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so this is 21st century's mode of theft basically. Got it....

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127 Posts.

19

13/12/19

10:31

Post #: 41949469
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Originally posted by Rob826: ↑

The other creditors won’t “call bullshit” unfortunately. The DOCA vote is a numbers game and CHEL/Liatam have easily done enough to sway the majority of the votes in their favour.

As I understand it (and correct me if I’m wrong), but each creditor has a vote, regardless of the $ value that they are owed. 120 of the 218 votes are attributed to Class D creditors, who are owed less than $10k each.

Under the terms of the CHEL/Liatam DOCA proposal, those class D creditors get a 100% return. Why would the class D creditors vote no, when they are getting exactly what they’re asking for? There is nothing to be gained for this group by going into liquidation, quite the opposite actually.

The class D creditors hold the majority as they make up in excess of 50% of the vote; therefore, it’s irrelevant what the rest of the creditors think, and is probably why those larger creditors won’t be getting anything close to a full return, because they still only have one vote.

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so this is 21st century's mode of theft basically. Got it. Thanks!

A40 Price at posting: 8.2¢ Sentiment: None Disclosure: Held
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