I'm going to post the referenced Bankruptcy Code 3
Post# of 39368
Posted On: 11/15/2013 10:53:35 AM
I'm going to post the referenced Bankruptcy Code 303(i), so that everyone on this board gets a good understanding of the situation. The petition was dismissed by Jerry A. Brown.
Under Bankruptcy Code 303(i), the debtor can file for damages and have them assessed. If the petitioners filed under bad faith, we can file for punitive damages in addition to normal damages and attorney fees. As the Company has asserted since the beginning, this was a bad faith claim and will be seeking punitive damages as well as normal damages towards operations.
Here's the Bankruptcy Code 303(i). I've bolded the sections that are directly relevant to all discussions regarding settling, us having to defend our position again, or it possibly backfiring:
(i) If the court dismisses a petition under this section other than on consent of all petitioners and the debtor, and if the debtor does not waive the right to judgment under this subsection, the court may grant judgment - (1) against the petitioners and in favor of the debtor for - (A) costs; or (B) a reasonable attorney's fee; or (2) against any petitioner that filed the petition in bad faith, for - (A) any damages proximately caused by such filing; or (B) punitive damages.
See more at: http://codes.lp.findlaw.com/uscode/11/3/I/303...RNhVh.dpuf
Under Bankruptcy Code 303(i), the debtor can file for damages and have them assessed. If the petitioners filed under bad faith, we can file for punitive damages in addition to normal damages and attorney fees. As the Company has asserted since the beginning, this was a bad faith claim and will be seeking punitive damages as well as normal damages towards operations.
Here's the Bankruptcy Code 303(i). I've bolded the sections that are directly relevant to all discussions regarding settling, us having to defend our position again, or it possibly backfiring:
(i) If the court dismisses a petition under this section other than on consent of all petitioners and the debtor, and if the debtor does not waive the right to judgment under this subsection, the court may grant judgment - (1) against the petitioners and in favor of the debtor for - (A) costs; or (B) a reasonable attorney's fee; or (2) against any petitioner that filed the petition in bad faith, for - (A) any damages proximately caused by such filing; or (B) punitive damages.
See more at: http://codes.lp.findlaw.com/uscode/11/3/I/303...RNhVh.dpuf
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