Equal opportunity to address voting creditors

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
  • Offline
Posted: Fri, 10/04/2009 - 12:28

On the KSFIOM web site the LP has summarised the results of the court hearing on 9th April.
In this summary he makes the following statement:
"We will be making several documents available to the Scheme Creditors to allow them to assess the proposed Scheme and make an informed decision as to whether the Scheme provides an equal if not better return to Scheme Creditors than would otherwise be achieved under a normal liquidation process."

It is clear that unless creditors (DAG?) who are opposed to the SoA are given the opportunity to present the arguments against the SoA to undecided creditors, voting creditors will only be given information in favour of the SoA as both the Treasury and the LP have already declared themselves to be in favour of this scheme.
The proposed SoA is extremely complex and confusing and most creditors will require independant advice regarding its merits or otherwise. This independant advice will not be available from the Treasury or the Liquidator Provisional.

To ensure that the voting creditors can make an informed decision the LP must give opposing creditors the opportunity to present their case to the voters. The documents presented to the Scheme Creditors by the LP must therefore include a submission by opposing creditors.
Brabander
NB I would welcome comments but I am unsure whether I have created this Topic in such a way as to allow this.

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