I guess it depends on whether or not this will impact Alliacense's ability to function? If it doesn't, then I would say it is not a material event. Again, I assume that TPL has already secured financing and or has enough cash on hand to continue operations otherwise, Ch. 11 would not be possible. Opty may be right. They may have insufficient funds to meet their obligations to Chet Brown and have taken the necessary steps to protect themselves.