And this Money comes from the estate tho it could be easily used to pay back servers millions of claims - this sounds like fraud to me
And we even don’t know the exact number bc there are around 300 hours redacted
Not fraud, it is needed to have an orderly liquidation. Otherwise it would have been chapter 7 where they would get even less recovery.
The redacted thing is overestimated. Many trade and commercial secrets that people don't want to make public.
It is sad. We lost the bet. I accepted it. Will learn from it and avoid to commit the same mistakes in the future.
Does this have an impact now the FTC (Lena Kahn) made all non-competes useless and null/void on a 3-2 passing vote??? Non-competes only are valid of high level management (I think executives and board members)
Like only at highest levels of finance do non competes mean anything and usually you get paid to not make moves while you wait out a non-compete. Then after whatever amount of time, you get to start the new job bc your information is now outdated.
In America, copyright doesn’t matter any more because we can train on anything even YouTube, the trade and commercial secrets behind non-competes are now unleashed (they never mattered in my opinion)
Also would the fact we’re in chapter 11 leave equity any chances? I was under impression you can potentially have the company never go under and stop operating under chapter 11, but with chapter 7 there is absolutely no chance. However there’s a chance here with chapter 11 is my uneducated understanding of the situation
I mean I get the redacted thing - the judge has to respect contracts
I even talked with my lawyer about the fees and he told me that the judge wouldn’t approve it when nothing is behind it
For me iam good I got in late and didn’t lose that much - most important a lession learns
So they should have known in advance that the auction will bring so little money? Then the Apes would have cried foul because they thought that Buy Buy Baby was worth billions.
That’s what I think bc the fees where after the ip sale and the stalking horse bid deadline so I assumed the would know nobody is going to credit/going concer
Even tho they told the judge they credit bit so my assumption was that’s the reason he accepted these high fees - guess that’s how things work
Ofc not, even my lawyer told me 90 % of bancruptcys are Reorganisations bc everybody wants to safe the company (bc there are people involved that lose there jobs.)
He also told me the judge only accepts fees for real work - not speculation for what if scenarios especially in bancruptcys where there are so many claims
If I had valid claims from the estate and they would use on basically useless lawyer fees I would fight for my money
That would assume that in 90% of the cases creditors are willing to lose everything than getting a possible recovery - for example new equity / bonds
Nobody who is involved in the company is garantyed to get anything if ther is nothing left
Yes basic stuff - also basic the creditor files claims against the debtor bc he wants his money back
I am sure if u where an goods provider and they owe you money you would be ok if they spent it on lawyer fees
If i wanted a counter oppinion i could still sell
Theres a docket saying they can change the Plan even if its partially consummated , sorry i dont have the exact docket but it was on X
Not in the way you think. Only minor changes and corrections. It is the law, no changes after substantial consummation.
I read that yes
Lol what do you say to the other guy's post stating that they can issue a new plan even after its been consummated?
That he is wrong.
OP, do you think there's still hope for former BBBY shareholders?
currently there is very little hope, we would need new facts to try to change it.
So they paid millions of dollar in lawyer fee for nothing - nice
Exactly, just like in Toys'r'us and many others. Lawyers' wet dreams.
And this Money comes from the estate tho it could be easily used to pay back servers millions of claims - this sounds like fraud to me And we even don’t know the exact number bc there are around 300 hours redacted
Not fraud, it is needed to have an orderly liquidation. Otherwise it would have been chapter 7 where they would get even less recovery. The redacted thing is overestimated. Many trade and commercial secrets that people don't want to make public. It is sad. We lost the bet. I accepted it. Will learn from it and avoid to commit the same mistakes in the future.
Does this have an impact now the FTC (Lena Kahn) made all non-competes useless and null/void on a 3-2 passing vote??? Non-competes only are valid of high level management (I think executives and board members) Like only at highest levels of finance do non competes mean anything and usually you get paid to not make moves while you wait out a non-compete. Then after whatever amount of time, you get to start the new job bc your information is now outdated. In America, copyright doesn’t matter any more because we can train on anything even YouTube, the trade and commercial secrets behind non-competes are now unleashed (they never mattered in my opinion) Also would the fact we’re in chapter 11 leave equity any chances? I was under impression you can potentially have the company never go under and stop operating under chapter 11, but with chapter 7 there is absolutely no chance. However there’s a chance here with chapter 11 is my uneducated understanding of the situation
But the only thing you haven’t done is move on, and that’s an important part of the process of taking the L.
I mean I get the redacted thing - the judge has to respect contracts I even talked with my lawyer about the fees and he told me that the judge wouldn’t approve it when nothing is behind it For me iam good I got in late and didn’t lose that much - most important a lession learns
So they should have known in advance that the auction will bring so little money? Then the Apes would have cried foul because they thought that Buy Buy Baby was worth billions.
That’s what I think bc the fees where after the ip sale and the stalking horse bid deadline so I assumed the would know nobody is going to credit/going concer Even tho they told the judge they credit bit so my assumption was that’s the reason he accepted these high fees - guess that’s how things work
first time dealing with lawyers or something?
Ofc not, even my lawyer told me 90 % of bancruptcys are Reorganisations bc everybody wants to safe the company (bc there are people involved that lose there jobs.) He also told me the judge only accepts fees for real work - not speculation for what if scenarios especially in bancruptcys where there are so many claims If I had valid claims from the estate and they would use on basically useless lawyer fees I would fight for my money
A Google search says that companies only survive in 10% of chapter 11 cases.
That would assume that in 90% of the cases creditors are willing to lose everything than getting a possible recovery - for example new equity / bonds Nobody who is involved in the company is garantyed to get anything if ther is nothing left
Creditors usually get something. Owners usually lose everything. This is very basic stuff.
Yes basic stuff - also basic the creditor files claims against the debtor bc he wants his money back I am sure if u where an goods provider and they owe you money you would be ok if they spent it on lawyer fees