As I understand it, it's commonplace in a Chapter 11 in order to ignore a number of small assets to ensure the company has a little wiggle room after reorganization, although the purpose of a Chapter 11 is to give just enough to creditors to satisfy them but still leave a viable entity behind... so I'm not really sure why it's commonplace to hold back except to ensure that as much is retained after reorganization as possible.
I don't know if it's legal, but it sure seems common enough.
The questionable legality of it, however, is exactly why I don't believe there are an appreciable number of "hidden" assets... in fact, I don't think there are any at all - at minimum, none that are valuable enough which would give any additional recovery to those not already receiving a full measure of recovery.
I'd certainly be pleasantly surprised if there were hidden assets, though... but I don't believe there will be any uncovered.
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