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central mich |
Well, I was a court appointed special deputy for 17 years and I was the on site manager for the receiver of many insurance carriers. I was asked by the head Trustee of the local US Bankruptcy Court to come over a work for them since the statutes are virtually the same. I stayed as a special deputy. In my case we called the two steps Order of Conservation and Order of Liquidation.
And virtually all of my cases ended up in Liquidation. While in some cases I had upwards of $2-3 billion in todays dollars even that largest case went into liquidation as well. The reason for Liquidation is 1. no white knight to provide more capital and 2. No profit for the business model now or in the future.
In US Bankruptcy cases I would estimate that 70% of Chapter 11 filings end up in Chapter 7. And for Chapter 13 the percentage would be even higher.
In the instant case how much land and other assets are owned? Prob pretty low number.
So I would not bet a $1.00 against liquidation for most filings. GM was bailed out by the taxpayers with a lost of over $11B. And if the full loss was added up properly then add a few B more.
Most debtors do not receive bailouts. | |
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Monette Farms
