On 12/04/2017 09:36 PM, Danny Miller wrote:
I saw this info, including a non-public letter to their
investors.
It declared an intent, yes. BUT lemme say it's "out there".
It does not look like a professional business move. It
doesn't look like it's even in accordance with acceptable
business practices.
They didn't file for chapter 13, which companies sometimes
use to restructure debt and stay in business. They filed
chapter 7- the business assets and its whole existence is
handed over to a third-party trustee who liquidates it and
uses the cash to partially pay back creditors. The
business is then gone-gone.
Apparently, from the message I got, they did NOT actually
FILE the chapter 7 papers. This investor was in the wings,
and something changed at the last minute, so they did not go
through with the filing. At least, that how ** I ** read
the message.
Jon
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