11 vs. 07,
Looking at one of the last docket filings, it states the reasons for the extension to Sept 03. One of things that caught my eye was that it stated if the debtors are not willing or unable to provide the restatements to show what the estimated worth of assets are, then the court could/would then switch the proceedings into a Chapter 07 instead of 11.
Anyone have any idea as to how this would effect things, and more so how would it effect shareholders? I thought in most 07's shareholders were basically wiped out. But in this case there really isn't any other creditors that would need to be satisfied so where would the proceeds go to?
Or would things basically stay the same with regards to us?
Hope this doesn't become a wrench in the gearbox. Maybe this is what the debtors were hoping for. Why they have delayed things, they want the chap 07.
