Bad Actors Are Trying to Delay The Bankruptcy - Dockets 3433 & 3432 Breakdown
Hello all,
As of stated in my previous two posts, Brandon Meadows is trying to delay the bankruptcy with two goals in mind:
- The more time BBBY is in bankruptcy, the more expenses they incur that reduces cash on hand that can be used towards making each Class whole and pave way to making shareholders whole.
- Gain more time for Shorting Hedge Funds because if BBBY emerges from bankruptcy with previous shareholders being made whole, previous shorts are now back on the table.
You want to get out of bankruptcy as fast as possible to minimize costs as the money, outside of making Classes whole, will be a great deal to utilize in the post emergence entity.
I don't know the total amount of bad actors, but so far we've seen Neely Das, Brandon Meadows, and from today's filed dockets, an anonymous person identified as ML1, who Twitter user MJL (@147aurora) claims to be. Some of you may remember him from his posts on Reddit as user MJL_16 who constantly seeks to collect shareholder data through his surveys which I believe was being relayed to shorting hedge funds. However, I have no proof of that particular statement.
Side Note: Someone on my last post asked what is Docket 2069 in reference to RC's Kamala 2069 tweet and funny enough, it pertains to Neely Das.
If you want to see my Brandon Meadows breakdown:
https://www.reddit.com/r/Teddy/comments/1earv7v/plan_of_reorganization_is_contingent_upon_this/
https://www.reddit.com/r/Teddy/comments/1e9qekw/brandon_meadows_is_a_nothing_burger_breakdown_of/
Today, Dockets 3433 & 3432 were filed and support my statements that bad actors are trying to prolong this bankruptcy.
Now let's get started.
First I want to confirm that ML1 is the Twitter user MJL (@147aurora):
https://x.com/147Aurora/status/1799112081599258916
For the sake of clarity, ML1 is MJL but I will be using ML1 as that's the name used in the dockets. While they sometimes address him as Former Shareholder, there is a footnote stating they are operating under the assumption that he owned BBBY but they have no proof since he refuses to identify himself.
Docket 3433: Bradford J. Sandler (counsel to the plan admin) declares support of the Plan Administrator's motion for sanctions against ML1. The first 7 pages are juicy while the rest is just a drafted version of the motion they sent ML1 on June 25, 2024, but it is now formally filed in as shown in Docket 3432. Sanctions means penalties imposed by the court for violation of a court-ordered obligation.
Bradford's explanations for his declaration of support are very telling that ML1 is here to waste time and money.
As you can see in the above, on 4/23/24, ML1 informally requested the appointment of an equity committee to which the court responded in Docket 2991 stating that they will be ignoring the request until he files it formally. On 6/5/24 he formally filed his request and redacted his personal identifying information to the Plan Administrator and his team.
Here is a snippet of the transcript regarding Bradford's statements in the June 10, 2024 hearing regarding ML1's motion:
"...this is really adding up the administrative expenses to the case...we reserve all rights...to seek all types of reimbursement of attorney fees and other expenses that the estates incur or are charged with by any motion that is filed by ML1"
As I have stated numerous times, these bad actors are here to prolong the bankruptcy case and incur more expenses to the estate as confirmed by Bradford's statements.
Here is the court order for ML1 to give his personal identifying information to the Plan Administrator and his team:
While ML1 did respond, Braford states that he still refused to identify himself:
On June 25, 2024, the Plan Administrator and his team asked ML1 to withdraw his motion and he failed to do so after 30 days:
As you can see below, ML1 chose to delay by requesting an extension of time to submit his reply, to which the court's granted. Then he requested a second extension to once again buy time, to which the Plan Administrator argued that it should not be granted as he refuses to identify himself which violates the bankruptcy process.
Unfortunately, the Court granted ML1 his second extension and also directed ML1 on July 10, 2024 to once again identify himself to the Plan Administrator and his counsel:
As of July 24, 2024, ML1 still has refused to identify himself which is in direct violation of the Court's order once again. The Plan Administrator can't even confirm if ML1 ever held BBBY stock if he refuses to identify himself.
As you can see, Bradford reiterates that ML1's refusal to identify himself has been incurring and will continue to incur substantial attorney's fees and costs each time they have to respond to him. ML1 continues to delay and drag out this process because he is a bad actor with an objective to waste time and money.
This is the bulk of the Plan Administrator's motion for sanctions against ML1. I will keep it short.
Motion:
Plan Administrator has no idea if ML1 owned BBBY since he refuses to identify himself.
ML1 is once again, incurring expenses that takes away from making creditors whole.
Neely Das is mentioned in one of the footnotes and he also incurred expenses and wasted time with his motion:
Here is the Plan Administrator's proposed order for ML1's antics:
ML1 has now fucked around and will soon find out when he is paying dearly in monetary value for his delay antics and costing the Estate unnecessary expenses. It is a major W that the Plan Administrator is seeking sanctions against ML1 and not letting this scheme slide. We have no idea the amount of expenses and delays Neelay Das incurred in the bankruptcy and currently Brandon Meadows is repeating the process.
Lastly, I want to include this little snippet the Plan Administrator is using as an argument against ML1:
As we know, the known Plan has all the details of the liquidation and specifically states that there is a separate Plan of Reorganization.
https://www.reddit.com/r/Teddy/comments/1earv7v/plan_of_reorganization_is_contingent_upon_this/
"Joint" Chapter 11 Plan
Joint = shared, held, or made by two or more people, parties, or organizations together.
The liquidation plan is known, the plan of reorganization is still unknown.
TLDR: ML1 aka MLJ is incurring unnecessary expenses to the bankruptcy proceedings as his motions require the plan administrator and his team to respond to them and attend court hearing dates. I believe his goal is to both incur expenses and waste precious bankruptcy time that can be spent on more relevant matters. MLJ was so egregious in his actions that the plan administrator is now seeking sanctions against him in the form of paying back money wasted on dealing with him. Two other characters that have wasted plan administrator's time and caused expenses are Neelay Das and Brandon Meadows. Neelay's actions were not bad enough to warrant sanctions and Brandon Meadows is still being played out.