Replies to post #1966 on Bankruptcy Q Players (BQP)

[the cork]

Excellent point Chuck. I may use that previous post as the template for a summary sticky ticket for the Tactics of Deception.

May I steal that as a line item in the next summary?

It's a darn good point, and the sword cuts both ways depending on what side of the deal the moderator is on.

[Superfly15]

Good example is what's going on with BUTLQ right now.

This is what's REALLY going on.

BUTLQ 8-K filing June 5, 2009 : (Displays that BUTLQ went into Chapter 11 bankruptcy, Butler America emerged as a stalking horse bidder, and everybody decided that the best route to take was to sell the business for pennies on the dollar and repay the loan to GE Capital. Thus, Ch. 11 --> Ch. 7 and Butler International no longer exists as it once was.)

In connection with the Purchase Agreement, on June 1, 2009, the Debtors filed a motion for an order granting authority to sell their assets to Butler America pursuant to Section 363 of the Bankruptcy Code, establishing bidding and auction procedures, designating Butler America as the “stalking horse bidder” and setting a hearing date to approve the sale of the assets. After entry of the bid procedures order approving the bidding and auction process, the Debtors plan to engage in an auction process with any and all interested parties.

edgar.sec.gov/Archives/edgar/data/786765/000114420409031331/v151732_8k.htm

Section 363 Bankruptcy Code : http://bankruptcy.cooley.com/2007/08/articles/business-bankruptcy-issues/section-363-sales-interesting-article-takes-a-further-look/