The big stakes game begins in 11 days.
Meruelo and Maddux may own 51-odd percent of the company's shares, but an EC would be comprised of seven individuals. This leaves five other committee members. Taylor would obviously get an opportunity to serve. Some people eligible to play a role on a committee opt out.
Other stakeholders are bringing up the same issues as those I have disclosed here and to both the United States Trustee and Judge Thompson. Funny thing, I have not yet received any feedback from the UST? Either I am on point or the work is already in progress.
The $10 million investment is a token amount. I am not the only one to point this out. PNL Pomona, L.P made a similar comment in its Statement of Second Amended Plan and Disclosure Statement Pre-Confirmation Issues filed today.
Source: PACER (Docket 1356)
Does the "new value" plan fall within Bank of America vs. 203 N. LaSalle St. Partnership? Shareholders Charlestown Capital Advisors, LLC and Hartland Asset Management Corp brought this up in their Statement.
I have deemed this a "management plan". Does the exclusive right to participate in a private placement constitute unfair discrimination? Is the plan proposed in good faith when rights are given to insider management majority shareholders while releasing those insiders from their state law fiduciary obligations and simultaneously eliminates the interests of outside minority shareholders?
Source: PACER (Docket 1358)
There is no manipulation in the stock price. Someone or a group of people are currently buying "votes". It only takes 34 percent of shareholders voting "no" to derail a debtor plan.
There will be at least one proponent in addition to an OCC/OUCC plan. It would also not surprise me to see an all-cash bidder.
Hearing set for 5/10/10 at 9:30.
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