Euclid Investments and Euclid Claims Recovery filed with the U.S. Bankruptcy Court an objection to Premier Exhibitions’ second motion for an exclusivity extension.
The objection explains, “It is distressingly apparent from the Second Extension Motion that debtor management seeks to have the Court and all parties in interest ignore management’s fiduciary malfeasance and failure to act during the critical first six months of these cases and proceed as if these cases were commenced for the first time in December after the Motion to Terminate was filed.”
In addition, “To the contrary, management’s abject failure to engage with the statutory committees in moving these cases forward before now cannot be ignored. It has had the effect of placing estate stakeholders in an urgent and untenable position with little time remaining to formulate the terms of a chapter 11 plan as the estates now appear on the verge of operational insolvency.”
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