chapter11 allows companies to continue operating and if their
re-structuring plan is approved, emerge generally free of most their
previous debts. chapter7 is a filing to shut down completely. a
judge can force a chpt11 filing to close completely if the judge
feels there is no viable future for the company, but those are rare.
in a chapter 11 filing, anyone owed money can file a claim. the
company is suppose to notify all those who they owe money to that
they are in chapter11 and gives them the court in which they filed
and information to file a claim. at best you can hope for 10 cents
on the dollar.
they are not perfect but, overall, bankruptacy courts work and
overall foster a heathlier economy than countries or which don't
have them. if you run your record label as a business, you can
write of the loss as bad debt. of course, this only helps if you are
making a profit which few - if any - small labels do.
b.
On Thu, 16 Jan 2003, nat hawks wrote:
:
:
:
:
:does anyone know exactly how Chapter 11 works?
:
:does this protect them from their debts i guess? does debtor's prison still
:exist?
:
:so, no one is getting their money i'm assuming.
:
:and it sucks they wont be doing those annual fests too... those were good
:fun.
:
:
:>From: "component" <component@mindstorm.com>
:>To: "nat hawks" <natbot@hotmail.com>,<idm@hyperreal.org>
:>Subject: Re: [idm] SafetyInNumbers (sorry to bring this up again...)
:>Date: Thu, 16 Jan 2003 09:45:59 -0500
:>
:>Be thankful all those bastards owe you is $100
:>
:>They owe me $500. They owe others thousands
:>
:>Last I heard it was chapter 11.
:>
:>
:>Rob!
:>::::::Component Records:::::::
:>Box 783, Somers, Ct 06071
:>www.componentrecords.com
:>
:>
:>
:>----- Original Message -----
:>From: nat hawks <natbot@hotmail.com>
:>To: <idm@hyperreal.org>
:>Sent: Thursday, January 16, 2003 9:45 AM
:>Subject: [idm] SafetyInNumbers (sorry to bring this up again...)
:>
:>
:> > i cant recall how the last SIN conversation ended...
:> >
:> > have they folded? does anyone know how to reach Joel?
:> >
:> > they owe me a $100
:> >
:> > appologies for recalling an old thread, my bad.
:> >
:> > feel free to contact me off list. (public execution is passe, right?!)
:> >
:> >
:> > np: 49 track dancehall comp bought in queens for $5
:> >
:> > _________________________________________________________________
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:>
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