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Kharybdis

11/22/11 12:34 PM

#839 RE: eom7 #838

One would need to know all of the circumstances surrounding the abrupt exit to know if it is ultimately good or bad. While on the surface it may seem good one should recognize that there are a lot of protections afforded to parties in interest while within the confines of a bankruptcy proceeding. To find that a buyer demands abrupt dismissal from bankruptcy before it will tender funds should raise eyebrows. Most distressed buyers like to purchase assets via section 363 sale so that they can get clear title, broad releases and indemnification from the court. When the normal process is circumvented it requires a deeper look under the hood. I see that certain creditors and certain equity holders withdrew their objections and that appears positive but one also has to ask whether they really had a choice. It may have been a "take the terms we give you or enjoy your massive haircut in liquidation". Sort of like being held hostage with a gun in your back, from a distance it looks like the abducter and hostage are "together" but a closer look may reveal something more sinister.

Since i'm not privy to the inner workings of the case, i'm just offering a different perspective on how the appearance vs. reality can be stark when the normal process is not adhered to. I'd be curious to find out more details if you have them.

eom7

11/23/11 10:04 AM

#841 RE: eom7 #838

TDLPQ .17