I am the largest unpaid class 3 unsecured creditor, formerly a Principal of the corporation. I have not been involved with the corporation since the hostile takeover removed me 10 years ago, during a chapter 11 proceding in Iowa. The assets of the corporation have been sold to a new start-up corporation with the proceeds of the sale being pocketed by the "hostile" principal. This principal may or may not be an active shareholder or key employee in the new corporation. No corporate records are available except evidence from the Sec. of State that the new corporation with a new majority shareholder owns the properties at the business site. I am also a guarantor of debt on current and "lost" assets resulting from the chapter 11 proceding.
Am I entitled to a pro-rata portion of the asset proceedes for repayment of debt to the creditors I've guaranteed?
What are the steps I need to do to force the "hostile" principal to comply with disclosure and to force disbursement of proceedes from the sale?
Is the new corporation or it's principal liable to any of us unpaid-unsecured creditors?
Thanks,
Doug
Am I entitled to a pro-rata portion of the asset proceedes for repayment of debt to the creditors I've guaranteed?
What are the steps I need to do to force the "hostile" principal to comply with disclosure and to force disbursement of proceedes from the sale?
Is the new corporation or it's principal liable to any of us unpaid-unsecured creditors?
Thanks,
Doug
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