Originally Posted by
Releasemaster
Thanks Winglet. I guess what caught my attention where so many parties filing for payment at the same time. Was it planed this way?
Releasemaster,
It suggests that, for better or worse, things are slowly wrapping up.
One counsel for MAG states in their application that as of May 31, MAG had $60.8 million unencumbered cash on hand or deposit and that MAG is currently in the process of formulating a POR. They state that MAG
"anticipates" filing a POR and disclosure statement in July.
They also state that the
"operational transition into Chapter 11 has been unusually smooth" and that MAG has
"established a harmonious relationship" with the Creditors Committee.
Another counsel states that it has
"undertaken discussions with other parties that may be interested in investing in or acquiring the Debtors".
Expect news soon...
winglet