The Creditors Committee Web Site says that World Plus investment contracts aren “securities.” Is that true?
Generally, questions about the Credit Committee site (“The Forum”) aren’t suitable for FAQs. There are a lot of misconceptions and misunderstandings posted at the site. There’s no point in developing warring web sites. But this one is easy. The definition of “security” in this case is governed by Federal law, not the Alaska Uniform Commercial Code section that they refer to. Basically, they are talking about the wrong definition from the wrong government.
