07.02.2013

Alternative plan for Ahern

According to Nevada bankruptcy court records the Ahern Rentals Note holders have filed an amended 2019 statement that indicates that they will be submitting an alternative plan of re-organisation under Chapter 11 rules for Ahern Rentals.

We understand that Platinum Equity will support the plan which means that most of the Note holders are likely to vote in favour of this new plan, rather than the one previously submitted by owner Don Ahern. The alternative plan may be submitted as early as tomorrow - February 8th.

If so the preliminary hearing is likely to be held a month later to review the opposing plans, with a final hearing likely to be around three months later.

Ahern has said that he will fight to the end and that if he does lose control of the company he will immediately set up in competition.

It looks as though the long protracted process may well be nearing a final conclusion.

Vertikal Comment

This latest filing comes in the face of repeated tit-for-tat legal filings as the two groups have fought out what has become a bitter and personal battle.

It looks as though Don Ahern may be ‘on the ropes’ at this point, but if he has proved anything over the past year or so he is a heavyweight fighter and can never be written off.

The fat lady is still waiting in the wings