Champion Enterprises Inc. (fka CJHBQ)

[roger that]

looks like the sec is on our side and could be beneficial here
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49662489



SEC Attorney: Scrutiny Of Chapter 11 Cases Increasing

The U.S. Securities and Exchange Commission is taking a closer look at Chapter 11 cases and the restructuring plans that emerge from them, the agency’s chief bankruptcy counsel said Friday.

The SEC has traditionally looked at issues of corporate fraud and proper disclosure in bankruptcy cases, but it’s now forced to take a wider view in light of historic Chapter 11 filings such as those of General Motors and Lehman Brothers, SEC attorney Alistaire Bambach said at the American Bankruptcy Institute’s spring meeting outside Washington, D.C.

“Dealing with the era of too big to fail and bailouts, we spend more time reviewing plan proposals than we ever had in the recent past,” she said “You might not see us, but we are in there longer than you might expect.”

Bambach cautioned that she was speaking for herself and not necessarily representing the agency’s views.

Fast-moving Chapter 11 sales are of particular concern to the SEC, she said. In the past six months, three of the four companies that were publicly traded when they entered Chapter 11 exited by means of a sale rather than a traditional plan process, Bambach said.

Economic conditions often necessitate quick sales, but protecting creditors’ and investors’ rights must also be on the mind of regulators, she said.

“You want to make sure the ability for other parties to bid and the ability to generate value is not destroyed,” Bambach said.

From an enforcement prospective, Bambach said the SEC is carefully looking at unsecured creditors committees. She said the agency is currently prosecuting a case in which an unsecured creditor allegedly made trades based on information obtained from his position on the committee.

“The danger of potential insider trading is something we are very conscious of in these cases,” Bambach said.


http://blogs.wsj.com/bankruptcy/2010/04/30/sec-attorney-scrutiny-of-chapter-11-cases-increasing/