Replies to post #31224 on AmeriResource Technologies Inc. (fka ARIOQ)

[jackPOTday]

You talk about RobIns as if he is a third party which he is not, Robins owns both American resource (ARIOQ) and Payroll Funding. His shafts will reach all the way to the IRS in the form of a big tax write off. He gets rid of ARIOQ and all of the debt.

[I-Glow]

You always "forget" to post the entire paragraph as it clearly states that both the Secured and Unsecured creditors have agreed to the Plan (POR).

With respect to those impaired classes of Claims under the Plan, at least one (1) impaired class of Claims has accepted the Plan, determined without including any acceptance of the Plan by an insider. Specifically, the class of secured creditors (Class 1 under the Plan) and class of general unsecured creditors (Class 3 under the Plan) have voted affirmatively to accept the Plan.

Then you always make the mistake of calling the Class 4 Creditors 3 Classes and that isn't accurate.

There were three impaired classes: 1) Janovec; 2) fractional shareholders and 3) Horton. 1 does not NOT equal 3. It reads "at least one (1) ..." There is some sort of dissent with Class 4 equity holders with up to two impaired classes.

The above is NOT 3 classes - they are all Class 4 and all Equity Interest Holders.

You keep posting without foundation, "Compare POR with the Order and you will see Payroll Funding is getting the shaft. At this point, all the PF gets is a payback over 5 years of 1/2 million dollars, no ownership of shares."

From Document 71 we find: "13. It is hereby ordered that the Plan Proponent shall be authorized to extinguish and cancel all classes of shareholders’ shares of stock interest in the Debtor and to issue new shares for 100% stock ownership of the Debtor to the Plan Proponent and/or its designee."

Nothing has changed for Payroll Funding.

IG

[jet101]

Voting on the Plan

All impaired creditors who get something under your plan get a vote, but the vote is counted by the whole class (or classes). The vote doesn't have to be unanimous, either. The plan is approved by a class when:

A majority (51 percent) of the class members vote in favor of it
The class members who voted in favor hold at least the two-thirds of the total value of the claims in that class
As a general rule, before the court can confirm the plan, at least one class of impaired creditors must vote in favor of it.

http://bankruptcy.lawyers.com/commercial-bankruptcy/impaired-creditors-and-your-chapter-11-plan.html