Baldwin demise

[Joseph Alkana]

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List,
In a chapter 11 bankruptcy, commonly called a reorganization, the =
bankrupt company is protected from continued harassment from creditors =
while they "reorganize". The company will attempt to come up with a plan =
of repayment to creditors, usually at a reduced percentage of the amount =
owed. The first thing any creditor must do is find out if they are on =
"the list" or schedule of creditors which the bankrupt company provided =
to the court when it filed for bankruptcy.Then if they are, or get =
themselves on the list via the clerk of the appropriate bankruptcy =
court, the creditor will receive a proof of claim to file with the =
courts. This will establish the amount of debt owed so that if and when =
a distribution is available the creditor can get paid.

Realistically, the courts and secured creditors must determine various =
classes of debtors and the level of entitlement to claims prior to any =
final bankruptcy proceedings in court. In other words, without =
prejudicing the court as to priority of claims, classes, or levels of =
priority, will set forth who gets paid, how much, and when. In most =
instances some creditors may be classed as necessary for the company to =
operate and hence may get paid ahead of all other classes of =
distribution as part of the on-going day to day business of the company, =
usually controlled by the bank providing operating capital to take care =
of secured creditors only.=20

I wouldn't count on the claims of piano techs to rate very high, but =
stranger things have happened. I have seen companies attempt to pay =
favorite creditors under the table to try and keep certain companies =
(piano techs?) in good standing only to see the courts take the money =
back, sometimes years later when they found out that they were treated =
as preferential creditors. 'Course when you're dealing with millions of =
dollars and a payment of a couple of hundred is involved, well, it might =
slip thru the cracks.

Good luck to all involved with Baldwin!

Joseph Alkana

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