Quadrant 4 Systems' unsecured creditors’ committee filed an objection in bankruptcy court to the company's post-petition financing motion, BankruptcyData.com reported today. The committee asserts, "The Proposed Final Order is not a proper exercise of the Debtor's business judgment. The Debtor has no meaningful leverage in its negotiations with its primary lender, BMO Harris Bank, N.A. ('BMO'), who continues to exert unabated control over the Debtor.” The objection continued that the debtor has no intent to reorganize and therefore its decisions “must be considered in light of what's best for its estate and its unsecured creditors and not just its senior lender.”
