So where are we now?
I believe this is why the credit bid has been waiting for, the credit bid can happen at any time before Rule 3022. Final Decree in Chapter 11 Reorganization CaseSource:
https://law.cornell.edu/rules/frbp/rule_3022…We also have the benefit of a narrow exemption requiring zero interference from the SEC “Section 1145(a)(3) grants a debtor in possession or trustee in chapter 11 an extremely narrow portfolio security exemption from section 5 of the Securities Act of 1933 [ 15 U.S.C. 77e ] or any comparable State law. The provision was considered by Congress and adopted after much study. The exemption is reasonable and is more restrictive than comparable provisions under the Securities Act”Source:
https://casetext.com/statute/united-states-code/title-11-bankruptcy/chapter-11-reorganization/subchapter-iii-postconfirmation-matters/section-1145-exemption-from-securities-laws…
So our equity has left the complicit DTCC, and the useless
@SECGov can't interfere with reissuance.
Sixth Street own 87% of the remaining secured debt and someone owns a huge chunk of bonds, why else would majority bondholders accept a plan which provides them 0-2.5% recovery? Why are the bonds trading again? What has changed?Despite what pocket watchers say. a secured creditor has the right to credit bid at a sale of its collateral under a Chapter 11 plan. This means that the creditor can bid on the property using the amount of its secured claim as payment. The courts will allow credit bidding in Chapter 11 cases unless there is a good reason to deny it. The purpose of the Chapter 11 is to restructure the company and move it forward, it’s not an eBay auction with bidding deadlines. The outcome of the debtors for the favour of all stakeholders is a priority and cannot be denied.The plan can also be modified before substantial consummation and as long as it benefits all stakeholders, I believe this is why Buybuybaby is still not trading, despite the IP sale occurring 4 months ago and Dream On Me losing a quarter of their annual revenue to date by not using the intellectual property they purchased. Anyone can disagree, but they can’t disprove our working thesis, there’s 300 hours of redacted legal services and a veil of secrecy over this reorganization. It's not as binary and simple as the people who cannot comprehend it.This is unprecedented territory and future retail investors will use our work to seek a similar astronomical anomaly of an investment. We can be wrong but there’s mountains of circumstantial evidence to support our thesis, whereas the pocket watchers main argument is referring us to a 7 week old 8-K.
History is written by the victors (traduzione i conti si fanno alla fine)Vedi l'allegato 2954243