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Subordinated claims in a chapter 11
If a former employee gave back his stock to the company in exchange for a
promissory note, is his position in the chapter 11 a "general unsecured
creditor" or as a "subordinated creditor" being higher than equity but
lower than the general unsecureds?
Does anyone have a sample of how this class is treated?
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
If a former employee gave back his stock to the company in exchange for a promissory note, is his position in the chapter 11 a "general unsecured creditor" or as a "subordinated creditor" being higher than equity but lower than the general unsecureds?Does anyone have a sample of how this class is treated?Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601
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