Thursday, February 29, 2024 7:25:59 PM
The answer to whether claim holders in a Chapter 11 are automatically considered "holders of record" is nuanced and depends on specific circumstances:
Generally, no. Chapter 11 bankruptcy proceedings rely heavily on the record holder for various purposes, including:
Voting on the reorganization plan: Only the record holder, as reflected in the company's books or by a custodian like a brokerage firm, can vote on the proposed plan [1].
Receiving distributions: Distributions under the plan are typically made to the record holders listed on the company's records at a specific point in time [2].
However, there are situations where beneficial ownership (who ultimately owns the claim) might be relevant:
Disclosure statement approval: Before the disclosure statement is approved, the plan and statement might need to be sent to both record holders and beneficial owners, especially for publicly traded securities [3].
Contesting record holder status: If someone claims they are the rightful owner of a claim even though someone else is listed as the record holder, they can use legal procedures to challenge the record [2].
Therefore, while Chapter 11 proceedings generally prioritize record holders, recognizing beneficial ownership can also be crucial in specific contexts. It's crucial to consult with a bankruptcy attorney for specific legal advice regarding your situation in a Chapter 11 case.
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