Unfortunately, you are correct. I was able to talk to the lawyers that is representing the EC and they said it was denied. Judge has not made it "official", but they are waiting for it to come down. The judge ruled on it the same day, April 23rd. With PCX in court all of last week, Judge hadn't completed all of it yet I guess.
EC would be huge, but it may have slowed things down way too much. The lawyers didn't get a reason why it was rejected. But if it was going to slow it down, then I guess that's why. If it would cost more money, then it would have hurt it more I guess. I'm definitely no BK expert.
I'm hopeful in the end that they are going to issue new warrants to old holders. I don't think there are a ton of holders left, so it wouldn't be much anyways. doubt they will keep it in tact and give 35% to the Unions. Probably will issue new warrants and give 35% to them. Who knows though.
We won't know until they release the POR and see what happens next. Liquidation will not be ideal and that's probably why Debtors/Creditors agreed to the 35%. This way this moves things along and they can get it done, so this way they don't run into 2014 with no money. Might get this all done by July time, or shortly after.
I don't mind any STFU shares in the new company. haha
all good points marayatano. Thanks for always sharing the articles too
