Valken is Done

[Axel]

Frickin epic. Please do it. I want to buy a case of hibiscus-print "Commando Dots" from an MCB member. Hell I will come work for free on the weekends for a bit if you're close enough

[Cunha]

Most people in their 20s find it unbelievable that anyone paintballs at all. I have met people enthusiastic about the larp'er aspect of it but in a fun way not milsim weird way.

Its really far from the public youth of today and its a kids game.

[Axel]

Back to our roots, then: old men tripping around and breaking hips in the woods, not being seen for days

[the_matrix_guy]

Holy cow, why have I been ignoring this thread? Now that the 341 meeting has happened, what's the next steps in this process?

In most cases, the creditors get shafted. Even if stuff is liquidated to pay the creditors— they get pennies on the dollar.

[MrBarraclough]

Holy cow, why have I been ignoring this thread? Now that the 341 meeting has happened, what's the next steps in this process?

With the understanding that procedures may vary slightly between districts, and what I say is based on what we do in the district where I work, which is not the district where Valken's case is located: If there are any amendments to be made to the schedules, the 341 meeting is usually adjourned (continued) to a new date for the amended schedules to be filed and reviewed. There typically is not further examination of the debtor's principal unless specifically requested, such as in cases where the requested amendments may require further questions to be answered. Once there is no further examination to be conducted and all amendments are satisfactory to the trustee, then the 341 meeting is concluded. The trustee will either file an initial report of meeting held and concluded, or in cases where the trustee does not expect to administer any assets, will go ahead and file a Report of No Distribution.

If some creditors or other parties in interest have further questions or document requests for the debtor that are either outside the scope of the 341 examination or that come up after the 341 is concluded, they can file a Rule 2004 notice, which is essentially a notice of deposition, and seek to have the debtor or its principal produce documents and/or answer further questions under oath. These are done at the requesting creditor's expense, are not public, and tend to be contentious. When they occur, they usually signal that some party is gearing up to file an adversary proceeding, which is a lawsuit that is filed as a kind of adjunct to the main bankruptcy case.

Once the trustee is done collecting information from the debtor, he'll determine whether there are any assets to administer and then start taking steps to secure, inventory, and liquidate them. There's not really a set roadmap for how this plays out, as each case is unique. If the trustee intends to administer assets, what you'll typically see in the court record are things like notices of proposed sale, applications to employ professionals (lawyers, realtors, auctioneers, accountants), and a Notice of Assets which will trigger the start of a 90 day deadline for creditors to file proofs of claim if they haven't already. Valken's case being a conversion, there will already be a bunch of claims filed with the court. In my district, at least, in conversion cases we still file a new Notice of Assets and set a new claims bar date, though existing claims are valid and do not need to be re-filed.

[Axel]

Those are certainly words and no doubt they hold profound meaning for smarter people than I

[Trbo323]

Ok, question, explain the role of the trustee in this, like they are making a lot of decisions but, how do I phrase this, what decisions fall under the trustee and what kind of decisions don't?

And who assigned the trustee? Where did they come from?

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