Xechem International Inc. (fka XKEM)

[spoonman]

MM i might be wrong but i think--Post 193037 by Mystery Man

You have provided a very good layman's summary of bankruptcy.

I would make but two technical corrections - first, the committee is appointed by the Office of the United States Trustee which is a branch of the Justice Department charged with overseeing bankruptcy cases; second, for shareholders to retain an interest in a bankruptcy company after it emerges from bankruptcy requires either that the creditors get paid in full with interest, the creditors (if not paid in full with interest) to agree, or the shareholders to put new money in as a contribution to a plan of reorganization. This second observation is a very basic explanation and, as you can imagine, the actual application of the Bankruptcy Code is much more complex.
i think what you might be missing is that (the creditors MAY agree to a reorganization with someting like you will get paid 2 yrs. down the road) that would be a lot better than nobody getting anything-- as if the BK goes through without what Monty is working on--- if i'm off base someone post and let me know!!