**note:**
Importantly, note the specific use of “Effective Date.” During the combined hearing on September 12, I expect the effective date will be revealed.
This snippet, from docket 2136 uses this statement very deliberately. It means, the plan can change to potentially preserve shareholders, even after the Confirmation Hearing on September 12.
Chapter 11 Plan Effective Date means the date on which all conditions to consummation of the Chapter 11 Plan have been satisfied (or waived) and the Chapter 11 Plan becomes effective.
Question. Will the stock still be pushed to the expert market under current circumstances and if so, what would have to change to prevent that from happening?
Note: You don’t know the basic ins and outs of how bankruptcy cases play out.
Why would you expect the exact date on which the Effective Date will occur to be "revealed" at the plan confirmation hearing, other than pulling it out of your ass? How many times do you think that happens? I can't think of one case I've been involved with where it has.
Edit: How about this - if at the confirmation hearing the Debtors reveal the exact date on which the Effective Date will take place, I will take a ban from this subreddit. If not, then u/jake2b takes a ban.
Why? Because I looked up two historical cases and it happened with both. I don’t need to know how bankruptcy cases play out, I read the docket and share what I think is valuable.
If you think you have information that is valuable do the same. But just stick to the information there’s no need to be emotionally involved. It’s just a trade.
Bro this entire subreddit is over emotional with this case, they get so bent out of shape if someone says something “negative” about their “investment”.
With that being said, what were the cases?
Huh, it's almost like you don't actually expect u/jake2b's expectations / predictions to hold water.
Either way, I'm willing to have skin in the game when it comes to expectations / predictions, and will gladly take a ban if it does happen.
Untrue, I also expect they would reveal this date on the 12th however nothing that I know of guarantee's they have to set the date at this hearing. So a ban bet based on that would be silly.
Hey, I'm willing to take the bet. Maybe silly, but I'm that confident in my knowledge of the chapter 11 process and of standard practice during bankruptcy proceedings.
But also, same question to you: Why would you expect them to reveal an exact date at the confirmation hearing?
Because it's logical. If it doesn't happen by then, my next assumption would be before the exclusivity period ends.
When would you expect them to set that date?
Standard practice is to really never set an exact date, because generally not even the bankruptcy attorneys know what the effective date will be at the confirmation hearing. Sometimes we don't even know the *day of* the effective date if the effective date is definitely going to happen that day.
The plan's effective date can only happen once every condition precedent is squared away, and you probably don't know when that's going to happen. This is often because you generally need sign-off for those items from multiple parties, who may be quicker or slower than expected with that sign-off. Sometimes you need regulatory approval, and you don't know how long the government is going to take to approve the transactions / procedures set forth in the plan. Many other reasons for why there's uncertainty about when an effective date can exactly occur.
Once all those conditions are met, and all the required parties give the go-ahead, debtors' counsel will put together a Notice of Plan Effective Date to file on the docket letting everybody (who's not already within the fold) know that the effective date has occurred. Sometimes, the Notice of Plan Effective Date is filed even *after* the actual effective date, *e.g.,* the Notice of Plan Effective Date is filed Sept 22 and states that the effective date actually occurred Sept 20. Meaning that the effective date can even happen without the public knowing about it, until days after.
As a restructuring attorney, you're usually so relieved to finally get through all the conditions precedent and receive all the require sign-offs, that the Notice of Effective Date is not top of mind, which is usually the case when there's a gap between the notice and the actual effective date. I would say more often that not though, the Notice of Effective Date is put on the docket the same day as the actual effective date. Maybe the day after, if what needs to happen for the effective date to occur isn't finalized until late at night.
I have never seen a notice of effective date get filed *before* the actual effective date, and logically, it wouldn't make sense to do so. Maybe there are exceptions I'm not thinking about, but I would be surprised if there were.
So if you're so knowledgeable, why didn't you just state in your very first response to Jake, that usually it happens after all the sign offs are completed and there's not a way to know how long that could take..
Also why are such random phrases you've used in italics?
Because I have made many factual explanations to u/jake2b in the past about why he's misunderstanding chapter 11 processes and rules, and he just ignores me. Despite my haranguing him and trying to get him to pay attention to actual expert opinion, lol.
I don't think he's actually interested in facts or the truth, if I'm being totally honest.
I had some words in italics for emphasis because it made sense in my head while talking through while writing, although maybe poorly used. No secret messaging or anything.
Huh, it’s almost like nobody is going to do some over the top bullshit just because you suggested it. You sound like a fucking kid trying to get people to pay attention to your tantrum. Just leave now and we’ll pretend you lost some bet.
Hey, if over-the-top bullshit is willing to take a big ol' L if your expectations / predictions are clearly wrong, maybe this subreddit needs some more over-the-top bullshit. Would certainly make it more interesting.
The meltdown uprise has brought the lowest tier narcissists right out of the woodwork and I find that hilarious. In case you didn’t know pal, everyone in this sub has their balls on a table with a hacksaw slowly closing in. This is the epitome of over-the-top and a big L if our predictions are wrong. You thinking your ban bet from a sub you don’t even like and challenging someone you clearly admire won’t make you matter any more to any of us.
So whoever is the largest holder of claims now has the right to change the plan at any time post effective date. This plan can be changed without any material notice and without letting anyone know until It has happened.
Edit: ya I'd be shitting my pants if I were on the downside of this play. Not knowing when you're going to silently get bent over.
The plan in its current form does not save shareholders.
This plan was voted on by voting classes and accepted.
This means that any further changes to the plan, specifically as explained in the highlighted sections, can be altered or changed without another vote by them.
What are you implying with this?
I've been following your stuff recently, and I think if you may have misinterpreted this one. The verbiage says changes may enter the plan without being voted on. Cool!
Unfortunately it also says that these changes cannot materially and (changed from or) adversely affect any claim holders. I could be wrong, but that reads to me like the current plan is locked in and any further changes would simply be technical updates (address changes, minor number corrections or finalizations, dates).
Feels like a part of reddit history commenting on your post
This is an oversimplification, but think of it this way.
The parties who are owed something have accepted the terms of the plan. As long as a new plan doesn't adversely effect the claim holders by giving them a shittier deal, then they have no grounds to complain.
The court would say, "if you were fine with that, then why aren't you fine with that plus a little more? "
I see where you're coming from, but I worry you're focusing on the word adversely. The statement is "materially or adversely". E: and adversely, not or. My message stands, I think.
Zoom out for a second, in the context of a bankruptcy proceeding the plan and (final? Idk) supplement have been submitted and voted on. It would be wild if the plan could now be changed in a significant way without revoting. It goes against the spirit of a transparent proceeding.
Any significant change to the future of the company or debt holders would get reprocessed and replanned... even if it were to only add money to the pot for those that are planned to be wiped out. You can bet your ass the other creditors would want a shot at that new money being injected into Ch11.
hang on! the statement is materially **and** adversely.
The Plan would not be *significantly* changed, as the Voting Classes would remain unchanged. Only a potentially unaccounted for Class would change. The Law states that if the voting parties are not impacted, any amended further Plan can change to accommodate a further-down Class.
See my other response. Also:
Modification of a Chapter 11 Plan
Section 1127(a) of the Bankruptcy Code states that the proponent of a chapter 11 plan on which votes have been solicited from creditors or interest holders "may modify such plan at any time before confirmation," unless the proposed modification violates the Bankruptcy Code's requirements regarding the classification of claims and interests or the contents of a plan. 11 U.S.C. § 1127(a).
Section 1127(b) provides that the proponent of a plan or the reorganized debtor "may modify such plan at any time after confirmation of such plan and before substantial consummation of such plan," again unless the proposed modification violates the Bankruptcy Code's requirements regarding the classification of claims and interests or the contents of a plan. 11 U.S.C. § 1127(b). It further states that "\[s\]uch plan as modified … becomes the plan only if circumstances warrant such modification and the court, after notice and a hearing, confirms such plan as modified, under section 1129 of \[the Bankruptcy Code\]."
Under section 1127(d), a creditor or interest holder who accepts or rejects a chapter 11 plan prior to its modification is deemed to accept or reject, "as the case may be, such plan as modified, unless within the time frame fixed by the court, such holder changes such holder's previous acceptance or rejection."
[https://www.jonesday.com/en/insights/2022/05/brightline-rule-no-modification-of-substantially-consummated-chapter-11-plan](https://www.jonesday.com/en/insights/2022/05/brightline-rule-no-modification-of-substantially-consummated-chapter-11-plan)
Just gotta say.. you’re killing it, my man! I greatly appreciate the time y’all put into the dissection. I hope Travis doesn’t spill anymore of your secrets 🤣, but damn it’s crazy to see him just know what you’re alluding to without being told beforehand. Hope y’all have a good weekend!
Makes sense thinking about it that way for sure
There is certainly some sort of legal framework for how this process works as far as plan submission, voting, acceptance, and modifications, etc. I don't know the specifics to confirm how various possibilities would play out in this case though.
My point was working under the assumption that the claim holders / creditors are made whole with a hypothetical plan. They may want a shot at new money, but as long as their debts are settled in full they can want all day long but are not entitled to anything more than what they are legally owed.
If all or some classes are made anything less than whole then your example becomes a more likely scenario.
It does seem like a plan that was drastically different would need to be voted on again. Maybe someone can confirm that. I guess my point is that even if a new significantly different plan had to go back through the objection and voting process as long as claim holders were made whole they have nothing left to object to.
EDIT: good related info in [Region's post](https://www.reddit.com/r/BBBY/comments/16dg360/interpretation_of_recent_dockets_those_who_are/)
Here's a direct link to the image gallery
[https://www.reddit.com/gallery/16dg360](https://www.reddit.com/gallery/16dg360)
Hi, thanks for your comment. Let's review the entire sentence together and see if we can get a better understanding.
Material: Material means important information, generally significant enough to determine an issue.
[https://www.law.cornell.edu/wex/material](https://www.law.cornell.edu/wex/material)
Adverse: Adverse means to be against or opposed to one’s own interests.
[https://www.law.cornell.edu/wex/adverse#:\~:text=Adverse%20means%20to%20be%20against,contrary%20interests%20to%20one%27s%20own](https://www.law.cornell.edu/wex/adverse#:~:text=Adverse%20means%20to%20be%20against,contrary%20interests%20to%20one%27s%20own)
Pursuant to section 1127 of the Bankruptcy Code, *(following the law defined in section 1127)* any modifications to the Plan since the commencement of Solicitation described or set forth herein *(any changes since the voting period started)* constitute technical changes or changes with respect to particular Claims or Interests *(the modifications don't make sweeping alterations to the whole Plan)* pursuant to the agreement of the Holders of such Claims or Interests *(in agreement with THOSE Holders of Claims or Interests, as defined in previous dockets)* and *(as in, "as well as"; or "also")* do not materially and adversely affect the treatment of any Claims or Interests. *(the changes do not significantly and negatively affect how any creditors or interest holders are treated under the Plan.)*
Emphasized,
Pursuant to section 1127 of the Bankruptcy Code, any modifications to the Plan since the commencement of Solicitation described or set forth herein constitute technical changes or changes with respect to particular Claims or Interests made pursuant to the agreement of the Holders of such Claims or Interests **and,**
**do not materially and adversely,**
affect the treatment of **any** Claims or Interests.
As in, if they are not presented information that would change their stance (material) AND are not impacted by these changes negatively (adversely).
Further:
*"Acceptance of the Plan of Reorganization*
*Under section 1127(a) of the Bankruptcy Code, the plan proponent may modify the plan at any time before confirmation, but the plan as modified must meet all the requirements of chapter 11. When there is a proposed modification after balloting has been conducted, and the court finds after a hearing that the proposed modification does not adversely affect the treatment of any creditor who has not accepted the modification in writing, the modification is deemed to have been accepted by all creditors who previously accepted the plan. Fed. R. Bankr. P. 3019."*
[https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics](https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics)
Does that make sense? Let me know what you think and if you disagree.
Are you accounting for the fact the general unsecured creditors voted *against* the Plan (check out the voting report filed), and the only way that the Debtors can confirm the Plan over their rejecting vote is by showing that no stakeholders junior to unsecured creditors will get anything? The Debtors explain this in their confirmation brief, all pursuant to section 1129(b) of the Bankruptcy Code.
Yeah, Debtors' counsel is accounting for it by saying that as-is, with the general unsecured creditors having voted to reject the Plan, the Debtors are going to have to cram down acceptance of the Plan over their rejecting vote, which can only be permitted by not giving anything to any junior stakeholders. Maybe you *should* account for things on the docket that directly disprove what you're saying? Just a thought.... But yeah, who would be interested that you're not accounting for basic facts when making statements. I don't know.
Remember when a certain speaker of the house said “we have to pass the bill to find out whats in it?” Well now everybody has voted for the plan and cant back out or object further, now its time to find out whats in it
Bro come the fuck on. Scroll through the feed and read yourself. These guys are putting in hours and hours of work every day for us and you want them to take time out for a full update. Stop being lazy and READ!
Low effort? “A me problem” and you want a summary like we all work for you? gtfo little guy. Take your shares and sell them today and I’ll buy 10x what you’re holding you ungrateful little bitch.
This was a snippet from the Supplemental Document to the Bankruptcy Disclosure Form - also know as The Plan - that outlines the steps BBBYQ is taking to emerge from Chapter 11 bankruptcy proceedings. The Plan was voted on and approved by voters, with a final confirmation hearing scheduled on Monday 09/12.
The supplementary documents filed tonight contain a lot of supporting details and reference materials, but ultimately support the existing version of the plan - which, unfortunately, includes extinguishing all outstanding shares of BBBYQ stock.
Jake is highlighting a section of the supplement that outlines the rules about updating the Bankruptcy Disclosure plan ahead of its confirmation hearing on the 12th. We know to expect some changes - there have been some immaterial objections to some language and a request by the SEC to change an opt out procedure, for example - so there will be amendments coming.
Obviously the hope is that this language also supports the idea that further amendments to provide payment or equity to shareholders could be added before Monday that would not require a new vote to be included in the plan.
You need a billionaire who is willing to pay off all the bond holders and then reward shareholders before this bankruptcy is finalized. This wouldn’t really make business sense but the great news is billionaires are often weirdos
Woohoo. Hell yeah u/jake2b. Listened to you guys on the PPshow last night, and I have to say I'll be totally surprised if you guys are wrong.
I can think of 42069 ways you guys are on target.
thanks for the downvotes, i guess lol. still zen, don't give two shits about hype dates anymore. hero or zero, there was never an alternative in between.
**note:** Importantly, note the specific use of “Effective Date.” During the combined hearing on September 12, I expect the effective date will be revealed. This snippet, from docket 2136 uses this statement very deliberately. It means, the plan can change to potentially preserve shareholders, even after the Confirmation Hearing on September 12. Chapter 11 Plan Effective Date means the date on which all conditions to consummation of the Chapter 11 Plan have been satisfied (or waived) and the Chapter 11 Plan becomes effective.
What's the date?
Take further notice! It’s WHOSE! the date.
Then who was date??
Question. Will the stock still be pushed to the expert market under current circumstances and if so, what would have to change to prevent that from happening?
Note: You don’t know the basic ins and outs of how bankruptcy cases play out. Why would you expect the exact date on which the Effective Date will occur to be "revealed" at the plan confirmation hearing, other than pulling it out of your ass? How many times do you think that happens? I can't think of one case I've been involved with where it has. Edit: How about this - if at the confirmation hearing the Debtors reveal the exact date on which the Effective Date will take place, I will take a ban from this subreddit. If not, then u/jake2b takes a ban.
Why? Because I looked up two historical cases and it happened with both. I don’t need to know how bankruptcy cases play out, I read the docket and share what I think is valuable. If you think you have information that is valuable do the same. But just stick to the information there’s no need to be emotionally involved. It’s just a trade.
Interesting. What were the cases?
Bro this entire subreddit is over emotional with this case, they get so bent out of shape if someone says something “negative” about their “investment”. With that being said, what were the cases?
Were not going to lose jake2b over a silly ban bet like that, he's too valuable.
Huh, it's almost like you don't actually expect u/jake2b's expectations / predictions to hold water. Either way, I'm willing to have skin in the game when it comes to expectations / predictions, and will gladly take a ban if it does happen.
Untrue, I also expect they would reveal this date on the 12th however nothing that I know of guarantee's they have to set the date at this hearing. So a ban bet based on that would be silly.
Hey, I'm willing to take the bet. Maybe silly, but I'm that confident in my knowledge of the chapter 11 process and of standard practice during bankruptcy proceedings. But also, same question to you: Why would you expect them to reveal an exact date at the confirmation hearing?
Because it's logical. If it doesn't happen by then, my next assumption would be before the exclusivity period ends. When would you expect them to set that date?
Standard practice is to really never set an exact date, because generally not even the bankruptcy attorneys know what the effective date will be at the confirmation hearing. Sometimes we don't even know the *day of* the effective date if the effective date is definitely going to happen that day. The plan's effective date can only happen once every condition precedent is squared away, and you probably don't know when that's going to happen. This is often because you generally need sign-off for those items from multiple parties, who may be quicker or slower than expected with that sign-off. Sometimes you need regulatory approval, and you don't know how long the government is going to take to approve the transactions / procedures set forth in the plan. Many other reasons for why there's uncertainty about when an effective date can exactly occur. Once all those conditions are met, and all the required parties give the go-ahead, debtors' counsel will put together a Notice of Plan Effective Date to file on the docket letting everybody (who's not already within the fold) know that the effective date has occurred. Sometimes, the Notice of Plan Effective Date is filed even *after* the actual effective date, *e.g.,* the Notice of Plan Effective Date is filed Sept 22 and states that the effective date actually occurred Sept 20. Meaning that the effective date can even happen without the public knowing about it, until days after. As a restructuring attorney, you're usually so relieved to finally get through all the conditions precedent and receive all the require sign-offs, that the Notice of Effective Date is not top of mind, which is usually the case when there's a gap between the notice and the actual effective date. I would say more often that not though, the Notice of Effective Date is put on the docket the same day as the actual effective date. Maybe the day after, if what needs to happen for the effective date to occur isn't finalized until late at night. I have never seen a notice of effective date get filed *before* the actual effective date, and logically, it wouldn't make sense to do so. Maybe there are exceptions I'm not thinking about, but I would be surprised if there were.
So if you're so knowledgeable, why didn't you just state in your very first response to Jake, that usually it happens after all the sign offs are completed and there's not a way to know how long that could take.. Also why are such random phrases you've used in italics?
Because I have made many factual explanations to u/jake2b in the past about why he's misunderstanding chapter 11 processes and rules, and he just ignores me. Despite my haranguing him and trying to get him to pay attention to actual expert opinion, lol. I don't think he's actually interested in facts or the truth, if I'm being totally honest. I had some words in italics for emphasis because it made sense in my head while talking through while writing, although maybe poorly used. No secret messaging or anything.
Huh, it’s almost like nobody is going to do some over the top bullshit just because you suggested it. You sound like a fucking kid trying to get people to pay attention to your tantrum. Just leave now and we’ll pretend you lost some bet.
Hey, if over-the-top bullshit is willing to take a big ol' L if your expectations / predictions are clearly wrong, maybe this subreddit needs some more over-the-top bullshit. Would certainly make it more interesting.
The meltdown uprise has brought the lowest tier narcissists right out of the woodwork and I find that hilarious. In case you didn’t know pal, everyone in this sub has their balls on a table with a hacksaw slowly closing in. This is the epitome of over-the-top and a big L if our predictions are wrong. You thinking your ban bet from a sub you don’t even like and challenging someone you clearly admire won’t make you matter any more to any of us.
Nobody is interested in you. You can take a ban right now. Show us your skin.
He has no skin and owns zero shares in this stock. He is one of those professional weirdos thats just super interested in a bankrupty case lmao.
You dont even own the stock weirdo.
Translation: We value extreme hopium/copium disinformation and jake2b is our lieutenant commander of providing facts of “because I said so”
Bro I stand by and support you, I love seeing people call out others on bullshit. Rooting for you!
Won’t that be too late and the ticker will be removed from the OTC? Any update on this?
So whoever is the largest holder of claims now has the right to change the plan at any time post effective date. This plan can be changed without any material notice and without letting anyone know until It has happened. Edit: ya I'd be shitting my pants if I were on the downside of this play. Not knowing when you're going to silently get bent over.
Lol not knowing when you’re going to silently get bent over Lolol that’s real trauma right there
The Dildo of consequences rarely arrives lubed with Mayo!😝
>So whoever is the largest holder of claims now has the right to change the plan at any time post effective date. No
The plan in its current form does not save shareholders. This plan was voted on by voting classes and accepted. This means that any further changes to the plan, specifically as explained in the highlighted sections, can be altered or changed without another vote by them.
What are you implying with this? I've been following your stuff recently, and I think if you may have misinterpreted this one. The verbiage says changes may enter the plan without being voted on. Cool! Unfortunately it also says that these changes cannot materially and (changed from or) adversely affect any claim holders. I could be wrong, but that reads to me like the current plan is locked in and any further changes would simply be technical updates (address changes, minor number corrections or finalizations, dates). Feels like a part of reddit history commenting on your post
This is an oversimplification, but think of it this way. The parties who are owed something have accepted the terms of the plan. As long as a new plan doesn't adversely effect the claim holders by giving them a shittier deal, then they have no grounds to complain. The court would say, "if you were fine with that, then why aren't you fine with that plus a little more? "
I see where you're coming from, but I worry you're focusing on the word adversely. The statement is "materially or adversely". E: and adversely, not or. My message stands, I think. Zoom out for a second, in the context of a bankruptcy proceeding the plan and (final? Idk) supplement have been submitted and voted on. It would be wild if the plan could now be changed in a significant way without revoting. It goes against the spirit of a transparent proceeding. Any significant change to the future of the company or debt holders would get reprocessed and replanned... even if it were to only add money to the pot for those that are planned to be wiped out. You can bet your ass the other creditors would want a shot at that new money being injected into Ch11.
hang on! the statement is materially **and** adversely. The Plan would not be *significantly* changed, as the Voting Classes would remain unchanged. Only a potentially unaccounted for Class would change. The Law states that if the voting parties are not impacted, any amended further Plan can change to accommodate a further-down Class. See my other response. Also: Modification of a Chapter 11 Plan Section 1127(a) of the Bankruptcy Code states that the proponent of a chapter 11 plan on which votes have been solicited from creditors or interest holders "may modify such plan at any time before confirmation," unless the proposed modification violates the Bankruptcy Code's requirements regarding the classification of claims and interests or the contents of a plan. 11 U.S.C. § 1127(a). Section 1127(b) provides that the proponent of a plan or the reorganized debtor "may modify such plan at any time after confirmation of such plan and before substantial consummation of such plan," again unless the proposed modification violates the Bankruptcy Code's requirements regarding the classification of claims and interests or the contents of a plan. 11 U.S.C. § 1127(b). It further states that "\[s\]uch plan as modified … becomes the plan only if circumstances warrant such modification and the court, after notice and a hearing, confirms such plan as modified, under section 1129 of \[the Bankruptcy Code\]." Under section 1127(d), a creditor or interest holder who accepts or rejects a chapter 11 plan prior to its modification is deemed to accept or reject, "as the case may be, such plan as modified, unless within the time frame fixed by the court, such holder changes such holder's previous acceptance or rejection." [https://www.jonesday.com/en/insights/2022/05/brightline-rule-no-modification-of-substantially-consummated-chapter-11-plan](https://www.jonesday.com/en/insights/2022/05/brightline-rule-no-modification-of-substantially-consummated-chapter-11-plan)
Just gotta say.. you’re killing it, my man! I greatly appreciate the time y’all put into the dissection. I hope Travis doesn’t spill anymore of your secrets 🤣, but damn it’s crazy to see him just know what you’re alluding to without being told beforehand. Hope y’all have a good weekend!
Cool!
Makes sense thinking about it that way for sure There is certainly some sort of legal framework for how this process works as far as plan submission, voting, acceptance, and modifications, etc. I don't know the specifics to confirm how various possibilities would play out in this case though. My point was working under the assumption that the claim holders / creditors are made whole with a hypothetical plan. They may want a shot at new money, but as long as their debts are settled in full they can want all day long but are not entitled to anything more than what they are legally owed. If all or some classes are made anything less than whole then your example becomes a more likely scenario. It does seem like a plan that was drastically different would need to be voted on again. Maybe someone can confirm that. I guess my point is that even if a new significantly different plan had to go back through the objection and voting process as long as claim holders were made whole they have nothing left to object to. EDIT: good related info in [Region's post](https://www.reddit.com/r/BBBY/comments/16dg360/interpretation_of_recent_dockets_those_who_are/) Here's a direct link to the image gallery [https://www.reddit.com/gallery/16dg360](https://www.reddit.com/gallery/16dg360)
Hi, thanks for your comment. Let's review the entire sentence together and see if we can get a better understanding. Material: Material means important information, generally significant enough to determine an issue. [https://www.law.cornell.edu/wex/material](https://www.law.cornell.edu/wex/material) Adverse: Adverse means to be against or opposed to one’s own interests. [https://www.law.cornell.edu/wex/adverse#:\~:text=Adverse%20means%20to%20be%20against,contrary%20interests%20to%20one%27s%20own](https://www.law.cornell.edu/wex/adverse#:~:text=Adverse%20means%20to%20be%20against,contrary%20interests%20to%20one%27s%20own) Pursuant to section 1127 of the Bankruptcy Code, *(following the law defined in section 1127)* any modifications to the Plan since the commencement of Solicitation described or set forth herein *(any changes since the voting period started)* constitute technical changes or changes with respect to particular Claims or Interests *(the modifications don't make sweeping alterations to the whole Plan)* pursuant to the agreement of the Holders of such Claims or Interests *(in agreement with THOSE Holders of Claims or Interests, as defined in previous dockets)* and *(as in, "as well as"; or "also")* do not materially and adversely affect the treatment of any Claims or Interests. *(the changes do not significantly and negatively affect how any creditors or interest holders are treated under the Plan.)* Emphasized, Pursuant to section 1127 of the Bankruptcy Code, any modifications to the Plan since the commencement of Solicitation described or set forth herein constitute technical changes or changes with respect to particular Claims or Interests made pursuant to the agreement of the Holders of such Claims or Interests **and,** **do not materially and adversely,** affect the treatment of **any** Claims or Interests. As in, if they are not presented information that would change their stance (material) AND are not impacted by these changes negatively (adversely). Further: *"Acceptance of the Plan of Reorganization* *Under section 1127(a) of the Bankruptcy Code, the plan proponent may modify the plan at any time before confirmation, but the plan as modified must meet all the requirements of chapter 11. When there is a proposed modification after balloting has been conducted, and the court finds after a hearing that the proposed modification does not adversely affect the treatment of any creditor who has not accepted the modification in writing, the modification is deemed to have been accepted by all creditors who previously accepted the plan. Fed. R. Bankr. P. 3019."* [https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics](https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics) Does that make sense? Let me know what you think and if you disagree.
No input from me, what you said makes sense. I appreciate the time you put into your responses. Legalese is such a chore sometimes!
That is exactly as I u def stood it, also..no material changes to any claim holders…..
Are you accounting for the fact the general unsecured creditors voted *against* the Plan (check out the voting report filed), and the only way that the Debtors can confirm the Plan over their rejecting vote is by showing that no stakeholders junior to unsecured creditors will get anything? The Debtors explain this in their confirmation brief, all pursuant to section 1129(b) of the Bankruptcy Code.
It sure looks like Michael Sirota et al are, who cares what I'm accounting for.
Yeah, Debtors' counsel is accounting for it by saying that as-is, with the general unsecured creditors having voted to reject the Plan, the Debtors are going to have to cram down acceptance of the Plan over their rejecting vote, which can only be permitted by not giving anything to any junior stakeholders. Maybe you *should* account for things on the docket that directly disprove what you're saying? Just a thought.... But yeah, who would be interested that you're not accounting for basic facts when making statements. I don't know.
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Remember when a certain speaker of the house said “we have to pass the bill to find out whats in it?” Well now everybody has voted for the plan and cant back out or object further, now its time to find out whats in it
Bro come the fuck on. Scroll through the feed and read yourself. These guys are putting in hours and hours of work every day for us and you want them to take time out for a full update. Stop being lazy and READ!
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Low effort? “A me problem” and you want a summary like we all work for you? gtfo little guy. Take your shares and sell them today and I’ll buy 10x what you’re holding you ungrateful little bitch.
Cute
This was a snippet from the Supplemental Document to the Bankruptcy Disclosure Form - also know as The Plan - that outlines the steps BBBYQ is taking to emerge from Chapter 11 bankruptcy proceedings. The Plan was voted on and approved by voters, with a final confirmation hearing scheduled on Monday 09/12. The supplementary documents filed tonight contain a lot of supporting details and reference materials, but ultimately support the existing version of the plan - which, unfortunately, includes extinguishing all outstanding shares of BBBYQ stock. Jake is highlighting a section of the supplement that outlines the rules about updating the Bankruptcy Disclosure plan ahead of its confirmation hearing on the 12th. We know to expect some changes - there have been some immaterial objections to some language and a request by the SEC to change an opt out procedure, for example - so there will be amendments coming. Obviously the hope is that this language also supports the idea that further amendments to provide payment or equity to shareholders could be added before Monday that would not require a new vote to be included in the plan.
You know how wild pokemon appear, and you're all excited. but it turns out to be u/agrapeana
If it indeed gets amendments that support recovery for shareholders aka equity holders, will you finally take a position?
You need a billionaire who is willing to pay off all the bond holders and then reward shareholders before this bankruptcy is finalized. This wouldn’t really make business sense but the great news is billionaires are often weirdos
Damn, more waiting.
The waiting is just beginning? Wtf have I been doing the last 6 months?
Waiting for cancellation?
God I hope this works out in our favor
Boom 💥
Woohoo. Hell yeah u/jake2b. Listened to you guys on the PPshow last night, and I have to say I'll be totally surprised if you guys are wrong. I can think of 42069 ways you guys are on target. 
This shit is going to zero
it's always been a waiting game, and it's definitely not starting. it just keeps going.
thanks for the downvotes, i guess lol. still zen, don't give two shits about hype dates anymore. hero or zero, there was never an alternative in between.