If they failed to do so, the property went to creditors of the Empire.
Therefore, any recovery would not go to secured creditors.
The land will go to major creditors.
The proceeds will go to creditors who are still owed billions of dollars following the bank's spectacular collapse in September 2008.
If Salant, and its investment banker, prevail, then the existing shareholders will keep a 40 percent stake, with the rest going to creditors.
The amount of family income going to creditors is approaching record levels.
The former shareholders' equity was wiped out, with all the stock in the new company going to creditors of the old one.
The company however went bust in the early 1990s owing over £50,000 to creditors.
Most of McLean's fleet has already been sold, the proceeds going to creditors with security interests in it.
Under a court-approved plan for "rehabilitation," the insurance equivalent of bankruptcy, all the company stock was to go to creditors.