I got APPROVAL to be on Velti creditor committee Nov 12: I will make sure of Ch 7 for all!
This is to notify you that the United States Trustee will hold a meeting to form a Committee on Tuesday, November 12, 2013 @ 10:00 a.m. at the following location:
J. Caleb Boggs Federal Building
844 King St., Room 5209
Wilmington, DE 19801
If appropriate, the Committee may request that the Bankruptcy Court convert a chapter 11 case to one under chapter 7, at which time the debtor’s operations would cease and its assets would be liquidated.
From what I've been reading, Delaware is corporation-friendly, and resistant to piercing the parent company's corporate veil. And getting a unified front from all the creditors owed money is like herding cats.
Not that it matters much; I don't know why anybody would expect happy results from a company that couldn't make a go of it with a solid reputation and excellent access to capital, now that it's lost those things. The parent will go bankrupt soon enough.