Seems to me the bankruptcy trustee will own whatever the bankrupt entity owns, i.e., the shipping contracts.
Trustee to purchasers: Come get your stuff. What’s it worth for me to ship it?
Trustee to ship owners: Come get your ships. You’ll have to off-load them. What’s it worth to you for me to fulfill the shipping contract and return an empty ship to you?
Seems to me the bankruptcy trustee will own whatever the bankrupt entity owns, i.e., the shipping contracts.
Trustee to purchasers: Come get your stuff. What’s it worth for me to ship it?
Trustee to ship owners: Come get your ships. You’ll have to off-load them. What’s it worth to you for me to fulfill the shipping contract and return an empty ship to you?
Having been on the sidelines of a large corporate bankruptcy where customers had merchandise already paid for, still residing with the corporation. It was more than six months before they finally got access to their property.
A local large storage facility went bankrupt a while back, a place where we had stuff stored. It was a little over 4 months before we could get our stuff out.
With all the court motions and filings going on, the rescheduling of court dates, the appointment of the trustee, etc., this can drag out interminably.
Any delay more than a few weeks and these retailers are SOL for this season. And since the holiday season is where many finally become profitable for the year (hence ‘Black Friday’) this might also be the ‘final’ season for some.