EVOQ Properties Inc.(fka EVOQ)

[Enterprising Investor]

Legendary and East West Bank file Application (7/12/10)...

for Order Shortening Time for Notice of Hearing on Motion for Order (i) terminating the Exclusive Periods in which only the Debtors may file a plan and solicit acceptances; and (ii) permitting Legendary Investors Group No. 1 LLC and East West Bank to file an Alternate Plan and Disclosure Statement.

The Movants request a hearing at the earliest convenient date for the Court but in any event no later than 7/21/10. This is the date currently set to consider the Modified Second Amended Plan.

The Legendary/EWB Plan proposes the conversion of $65 million of secured debt into equity and infusion of $5 million of new cash, designed to immediately reduce the reorganized Debtors' debt service load. Priority and General Unsecured claimholders will be paid in full. Secured Creditors, who have previously settled with the Debtor, will be stuck (my word) with those terms. Secured Creditors, who have not settled, will receive terms that exceed those in the Debtors' Plan.

Equityholders would retain 20 percent.

Source: PACER (Docket 1575)

It is a variation of theme previously presented:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=51124789

This is only the beginning!