Replies to post #62488 on QSGI, Inc.(fka QSGI)

[chemistfrog]

Nice information, clarification and reminder EN :)

[Spymaster3]

That's been part of the issue since October with QSGI and their legal team.

They don't get some simple stuff.

They mailed the intitial DS and RP out despite it requiring approval from the court.

They filed dficient versions of the DS and RP that had no chance of approval and delayed the process for some time.

They put out that PR in March after the hearing not understanding the process.

But once a RP becomes effective, a company is considered out of bankruptcy, other than procedurally, they still remain under the jurisdiction of the BK Court.

The Q can come off as soon as the Effective date and that was 6/17 (couple days for paperwork).

Companies get the Q taken off after the Effective date. A final Decree can be years away in some cases.

Even after a Final Decree, unresolved matters are still under the jurisdiction of the court and the terms of the RP are not yet met.

For instance you counld have a RP that calls for payments for the next 2 years but you are "out of BK" on the effective date and still can obtain a Final Decree long before the RP is fully met.

Basis BK 101 stuff here.

[Spymaster3]

Here is a comparable scenario given here to help you better understand the QSGI process and issues.

Nutracea's RP was approved in October with an Effective date set for 11/30/10. Shortly after the 11/30 date, they had the Q removed. They sought and obtained a Final Decree around 3/31/11.

They still owe money under the plan and the Court still retains jurisdiction over the ultimate compliance with the RP