Any Bondholders Interested in Joining Together to File and Involuntary Bankruptcy?
I'm a bondholder and am upset that the Trustee has seemingly done nothing for us. I've been bounced around trying to contact this mysterious figure. Lawyers are quoting insane fees to file. It's actually not that difficult to file. I know an excellent attorney who might be willing to represent us for a much more reasonable rate. If we get a group willing, I will start the process. I am not soliciting fees and will not be taking anything compensation whatsoever. I just want to see justice done without paying more than what's left on my bonds.
I presume you have perused -"peruse" means study with care- the indenture, before trying to get a hold of the trustee. I have not read the indenture, but it would be unusual if there were not a 30-day grace period before the trustee could sue. I'm a bondholder and I have no interest in forcing the company into bankruptcy, because that would only decrease the monies available to pay us off and increase the possibility that we do not get a significant recovery. It is clear that management is trying to reduce costs, for example by closing the AZ plant, and trying to raise capital to pay us off. Why not join the 60+% that are giving them a few months to do so?
I have read the indenture. There is no 30 day grace period. What concerns me is that I - and the other 40% - have not been contacted whatsoever by Suntech. If they want to make a good faith attempt to resolve the issue, fine, I'm all for it. There is even some doubt as to whether that forebearance actually occurred. How could this 60% just assume that nobody amongst the 40% would take issue? This entire matter seems fishy, so I just cannot take it on faith that Suntech will do the right thing. That said, if I could get some explanation, I'd feel much better. I know I speak for other bondholders as well.