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Gertmenian heads committee on Guild bankruptcy

This has to be a joke, right?

How the hell can Gertmenian be the chair of this committee? I understand that he is claiming to be one of their biggest creditors, but this is completely out of hand.

Quote:

According to the Department of Justice, creditors’ committees can consult with the debtor on administration of the case, investigate the debtor’s conduct and operation of business, and formulate a plan. The committees typically include creditors with large claims. The Guild filed for Chapter 11 bankruptcy, which allows a debtor to enter into an agreement with creditors under which all or part of the business continues. The debts are restructured to allow the debtor to continue business operations.

Un-freaking-believeable. The conduct of the debtor, which Gertmenian was in control of, is what has led to this situation, and his plans have helped lead them there to begin with. How the hell can the Guild and thier attorneys allow this?

Quote:

Originally Posted by ALostTexan

This has to be a joke, right?

How the hell can Gertmenian be the chair of this committee? I understand that he is claiming to be one of their biggest creditors, but this is completely out of hand.

Un-freaking-believeable. The conduct of the debtor, which Gertmenian was in control of, is what has led to this situation, and his plans have helped lead them there to begin with. How the hell can the Guild and thier attorneys allow this?

be careful of the contracts you sign.

if he is legally owed a debt, he'll collect something if there are any assets available.

it's really a negotiation between the creditors more than anything the debtor or their attorney's control.

the debtor has thrown themselves on the mercy of the court in their filing.