RE: RE: RE: RE: RE: Really Interesting "This is back to our old arguement. "
Debate...Debate...Children argue and intelligent professional adults debate
" Please read the last 2 paragraphs where is says vote several times."
I did many time before. I believe you are missing "if applicable". I already mentioned numerous times that any power you have is by it being given to you. It is not a right because you do not have any legal rights.
I will back that up from your own document. Now if the shareholders had any rights then why does it say this in the last paragraph. "If a class of creditors or the Court does not approve the Plan, the company does not automatically go into bankruptcy, but the Stay is lifted."
Now what if the company presented Plan was to eliminate all accrued divy's and cancel the face value on the preferred, then surely the shareholders would not vote for that. If that were the case then should this line not have read "If a class of creditors or the Court or the shareholders does not approve the Plan, the company does not automatically go into bankruptcy, but the Stay is lifted."?
Do you notice who is strangely missing in that list of approvers of the plan? Also, where is the shareholders vote in this statement? " For the Plan to be binding on each class of creditors, a majority of the proven creditors in that class, by number, together with 2/3 of the proven creditors in that class, by dollar value, must approve of the Plan presented to them."
The shareholders may be given a say in the process, but you have no legal right to demand terms or reject any plan that the company puts forward. I dare you to find one court sanctioned creditor action where the shareholders dictated the acceptable terms or derailed the action altogether.