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Technology Stocks : WCOM
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To: Joseph Silent who wrote (11354)7/21/2002 5:16:10 AM
From: JDN  Read Replies (2) of 11568
 
Joseph: The purpose of Ch11 is to protect the company from creditors rushing in and grabbing all the assets. Once its filed EVERYTHING is frozen in place. A trustee to manage the affairs of the company is appointed by a judge while the parties involve work on a plan to salvage the company or, if that is not doable to liquidate the company in an orderly manner to provide the CREDITORS the best alternative. Often the company will be sold to another company more liquid and better able to absorb the problems. I believe the WCOM's case that is the most likely scenario. Existing shareholders likely would get little of anything. On the other hand IF it can work itself out of Ch 11 then we would get something. jdn
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