Mostafa Afr Files for Bankruptcy
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08-17-2012, 03:14 PM
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Join Date: Sep 2010
Location: Middle of nowhere
Originally Posted by
Did you read the articles? The bankruptcy clearly was a tactic to INCREASE the chance that an Afr-owned Jackals team plays in Elmira this season -- both of them clearly stated that this filing forestalled eviction proceedings. That's what bankruptcy generally does for corporations -- allows them to continue operations while they attempt to restructure and settle debts, giving them some breathing space from creditors. Looks like that's exactly what Afr has gotten, to me.
Now, I do have several questions that are not answered in the articles quoted. Did Afr file _personal_ bankruptcy, or did the corporate entity that owns the Jackals file _corporate_ bankruptcy? Or did the Jackals themselves file _corporate_ bankruptcy? Which entity is bankrupt would affect what the effects of this action are.
Also, if corporate, was this Chapter 11 re-organization or Chapter 7 liquidation?
So, before we jump the gun to "NO HOCKEY THIS YEAR", let's get some more facts.
Heres what he filed:
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