BofA Objection. Bank of America (“BofA”) filed an objection to the Plan [Docket No. 2370], whereby BofA objected to the proposed treatment of the Secured Parties under the Plan and asserting that (i) the Secured Parties would receive less under the Plan than they would in a Chapter 7 liquidation (in part due to projected recoveries to First American in the adversary proceeding) and (ii) the Plan is not fair and equitable. The BofA Objection was just filed on July 20, 2010, and remains unresolved as of the filing of this Memorandum.
AFTER THAT:
Finally, the BofA Objection raises issues related to the resolution of the First American adversary proceeding. As with the First American Objection, the BofA Objection should not hold Plan confirmation and distributions thereunder hostage until the adversary proceeding is resolved.
So they doesn't care about the objection of BofA because they should hold the Plan confirmation and distributions thereunder hostage until the adversary proceeding is resolved and SO THEY REFUSE THE CONFIRMATION HEARING AT 07.39.10 but we have no document yet to confirm that but that mean the CHAPTER 11 GO TO CHAPTER7 that is better for common share and FLTWQ CONTINUE TO TRADE A BIG TIME NOW until the new plan will be finish!!!
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