Premier Properties to Be Liquidated

So I interpret Trustee working to determine Premier assets from The Indianapolis Business Journal:

The auction of chairs, tables and other furniture-most of which has been stored in Premier's former offices in the Echelon building near 86th Street and Allisonville Road-will be handled by Christy's of Indiana Inc. No date has been set.

U.S. Bankruptcy Court Judge Basil H. Lorch III reclassified Premier's bankruptcy status to Chapter 7 in late May, clearing the way for the trustee to liquidate remaining assets and eliminating White's hopes of resuscitating the developer of Metropolis mall in Plainfield and several other retail projects across the U.S.

The judge also granted a motion today from the Indianapolis Colts, releasing the team from an agreement with Premier for a suite in Lucas Oil Stadium.

What to make of this case? I know nothing of the company other than the reports in the newspapers and what I make of it is based on those reports and a few assumptions.

1. I doubt a bankruptcy alternative such as a receivership or an assignment for benefit of creditors would have worked here. The company waited just too long.
2. While most Chapter 11 cases turn into Chapter 7 cases, I suspect the owners of Premier did not want to face up to the most important fact: the business had failed. Just as the owner waited too long for utilizing a bankruptcy alternative, the wait was too long for an effective Chapter 11.