It appears assets out weigh liabilites which would leave something to distribute. (32 million)
However,as it read the board "Expect" to submit a plan which calls for the liquidation of all assets, key word being "Expect", any plan would still have to be voted on as well as approved and decided on by the presiding judge.
Unless they plan on refiling a chapter 13 BK application.
Nor is it known if this was a unanimous decision by the board........Alter has plenty of class A shares and his wife owns the only preferred shares ever released, which do carry voting rights and there are still many institutions which hold shares as well as investors with the right to vote on any plan submitted. Not to mention the Committee of Unsecure Creditors which will most certainly raise some objection to such a liquidations if it leaves them out of the aquation.
News 
Market Data 
Discover 
