Chuck, it is really pretty simple here. If we get the DIP financing approved, the IRS is put on hold and if we emerge from BK, we will do so with a tax lien in place and a payment plan. On the other hand, if this is forced into a 7, the IRS primes all others whihc means even the 1st postion lenders would be at a big loss due to the BK fire sale.
So, the creditors have everything to lose here by not pushing for the DIP financing that supposedly has been offered. If most of the creditors get behind this plan, there is no way the judge would chose to allow the liquidation without an attempt to run it with the DIP financing.
Knowing the above, it makes one wonder what the motivation is of anyone wanting a forced 7 by the court, as if that were to happen everyone loses other than the IRS and those with short positions.
"Always look on the bright side of life!"
Eric Idle
