Pacific WebWorks filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation under Chapter 11 of the Bankruptcy Code. A related Disclosure Statement was not filed.
Under the Plan, holders of class 1-priority claims will receive 100% of the principal amount of their claims, holders of class 2-general unsecured claims will receive in full satisfaction of their claims (i) 80% of the amount of their allowed general unsecured claims, in cash, on the initial distribution date; and (ii) subsequent distribution(s) of a pro rata share of the unsecured distribution amount, holders of class 3-equity interests are impaired under the Plan. In the event that the liquidating trustee can pay in full 100% of allowed general unsecured claims, then the liquidating trustee shall make a final, pro rata distribution of remaining funds on hand to holders of equity interests.
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