Thanks for participating today, Finbar.
"The unsecured creditor committee may or may not be inclined the same way - they may feel that they are close enough to full recovery given the existence of other assets"
Other assets with a value of $16M ($95M - $79M) or more means China assets, right?
The only way the unsecured would not object to this fast track is that they were were very confident value would be realized from China assets.
That's all I want to understand - from one of the creditor committe lawyers, from the lawyers we are considering.
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Regarding upfront payments - when you addressed this before, thought I understood you to say that it was customary for BK firms to absorb the initial costs of doing the work necessary to petition the court to form the EC...with the understanding that, if successful, they would get the business and start billing the $40K per month for legal services and $20K per month for FA services (that BC requested as a cap during the cc, and had some push back).
Thing I like about this was - the law firm had to very confident they could get value out of China given the math before us. Also, the judge had to be convinced of the same, otherwise he would not sanction an EC.
Again - where were the details on China; where is the egs/precedence?
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