No, it was a Chapter 7 liquidation filed by KM after NIR started rambling that he was behind the Marco note. I understand his motive is to end it all.
If it proceeds under Chapter 7, it liquidates. If someone wants to step up and change it to Chapter 11, then all the power to them. Fork over $1000 filing fee and file the petition.
Either way, if the involuntary case is accepted, I would guess that the NIR note would be turned into equity and couldn't be used for death spiral any more. And if they're majority owner of the shell, well poo-poo it'll all be restricted. Maybe I'd buy that stock!
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