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mbsfool

10/21/08 10:51 AM

#14307 RE: ndstephens #14305

in a chapt 7 all assets are liquidated and distributed in order of priority claims,if they were converted to a 7 gwenco has 5-6 mil in assets, not enough to cover its claims due interstellar, and for sure no money left for everyone else so if you were a creditor why would you push for a conversion to 7, take a claim in a 13 and you at least have a chance to get paid in a 7 you will get nothing. interstellar now holds 17 mil in royalty claims.
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aharfo56

10/21/08 3:23 PM

#14364 RE: ndstephens #14305

Right; chapter 7 means "EVERYTHING GOES" in a firesale...chapter 11 is a reorganization where everyone or most people still get paid.