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To: Chuca Marsh who wrote (1299)	7/25/1998 11:20:00 AM
From: BillyZoom	Read Replies (1) of 1539

Chuca It had to be filed Chapter11 and not Canadian bankruptcy protection due to the fact that almost all creditors are American entities stemming from the Phoenix operations. Its the cleanest,cheapest, easiest way to do it for all parties and stands a better chance of success. Don't forget that this was a voluntary filing. If they were petitioned into bankruptcy then I believe yes, it would have been Canadian shelter they legally would have had to run to. BTW: Legally, Chapter11 is a lot easier to survive than the Canadian version. Canadian law is tough on small business, they'd just shut it down and hand it to the receivers. Rob

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