ab,
Thanks. As usual, I can't add much to what oa posted.
I "suppose" that SPNG's trustee looked at the SPNG assets.....AR, INV, etc.?.....and concluded that they wouldn't amount to much if he could successfully turn them into cash. If he could get the court to consolidate the cases he could access Dicon's assets and sell them, as Whitaker is trying to do....thereby adding to the available cash. At this point, as noted, he is looking for ways to get himself paid....the so-called administrative costs of bankruptcy (trustees, accountants, lawyers) are prioritized as cash becomes available.
The Dicon creditors, at least those that filed the involuntary petition, primarily are concerned with the successful reorganization of the Dicon operation so that they can go back to doing business with a supplier/tenant, etc. that they had a profitable relationship with....their filing was more of a rescue attempt than an effort to get their debts paid. They would not be happy to see the sale of assets to the current Proposed Purchaser (Celia and co.) disrupted. As in the SPNG case, administrative costs are paid first.....if Whitaker is able to keep the cases separate and sell the assets for the agreed upon price, the unsecured creditors might see a couple bucks worth of leftovers....they are unfortunately no one's priority. If there are any unpaid salaries they would be paid ahead of them also.
All, as requested, suppositions on my part.
I could never join a club that would have me as a member...........Groucho
AI
