As a direct result of the BK doesn't it appear that TPL automatically loses its seat on PDS? How can DL volunteer to give up his seat for certain concessions when he may not have a seat as a result of filing BK. More eyes on this document and comments are appreciated.
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http://photos.imageevent.com/banos/tplbk1216172013/Exhibit%20F%2012-23-13.pdf
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p. 10 3.5 Effect of Certain Events on Membership
(a) Bankruptcy, Foreclosure or other Similar Event. In the event of a Member’s bankruptcy, or the foreclosure upon or other similar proceeding with respect to that Member’s interest in the MSD Patents of that Member’s Percentage Interest:
(i) Any and all rights that Member may have under Section 4.2 of this Operating Agreement shall automatically terminate; and
(ii) any and all rights that Member may have under Sections 2.2.1 and 2.2.2. of the P-Newco License or T-Newco License, as the case may be, shall automatically and without further action by any of the parties thereto be irrevocably transferred to the Company. (Company is P-Newco)
Section 4.2 Appointment of Management Committee – based on 3.5 above it would seem that due to the BK TPL’s right to appoint a member to the management committee shall terminate.
