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silencedogood2011

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silencedogood2011

Re: ChuckD-MSB post# 165

Sunday, 11/07/2010 12:34:09 AM

Sunday, November 07, 2010 12:34:09 AM

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This is a U.S trustee. Almost all Ch.11 cases do not need them. The U.S trustee department is notified of the BK proceeding. This is so the U.S. trustee department can appoint a trustee if the Ch.11 is a liquidation (some companies file a Ch.11 BK instead of a Ch.7 in order to maintain one common stock share so they can reatain the shell and the NOL for future purposes. Case in point PTFCQ) not a debt for equity restructuring. I have read and seen that almost 90% of all debt for equity BK's retain their commons.

WLVT will not need a trustee since they will be operating while in BK.

Risking it all to obtain the reward, necessitates the motivation to succeed.

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