Replies to post #1550 on EVOQ Properties Inc.(fka EVOQ)

[Alyssa]

Quote from the doc: ..."therefore please please please Judge, wipe out my personal guarantees and hand over 100% of MMPI to me and my bro w/o giving my fellow equity members anything."

C'mon doc, Judge Thompson is not stupid.

;)

[eom7]

lol. Just when I was about to agree with 50% of what you posted... you dog me. Too funny!

Good luck with your Chapter 7. I am on the other hand holding out for better.

And BTW I didn't own this POS before BK... how you like them APPLES!

[marayatano]

We are the debtors

we, that's all of us (including Dick), as equity holders are the debtors ...

I do not know where you got this portion from, however, the Debtor and Equity are two (2) separate and distinct parties.

If an Equity Committee is formed, they would have their own counsel and not share the Debtor's counsel, which is enough evidence to conclude the distinction between the two (2) as separate parties.

imo

[Enterprising Investor]

The delimma.

The primary obligation of the Debtor/management in bankruptcy becomes satisfying claims.

What does it mean? Shareholders are left to fend for themselves unless the firm becomes "solvent".

The company is the Debtor in Possession. Messrs. Meruelo and Maddux are shareholders along with us. You might deem it semantics.

Restructuring debt is nothing new for companies under bankruptcy protection or the hundreds of borrowers per day my employer is attempting to keep in their homes. Millions are looking for a break.

Creditors are rarely allies of Debtors, but the "Friendly Committee Members" postponed all attempts for an alternate plan (or plans). Since you utlize PACER, I am sure you read that one plan called for paying all the creditors in full and retaining current equity holders. Why? In order to utilize the NOL's, existing creditors and equityholders must retain 51 percent of Newco.

Asking me to identify them would be impossible. I do not have any confidential information on this subject.

The Creditors are arguing LaSalle for a reason. All they want is open market solution. In this role, they are acting as our ally. We current have no committee of our own, but they are funding a solution for themselves, which may benefit all shareholders.

Opening the proceedings to competition may result in more than two proponents. Meruelo & Co. can then call or raise the pot.

[LouMannheim]

EI is not only good at "copying and pasting" court filings, he has obviously spent a great deal of his time and money keeping us informed on what is going on here and other companies. We all benefit from a "free lunch". What else could anyone ask for? I have probably read most of his iHub posts. He does not appear to be afraid to admit a mistake. I am confident he would do it here, if needed.

You are doing a great job of challenging him (I can't think of a better word). Not sure if this your goal.

Only time will provide us with the answers we are seeking.

[Enterprising Investor]

Weak at drawing an opinion?

Well, I am more interested in facts and figures, but here I go...

It should be obvious that some creditors have little interest in Meruelo and Maddux running the show. I think that counts as an opinion?

This "Divide and Conquer" thing you keep mentioning is just a creditor trying to retain the existing principal balance in exchange for providing the borrower a lower interest rate. It occurs daily in the mortgage business today. Keep taking hits to principal, eventually the bank has to replace capital. I gave management high marks for negotiating its deals. How many times do I have to explain this?

I think the Second Amended Plan violates LaSalle - period. Equity treatment seems the same in both cases. My opinion, but, then again, I am not the judge. Judge Thompson makes that call.

The "Plan of the Month" game will stop at some point. When it does, anyone can submit a plan. So, exclusivity only delays the inevitable. There will be other plans. Ending exclusivity would save the estate large sums of money because those plans can be presented earlier. Not sure if this counts as a likely fact or an opinion?

[56Chevy]

drsandcrs writes: "56 chevy, please stop waiting for EI to do your thinking for you ...."


This is a monumental sweet day for shareholders...and even though there are other steep slopes ahead...just getting this far is exciting as all get out!

This level of financial inter-workings is in the stratosphere of BK investing...few are equipped to understand and navigate through it's complexities...but I know one guy that does and I want to publically Thank EnterprisingInvestor for all of the hard work he's done on behalf of guys like me.

In response to your degrading comment drsandcrs- Hell yes I follow his lead...only a fool with an out of control ego wouldn't!