LATEST INFO:
I did some cutting and pasting of some of the most informative postings on RB.
Latest info on court proceedings from discodel, and man with a whole lot of shares.
Some very good information from a bankruptcy lawyer.
A little light bed time reading.....LOL
Tom
Here is the info:
By: discodel
Reply To: None
Saturday, 29 May 1999 at 8:10 PM EDT
Post # of 18964
TO ALL
MPTV received another extension for one week. One week from Monday. same Lenders same everything, Just couldnt get it completed by the 28.
The Judge asked Mptv to post a 50,000 bond to the court, which I heard was done. Mptv believes they will close on thursday of next week.hope this helps as I havent
posted in a while.
By: bko007
Reply To: 18568 by PokerFace
Saturday, 29 May 1999 at 4:25 PM EDT
Post # of 18957
Sondy:
Thanks for the link to the Nevada United States Bankruptcy Court PACER system court docket for ALL STAR. I am a bankruptcy lawyer and after a review of the USBC
court docket, and the few documents availble for review from the docket, I can lay to rest some of the worries of some MPTV investors:
1. MPTV is a real company. The Bankruptcy court itself has a responsibility to do some of its own DD in regard to the sale of assets in a bankruptcy case. What this
means is that the court has reviewed the terms of this deal and the purchaser, MPTV, and has concluded that amount of the deal is appropriate and MPTV is a viable
purchaser of the estates assets.
2. MPTVwill close this deal by Thursday. By reading the USBC court docket and the motions filed in the ALL STAR bankruptcy case it is plain to see that the Court
does not wish the secured creditor GOULD to take back the property and wants MPTV to close the sale. Just look at the USBC Court docket provided by Sondy (#
18568). The Court has slammed GOULD every chance it could and has allowed continuances of the sale at every request (Though I think it is safe to say Thursday is
the drop dead date!). The Court clearly believes in MPTV or it would stopped this process a long time ago!!!!!!
3. Delays and closing the deal at the last possible moment are all par for the course in Bankruptcy Court sales. Everyone is jockying for the best position, massaging
numbers and trying to save pennies here and there until the Court lays down the law or in this case a drop dead date. Then everybody starts backing off their hard
stances, real negotiations finalize and the lawyers and the bankers work 18 hour days untils the documents are signed with minutes of the deadline. Anyone who has
closed a deal with a lot lawyers and bankers know that most the deals is actually get done when the deadline is fast approaching.
Based on the Bankruptcy Court records everything looks right on track for MPTV to close by next Thursday.
Besides the Court documents I was in Las Vegas this week for ICSC, a commercial property leasing conference, and I had the taxi driver take me by the MPTV
property. Great location!!!!!!! Nice property (No different than any other private condominium community). Time shares should sell like hotcakes based on the location
alone!!!
I own 100,000 shares and have all the faith in the world that this deal will close by Thursday. The price should have a nice short term run on the close of the sale and it
could be a homerun if major financing for their business plan follows shortly thereafter. (There are rumors about major financing for MPTV's business plan to follow
shorthly after the close of the Vegas Property) ( I've got my fingers crossed for that one!!!).
By: hoboken
Reply To: 18577 by bko007
Saturday, 29 May 1999 at 5:29 PM EDT
Post # of 18961
bko007 - Very informative post....
Thank You, I would appreciate your evaluation of
Document 126 filed on 5/24/99....
Go MPTV
By: bko007
Reply To: 18590 by hoboken
Saturday, 29 May 1999 at 5:47 PM EDT
Post # of 18961
Hoboken:
Documet #126 most likely referes to the reems and reems of paper that make up the exhibits to the sale motion. My bet is that there are thousands upon thousands of
pages of sale DD, projections, appraisals, budgets, and schedules attached to the purchase agreement and last but not least the purchase agreement itself and its
various versions. Nothing that will effect MPTV.
I want my MPTV!!!!!!!!!!!
Good luck to everyone. I am happy to answer questions.
By: hoboken
Reply To: 18591 by bko007
Saturday, 29 May 1999 at 6:27 PM EDT
Post # of 18960
bko007 - Understand destruction of exhibits..
Appreciate your rapid response.... I have 2 points
that I'm trying to resolve, any help may clarify
MPTVs current position....
1. Why would the judge issue an order to destroy
exhibits 20 days following expiration of time to appeal....if this is in fact, still an OPEN CASE ?
Have seen this order many times, always has been
after final disposition in the matter pending
before the bar....seems strange ????
2. Does the Federal Rules of Court allow for an
extention or continuance be Granted when the hearing is "In-camera", for continuity, shouldn't
this be handled in open court....to preserve the record ? Last open court procedures were 5/12/99.
Very interested in your thoughts on both points...
Thanks in advance,
Go MPTV
Art
By: bko007
Reply To: 18594 by hoboken
Saturday, 29 May 1999 at 6:51 PM EDT
Post # of 18960
Hoboken:
The Judge will allow the documents to be destroyed once the appeal time has run even though the case is still open because the appeal time running is only
concerning the sale of assets. Once the sale is complete and the appeal period runs, it is a done deal!!!! Also, just because the sale of assets closed doesn't mean the
BK case is closed. The Debtor will have to prepare a liquidating plan or convert to chapter 7 for liquidation to close their case.
Continuations are allowed and do not necessarily have to come before the Court at a hearing to be allowed. If all parties are in mutual agreement they can file a
Stipulation allowing the continuance or they can simply call the Judge and obtain approval for the continuation over the phone and then file and serve an appropriate
notice as directed by the Court. There should besome type of written record of the continuance but it does not have to be in open Court. If so, the Court might as well be
open 24/7.
By: Dawes1
Reply To: None
Saturday, 29 May 1999 at 6:56 PM EDT
Post # of 18960
To bko007
Sir, Thank you for your analysis.
I have a question please. grind stated in his post on page two Extending the closing for 1 more week until Thursday June 3rd and a $50k bond has been placed by
MPTV to show intent.
grind's post #18587
During your review did you see this figure? 50k
Back on 6/3/98. June of 1998 there was a listing document that stated " Motion to sequester cash collateral and rents by Joseph Gould... submit funds into the registry
of the Court as follows: said funds shall be deposited with the clerk of the US bankruptcy court the amt of funds tendered for deposit shall be $100,000 tender shall be
made on behalf of Consolidated and shall be in the nature of an earnest money deposit for the purchase of dbtr's real.
Did Gould or MPTV put up this $100,000 and what does this amount mean in laymans terms?
Thank you very much for your lawyer time. We need one...........
ArtBy: bko007
Reply To: 18599 by Dawes1
Saturday, 29 May 1999 at 7:10 PM EDT
Post # of 18960
Dawes 1:
The 50k is put up or shut up money the Court has required from MPTV for the continuance. (This 50K is another validation that MPTV is going to close this deal!!!!!!)
The 100,000 dollars referred to on June 3, 1998 has to do with the Debtor ALL STAR'S cash collected during the bankruptcy. Once a bankruptcy has been filed the
cashed collected and used by the Debtor (All Star) actually belongs to the secured creditor (Gould) and the Debtor must get Court approval to use this money (Show
the Court that it is using the money properly) In this case it looks like early on in the case when GOULD was trying to make ALL STAR fold and give the property back
to them through Relief From Stay actions the Court felt the Debtor was holding 100,000 (collected rents) which Gould might be entitled to. So, the Court had the money
put into escrow until the issue could be decided. This Judge really must hate GOULD!!!! No other explanation for the delays and money being put into escrow!!!!!
BoardMark
By: icu2uknow
Reply To: None
Saturday, 29 May 1999 at 7:08 PM EDT
Post # of 18964
Art, about the destruction of the documents. I spoke with one of the attorneys that I work with. She said it is common practice that a Judge will order the destruction of
sensitive, private documents. In other words, during this hearing, the financial history (documents) of all parties had to be layed out for the court. Because all sides do
not want their personal finances to become part of the record, the Judge will simply order that those documents will be destroyed, because it is no one's business as
to what their personal finances are. If this is what the Judge has done, it is a moot point here. Hopefully, bko007 can shed some light on this. BTW Art, you going to be
offline around 5? If so, I'll give you a call. Thanks. Kirk :>)
By: bko007
Reply To: 18602 by icu2uknow
Saturday, 29 May 1999 at 7:18 PM EDT
Post # of 18964
ICU2UKNOW:
Once documents are filed with the Court they are public record like it or not. The only difference would be documents filed under seal. For instance: If the documents
are on file with Court right now, I can go down to the Court pay my .50 a page for copies and take them home and post them on the internet. The sale closes and then
twenty days later there destroyed. What private or personal documents were saved from the public. NONE!!!!!!!!
The Court has enough paper it only wants to keep the relevant motions and orders. Once the sale is complete and the appeal time has run they only need the basic
facts and the legal arguments for the record.
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