- May 5, 2021
- Reaction score
With the appropriate caveat that I am not a lawyer, and this is merely a lay person's interpretation.........
The judge is asserting that he will not approve the takeover of the project by Concord, under the terms and conditions proposed.
The judge, in the text of the decision outlines some of the principle reasoning for that; the high-level gist of which is that he's not convinced the proposal, as formulated is sufficiently fair
to everyone who is owed money, for a variety of reasons.
Concord and Cresford now have a few days to consider whether to reformulate their proposal in such as a way as to address the concerns of the judge.
Should they manage that, it may be approved.
Should they stick by what they have, the project will likely go through the trusteeship process. The result of which, we can't know, in terms of what would go ahead and on what terms; but we can safely assume it would delay restart of construction in any form by many months, at the very least.
There is a good deal more to it than that. But I would steer clear of trying to characterize the judge's remarks in any greater detail.
I think, even if you're not a lawyer or contractor, you can probably get the gist by reading the text of the judge's decision.
okay that makes sense. Thank you.