I have never seen a shareholder's meeting conducted while a company is in bankruptcy.
As far as the VIE issue, which is purely the cross-border jurisdictional deal, the fact is that U.S. courts don't have jurisdiction over Chinese assets on the ground. The Debtors didn't include the Chinese entities in the BK filing because they couldn't, even if they wanted to.
It doesn't matter what the Chinese assets are worth if you have no vehicle or buyer for said assets. Somehow, and I don't know how, but somehow the debtor would have to peddle those equity interests in the Chinese assets to someone who could realize the value, i.e. someone in China.
You may could squeeze a little out of the D&O but you'd be lucky if the Class Action could be satisfied with that.
If you remember those buckets getting filled during the presentation today, you may recall that once the unsecured creditors get filled, then all that is left goes to equity. If the Class Action gets a claim as an unsecured creditor, don't bet on your bucket getting a drop. If the Class gets grouped and treated pari passu with equity, then expect your bucket to get filled as the same time as them....meaning you will share any recovery. Your piece of the pie may get exponentially smaller.
And someone needs to tell Mr. Regnante to quit filing worthless paper. The lawyers will read, email, re-read, email, re-read, circulate, comment, head scratch, and then forget about it, but only after they generate about $5K in billings. Do that 100 times and see how that may affect any payout.
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