It has been a busy week for Abi and the Alliance. I would first like to thank everyone for all your support and words of encouragement, now for the summary.
We placed a call to the US Trustee, Mr. Klauder and we had to leave a message. A couple hours later he returned our phone call. He stated that they have received our request and that we do not need to file a motion at this time. He stated that he has received a response from Abi and is waiting on a response from the unsecured creditors before he makes his decision. We discussed the importance of the May 5th date and he stated that he will make the decision before that time. When we asked how he would notify us, it can be by mail, phone, email, etc. He stated he would notify us via email if we would give our address, which of course we did. Both Henry and I feel confident that we will receive an answer before the May 5th date, so that is the time table we are working on. He was polite and friendly, but professional. He and the judge are aware of our position and I do not believe it will benefit us to continue to bombard them with mail. I do believe the letter writing campaign has had a positive impact and thank you all for writing your letters. For now we will let him make up his mind, and as soon as we know, we will let the board know. All and all it was a good conversation, we talked for about 20 minutes and he verified our shareholder status and the size and make-up of the alliance.
We also talked to the SEC case manager in this case, Mr. Alan Maza. He also returned our message a couple hours later. He stated that the trading report Henry and I did several months ago has been forwarded to the division of Risk Strategy and Financial Innovation of the SEC. He stated that we will receive an email with more details in the next couple of weeks to set up a teleconference with that division to discuss our allegations. He stated the SEC will not intervene with the formation of an EC in this case and the decision is currently up to the US Trustee and courts. It was a good conversation, but they are concerned with the trading, not the EC.
Finally we chatted with a lawyer on Friday. He confirmed what the US Trustee stated to us on the phone. The first thing to do if we do not agree with the decision is file a motion and put it before the judge. If the EC is denied we do have options. The important thing which came out was that the proper steps have been taken by us and the Alliance to petition for an EC. Now the hard part, we are in a wait and see holding pattern until the US Trustee renders his decision. I hope this summary begins a dialog and if you have any questions let us know.
Henry and I know there are no guarantees in life especially with Qs, but it has been a good couple of days. Now the hard part, waiting and then moving forward from there. Hopefully we have a green week, Liz
