Replies to post #45354 on Cdex, Inc. (fka CDEX)

[pennstreet]

amanita~~~

Here are a couple brief definitions that explains what happens when default letters are sent:

Of course the three caused the Bankruptcy, does anyone doubt that there would have been no BK, had jr, Mp, and Gf just agreed with the other 14??? lol, What an obvious answer that is.

1) When a company is "forced" into bankruptcy, often what actually has happened is that the company filed a voluntary bankruptcy petition under Chapter 11 (reorganization) or Chapter 7 (liquidation) of the U.S. Bankruptcy Code in response to creditor actions.


2) Required number of creditors. The Bankruptcy Code specifies the minimum number of creditors and amount of their claims:
If a company has 12 or more creditors, an involuntary bankruptcy petition requires (a) three or more creditors whose claims are not contingent as to liability or subject to a bona fide dispute as to either liability or amount to file the petition, and (b) those qualifying claims must total, in the aggregate, at least $14,425 if unsecured or $14,425 more than the value of any liens securing those claims if any are secured.

Laughing at invested $$$ lost is a little off the wall, imo.