Ironclad Performance Wear and its official committee of equity security holders filed with the U.S. Bankruptcy Court a Joint Plan of Liquidation.
According to documents filed with the Court, “The Plan Proponents believe that the confirmation of this Plan provides the best vehicle for maximizing the distribution to the Shareholders…getting a significant distribution made to the Shareholders on the earliest date possible under the circumstances; and getting the Debtors’ remaining creditors (holding not yet allowed claims) paid in full with post-petition interest in the fastest and most efficient manner possible. Any pre-petition claims that become allowed prior to Plan confirmation (the ‘Allowed Claims’) in these bankruptcy estates (the ‘Estates’) that are not paid prior to Plan confirmation will be paid in full on the Effective Date, together with post-petition interest.”
In addition, “Any claims that become Allowed Claims after the Effective Date will be paid in full together with post-petition interest….After appropriate reserves have been made for all allowed administrative expenses to be paid in full, along with any remaining disputed claims and expected post-confirmation litigation and other expenses…the balance of the funds in the Estates will be distributed to the record shareholders of ICPW Nevada (the ‘Shareholders’)….The Plan Proponents currently estimate the initial distribution to Shareholders as of the Record Date will be $9,659,669 or approximately 11.28 cents per share. A liquidating trust (the ‘Trust’) is being established under this Plan. On the Effective Date, the Debtors and the trustee of the Trust (the ‘Trustee’) will enter into a grantor trust agreement (the ‘Trust Agreement’) for the benefit of the Shareholders.”
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