September 21, 2018 – The Court hearing the COPSync case has confirmed [Docket No. 335] the Debtors’ Third Amended Plan of Liquidation (Immaterially modified from the version of September 13, 2018) [Docket No. 322]. The confirmation order states, “Ken Lefoldt is named as the Liquidation Trustee, and is authorized and approved to enter into the Liquidation Trust Agreement…The Liquidation Trustee is directed and authorized to make all distributions pursuant to Article V of the Plan, the Liquidation Trust Agreement and this Confirmation Order.”
The Plan provides the following detail as to claims and classes:
- Class 1: Allowed Priority Unsecured Wage Claims under 507(a)(4) are considered impaired and are deemed to vote.
- Class 2: Vehicle Secured Claims are considered impaired and are deemed to vote.
- Class 3: Disputed Secured Claims are considered impaired and are deemed to vote.
- Class 4: General Unsecured Claims are considered impaired and are deemed to vote.
- Class 5: IPO Holders who do not Opt-Out of the IPO Settlement Claims are considered impaired and are deemed to vote. In exchange for the IPO Settlement, all Class 5 IPO Holders shall have their stock cancelled.
- Class 6A: Non-IPO Holders and IPO Holders who timely Opt-Out of the IPO Settlement and Class 6B: Equity Holders who are Former Officers and Directors Claims are considered impaired and are deemed to vote.
Read more Bankruptcy News
The post COPSync – Court Confirms Amended Plan of Liquidation, Names Ken Lefoldt as Liquidation Trustee appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.