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RE: Covad, Chapter 11 !
Some bond-holders can agree in principle. But, it takes a judge to allow them to go to *their* backers and help *them* pitch the deal. > From: Christopher A. Woodfield [mailto:[email protected]] > Sent: Wednesday, August 08, 2001 11:06 AM > > I think the one exception to the rule in Covad's case is that > Covad seems > to have their reorg plan already in place and with the > blessing of the > majority, if not all, of their bondholders. I have no experience with > bankruptcy law, but given the fact that the debt-retiring > deal has been > made, where is the need to file Chapter 11? To flush out the > bondholders > who haven't agreed to the stock-for-debt deal? > > -C > > On Wed, Aug 08, 2001 at 08:41:07AM -0700, Roeland Meyer wrote: > > > > > From: [email protected] [mailto:[email protected]] > > > Sent: Wednesday, August 08, 2001 7:57 AM > > > > > > On Wed, 8 Aug 2001, deeann mikula wrote: > > > > > > > On Wed, 8 Aug 2001, Smith, Rick wrote: > > > > > > > > > Just found this... > > > > > > > > > > http://www.internetweek.com/story/INW20010807S0008 > > > > > > > > i read a similar article y'day, and that was the first > that i had > > > > heard mention of rhythms going down. either i was too busy > > > pulling my > > > > hair out last month or they were really good about > keeping it quiet. > > > > *sigh* > > > > > > > > looks like verizon is gonna be the only xdsl provider > left solvent > > > > when the dust settles. how scary is that, and how predictable? > > > > > > Although this may well ultimately prove true, people do > realize that > > > filing for chapter 11 is not synonymous with going out of > business, > > > right? > > > > Show me one case, in the xDSL CLEC business where this has > held true. Thus > > far, *every* one of them, that has filed CH11, has gone out > of business > > within 30 days, as near as I can tell. The track record is > pretty dismal. > > -- > --------------------------- > Christopher A. Woodfield [email protected] > > PGP Public Key: http://pgp.mit.edu:11371/pks/lookup?op=get&search=0xB887618B