COPSync filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation and related Disclosure Statement.
According to the Disclosure Statement, “General unsecured creditors are classified in Class 4, and will receive, in cash or cash equivalents (‘Cash), a Pro Rata distribution of the funds remaining after payment of priority and secured claims from an $800,000 stock redemption in three years, as described in Section III and the recovery of the Liquidation Trust, and any proceeds from Additional Transactions, described in further detail herein. All of the Debtor’s assets existing as of the Effective Date will be transferred to the Liquidation Trust to be administered by a Liquidation Trustee.”
In addition, “The Debtor believes that the most valuable assets to be transferred consist of various legal claims, demands and causes of action, and, in particular, the Debtor’s claims against persons who served as officers and directors of the Debtor. Liquidation Trust will receive an assignment of all such claims and be authorized to prosecute these claims to conclusion.”
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