I think all of us should flood Judge Drain with mail. It probably won't do anything, but I still think he should hear from US, ALL OF US, instead of simply hearing from our heartless, hapless, greedy executives.
Judge Robert D. Drain
U.S. Bankruptcy Court
for the Southern District of New York
300 Quarropas Street
White Plains, New York 10601
It's worth a shot to at least let our voices be heard.
Don't know what happened to the numbering on my post below. Should've been 1, 2, 3.
"Employee shareholder files petition with the bankruptcy court - worth reading"
https://www.thelayoff.com/t/Y2xW0Ir
I strongly suggest you contact the person that filed the motion (not the person that posted the note and the link on this message board) and coordinate what you send the judge. A bunch of angry, rambling letters won't do as much good as some thought-through stuff like she sent.
The senior leadership may have some personal liability to employees who were put into Windstream investments
Just because the unsecured creditors committee (UCC) and the judge went with Windstream's KEIP and KERP proposals doesn't mean they liked them or that they liked management. The longer Windstream languishes in bankruptcy, the lower its odds of surviving. So what I've seen in bankruptcy is that stuff is kept moving fast. Are there obvious internal replacements for the top 5. OK, if not, can we get someone good from elsewhere fast enough and talk them into jumping aboard this leaky boat? And then can they get up to speed fast enough to change things for the better?
The judge and UCC's answer to all of the above was probably "Not likely". So then it's, "can we keep a tight enough leash on these guys and watch them closely enough to use them to get us out". The answer they saw was probably, "possibly". Given the speed with which chapter 11 proceedings move, "possibly" leads to "OK, do it and move on".
Some of the vendors on the UCC have seen Windstream's problems up close. They'll know more about where the bodies are buried than the secured creditors. This was my experience in a corporate chapter 11.
To the extent that you know some of these vendors, you may want to talk to your contacts to make sure they're getting useful, accurate information to their reps on the committee.
Crooks look out for each other.
This is the same judge who gave the Sears execs massive bonuses while closing hundreds of stores. Good luck with that.