Ciber’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the State of Hawaii, Department of Transportation’s (HDOT) motion to estimate its claim solely for voting purposes.
The committee asserts, “State of Hawaii, Department of Transportation (‘HDOT’) is seeking temporary allowance of its asserted claim for the total amount asserted. There is no maximum amount indicated and the request is for temporary allowance for voting purposes of ‘not less than $46 million.’ Temporary allowance of HDOT’s disputed claim would permit HDOT to obtain a blocking position and ensure that a plan could never be confirmed without HDOT’s consent. The Debtors’ Disclosure Statement emphasizes that HDOT is unlikely to prevail on its claim. Even if HDOT’s asserted claim proves to be successful, it appears that all or part of the claim might be covered by one or more of the Debtors’ insurance policies. Such insurance coverage would greatly reduce or entirely eliminate HDOT’s claim against the Debtors. Despite the uncertainty regarding the amount and the Debtors’ ultimate liability for all or any part of its claim, HDOT asserts that it is one of the largest unsecured creditors of the Debtors and consequently seeks to obtain a blocking position and control the Class 3 Vote.”
In addition, “The Debtors have estimated that the Allowed Claims in Class 3 will total between $45,000,000 and $71,900,000. HDOT is asserting a total claim of ‘no less than $46 million’ and if its claim were temporarily allowed, it would clearly represent more than one-third of the potential votes in Class 3. For information purposes, $46 million equals approximately 50.5% of $91 million and 39% of $117.9 million – a blocking position in either instance.”
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