The majority of members of the committee are strictly interested in payment. Chris Zadoorian (Geo Design Inc.) and Darcy Garneau (EDI Architecture), in the minority, feel that SK was trying to get all unsecured creditors the best deal.
Trade creditors have their own conflict of interest. They are more likely to accept a lower settlement in exchange for being seen as accomodating with the goal being additional business.
This could get messy. It often does. Making the change is also not as easy as turning a light switch off and on. New committee members will have to be appointed. They have actually created their own delay.
I want to make one thing clear. The primary goal of analyzing billing statements is determining if there is any third party interest. Proponents often come and go.
Please remember that creditors have two votes. One for being a creditor, the other is based on claim amount. When a Class of Claims is entitled to vote, it is considered to have accepted the Plan when more than one-half (1/2) in number and at least two-thirds (2/3) in dollar amount of the Claims which actually voted, voted in favor of the Plan.
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