Corus Bankshares Inc. (fka CORSQ)

[errett]

TEN---Yes--we now have a stakeholder with which to negotiate---and this stakeholder seems to have a group of 13 on their side----and since they are creditors they are now calling the shots here----they are in charge-----they voted down the POL------what should the debtor's attorneys do now--------whatever their requested to do they work for Tricadia now------request an extension------we have a minor issue with the Administrator------that will work-----OK now we have the extension----now on with business.

In Chapter 11 the creditors call the shots. And that won't change unless they somehow find that Corsq's assets are in fact greater than their liabilities.

Since there was no stakeholder to "negotiate" with in the past the only option the attorneys for the DIP had was to file a POL----there was no other option-----but if they knew that for sure from the beginning they would have filed Chp.7----they didn't. So they knew from the beginning that it would go down this path until some entity arrived as a stakeholder-----and now the real deal begins. JMHO