Lifterforlife
New member
Turanabol said:This is sweet justice!! That fucking company had the biggest ego when they had thier Ephedra Hydroxycut. It's good to see them finally get it shoved up the ass. My only question is if they are going under or just reorganizing. There is a GOD!!!!!!
My guess is a re orginization.....from the chapter 15 website.....
The purpose of Chapter 15, and the Model Law on which it is based, is to provide effective mechanisms for dealing with insolvency cases involving debtors, assets, claimants and other parties in interest involving more than one country.
Generally, a chapter 15 case is ancillary to a primary proceeding brought in another country, typically the debtor's home country. As an alternative, the debtor or a creditor may commence a full chapter 7 or chapter 11 case in the United States if the assets in the United States are sufficiently complex to merit a full-blown domestic bankruptcy case. 11 U.S.C. § 1520(c). In addition, under chapter 15 a U.S. court may authorize a trustee or other entity (including an examiner) to act in a foreign country on behalf of a U.S. bankruptcy estate. 11 U.S.C. § 1505.