Christina Ann Marie DiEdoardo 
Member since Dec 29, 2017


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Re: “Breaking: Berkeley's KPFA Radio Facing Ruin as New York Real Estate Corporation Considers Seizing Station's Assets to Settle Lawsuit

I haven't done a Ch. 11 for a client in several years (and usual disclaimers apply, this is not legal advice) but based on the facts which are presented a Chapter 11 filing could offer some advantages. First, KPFA could take advantage of the automatic stay (which would stop collection activities until and unless the creditor successfully moved for relief from stay, which I suspect the court would be hesitant to grant if KPFA could show it was working on a plan to sell WBAI). Second, KPFA would have the exclusive right to propose a reorganization plan for a period of time (which is extendable upon court approval). I suspect there would be Ch. 11 counsel who would be willing to accept the case on a reduced fee basis, especially since there's only one major creditor and if that creditor is paid in full under the plan, they cannot object to it being confirmed (Ch. 11 law is oddly libertarian---the more money you're owed, the more votes you have but only if you're "impaired", i.e. the plan proposes to pay you less than you're owed.).

Posted by Christina Ann Marie DiEdoardo on 12/29/2017 at 12:06 PM

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