“The Company had wanted to offer the opportunity to participate in the New Equity to all of its shareholders. Unfortunately, the Company learned that such an offering would not satisfy the requirements of the SEC, without engaging in an extremely costly registered public offering and associated ongoing reporting and compliance cost.”
Source: PACER (Docket 1335-3 page 120)
Perfect timing! The letters seeking the appointment of an EC will be sent Monday. I have revised the cover letter to include the request to appoint a Chapter 11 trustee.
The appointment of a trustee requires that the bankruptcy court find "cause" as defined by the Code or a finding that the appointment is in the best interest of creditors or shareholders. Management and legal counsel already knew the company was already deregistered.
An additional letter covering the both topics will be sent to Judge Kathleen Thompson
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