asks you what might happen with respect to Smith Co if Jones co "goes into some kind of formal insolvency proceeding" tomorrow? He knows you are not a lawyer but he would just like your general comments. QUESTION 3 Your friend Brett bought a condo unit in a large luxury condo hotel. He knows that many other people have bought condo units - in fact, he has met with a number of them (and has actually become pretty good friends with some of them) through some meetings concerning the hotel and some social functions at the Hotel. Unfortunately, while it is a beautiful hotel, it is not succeeding financially. Brett tells you that his understanding is that "a lot has to happen" to "get the hotel on track" and that some kind of insolvency proceeding" concerning the hotel "is coming fast." Brett tells you that neither he nor any of the other condo unit holders who he knows can afford to retain a lawyer to deal with their situation. He asks you for your views on what might happen in this situation generally and how he and the other condo unit holders might be able to participate