A-V-8
Well-known member
- Joined
- Feb 27, 2006
- Posts
- 355
Here it is. Hot off the press.
From J.O.
HERE IT IS!!!!!! This is the ruling we have been waiting for from the court in NY confirming our plan of reorganization! While there are a few “clean up” items over the next few weeks our exit from bankruptcy is now assured!!!! I would like to thank EVERYONE for your incredible dedication, support and hard work over this last year. While the company certainly has challenges going forward in a tough environment this is certainly a giant step in the direction of success! This is certainly a moment for us to appreciate and remember. SOME GOOD NEWS!
Please feel free to contact me if you have any questions.
Thanks again!
From the court
From J.O.
HERE IT IS!!!!!! This is the ruling we have been waiting for from the court in NY confirming our plan of reorganization! While there are a few “clean up” items over the next few weeks our exit from bankruptcy is now assured!!!! I would like to thank EVERYONE for your incredible dedication, support and hard work over this last year. While the company certainly has challenges going forward in a tough environment this is certainly a giant step in the direction of success! This is certainly a moment for us to appreciate and remember. SOME GOOD NEWS!
Please feel free to contact me if you have any questions.
Thanks again!
From the court
CONCLUSION
Based on the facts of this unique case where: (1) the Debtors are subject to both the Transportation Code and the Bankruptcy Code; and (2) have developed a distribution scheme that provides for distribution of New Common Stock to U.S. Citizens and New Warrants to Non-U.S. Citizens while the claims resolution process takes place, the Debtors have met their burden of proving all elements of section 1129 necessary for confirmation of the Plan. For the reasons discussed above, the Objection is overruled. A separate order will be entered confirming the
Plan.
Dated: January 20, 2011
New York, New York
Based on the facts of this unique case where: (1) the Debtors are subject to both the Transportation Code and the Bankruptcy Code; and (2) have developed a distribution scheme that provides for distribution of New Common Stock to U.S. Citizens and New Warrants to Non-U.S. Citizens while the claims resolution process takes place, the Debtors have met their burden of proving all elements of section 1129 necessary for confirmation of the Plan. For the reasons discussed above, the Objection is overruled. A separate order will be entered confirming the
Plan.
Dated: January 20, 2011
New York, New York