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To Vote or Not to Vote: Court Holds That “Out of Money” Junior Creditor Barred from Objecting to Plan Friday, April 23, 2021
On March 31, 2021, the U.S. Bankruptcy Court for the District of Kansas held in
In re Fencepost Productions Inc. that even though an assignment of voting rights provision in a subordination agreement was not enforceable in a bankruptcy proceeding, a subordinated creditor nevertheless was barred from participating in proceedings related to a chapter 11 plan and disclosure statement on the basis that the subordinated creditor lacked prudential standing.
1 On the one hand, the decision calls into question the enforceability in bankruptcy proceedings of voting assignment provisions agreed upon in prepetition contractual agreements, and, on the other, affirms the enforceability of prepetition contractual provisions that may alter the priorities set forth in the Bankruptcy Code. If followed by other courts, the decision raises
General Motors is revealing a new plan to spend more advertising dollars with media companies that have diverse ownership.
On Friday, GM revealed a new five-part plan the result of a series of meetings between CEO Mary Barra and Black-owned media representatives over the past three weeks that will offer better access to advertising dollars with GM.
The new plan comes after a series of full-page ads in several newspapers in which some Black-owned media leaders accused GM and Barra of systemic racism for refusing to take a meeting with the media leaders and allocate a greater portion of the advertising budget with Black-owned media.
To Vote Or Not To Vote: Court Holds That mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
The film at the core of a Vermont fraud case has been completed and released, opening a pathway for hundreds of wronged investors to recover some of what they lost.
Well-known Vermont storyteller Malcolm Mac Parker raised $28 million for the meditative art film, Birth of Innocence, which cost about $1 million to make.
Parker s silent partner and spiritual mentor, Louis Soteriou, spent more than $4 million of the money on luxury hotels and cars as he pursued a spiritual quest he believed would allow him to transcend earthly life and travel through space and time, the Free Press reported at the time of his sentencing.
News Highlights: Top Energy News of the Day morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.