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fordham

Joined: 07/21/2015 Posts: 14796
Likes: 6441

What's this?

Your first statement is probably not true, in order to get out of chapter \


11 your company has to present a plan to pay part of the unsecured or else the judge will order a liquidation to get the cash out of the entity. They will not get all of it but some of it. A Chapter 11 can be converted into a chapter 13 (liquidation) if the judge thinks there is no shot the company can make it.

You have liquidity now due to the stuff not being paid but the lawyers are going to run up huge bills, you will need it.

(In response to this post by ElbertoHokie)

Posted: 07/06/2020 at 3:21PM


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Current Thread:
 
  So what's the most loungeworthy way to tell a vendor that we're -- ElbertoHokie 07/06/2020 12:12PM
  Good News! -- VT Pops 07/06/2020 4:12PM
  Just sit them down and say "this is how it's going to be. If you don't like -- TexasGobbler 07/06/2020 3:06PM
  Chapter 11, nuf said ** -- fordham 07/06/2020 2:22PM
  Refer to your counsel and get one if not already engaged! ** -- Rodman6565 07/06/2020 1:54PM
  Lol I'm guessing the vendor already knows and has closed your account. -- Naelbis 07/06/2020 1:52PM
  ...I'm expecting it with some of them for sure. -- ElbertoHokie 07/06/2020 3:16PM
  Delete** -- jdkhokie 07/06/2020 1:38PM
  Gift basket with a note that just says Sowweeee ** -- LonghornHokie 07/06/2020 1:36PM
  E-mail ** -- BusLoadaBozos 07/06/2020 1:31PM
  Nm** -- Guy LeDouche 07/06/2020 1:28PM
  Liquidating damages are $30,001.00. Here is my charge-back for $1.00.** -- Guy LeDouche 07/06/2020 1:27PM
  "Sucks to be you... " ** -- Burruss Writer 07/06/2020 1:23PM
  "So sue me" ** -- 133743Hokie 07/06/2020 1:07PM
  Hey Frank, you know that $30k we owe you? -- HokieAl 07/06/2020 12:59PM
  Tell them to contact your A/P department and hope to hell you don't need -- HokieNLot11 07/06/2020 12:59PM
  Tell them you're forced by the terms of the bankruptcy court to -- Stork 07/06/2020 12:59PM
  Tell them to pound sand. -- Late 80s Hokie 07/06/2020 12:52PM
  Send them some hookers & blow of course ** -- VermontHokie 07/06/2020 12:52PM
  Site the "interesting trades considered" clause. ** -- reestuart 07/06/2020 12:45PM
  Check your Force Majuere clauses in your contract to see if it buys you -- Vtskier1 07/06/2020 12:27PM
  Your stuff? We ain’t got no stink in’ stuff ** -- Hokie1992 07/06/2020 12:33PM
  "Dave's not here!".... ** -- Vtskier1 07/06/2020 12:36PM
  Tell them the laws in your new autonomous zone allow you to steal stuff ** -- vt90 07/06/2020 12:26PM
  Perfect! ** -- ColoVT82 07/06/2020 12:47PM
  Send them a check but "forget" to sign it. Could buy you some time. ** -- HokieNoVA 07/06/2020 12:19PM
  Why would you pay the $30K the vendor owes you? ** -- Hokie360 07/06/2020 12:19PM
  It sounds like Elberto owes them $30K ** -- EDGEMAN 07/06/2020 12:22PM
  That makes sense, but that's not what Elberto wrote. -- Hokie360 07/06/2020 12:25PM
  Correct. My mistake and I corrected it. ** -- ElbertoHokie 07/06/2020 12:32PM
  Well, that's no fun :-( ** -- Hokie360 07/06/2020 12:36PM
  What's the rub? ** -- PhotoHokieNC 07/06/2020 12:17PM
  Chapter 11. ** -- ElbertoHokie 07/06/2020 12:35PM

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