December 5, 2018 – The Debtors filed an amended Plan of Liquidation [Docket No. 604] and Disclosure Statement [Docket No. 605]. The Disclosure Statement summarizes the Plan as follows, “Holders of Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Non-Tax Claims will be paid in full in Cash. Further, in accordance with the Plan, Allowed General Unsecured Claims in Class 2, will receive the Distribution Pro Rata Share of the Creditor Fund (after funding of $30,000 of the Settlement in accordance with the Plan) as well as any remaining Net Distributable Creditor Fund Assets. Equity Interests in the Debtor in Class 3 will not receive any distribution on account of such interests.”
The following is an updated summary of classes, claims, voting rights and expected recoveries:
- Class 1 (“Priority Non-Tax Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The projected aggregated amount of claims is $90,166 and projected recovery is 100%.
- Class 2 (“General Unsecured Claims”) is impaired and entitled to vote on the Plan. The projected aggregated amount of claims is $5.4 million. Projected recovery is 5%.
- Class 3 (“Equity Interests”) is impaired and entitled to vote on the Plan. Claims will be cancelled and Holders of Equity Interests in the Debtor will not receive any distribution on account of such Equity Interests.
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