If a judge permitted bankruptcy, I don't imagine there's much hope of recovering anything. Shaming isn't a legal maneuver, and accountants have a thick skin.
I'm pretty sure the judge doesn't have much choice but to accept a voluntary filing for Chapter 11 reorganization as long as the company really does have debts greater than it can handle going forward.
That doesn't mean. however, mean the judge has to accept the company's proposed plan for continued operations, creditors can submit their own, can even take over the company, and he can for example reverse recent asset transfers. The company was split into these pieces last October (http://www.hispanicbusiness.com/2014/6/24/source_interlink_c...), that may be recent enough if they're trying to play these sorts of games.
The biggest problem for 2600 would seem to be the "limbo" part: all collection efforts are stayed while this gets hashed out---the whole reason for Chapter 11 reorganization is to try to do something less destructive than a liquidation---so whatever money 2600 will get from this process won't be arriving any time soon.
However Chapter 11 doesn't mean the company can simply stiff creditors like 2600, in fact the prospects for the creditors should by definition be better than for a Chapter 7 liquidation.
It depends, if the companies were split with the knowledge that one would go into bankruptcy, the judge could find there was a fraudulent conveyance of assets. This would invalidate the split, and allow access to the assets of the surviving entity by the creditors.
That doesn't mean. however, mean the judge has to accept the company's proposed plan for continued operations, creditors can submit their own, can even take over the company, and he can for example reverse recent asset transfers. The company was split into these pieces last October (http://www.hispanicbusiness.com/2014/6/24/source_interlink_c...), that may be recent enough if they're trying to play these sorts of games.
The biggest problem for 2600 would seem to be the "limbo" part: all collection efforts are stayed while this gets hashed out---the whole reason for Chapter 11 reorganization is to try to do something less destructive than a liquidation---so whatever money 2600 will get from this process won't be arriving any time soon.
However Chapter 11 doesn't mean the company can simply stiff creditors like 2600, in fact the prospects for the creditors should by definition be better than for a Chapter 7 liquidation.