My gut is not real positive at the moment because of this for one thing:
The Debtors are continuing to manage their properties as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and no trustee or examiner has been appointed in the Company's case. The Company currently believes that after the Company's repayment of its creditors to the extent it has available funds, none of its assets will remain available for distribution to its stockholders. The Bankruptcy Court has scheduled the hearing on the Company's plan of liquidation for October 27, 2010. If the plan is confirmed, the plan is anticipated to become effective within a few weeks.
Since they are "continuing to manage" does that give them the freedom to simply cancel commons? Or, if in fact, other creditor's from prior bankruptcies own common shares today, will the judge take that into consideration come Wednesday? Actually, I'm wondering if any of those past companies still own those shares and how that can be found out today. Would love to know why the shell hasn't been sold or why the court hasn't required that to happen, if they have that power. Too many questions and too few answers.....guess we will know something perhaps come Wednesday.
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