)The United States trustee may convene a meeting of any equity security holders.
Thanks for playing! Now I'm done wasting my time with you.
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