I'll spell it out one more time: A company with a value of $540M and debt and liabilities of only $100M does not file for bankruptcy at all under any chapter. The judge would laugh at them and tell them to go away.
Why on earth would a company want to go under the purview of a bankruptcy court judge and a trustee/monitor if they didn't have to? That would be monumentally stupid, just like the suggestion that this company did just that.
Oh boy, you understand the "creditor protection" was only 30 days from filing right? After that the secured creditors had lots of input. Everyone knows the "3 entities that comprise the company have been liquidated, very clearly documented. Reading the monitor reports starting from the beginning is pretty enlightening....
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