C is for Conversion

World’s most expensive movie poster seized in bankruptcy case

This is a great article about one of the most expensive and rarest movie posters of all time.  Debtor was forced to convert to chapter 7, after the court determined the debtor abused the chapter 11 process by trying to liquidate assets outside of the bankruptcy case, without permission to do so.  It also appears that the debtor undervalued the assets as well. Now, the debtor will likely lose most of these movie posters, they’ll be going up for auction and the proceeds will go to pay the debtor’s creditors.

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Terrance Leeders

Chicago Bankruptcy Attorney, husband, father, Cubs fan.