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Schott became president, the members of the creditors' committee directors.
He would have campaigned for rejection of the creditors' proposals.
In Chapter 11, the debtor pays for attorneys, accountants and consultants of the creditors' committee.
I understand the views of the creditors, the IMF and the EU.
Once approved by 75% or more of the creditors, the arrangement is binding on all.
But even some of the creditors are taken aback by the proposed cuts.
Long-Term Capital's shareholders were wiped out, but none of the creditors took losses.
Furthermore, Bear is one of the creditors of the busted fund.
The rest of the creditors will be dealt with through bankruptcy court.
That is provided a high enough proportion of the creditors bite.
Mr. Roberts said that a representative of the creditors committee had called him Tuesday night.
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CEO of Professional Science Editing for Scientists @ prosciediting.com