This means their art could be counted an asset of the gallery and used to pay secured creditors first.
WestPoint Stevens, which expects to have a value of $615 million to $670 million, proposes to pay secured creditors 90 cents to 100 cents on the dollar.
Judge Donald Calhoun of United States Bankruptcy Court approved the liquidation plan, which will pay secured bondholders 12percentto14percentcent of the more than $3 billion they are owed.
But the bankruptcy resolved a major dispute with retirees over pensions, and it has forged a restructuring plan that, while wiping out shareholders, should pay secured creditors and second-lien noteholders in full.
The law also allows the insolvency administrator to pay secured creditors out of the company's total assets during the stay.
If any nonexempt property existed, the bankruptcy trustee would liquidate it to pay secured creditors first, with unsecured creditors, such as ex spouses (who lacked collateral or guarantees) at the back of the line.
I had a good career as an HR advisor at an oil and gas company; it was well paid, secure and I was respected.
Perhaps the bigger issue has been the loss of decently paid, secure public sector work that offered ethnic minorities decent employment.
Mr Dobson is a committed politician who gave up a well paid, secure job in the electricity industry, initially becoming a Camden councillor and then leader of Camden council in London.
As Len McCluskey, general secretary of the Unite union, said: "If you're a hedge fund, a wealthy retiree or a business shy of providing fairly paid, secure employment, [the Chancellor George ] Osbornes Britain is the place for you".
