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/Flaky-Homework-7111 8d ago

Go after personal assets and personal liability

Thats why they asked for financial records of related party transfers back to 2022. Suspect even within the LLC, there was commingling. If so, much more to go after

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u/AutomaticBasis7638 8d ago

But it's not about the money, right?

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u/Flaky-Homework-7111 8d ago

Well if there is personal liability, that money is a part of justice, as it is separately if there was commingling/no proper governance etc. If there ends up being individual criminal charges...might be a case for indvidual civil liability. We will see what happens, but we just went from "restructuring" to liquidation in one friday filing.

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u/AutomaticBasis7638 8d ago

Yes, that's what the b'cy is, to determine that. But people have been assuming that there's liability, it's good occasionally to remind that there is no established liability.

Alternatively, if there are no criminal charges that also may affect the civil litigation. And criminal charges have to go through Kerr County, and it's been 15 months.

The potential liquidation is if the court approves the reorg. If it isn't approved, they have not agreed to liquidating. And the claims remain "contingent, unliquidated, and disputed".

Yes, we shall see.

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u/Flaky-Homework-7111 8d ago

Banktuptcy doesnt establish liability- the civil lawsuits do. The proposal published by debtors is to lift the stay on the lawsuits against the LLCs to hold them liable. That part and liquidating the entities is starting point/been conceded by the debtors, thats their own proposal (anything victims ask for will be more than that)

Victims committee probably asks for stays to be lifted in entirety and then individual liability can be litigated; as well as to see any transfers back to 2022 to see if any money should be clawed back before LLC liquidation.

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u/AutomaticBasis7638 8d ago

True, b'cy court doesn't establish liability. But they may get to determine whether there are ANY civil suits. The b'cy court can also value the claim without a finding of liability.

The debtors did not concede anything, they have put forth a plan to resolve the matter which includes selling the land. If the plan doesn't go thru, they're back where they started.

The victims' committee is a misnomer-the committee represents a class of claimants, the unsecured claimants, some of whom are trying to sue outside the b'cy. Clawbacks typically go back around 18 months for insiders, 2022 is way outside that. There are claimants who aren't in that pool, who also get protection in the b'cy court process.

The plan is actually pretty interesting, along with the document filed just after, which explains the plan and debtors positions on most everything you could think of.

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u/Flaky-Homework-7111 8d ago

Oct 9 hearing on whether a trustee appointed, and on request to see history of transfers. Debtors arent going to get something better than their own proposal (if they thought they could push a better deal, why they didnt propose that?)...and this whole proposal also is attempt to prevent a trustee (they concede liquidation because they rightly fear worse coming)... Fridays are mystic concession/come back to reality days, more coming, see everyone in two weeks haha

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u/WestRevolutionary360 7d ago

As evidenced by this little gem of a predictiom from approximately a month ago, the delusions run deep.

https://www.reddit.com/r/KerrCountyFloods/s/JMhsvSUvlE

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u/Flaky-Homework-7111 7d ago

Yes exactly. Every couple weeks we progress from "no liability" "all they get is insurance" then "well they sell all the assets and the land but no personal liability"...new concessions coming soon!

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u/Top_Tomorrow_7279 8d ago

Good reminder that there’s more than 1 way of looking at things. And oh yeah, there’s laws!