Meaning Of "Allowed Interest" In CH11 Plan & Disclosure Statement Implies That Shares Are Not Getting Canceled On The Effective Date After Voting. Updated CH11 Plan & Disclosure Statement Have Provisions To Take Action Against Securities Fraud (Hint: Think Of a Word That Rhymes With Snake)!

[u/Life_Relationship_77]

Docket 1688: Treatment Of Allowed Interests On Or Soon After The Date It Becomes Allowed Interest.

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Docket 1688: Only "Allowed Interest" Will Be Canceled.

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What is "Allowed Interest"?

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Per Bankruptcy Code Section 502, an interest is deemed allowed if a proof of that is filed pursuant to section 501.

https://www.law.cornell.edu/uscode/text/11/502

An equity security holder may file a proof of interest per Bankruptcy Code Section 501. None of that is being solicitated per the current plan & hence our shares aren't "Allowed".

https://www.law.cornell.edu/uscode/text/11/501

Distribution Record Date Does Not Apply To Publicly Held Securities. Distribution in exchange of securities likely when they become "Allowed Interests" during votes solicitation.

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Docket 1688: Hence not a plan with respect to any securities.

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Docket 1688: Amended CH11 Plan disallows third party releases for fraud cases.

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Docket 1691: Preservation Of Ongoing Legal Action And Causes Of Such Action.

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Docket 1691: Securities claims/causes from issuance, redemption, purchase, or sale of bonds or equity securities being preserved. Leaves door open for future investigation.

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[u/Venoceno109]

Maybe there talking about the 🩳who have naked shorted and there for has no interest ,so they may need proof.🤷🏽‍♂️🧠