...the normal process is the negotiated and accepted purchase price is paid into a fund managed by the receiver..... then the proceeds are distributed to all those "injured" by the bankruptcy. These would include unpaid contractors, suppliers etc, people who tried to buy but did not get US green cards, anyone who provided services like the trustee in bankruptcy, any lawyers that worked or appeared on behalf of Jay Peak on the request of the trustee.
Often the $ received for the enterprise does not equal the debts owed. This is when you might hear the expression ..."the receivers only get 10 cents on the dollar," so if your claim was for $100 you would only receive $10 from the trustee. At the end of the sale every claimant is likely to get only a portion of what they are owed. The trustee already has on file every claim he views as legitimate and these are the only folk that are likely to get anything.
In the case of Jay Peak the estimates on its worth at sale varies widely from $40 million to $100 million. So depending on the actual bids received will decide how much every claimant gets for the claim they have made against the bankrupt entity.
US law is likely different than ours and some claimants may outrank others so they are paid first before others...have no idea how this part works in VT or the US.
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