Replies to post #34906 on AmeriResource Technologies Inc. (fka ARIOQ)

[surfkast]

I will defer any comments to the experts.

[I-Glow]

There wasn't a lawsuit filed by a creditor. The settlement was between the Secured and Unsecured creditors - it is all in the POR.

Rule 9022 is about timely service of a Order by the US Bankruptcy Judge.

This appears to be a settlement between parties, where a party was seeking recovery of money or property from ARIO.

ARIO is just seeking relief from a creditor, and the court has ruled that the case for the party seeking payment from ARIO has been closed.

I think that is all this rule 9022 as shown in the sticky is.

It has nothing to do with actually "closing" the business of ARIO.

In chapter 11, the party seeking relief from creditors has the right to reorganize their debt and continue as an ongoing entity.

This rule 9022 -- and I may be wrong, but -- looks like it only pertains to a judgement between one creditor and ARIO.

ARIO can, therefore, continue their business, though within a certain reorganization.

There was only one Secured Creditor - Payroll Funding.

Post-Confirmation Management.
Payroll Funding Co. shall manage the Debtor’s operations.

The proposed dividend under the Plan to Class 3 General Unsecured Claimants is $243,585.47 payable over sixty (60) months. Class 3 claims will receive a distribution of 50% of allowed claims. So the Unsecured creditors were impaired.

Therefore all classes below Class 3 are impaired which is the Preferred Shareholders and the Common shareholders.

IG