AutoBeta(AutoBeta.net)12/19 Report--

On December 19th, Jia Yueting's debt handling team said on Weibo that the US court supported Jia Yueting's personal bankruptcy reorganization to continue in California, and the motion to revoke the reorganization was rejected.

With regard to Jia Yueting's claim that "bankruptcy reorganization is supported by the Delaware court," industry insiders said that this is only a simple procedural decision, and the Delaware court believes that it does not have jurisdiction over bankruptcy reorganization. Therefore, the transfer of the case to the California court, that is all, cannot be regarded as the Delaware court's support for Jia Yueting's bankruptcy reorganization.

There is also some controversy over Jia Yueting's claim that "the motion to revoke the restructuring motion has been rejected." according to a document signed by Judge Karen B. Owens of the Delaware bankruptcy Court, the transfer of Jia Yueting's bankruptcy reorganization case to the California Central District bankruptcy Court supports the claim put forward by lazy wealth.

According to the documents, lazy wealth proposed to cancel Jia Yueting's personal bankruptcy reorganization Chapter 11 and transfer his reorganization case to California.

In the end, the Delaware court transferred the case to California. To some extent, the court did not reject the claim of lazy wealth, but supported the claim of lazy wealth. Moreover, the Delaware court resolution document has not mentioned any words rejecting lazy wealth, and Jia Yueting's debt handling team has overinterpreted the ruling made by the Delaware bankruptcy court.

In this regard, the Jia Yueting debt Group said that under normal circumstances, the results of the motion are only "passed" and "not passed." the court did not approve the motion to withdraw the plan for lazy wealth, and if it did, it would write "approval." but the result is "not passed," which is also a de facto rejection.

It is understood that in December 2018, lazy wealth filed a lawsuit against Jia Yueting in the federal court of California, applying for the freezing of Jia Yueting's related assets, totaling 1.5 billion US dollars, which was upheld by the court. However, the lawsuit against lazy wealth was stopped because Jia Yueting submitted a personal bankruptcy reorganization to the Delaware court in the United States. According to data, three creditor companies filed a lawsuit with the US court to freeze Jia Yueting's assets. they are Shanghai lazy property Asset Management Co., Ltd., Shanghai Qicheng Yueming Investment Partnership and Jinan Ruisele Enterprise Management Consulting Partnership. In November this year, Qicheng, one of the five members of the creditors' committee, also submitted a motion to the creditor trust trustee to cancel Jia Yueting's bankruptcy reorganization, demanding that Jia Yueting pay his debts as soon as possible.

At the Jia Yueting creditors' meeting held on November 26, in order to receive Jia Yueting's invitation, Jia Yueting's debt handling group said that "some creditors tried to freeze Jia Yueting's FF stake and hinder the process of bankruptcy reorganization." for these enterprises with inconsistent interests, the debt group really did not invite them.

"Jia Yueting asked creditors to bet on the future success of a company that barely exists, and from a commercial point of view, Jia Yueting could not even deal with his own debts," said the lawyer for lazy wealth. In addition, Jia Yueting is also suspected of concealing personal property through other means, such as acting on behalf of others, and will exchange information with other creditors through other channels. "

It has been two months since Jia Yueting submitted his personal bankruptcy reorganization application to the Delaware court in October this year, and it is still unknown whether the bankruptcy reorganization can be realized. Jia Yueting once said at the debt conference that the success of debt restructuring determines the life and death of FF, as well as the interests of creditors.

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