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Point.360 Bankruptcy Objection Filed

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Medley Capital (MCC) and Medley Opportunity Fund II (MOF) filed with the U.S. Bankruptcy Court an objection to Point.360’s motion for an order extending the plan and disclosure statement filing deadline until May 8, 2018.

The objection asserts, “The Court has repeatedly stressed the need for the Debtor to ‘move forward quickly’ and, as such, set an April 1, 2018 deadline for the Debtor to file its plan and disclosure statement. Debtor’s counsel has frequently advised the Court that the April 1, 2018 deadline was ‘not a problem,’ and reserved the Debtor’s right to seek an extension of that deadline ‘to the extent there’s something unforeseeable that happens, so long as [the Debtor] can show cause.’…The Debtor’s argument that it needs additional time to value its assets prior to formulating a plan proposal and negotiating with parties in interest fails.”

In addition, “The Debtor has on multiple occasions already taken a position on valuation that it has asked this Court to rely on. Although Medley has not yet determined its views definitively with respect to such asserted values and any diminution, the idea that the Debtor now purports to be expending scarce resources to arrive at a potentially different value than it has repeatedly asked this Court to rely on is, to say the least, concerning. Additionally, although the Debtor has retained a variety of professionals in this case, none of the professionals have been retained to perform an asset valuation (and certainly no ‘valuation experts’ that the Debtor refers to). Importantly, a comprehensive valuation of each and every piece of equipment owned by the Debtor is unnecessary to formulate a plan proposal and commence plan negotiations, much like a comprehensive review was not necessary (nor, upon information and belief, conducted) in reaching the valuation the Debtor previously asked the Court to rely on.”

Read more Point.360 bankruptcy news.

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