lowecur
Well-known member
- Joined
- Sep 14, 2003
- Posts
- 2,317
Yet. I'll bet you have a law degree and flunked the bar and you are now clerking for Joe Pesce.radarlove said:Right, that's from the IRS manual. If you read more closely, there is no mention of "liquidating Ch. 11" No, but they say you can liquidate in Chapt 11.
Plans to sell off all assets in an orderly manner can be submitted to the court, which can be confused with actual liquidation. No confusion, just a different way to liquidate. What you read is a summary line, not a part of the bankruptcy code.
In this case, Flyi did NOT SUBMIT A PLAN TO LIQUIDATE. They submitted under the Ch.11 "reorganization" section. They are really sneaky, don't you think?
If you're arguing that they might liquidate down the road, either by conversion to a Ch. 7 or by submitting a plan to sell all assets, then you are making the same argument I am. No, I'm not. You are saying there is no such thing as a Chapt 11 liquidation, the IRS and many bankruptcy attorneys say otherwise.
In the interim, Flyi's filing is not a liquidation, Ch. 11, Ch. 7 or even IRS--which is where you had to go to find the phrase--note, you didn't find it from a bankruptcy court law, you found it from the tax code. Are you denegrating the IRS?
Lowcur is still an genius, he still understands much more about bankruptcy that me. AND, I get an A for effort. Please point to the part in the filing (it is available publically) or to the part in the corporate press release (avalaible publically) where they refer to liquidation. Hey, it's just my opinion that they will try and liquidate in Chapt 11. Whether they are successful will be determined shortly.....if not, it's on to 7 where a trustee will be more than glad to help.
They don't.
They're currently under a Ch. 11 reorganization. They have not filed a liquidating plan.