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Alias Born | 10/26/2008 |
Sunday, April 17, 2011 2:29:40 PM
During last December Confirmation Hearings the Equity Committee presented something such as assets and/or other but were denied the opportunity to present whatever it was. I believe it was along the lines of someone being there from Solomon (expert witness) who was going to testify about the assets. Does anybody remember this and exactly what it was the EC was trying to present but was unable? If you do know what it was, do think it was the EC’s fault what was this about and they were unable to present? I thought it was extremely crucial to the EC and a huge overall negative for us at the time.
I am bringing this up because if Susman/Willingham have an interested Party (s) who may want to submit a bid based on Rosies numbers, but not giving monies away to the perpetrators, using these monies to make the Estate whole along with all holders of equity. They could possible exit chapter 11, continue on with the same business plan Rosie had but not cancel equity. With the potential value of the NOL’s, there has to be several interested parties. I just do not know if the GSA has to be denied first or if an entity (s) can have their interests known before a decision is made on the current GSA/POR? I find it hard to believe the court would not want to hear from someone who is willing to pay much more than Rosie’s plan provides. It would also be very disturbing to realize one cannot show interest to the court before a decision on the current POR is made. If the EC has to show everything it will discuss ahead of time, then the EC would have to present everything they are going to have/discuss on May 13th, the deadline for objections, I presume. I am wondering if this is correct or not?
This may go back to the debate about a Chapter 11 plan only having eighteen-twenty months to be confirmed and if it is not confirmed within this time then competing plans may be involved. The problem for us has not been people who are not interested but the Debtors/shielding/hiding assets and interested entities not knowing what is exactly available to make a plan on. The following link discusses the maximum time allowed in chapter 11 in the fifth paragraph.
http://www.abiworld.org/AM/Template.cfm?Section=Home&TEMPLATE=/CM/ContentDisplay.cfm&CONTENTID=41335
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