Replies to post #5595 on Visteon Corporation (VC)

[Singatoka2010]

What you say makes sense. You to Gileon. Both you guys offer valuable perspective. As of today the Ad Hoc team isn't the only party objecting to the plan so maybe when all these various lawers are making their case in the court the judge will be more inclined to get an examiner going.

[Gileon7]

Well, I as well as the US Trustee disagree with you, and the judge. The US Trustee supported the motion for an examiner. Usually the judge will go along with the recomendation of the US Trustee. That's my big problem with the judge, going against the trustee. I am of the opinion that an examiner at this time would expedite the process not slow it down. I don't believe the judge has the financial wherewithal to make the decisions regarding true valuations of the assets.

The person appointed by the U.S. bankruptcy Trustee and approved by the bankruptcy court to take charge of and administer the debtor’s estate during bankruptcy proceedings

Under the new Bankruptcy Act of 2005, credit counseling may be required or other options may be required, Contact a Bankruptcy Lawyer to find out all your legal options and rights.

The primary role of the U.S. Trustee Program is to serve as the "watchdog over the bankruptcy process." Read below for more information regarding bankruptcy trustee compensation.

The United States Trustee Program:

Is a component of the Department of Justice that seeks to promote the efficiency and protect the integrity of the Federal bankruptcy system. To further the public interest in the just, speedy and economical resolution of cases filed under the Bankruptcy Code:

•The Program monitors the conduct of bankruptcy parties and private estate trustees
•Oversees related administrative functions
•Acts to ensure compliance with applicable laws and procedures
It also identifies and helps investigate bankruptcy fraud and abuse in coordination with United States Attorneys, the Federal Bureau of Investigation, and other law enforcement agencies.

Background of the U.S. Trustee Program
The Program was established by the Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.) as a pilot effort encompassing 18 districts. It was expanded to 21 Regions nationwide, covering all Federal judicial districts except Alabama and North Carolina, by enactment of the Bankruptcy Judges, U.S. Trustees, & Family Farmer Bankruptcy Act of 1986 (Pub. L. 99-554, 100 Stat. 3088, reprinted in part at 28 U.S.C. § 581). The Program is funded by the United StatesTrustee System Fund, which consists primarily of fees paid by parties and businesses invoking Federal bankruptcy protection.

Contact a Bankruptcy Lawyer to find out all your legal options and rights.

Specific Responsibilities of the U.S. Trustees may include:

•Appointing and supervising private trustees who administer Chapter 7, 12, and 13 bankruptcy estates (and serving as trustees in such cases where private trustees are unable or unwilling to serve)
•Taking legal action to enforce the requirements of the Bankruptcy Code and to prevent fraud and abuse
•Referring matters for investigation and criminal prosecution when appropriate
•Ensuring that bankruptcy estates are administered promptly and efficiently, and that professional fees are reasonable
•Appointing and convening creditors' committees in Chapter 11 business reorganization cases
•Reviewing disclosure statements and applications for the retention of professionals
•Advocating matters relating to the Bankruptcy Code and rules of procedure in court
U.S. Trustee Program Mission Statement:

The USTP Mission is to promote integrity and efficiency in the nation’s bankruptcy system by enforcing bankruptcy laws, providing oversight of private trustees, and maintaining operational excellence. The Attorney General is charged with the appointment of United States Trustees and Assistant United States Trustees.

The Executive Office for U.S. Trustees in Washington, D.C., provides general policy and legal guidance, oversees the Program's substantive operations, and handles administrative functions. The Director of the Executive Office, whose authority derives from the Attorney General, oversees a staff comprised of the Offices of the Director, General Counsel, Administration, Review & Oversight, and Research & Planning. The Executive Office also provides administrative and management support to individual U.S. Trustee Offices in their implementation of Federal bankruptcy laws. See 28 U.S.C. §§ 581-589a.