section 363 of the bk code, can't the Judge subordinate Matlin and Hutchins claims for attempting to defraud the other stakeholders?
I hope it happens but I don't think it will. You have to have pretty big balls to go through with it.
In my opinion, Marcia Goldstein and gang should be disbarred. Now you know why she squashed Seymour Licht request because it would have blown their devious scheme to defraud creditors.
As you may recall, Licht wanted to know the voting on shares versus debt. Under a confidentiality agreement, Matlin and Hutchins were going to get almost all of the new WorldCon debt that could be issued to the old WorldCon bondholders (not Mci and Intermedia holders).
Talk about scienter!!
But it's certainly not surprising based on my prior experiences with Marcia Goldstein, WGM and Jay Alix and gang.
imho, when Bill Crosby refers to these people as crooks, I think he's 100% accurate.
Also, as much as I don't want to believe it, I have a very difficult time believing that Capellas and the some other corporate folks at MCI were not aware of this fraudulent scheme.
A judge can subordinate a claim because he got up on the wrong side of the bed that morning. But for it to hold up under appeal, there has to be cause. Yeah, I would love to see Matlin et al get nailed. F'n bastards deserve it for the way they screwed the MCI claims. If they hadn't done that, then there would be this state tax mess. Greedy assholes.
Don't see it happening. As far as Marcia getting held in contempt, I don't think she is that totally stupid. Well, yer honor, we did this so that it would benefit the whole estate via the tax stuff, just because it treated these vulture types special... disgust.
As far as Seymore goes, he was just a Lenny type that got it right for once.
I come back to all of this disastrous news. I knew MCI was run by a bunch of crooks, but I just didn't think they would be exposed so early in the game - and Capellas has no idea what is going on? At least he is hinting that MCI's competitive position is excellent. Capellas better get his cookie jar out soon and start performing like the grand actor he really is or we are all dead meat.