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Non-Tech : Boston Market (BOSTQ)
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To: IN_GOD_I_TRUST who wrote (1356)6/20/1998 12:24:00 AM
From: opalapril  Read Replies (1) of 1567
 
Essentially you have it now, although an insolvent company can always skip Go (i.e. Chap. 11) and proceed directly to Jail (Ch. 7). Or, a large creditor can force it into Chapter 7. The thing is, any reorganization plan in Ch. 11 must receive approval from the bankruptcy court and have the support of concerned creditors. Accordingly, it has to take into account the relative order of priorities among the secured creditors. Sorry, but if my prediction proves correct there's little hope for common shareholders. The root idea behind a reorganization is to repay creditors as much as possible and, if possible, help the company struggle like a phoenix out of the ashes for the general good of the economy.

Common shareholders are of little or no concern.
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