Ya, I doubt an EC will be formed... Debtors/Creditors/Union are already diving up the NEW reorganized company. The last court hearing, Creditors withdrew their Objection to the Union getting 35% of the NEW company.
Debtors are burning through a lot money and projected to run out of funds by early 2014.
Appointing an EC (and its associated Bk counsel and of counsel, auditors, etc) would burn through even more money the Debtors don't have.
The court already (or should have) heard the motion to appoint an EC, however, never heard the results of the hearing. My guess is that either it was not heard because there was no equity or it was just pushed off to another date for hearing. There were no news of the hearing, nothing, so if someone here wants to contact the movants, please do so and post on the board.
The thing is if the Debtors are already converting CLAIMs into New Equity of the reorganized company (you only convert claims in to NEW equity if there is no more equity), OLD equity may be non-existent or "calculated" to be non-existent by the time a plan comes out pending the rejection of Union contract, etc. or if the Unions does plan to go on strike, then Patriot can just forget about reorganizing and follow the foot steps of Hostess and liquidate.
If Patriot liquidates, the hedge funds would/could probably buy up all the assets at a fire sale.
Who knows, old equity "might" be thrown a bone (just to STFU)... ya never know...
imo
