There is no way that Van would allow this case to be converted to Chapter 7. That would open the door to some third party outbidding him and owning the company with his name on it. He would have to dismiss or file for a new restructuring plan. I’m rejecting the plan because he chose to spend money on capital improvements and limiting the payback to 55% over three years, when he could have provided for 5 years and a higher percentage.
Understood. But the plan doesn’t NEED to be just over 3 years, and in theory Van can loan his own company more money to make those capital improvements since it’s going to benefit Van as 100% shareholder after all of the plan payments are made. In effect the unsecured creditors are lending Van the money to make those improvements and only getting paid back $0.55 of every dollar they lent to him.
Do you have a claim against Van's? If not, you don't get a vote.
The problem is that they have no idea it's from you as your name is nowhere on the submitted ballot. For that matter, anyone opposed to the plan could easily send in 10000 NO votes. This likely won't be a problem, but nobody can guarantee that.
Ummmm...in another thread, someone posted a pic of the ballot and right there at the bottom are lines for signature, name and address.
Clearly I misunderstood the ballot form. It appeared to me like that part is associated with the optional election to reduce the claim and is not required if merely voting on the plan.
if you watch the video. $0.55 is the minimum and there predicting that the amount paid back could be much higher. they wont have a final number till the plan is approved and the funds start getting allocated.
The 55% is also after the $3k ish priority claim you can file if it’s a personal claim (a non-company claiming).
yes, thank you for adding that info. totally forgot to mention that fact.
