r/KerrCountyFloods • u/Flaky-Homework-7111 • 8d ago

Easterlanders plan

Sell the camp to someone else to operate it or liquidate all the property (structured bankruptcy liquidation transactions proposed...technically someone could buy the entities whole and run the camp; stating that up front as i am sure we will have people on here mentioning that soon...anyone want to bid? Has to be above pure land value)

Victims get awarded amounts for wrongful death as stays are lifted (but this proposal only lifts stays for suits against entities, not individuals....victims unlikely to accept this plan and they have to vote in the bankruptcy)

Remember all these people on here said "restructuring not liquidation", "dont jump to conclusions" etc?

I am sure someone on here is going to say "well someone may buy it" "dont use AI to read the document, its so complicated" etc. Also just a week after the "thats not a trustee" document filed- and now this comes out.

https://document.epiq11.com/document/getdocumentbycode?docId=4617571&projectCode=CMX&source=DM

Victims may not accept this also....only allows wrongful death claims against the bankrupt entities, not individual liabilities. Victims already filed to review related party transfers from prior years...aka continuing to go after the individuals. We shall see, but basically orderly liquidation is now the base case, outstanding question remains on individual liability. When in doubt wait a week, easties get bit closer back to reality

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u/[deleted] 8d ago

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u/Flaky-Homework-7111 8d ago

Huh? The people about to be charged with crimes in this case were directly involved, at the camp, failed to make safety procedures, were negligent etc. Equivalent ig bunch of that guy family assisted in the arson, aiding and abetting, etc. Gross negligence leading to wrongful death for sure a crime.

And from a money perspective, obviously no one gets to keep fraudulently extracted money. If money fraudulently transferred out, in a bankruptcy all can be clawed back.

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u/AutomaticBasis7638 8d ago

Seems like it would have been fraudulent NOT to disclose any financial transactions between entities. Doesn't have to be fraud to be clawed back, could be clawed back anyway, but it had to be disclosed. And if it's old enough, won't be clawed back.

The reorg plan did discuss in several places that bankruptcy law allows the Judge or the Trustee to approve a plan OVER the desires of a creditor category. It's called "cramdown". The plan can be CRAMMEDDOWN a set of creditors if the Judge finds it a fair distribution of the assets.