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Monday, December 20, 2010 12:08:13 PM
I have started to write a Preliminary Objection to Judge Peck in which I express it is unfair treatment - in this new Creditor's Plan based on a "deemed Substantive Consolidation" - that the Senior Notes are taking distributions made from other Debtors/Estates' assets to the Sub Notes - and yet have no contractual right to.
Class 3 is receiving a higher recovery under this Plan by way of the Good Will of Creditors of other Debtors/Estates.
And yet is too greedy to extend any Good Will to the Sub Notes - Class 5.
In review of the Plan there are duplicate third-party and affiliate guarantee claims that have been eliminated.
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