Objection to Approval of Disclosure Statement Filed

Just a quick note:

We just received a copy of Creditor Bratton’s Objection To Approval Of Disclosure Statement (see link below).  Although our copy is not stamped we understand that it has been filed.  In addition, creditors Monika Lee and David Simon have also stated that they also object to the Disclosure Statement (see last page).

Finally, we’ve also been told that Judge Montali vacated the November 9th hearing just before midnight on November 2nd.

Bratton Obj to Discl Statement

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6 Responses to “Objection to Approval of Disclosure Statement Filed”


  1. 1 Dale Bratton 3 November 2009 at 11:43 pm

    I see that Thomas has picked up the objection that I filed with the court yesterday.

    You should know that the court and debtor have changed the schedule. The hearing on disclosure statement will Not take place on Nov. 9, and objections to the disclosure statement turn out (after the fact) not to have been due yesterday, Nov. 2. New dates will be set, eventually. The shift in schedule has something (unsdisclosed) to do with the mediation going on in Oakland bankruptcy court between the estate, former shareholder groups, and Blum Collins.

    It is also indicated that there will presumably be a revised plan and disclosure statement filed at some point. Judge Montali stated today, and debtor’s counsel agreed, that plan confirmation cannot possibly occur in 2009. Something might happen on it in January 2010 at the earliest

    Is there anyone who thinks the disclosure statement filed on Oct. 8 was a clear, readable explanation how the plan and settlement were supposed to work? I thought it was pretty much a mess on the information I care most about.

    I still haven’t decided about the proposed class settlement. That’s partly because not all the information on it is being disclosed (some documents filed under seal at the court, and the judge won’t let even us — as creditors — see them).

    I’ve filed something with the court because I think we aren’t being given sufficient information — from the debtor, from the committee, or from Blum Collins. But as always, make up your own mind.

  2. 2 Anon2 4 November 2009 at 4:22 am

    Dale,

    I read your very concise objection and it was point on – on all bases. I trust your judgment immensely (having worked with you in SF office) and you have done us a great favor by clarifying what needs to be clarified! I don’t care if we don’t get anything in 2009 – my thoughts are that the estate considers us a nuisance and wants to pay us off as soon as possible so they can focus on the real guts of this mess. Anyway, thanks so much, Dale. I really appreciate it!

  3. 3 Former Associate 4 November 2009 at 12:32 pm

    I second that note of appreciation regarding your objection.

  4. 4 Associate 4 November 2009 at 1:31 pm

    What a debacle this has been. To the premature class action suit that was tossed to now here we are, the Blum Collins doorstep.

    In the end, the outcome is hopefully what everyone wants it to be.

  5. 5 anon 6 November 2009 at 1:10 pm

    Thomas, could you check the link the Dale’s objection? I tried twice to pull it up and gort “the file is damaged and can’t be repaired”. Don’t know if it’s the link or my computer. thanks.

  6. 6 Thomas MacEntee 6 November 2009 at 1:22 pm

    Anon – please email me at tmacentee at gmail dot com or hellerdrone at gmail dot com and I will send you a copy. The link seems to be working fine – I just tested it.


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