Why TAAT International LLC Plan gets approved First thing to remember is that there are no secured creditors against TAAT International LLC a separate subsidiary of TAAT Global Alternatives Inc.
TAAT International LLC has voluntarily filed under Chapter 11 V for a reorganization Plan.
The total liabilities to be discharged are $15,995,407.67
Payout to unsecured creditors under Chapter 11 V would amount to $35,455.00
Payout to unsecured creditors under Chapter 7 (total disolvency of TAAT International LLC) would be $28,322.49
No unsecured creditors would have any standing to contest TAAT International LLC Chapter 11 V unless it can be shown they would receive a bigger payout of $35,455 under Chapter 7.
As seen above the payout under Chapter 7 would be $28,322.49
Look below 1119(a) , keep in mind "impaired" means unsecured creditors.
There you go folks, Chapter 11 V is a lock!!
Others can have their opinions but without Court documents in hand one can only make opinions. I pay for Court documents to be factual.
Reference:
With respect to each impaired class of claims or interests— (A)each holder of a claim or interest of such class— (i) has accepted the plan; or
(ii) will receive or retain under the plan on account of such claim or interest property of a value, as of the effective date of the plan, that is not less than the amount that such holder would so receive or retain if the debtor were liquidated under
chapter 7 of this title on such date