N4longterm, from studying many Chapter 11 BK's the Judge is bound by the U.S. Bankruptcy Laws to honor the demands of the Secured Creditors, prioritizing which Secured Creditor has first claims, second, third, etc.
Cereplast has only one Secured Creditor, Horizon, so whatever Horizon files to the Court the Judge must honor, regardless to any pleas by Cereplast or any of Cereplast's Unsecured Creditors, including the stock equity loans to Magna, Ironridge, et al that have NO rights whatsoever in the BK case.
IOW, the Judge cannot deny Horizon's demands, whatever those demands may be. Plus, Cereplast agreed that no insolvency whether voluntary or involuntary would interrupt or otherwise prevent Horizon's first rights to seize and sell absolutely all of Cereplast's assets.
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