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cash to be converted and transferred into the jr account… and proceed with the payment orders…
l always new this would take a long time l have always thought that the end of summer would be a yes or a no but KM helped me mellow to what he said on his vox chat,lol.
Thank you EV_BULL
Appreciate people sharing their knowledge and opinions on this board it’s really useful
My take on these:
Part 1 is about some money being frozen by the regional courts due to tax outstanding I think (only £70k) possibly the "Dev Logistica" cases.
Part 2 is just sorting out bank accounts for transferring the money owed to creditors.
Neither really changes anything for us.
Nothing really Maddog but im my view a clear indication that this is now progressing in the courts to completion of the PRJ and our Dev ownersip.
take the phrase "fulfillment of the Plan ofJudicial recovery" as a good sign.
"The other petitions and documents presented will be analyzed in due course." - i.e news soon.
I was going to ask the same question maddog38.
What does those court movements mean I’m simpler terms please EV_BULL do you know mate?
I think it means more waiting but news may be even more imminent than yesterday. Seems there's still bits for the courts to agree given the last sentence "The other petitions and documents presented will be analyzed in due course."
what will this mean to us?
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Page 19. 588/19,609 (The Debtor requires the dispatch of an official letter to "Banco BS2S/A, Branch 001 Head Office, Current Account No. 8280924 (bank institution where the Debtor has an active checking account) in order to proceed with the orders of attached payment (OPR1161721 and OPR1172821), with proper currency conversion national current and immediate transfer to the judicial account linked to the presentJudicial Reorganization process", on the grounds that it is pending receiptthe amounts of US$ 2,821,144.81 and US$ 127,664.30, arising from the sale of iron ore, thewhich due to judicial blocks cannot be converted to reais and deposited inyour bank account); Page 19.62/1930 (The Judicial Administrator informs that in "item 10"of the decision on pages 16,954/16,965 was approved the procedure for the sale of ore from iron, which provided that the amount arising from the sale should be deposited in an account court for subsequent release to the Debtor. Consider that the values ??of US$2,821,144.81 and US$ 127,664.30, arising from the sale of iron ore, are essential for resumption of the Debtor's activities, as well as for the fulfillment of the Plan of Judicial recovery. It is in favor of the Debtor's request, requesting that a decision is issued with force of office to be forwarded by the Debtor itself to the Banco BS2 S/A, together with the judicial deposit slip):
In view of the procedure approved in "item 10" of the decision on pages 16,954/16,965 for the sale of ore of iron, as well as the essentiality of the values ??for the activities of the Debtor and compliance with the PRJ, I GRANT the request of the Debtor to determine to Banco BS2 S/A,Agency 001, Headquarters, which proceeds with payment orders OPR1161721 and OPR1172821 (pages 19,596/19,597), with due conversion into national currency and immediate transfer to the judicial account linked to this Reorganization process Judicial, without the need to deposit in Current Account No. 8280924. provide the completion of the judicial deposit slip to comply with this decision that possesses the strength of the trade. The forwarding of this decision with force of office, as well as the judicial deposit guide must be complied with by the Debtor, proving it in the records.
The other petitions and documents presented will be analyzed in due course.
Int.
São Paulo, June 15, 2021.
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Another Decision tonight, things are moving now.
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Page 19,372/19,536 (The Debtor presents a petition and documents reporting which was blocked the amount of BRL 493,560.08 from its bank account having as the origin of theblocking order Tax Foreclosure No. 0000610-72.2020.5.08.0210, distributed in the Court of 8th Region work. The Debtor adds that the Federal Government did not request the blocking of values.Claims the release of the amount of BRL 493,560.08); Page 19,624/19,626 (The Administrator Court considers that the amendment to Law 11.101/05 introduced §7-B to article 6, whichprovides that the suspension of actions, executions and acts of constriction do not apply to executionstax, and there is provision that the Judicial Reorganization Court may determine the replacement of acts of constriction that fall on capital goods essential to the maintenance of business activity until the end of the judicial reorganization, whichwill be implemented through jurisdictional cooperation. In view of this, it requires the subpoena of the Reorganization to indicate goods that can be offered in replacement of the amountblocked. With regard to any measure of constriction granted "extra petita", considers that this matter should be dealt with in Tax Foreclosure No. 0000610-72.2020.5.08.0210.) :
Indicate to the Debtor the assets subject to pledge, which can replace the blocked amount.
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Thanks @EV_Bull
Page 19,346/19,354 (The Judicial Administrator presented an adjustment to the 1st Bordero payment of creditors, aiming to include creditors represented by Dr. Waldenes Barbosa and credit assignments recognized by the decision of pages 19,044/19,056. The Judicial Administrator considers that the adjustment of the 1st Borderô provided 39% increase in the volume of creditors to be paid.It also informed that, in relation to the total of labor and low-sufficient creditors, it will be possible to pay 35% of the amounts, whereas before the adjustment this percentage was 25%. the adjustment of the 1st Borderô and that the decision has the power of office to be sent to Banco do Brasil). In view of the relevance of the payments of low-sufficient and labor creditors, I ratify the adjustment of the 1st Bordero and I order Banco do Brasil S.A. to carry out the transfers to creditors according to the data contained in the Bordero on pages 19,350/19,354, with the authorization for any discounts related to transfer fees to other banks. This decision serves as an official letter to Banco do Brasil S.A., which must be sent by the Judicial Administrator together with the statement on pages 19,350/19,354. The other petitions and documents presented will be analyzed in due course.