Quote:
Originally Posted by TCLGirls
"The trustee in Trump Entertainment Resorts Inc.?s Chapter 11 proceedings has objected to the debtor?s proposed hiring of Weil Gotshal & Manges LLP, alleging a conflict of interest stemming from a previous bankruptcy case. "
Weil Gotshal Has Conflict Of Interest: Trump Trustee - Law360
By the way, I did not post "conjecture". I posted the US Trustee program description from the DOJ website.
Anyhow, this whole trustee tangent is irrelevant to the issue that restructuring through bankruptcy is not voluntary from the standpoint of creditors. So it is a misnomer to say that creditors are "fine" with banrkruptcy. |
no, it's not, if they were not fine with it, they would not have pre-packaged the deal terms and presented it as fine to the judge. so it's not a misnomer, it's a nomer.
and it sounds like you got ch7 mixed up with ch11, ch7 requires a trustee, ch11, as i mentioned 2x above, defaults to *debtor in posession* and usually (routinely) does not have a trustee. a trustee runs the business while the business is in bankruptcy proceedings, something the debtor and creditors are very not fine with, thus pre-packaged terms presented to the judge and accepted by the judge.