IF YOU __ABSTAIN TO VOTE_ TO THE CURRENT PROPOSED ACTION OF THE UCC & Debtor plan (ie, not marking the opt out box], then you CANNOT accept the plan of reorganization with the the UCC, Debtors, and a payout of CORTRP of $0.18 per COTRP hare.
If you own 10,000 shares of COTRP, the rumoured settlement is $1,800 of the $25 face value of the bond.
This is why I plan to opt out if this is indeed the current proposal.
But please understand, I haven't seen this yet proposal agreement yet, so I mut opt out on the fact that I have not received it, either due to broker error (which appears to be a problem with most brokerages) and other technical difficulties.
This to me makes me think the courts will say they with any luck, that they will be postpone on 11/20, but JJ hasn't been very considerate. We need to make a hell of an argument.
In the absence of non-impairment clas or approval by each impaired class, confirmation is possible only under chapter 11’s “cram-down” standards, which are contained in section 1129(b). The rules governing non-consensual confirmation similarly include the requirement that at least one impaired class must vote to accept the plan.
Under an “opt-out” provision, a creditor or interest holder must affirmatively abstain from voting in favor of a Chapter 11 plan and provide documentation to the debtor stating that they do not consent to the release usually by checking a box on the voting ballot.Jan 29, 2019
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