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American Home Mortgage Investment Corp. Message Board

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  • darnoc1111 darnoc1111 Jan 3, 2008 9:48 AM Flag

    preferred pay?

    Here is the pecking order for payout. Link -- http://www.bankrate.com/brm/news/biz/Cashflow_banking/20010625a.asp

    1. Administrative expenses and professional services. These are the people who do the work of filing the bankruptcy, such as the lawyers. (Are you surprised?)
    2. Secured claims, including mortgage holders.
    3. Priority claims, including wages and taxes.
    4. Unsecured claims. Most likely, that's you, trying to collect for goods sold or services rendered.
    5. Equity claims. These are stockholders. If it is any consolation, they will probably get even less than you do.

    My own opinion is if you are not near the top of the pecking order and there was not a lot of money recovered through the chapter 11 procedings your recovery for prefered will be nothing. JMO Good luck.

 
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