Chapter 7 is rare, because of the cost it has on creditors, not because of a
particular political agenda. there's been a push to do away with Chapter 7
(particularly with corporations) because of the limited funds that the
creditors receive from the debtors, which affects us all (higher interest
rates for all).
most companies who end up in chapter 7 start in chapter 11, then realize
they cannot make it, and the court allows them to move under Chapter 7.
this was done because the company was in really bad shape.
Gabriel A. Couriel
-----Original Message-----
From: owner-dakota-truck@bent.twistedbits.net
[mailto:owner-dakota-truck@bent.twistedbits.net]On Behalf Of Pindell,
Timothy
Sent: Tuesday, March 15, 2005 9:53 AM
To: dml@dakota-truck.net
Subject: RE: DML: RE: Quickor Bankrupt
#-----Original Message-----
#From: owner-dakota-truck@bent.twistedbits.net [mailto:owner-dakota-
#truck@bent.twistedbits.net] On Behalf Of Tom Byrne
#Sent: Saturday, March 12, 2005 9:49 PM
#To: dakota-truck@dakota-truck.net
#Subject: Re: DML: RE: Quickor Bankrupt
#
#
#Chapter 11 is when you want protection from your creditors as wish to
#reorganize and stay in business. Chapter 7 is when you say "that's all
#folks".
#----- Original Message -----
#From: "Michael Maskalans" <dml@tepidcola.com>
#To: <dakota-truck@dakota-truck.net>
#Sent: Saturday, March 12, 2005 12:28 AM
#Subject: Re: DML: RE: Quickor Bankrupt
#
#
#>
#> Gabriel A. Couriel wrote:
#>> chapter 7 protection... i'm studying that now in bankruptcy law...
it
#>> means
#>> that quickor is going "bye bye!"
#>
#>
#> I thought Chapter 7 was when you said "oh shit, we're broke! Give us
#some
#> time, pretty please" and Chapter 11 was when you said "Nyah nyah,
we're
#> using our last $500 in credit to fly to the Caymens. Get Stuffed!"
#>
#> I must be flip-flopping the two...
#> --
#> MikeM
#>
#>
#>
#>
#> --
#> Internal Virus Database is out-of-date.
#> Checked by AVG Anti-Virus.
#> Version: 7.0.300 / Virus Database: 266.1.0 - Release Date: 2/18/2005
#>
#>
#
#
#
#--
#Internal Virus Database is out-of-date.
#Checked by AVG Anti-Virus.
#Version: 7.0.300 / Virus Database: 266.1.0 - Release Date: 2/18/2005
Good timing on Quickor's part. Chapter 7s are going to be very rare and
harder to get according to the so-called "Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005". The bill is expected to be on the
President's desk shortly. Coming next year from our compassionately
conservative Congress: The MBNA Debtors' Prison!
I bought a few items from Quickor a while back. Reasonably good stuff.
I wonder what happened?
This archive was generated by hypermail 2b29 : Fri Apr 01 2005 - 00:13:21 EST