I was looking at court documents for tomorrow's hearing. There are so many objections from landloards and creditors regarding everything from the priority order of payments, lease values, the "wind down" employee retention bonus plans, to selling the Canadian operation. The vendor Munchkin specifically states TRU owes them $4M and was placing and receiving orders as late as March 6th despite TRU knowing as early at January that they had missed their covenants and liquidation was the only answer. They also referenced the executives and board "insiders" receiving over $5M in incentives. They are contesting that TRUs plan to pay certain debtors first and leave others holding the bag is against bankruptcy code and the proceeds from the liquidation should be distributed equally. TRU had failed to submit a "wind down" budget to the court.
This was just one of the dozens of objections on the docket for tomorrow. It sounds like it will be a very long hearing and it is possible there will not be a start Date determined for the liquidation process. I guess more to come.