We are the debtors
okay .... EI is good at copying and pasting what's in the court filings ... i think we all agree on this ...but EI, IMO, is weak at drawing an opinion about what they mean ...
first, its important to understand the most basic facts of this BK case .....
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
we, that's all of us (including Dick), as equity holders are the debtors ...
one equity holder (Dick) has a 51% position .... and is the debtor in possession .... and we the debtors owe lots of peoople lots of money ....
we, that's all of us (again), need to restructure our DEBT ...
the creditors are demanding immediate pay or possession (foreclosure) of their security ......
the creditors are NOT our allies .... we are asking them to take less than we promised we'd pay them .... some have said okay .... lots are OBJECTING ....
Dick has submitted 2 PORs on our (LOL) behalf ....
unfortunately DICK's plan says i do not want my fellow equity holders cuz im in a debt death box with now way out ... even if/when MMPI survives ive personally guartaneed all the debt .. and ill personally owe the money .....
therefore please please please Judge, wipe out my personal guarantees and hand over 100% of MMPI to me and my bro w/o giving my fellow equity members anything ... please
that means we are in the shark tank and swimming with a real shark ... that wants to eat us whole .... cuz there's no other food in the tank ...
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::
TWO important points to take away from this ....
the creditors are not our ALLIES .... when they file a motion its most likely not to argue in our (the debtors) favor ..
and we're live bait in a shark tank with a big shark waiting for the Judge to say BITE ...
=========================
so what are the alternatives .......
a Competing Plan(s)? really? what do they look like and from who ....
each objecting secured creditor cant wait to submit a separate POR plan that says ill take my security in lieu of debt ... see ya ... remember we have 53 separate cases being jointly administered ...
so here's a challenge to EI, first, and then everyone else ...
you just received a letter informing you that your rich uncle drsandcrs (lol) died recently and named you as the sole beneficiary of his estate ..... $300 million in cash .....
WOW! THANKS! .....
now submit a POR as an MMPI equity holder, or otherwise, ... please do your best to use the KISS style for proposing a POR ...
my challenge to you is to focus on the equity holders and tell this board how much of your $300 million would be proposed to go to exisiting equity holders and why you would ... especially when Dick owns 51% ....
=========================
56 chevy, please stop waiting for EI to do your thinking for you .... what would your POR look like ....
and eom ... not sure what to ask of you ... how about the last trade on MMPI today and on what volume ...
and everyone else ...... please feel free to provide some input ...
