Ran across this filed in another case I'm following... and thought some here might find it interesting and perhaps even useful as a distinctly different point in making a comparison:
In that instance the BK is a much more recent development... and the shareholders are still in the process of requesting the court direct the formation of an EC. The linked document being a statement in favor, the hearing looks like it is to be held tomorrow.
There appear to be common issues, there and here, with a "large" BK filing being paired with a situation in which "large" asset values significantly exceed the liabilities, and in which creditors are threatening to take WAY more of that value than they're owed... by operating the scam/fraud of getting the court's approval for grossly under-pricing the assets.
FWIW, I find the utility of the legal arguments made in that document FAR more compelling than the sort I've seen here, claiming only that "I put everything I have into this, and if you don't leave me anything, I'll have nothing"...
Reality is, that's not the courts concern. The court cares about the law... and the judge does have to respond to what the law says, while he doesn't and won't respond to a plea for mercy... just because...
It appears to me that the lack of an EC being appointed at TSTRQ is fairly apparent as gross error... whether as a function of simple oversight on the part of the judge, a result of misinformation being provided to him by creditors, or the failure of the shareholders to state a proper case for one... with something of adequate value behind it, that the judge has to respect it...
At TSTRQ... that's clearly become critical, now, because it's more and more apparent over time that there is WAY larger residual value here than the management and the creditors have ever been willing to admit...
I don't find that surprising, because I've always thought "the plan" here was one that fully intended to scam TSTR shareholders out of the value in the assets by forcing the company into BK.
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