Quote:
Originally posted by =^..^=
I have no idea how thsi stuff works, but tryign to clear up a question someone made in a discussion im having :
situation is this:
Organisation is being sued for orginal claim of $400 Million
so the organisation filed for chapter 11.
now someone is saying someone else said (you know how the chinese whipser works)
that unless the organisation comes up with $15 million the whole deal is off and claimants can go for the original $400 million
does this sound correct?
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When I owned my machine shop business (I was sole owner) had to file chapter 11. I beleive a big business such as exe: AT&T or Amtrack, etc etc. Any business that trades on whatever stock market, they have to file for chapter 7. Or a Corporation that has a board of executives that have a percentage in the Corporation/business.
Also if you owe the IRS or State board of equalization (California State taxes) you would have to work out an offer & compromise.