Cagle's Inc. (fka CAGAQ)

[wall_street61]

That almost covers the current $74 million in liabilities. The only problem is that it is $55 million up front, which still leaves equity out of the money by about 4 bucks a share. The remainder to get flush comes after a note is paid out over 2 years. An unsecured note. Creditors will still not be paid in full (maybe) until 2014, then equity may get a little. Close call not knowing the professional's cash burn, plan of liquidation costs, etc.

Kinda looks like a trap.