Pretty pathetic that serving on the creditor committee, in order to maybe recover a few cents on the dollar of what the company's largest distributor owes them qualifies as good news, for the blog.
What this boils down to is this: if Alchemy actually has some assets that can be converted into cash ( a big if), HHSE might get maybe 8-10,000 if they are lucky, on what they acknowledge is about $700,000 in receivables owed to them.
This is best case, since Alchemy has thousands of creditors, and in bankruptcy, there are a lot of rules about who has priority in getting pieces of any available assets. For example, employees owed wages always have priority over trade receivable, like those owed to HHSE. And Uncle Sam gets taxes owed, before other creditors. Etc.
However you slice it, their main distributor filing for bankruptcy is NOT good news, as Eric is trying to paint it.
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