Shoe Sunshine, Inc filed for bankruptcy protection under Chapter 11 and submitted a plan of reorganization within 120 days after filing for relief. Two of the classes of creditors voted against the plan. However, the bankruptcy judge considered the plan to be feasible, fair, and in the best interests of the creditors; it approved it in spite of these creditors' objections. This action by the judge is called a cramdown.
Indicate whether the statement is true or false
Question 2
In a global trade transaction, Dicky ships goods under a clean bill of lading and submits all the necessary documents under a documentary letter of credit to the buyer Joe to his bank. While on traveling to Turkey in the Mediterranean Sea, the ship sinks. Is Dicky entitle to receive payment despite the loss of the cargo?
A) As long as all necessary documents are in order when submitted
B) Dicky absorbs the risk of loss
C) Carrier is liable for the loss
D) None of the above
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