bankruptcy of its subsidiary was undoubtedly a most unwelcome prospect for Raytheon. 83. The crucial question is whether Raytheon, on the eve of the requisition, and after the closure of the plant and the dismissal, on 29 March 1968, of the majority of the employees, was in a position to cany out its orderly liquidation plan, even apart from its alleged frustration by the requisition. That plan, as originally conceived, contemplated that the disposa1 of plant and assets might produce enough to pay al1 creditors 100 per cent of their dues, with a modest residue for the shareholders. In one of the affidavits quoted above it is stated : "If the assets had been disposed of at book value al1 liabilities, including the payables to Raytheon Company, would have been paid in full." And, indeed, the trustee in bankruptcy, in his report of 28 October 1968 to the bankruptcy judge, explained that in March 1968: "the management of Raytheon-Elsi decided, and publicly stated their intention (which was later adopted by the Board of Directors), to suggest to the shareholders the liquidation of the Company. The intention was to proceed with an orderly liquidation of al1 assets in order to pay al1 the Company's creditors 100 per cent." This must have seemed a reasonable aim, for the "book value" may well have been a conservative figure. It has not been demonstrated that ELSI was, until shortly before the bankruptcy petition, ever actually in default. Moreover, Raytheon had opened an account in Milan for the payment at 100 per cent of small creditors. 84. Nevertheless since no new investment capital was forthcoming, the possibility of paying creditors in full depended upon putting the orderly liquidation plan into operation in good time. Time was running out because money was running out. As the position worsened daily, the moment might at any time arrive when liabilities exceeded assets, or default resulted from lack of liquidity. ELSI's management had prepared the assessment of the "quick-sale value" (see paragraph 18 above), which was markedly less than book value, being aware that the sale of the company's assets might fail to provide sums approximating to bookvalue. There were plans also to approach the large bank creditors in the hope of securing their agreement to Settlements of 50 percent. 85. Did ELSI, in this precarious position at the end of March 1968, still have the practical possibility to proceed with an orderly liquidation plan? The successful implementation of a plan of orderly liquidation would have depended upon a number of factors not under the control of ELSI's management. Since the company's coffers were dangerously low, funds had to be forthcoming to maintain the cash flow necessary while the plan