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Simple English definitions for legal terms

readjustment

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A quick definition of readjustment:

Term: READJUSTMENT

Definition: Readjustment is when a company that is having money problems decides to make changes to fix the problem. The people who own the company do this on their own, without someone else coming in to help. They make changes to the way the company works so that it can become financially stable again.

Verb: Readjust

A more thorough explanation:

Definition: Readjustment is when a company that is having financial problems decides to reorganize itself without the help of a trustee or receiver. This is done voluntarily by the shareholders of the company.

Example: ABC Corporation is struggling financially and its shareholders decide to come together and make changes to the company's structure and operations to improve its financial situation. This is an example of readjustment.

Explanation: Readjustment is a way for a company to avoid bankruptcy and financial ruin by taking control of its own reorganization. Instead of relying on outside help, the shareholders work together to make changes that will hopefully improve the company's financial situation. This can include things like cutting costs, restructuring debt, or changing the company's business model.

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General

General chat about the legal profession.

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SplitterusClitterus

14:43

or 12th

renard99

14:43

Also Jack ik you and I haven't talked in a bit but we have similar stats, backgrounds, WE. If you ever want solace in this messy process text me on Discord

ChowieBean

14:44

im still in the queue to be reviewed for penn so

lilypadfrog

14:44

@SplitterusClitterus: I applied like two weeks later. It was one of my last apps

jackfrost11770

14:44

I mean I think you're more likely to get WL than R at UPenn lmao, I'm taking it as an R whatever

ReminiscentZestyFish

14:45

Tru

GreyCeaselessMammoth

14:45

notHim at it again

llama

14:45

notHim is a born WINNER

Eggan

14:47

ya i basically have penn r

Trismegistus

14:48

how would you know

Eggan

14:48

uh wdym. i didnt get penn A or penn WL

jackfrost11770

14:48

Check substatus, it's not an update. I didn't even notice it at first

sadpadresfan

14:48

Substatus?

Eggan

14:48

i cant get into my penn rn so im just assuming

HowlEngineer

14:48

same @Eggan

cumsock

14:49

carole baskin sold all her land

sadpadresfan

14:49

If it says under committee review I’m still alive right

cumsock

14:49

for 20 million fuckin dollars

Trismegistus

14:49

that's what mine saying @sadpadresfan

cumsock

14:49

https://www.linkedin.com/posts/tradedmiami_miami-realestate-tradedmia-activity-7287591415927255041-BtDo?utm_source=share&utm_medium=member_desktop

Eggan

14:50

ya im on the plane so it wont let me log into lsac for some readon

Eggan

14:50

for another 2 hours

lilypadfrog

14:50

im out here in miamiiiii

renard99

14:50

Whoa someone got Penn WL but Harvard A earlier what the heck

Trismegistus

14:50

happens all the time

renard99

14:51

I stg every time I see you that Jorge Ben song starts playing in my head again

Trismegistus

14:51

LOL

jackfrost11770

14:53

Egg not necessarily, I didn't get an email. It just says waitlist in application status which is mad annoying lol. At least tell us what you want like a LOCI or anything

Eggan

14:54

i cannot get into my portal

Eggan

14:54

i will not know

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