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Post by it2012 on Aug 16, 2013 10:15:52 GMT -5
It seems very powerful and contains evidence from court filings which no one can ignore.
Was the content of this doc included within the EC court hearing?
How effective can it be at this point in time assuming it could make sense to the judge? (it was filed yesterday)
TIA
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Post by julgob on Aug 16, 2013 10:22:03 GMT -5
Link plz
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Post by julgob on Aug 16, 2013 10:22:26 GMT -5
Link plz -
This doc talks about what...
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sirbika
New Member
"If I had to do it all over again, I would go back to right now!"
Posts: 94
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Post by sirbika on Aug 16, 2013 10:29:54 GMT -5
Dear Judge Gropper, I respectfully request the court to deny confirmation of Debtors’ First Amended Joint Chapter 11 Plan of Reorganization (the Plan), because there is sufficient evidence that the Plan has been developed in “Bad Faith” by George Karfunkel and his associated companies collaborating with Debtors, and George Karfunkel breached his fiduciary duties and violated the bad-faith provisions of Bankruptcy Code Section 1126 (e). 1. On May 13, 2013, in Docket 3694, George Karfunkel and several other unsecured 2017 convertible note holders objected to the Initial Plan and claimed that Debtors’ net worth is at least $2.7B and that Debtors have sufficient cash and assets to pay off all of its secured notes and unsecured claims in full. The following statements are from the George Karfunkel et al. objection filed on May 13, 2013: “Since Kodak seems to project having future revenues, cash flow, and/or profits similar to those of competitor Graphic Packaging, it would appear that the surviving Kodak operation could support more debt and less cash than is currently called for in Kodak’s recently-filed plan of reorganization. I also feel that upon exiting bankruptcy, investors may value shares of Kodak’s common stock on similar metrics to those competitors such as Graphic Packaging (and may even additional value to Kodak’s recent ventures such as its arrangement to supply multi-touch sensor film UniPixel). In short, a fairer recapitalization, in my opinion, would be to repay the secured creditors in full upon exit from bankruptcy, to issue new debt or a stated, non-convertible preferred to the second-lien creditors, and to issue all of the common stock to the unsecured creditors. Assuming that Kodak ultimately has a market value similar to that of Graphic Packaging, such a recapitalization could eventually constitute a full recovery for virtually all creditors in Kodak’s bankruptcy – which is the company’s duty to pursue in bankruptcy.” 2. The Plan that was filed with the court on June 25, 2013, included George Karfunkel and his associated companies (United Equities Commodities Company, Momar Corporation) as a 12.3% partner of Backstop Parties that negotiated the $406M Rights Offering and the Backstop Agreement with Debtors that provides only 4-5% recovery to the unsecured creditors, much less than 100% recovery claimed by George Karfunkel in his objection on May 13, 2013. 3. Subsequently, on August 14, 2013, George Karfunkel has been appointed as a Director of Reorganized Kodak. 4. It is evident that George Karfunkel has breached his fiduciary duty and acted on bad faith for personal benefit in negotiating the Plan with Debtors that provides only a 4-5% recovery to unsecured creditors while he actually believes that Debtors have sufficient cash and assets to provide 100% recovery to all unsecured creditors. Thank you.
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Post by mamashenay on Aug 16, 2013 11:45:44 GMT -5
That looks like our objection letter #13 that SBG had us all send earlier this week
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sirbika
New Member
"If I had to do it all over again, I would go back to right now!"
Posts: 94
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Post by sirbika on Aug 16, 2013 13:54:39 GMT -5
Looks like it has been withdrawn as of this afternoon in DOC#4855.
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Post by it2012 on Aug 16, 2013 13:59:49 GMT -5
Looks like it has been withdrawn as of this afternoon in DOC#4855. Do you mean the objection has been withdrawn? what could be the reason?
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