Posted On: 10/09/2015 9:49:24 PM
Post# of 11038
There are only about 23 "court days" left before the deadline approaches for DTCC post payable adjustment. Within those 23 "court days" we still need the following to happen:
(1) this Court first issues an order that COR Clearing issue notice to the Affected Parties of the plan to appoint a Receiver, to which the Affected Parties may file a response within seven (7) court days; COR Clearing is then given seven (7) court days to reply to any such response; and the Court may conduct a hearing not more than 10 days after that for all Affected Parties and COR Clearing to be heard; and (2) after this period, the Court may issue the order appointing the Receiver.
THEN, the receiver would have to familiarize himself with the case and instruct the DTCC per proper post payable instructions.
Although COR's brief was marked "expedited," I think time is going to be a major issue in this case.
(1) this Court first issues an order that COR Clearing issue notice to the Affected Parties of the plan to appoint a Receiver, to which the Affected Parties may file a response within seven (7) court days; COR Clearing is then given seven (7) court days to reply to any such response; and the Court may conduct a hearing not more than 10 days after that for all Affected Parties and COR Clearing to be heard; and (2) after this period, the Court may issue the order appointing the Receiver.
THEN, the receiver would have to familiarize himself with the case and instruct the DTCC per proper post payable instructions.
Although COR's brief was marked "expedited," I think time is going to be a major issue in this case.
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