Replies to post #110063 on Protagenic Therapeutics Inc. (PTIX)

[badbrain]

That's not what I think at all although it's funny the way you processed it. I just want more of a clarification of what %2 translates to for shareholders from the law firm in charge of the BK. Plain and simple. If he's able to to do that then we can reference their anwswer instead of speculating.

[ccevs]

I agree. Attorney's works for whoever pays them, and it sure as hell is not US.

Here in this paragraph I find this passage concerning:

With certain exceptions, one of the requirements for confirmation is that a plan not
provide any payments to a junior class unless all superior classes are paid in full. Since Class 3
general Unsecured Creditors are superior to Class 4 Equity Interest Holders, Equity Interest
Holders may not retain their Interests unless one of three situations occur:

1.
The Plan provides for full payment to general Unsecured Creditors;
2.
The Unsecured Creditors waive their rights by consenting to the Plan as proposed;
or
3.
If the Unsecured Creditors vote as a class to accept a plan which provides for less
than full payment to them while permitting stockholders to retain their interest,
their acceptance constitutes the waiver referred to in item 2 above.


The Plan proposes to pay the Class 3 Unsecured Creditors less than full payment.
Therefore, in order for the Plan to be confirmed, more than one-half in number and two thirds in
dollar amount of Class 3 Unsecured Creditors actually voting must vote in favor of the Plan. If
the requisite number of votes is not received, the Plan is deemed rejected.