It is my understanding that Mr. L put forward his plan for reorganization of TPL and the Creditor Committee did not like (with due cause) Mr. L telling everyone what and how he would get out of the penalty box and how they would end up in it themselves should the creditors not play his game. The Committee has asked the court to reject the plan.
I know that this is a corporate bankruptcy and not a personal one.
My questions are:
1) When will the court issue a decision on rejection of the TPL reorg plan or how will we know of the outcome.
2) Do the Creditor Cmtee have to accept the plan generated by TPL.
3) Is it normal to ask for the mgmt of a Chapter 11 company to be 3r'd - Rejected Refused and REPLACED.
4) Would the Creditor Cmtee be able request dissolution of TPL assets if there is no resloution or will the court impose it's own reorg plan.
5 Should dissolution be the option what happens to the PDS arrangement?
To all of you that continue to provide us with information - THANK YOU!
