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COPSync Amended Plan, Disclosure Statement Filed

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COPSync filed with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan of Liquidation and related Disclosure Statement. According to the Disclosure Statement, “the Plan proposes the ‘IPO Settlement’ with all persons who hold common stock of the Debtor purchased in connection with the Debtor’s Initial Public Offering (the ‘IPO’) and who may have IPO Claims, as defined in the Plan, which include claims against the Debtor and its former officers and directors of the Debtor and other persons. The IPO Settlement proposes a compromise and settlement of each and every IPO Claim that an IPO Holder may have against the Debtor in exchange for a share in a fund into which will be deposited recoveries from persons who acted as officers and directors and insurers who issued policies of insurance providing coverage to the officers and directors (the ‘D&O Recovery Fund’). As part of the settlement, each settling IPO Holder shall assign to the Liquidation Trust for prosecution by that Liquidation Trust any IPO Claims of such Holder. If an IPO Holder does not want to participate in the IPO Settlement, their timely received ballot must also expressly acknowledge the IPO Holder’s intent to ‘Opt-Out’ of the IPO Settlement by checking the ‘Opt-Out’ box contained on the ballot. Failure to submit the ballot and check the Opt-Out box as provided therein shall result in the IPO Holder being deemed to have accepted the IPO Settlement. Those IPO Holders who timely Opt-Out of the IPO Settlement shall have their shares cancelled, and may take advantage of any tax benefits that may result from the cancellation. Equity Holders who did not purchase their common stock in connection with the IPO and are not therefore, IPO Holders and are neither Former Officers and Directors, as well as IPO Holders who timely Opt-Out of the IPO Settlement, may enter into agreements with the Liquidation Trustee to assign any and all claims, demands and causes of action which the stockholder/assignee has and which in any way relate to his acquisition or ownership of the Debtor’s common stock, including without limitation, any claims, demands and causes of action the holder may have against former officers and directors of the Debtor, in exchange for appropriate consideration, but otherwise shall have their shares cancelled and may take advantage of any tax benefits that may result from such cancellation.”

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The post COPSync Amended Plan, Disclosure Statement Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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