Imperial Petroleum Recovery Corp.(fka IRECQ)

[jaxstraw]

A few things.

It sounds like they don't even know if he is actually going to be there.

They state it is for funding the Modified Plan yet that plan has already been denied by the Court.

Like you mentioned it does not cover fully paying off the creditors.

And according to the now denied Modified Plan ( that may or may not be allowed to be resubmitted if these funds are actually presented....this Judge has clearly made several statements looking to end this) if the Plan does not adequately address Absolute Priority and any of the Creditors object to the POR Class 6 common shareholders get cancelled. And those thresholds were met on both accounts.

So although the check might show up, it is for a Ch 11 Plan that if resubmitted and ultimately approved looks to cancel Class 6 shareholders by it's own definitions.

Lastly, although a one time check might possibly be a stay of execution for Ch 7, this Judge has made it clear in denying the Modified Plan that the Debtor has generated no income since the inception of this case and thereby doubted the ability to continually raise the capital needed to execute the POR presented over the term of years the Treatment described for the Creditors Classes. My opinion would be the check is nice but the Debtor would have to convince the Judge it is more than a one time financing and that it is definitely, and without question associated with a source of future revenue.

I would love to be in that courtroom on Monday. It is either going to be very funny, or very ugly.