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Post# of 279080
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old_timer99

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old_timer99

Re: Seminole Red post# 265535

Saturday, 02/17/2007 10:00:37 AM

Saturday, February 17, 2007 10:00:37 AM

Post# of 279080
Redfisher, there is an obvious reason there is no TMM BK filing. A BK filing is for protection in the courts so the company can reorganize after liquidating its assets to pay off creditors in a court devised payment plan. TMM has no assets left to liquidate to pay-off creditors because they were liquidated to pay off the toxic financiers. TMM has no intent to reorganize and does not qualify for for Chapter or 11 or Chapter 7.
One doesn't file for BK. One IS BK and declares it to a court for protection under the law.
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