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Legal Coverage Group Extension Sought

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The Chapter 11 Trustee assigned to the Legal Coverage Group case filed with the U.S. Bankruptcy Court a motion to extend (a) the exclusive period within which it may file a chapter 11 plan by 90 days through and including August 24, 2018 and (b) the exclusive period to solicit acceptances with respect to the plan for an additional 60 day through and including October 23, 2018.

The motion explains, “[the] Trustee believes that she will be able to propose a feasible Chapter 11 plan at the end of the Exclusive Periods….Trustee submits that the requirements for extension of exclusivity are present herein….The circumstances surrounding the filing of the Chapter 11, the fraud which led to such filing, the filing of the involuntary petition against LCG’s sole member, Gary Frank, the liquidation of assets, the involvement of the US Attorneys’ office and the F.B.I. and potential claims against individuals or entities who may have received avoidable transfer or may have been complicit in the fraud are some factors which render this case complex….Trustee has and will continue to make good faith efforts to cooperate with all parties in interest in the process….Trustee has submitted cash collateral budgets to its lenders since her appointment and to date, LCG has operated, and will continue to operate, pursuant to the Interim Orders granted to date concerning the use of cash collateral….Trustee submits that this is the first request for an extension of the exclusivity periods….The relief sought in this Motion will not prejudice any creditors or parties in interest in these cases and it is not sought to pressure creditors. Rather, the extension is necessary to afford the Trustee sufficient time to continue to locate and liquidate assets, evaluate potential litigation and determine the viability of the LCG business.”

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