The U.S. Bankruptcy Court issued an order (i) approving Implant Sciences Disclosure Statement; (ii) approving solicitation and voting procedures, including fixing the record date, approving the solicitation packages and procedures for distribution, approving the form of ballots and establishing procedures for voting, and approving procedures for vote tabulation; and (iii) scheduling a confirmation hearing and establishing notice and objection procedures.
The motion explains, “Pursuant to the Disclosure Statement Order, the Court approved certain procedures for tabulation of votes to accept or reject the Plan. If you are the holder of Class 6 Interests in the Debtors as of June 14, 2017 which is the only Class entitled to vote on the Plan or in a class that the Debtors have elected to provide provisional Ballots out of an abundance of caution, you have received with this Notice a ballot form and voting instructions appropriate for your Interests….For your vote to accept or reject the Plan and to choose either the Plan Reinvestment Option or the Plan Distribution Option to be counted, you must complete all required information on the Ballot, execute the Ballot, and either return the completed Ballot to the address indicated on the Ballot so that it is received on July 27, 2017….If you wish to challenge the allowance of your Class 6 Interest for voting purposes in accordance with the above procedures, you must file with the Bankruptcy Court and serve upon counsel for the Debtors and Equity Security Holders’ Committee a motion (a ‘Determination Motion’) for an order pursuant to Bankruptcy Rule 3018(a) temporarily allowing such Class 6 Interests in a different amount for and retain their shares for the purpose of, among other things, pursuing a Potential Business Venture that will be subject to shareholder approval in accordance with the applicable corporate purposes of voting to accept or reject the Plan on or before July 5, 2017.” As previously reported, “Specifically, the Plan provides the option to Holders of Allowed Class 6 Interests that timely submit properly completed Ballots and that vote on the Plan through their Ballot to either vote to (i) reinvest in Reorganized Secure Point Technologies governance documents and law after the Effective Date of the Plan; or (ii) receive, through a Liquidating Trust vehicle, Cash equal to their Pro Rata Share of the Class 6 Distribution in exchange for their Class 6 Interests resulting in the permanent retirement of such Interests and dissolution of the Debtors’ business entities after the Effective Date of the Plan and the formation of the Liquidating Trust (this is the option for which the Equity Committee encourages shareholders to vote).” A hearing to consider the confirmation of the Implant Sciences Plan on August 3, 2017, with objections due by July 21, 2017.
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