Each has one seat on the company's nine-member unsecured creditors' committee.
In 2006, the Chapter 11 bankruptcy filing by Tanner & Haley, then one of the industry's major players, left more than 800 members as unsecured creditors.
But the clubs are not without risks; the 2006 bankruptcy of one of the early companies in the industry, Tanner & Haley, left more than 800 members as unsecured creditors, many of whom are pursuing lawsuits to recover their deposits.
More than 800 members, as unsecured creditors, lost deposits of as much as $1 million each.
Because they would not have fared well under the proposed reorganization plan, some members of the unsecured creditors committee, like the Blackstone Group, quit the committee and, along with equity investors, began pushing Adelphia to consider a sale.
Helpful as it might be, most of us are still reluctant to come clean with others about our money troubles, even in one of the few settings created for this, like a meeting of Debtors Anonymous, a 12-step program that helps members stop incurring unsecured debt.
Staff on contract for years posed a threat in that members of staff felt unsecured.
For example, the Blackstone Group, an Adelphia bondholder, had been a member of the company's unsecured creditors committee but quit the group and is now asking for a sale.
U.S. TRUSTEE PICKS RODRIGUEZ The United States Trustee, an arm of the Justice Department, has selected the Yankees' Alex Rodriguez to be on a three-member committee representing the Texas Rangers' unsecured creditors during the team's bankruptcy.
Under the shelter that is being disallowed, an executive transfers the options to a family member or partnership in return for an unsecured loan.
He did not identify them, but he did name Gen. Abdul Rashid Dostum, the military chief of staff to the president and a leading Northern Alliance member, as taking out about $100,000 in unsecured loans.
