jimr1717, commons will survive and IMO be given shares of the reorganized company. The absolute insanity of Soltau on the filing date all but assures a shareholder recovery IMO.
It made 0 sense to make a $17 million interest payment, and then after hours that same day file a chapter 11 petition. CLEARLY the cow and the BOD had the filing ready to go for at least 'days' likely weeks.
The insider bonuses and the bungling of filing day,,,,all of that just fails the smell test. A bright light has been shined on the situation, and Judge David R. Jones (historically a shareholder unfriendly judge) has been forced to take note of it.
On face, looks like massive fraud IMO. A creditor was obviously shown favoritism on filing day. If its known you are going to file chapter 11, and NOT CHAPTER 7, there is no good reason to pay out anything, as its all going to be washed in the CH 11 plan. The EC should have field day with this fact alone. The cow and the $10 million bonus gifts, more gas on the fire.
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