Pacific WebWorks filed with the U.S. Bankruptcy Court a Disclosure Statement for its Chapter 11 Plan of Liquidation.
The Disclosure Statement states, “Outside of the net proceeds from the Asset Sales and the Settlements and other cash of the Debtor, the Debtor believes it has one remaining asset of value – its corporate shell. Under the Plan, the Debtor’s Estate and all of its remaining assets will become property of the Liquidating Trust, and a Liquidating Trustee will be appointed to conduct an orderly liquidation of the assets with the goal of maximizing returns to creditors. The Plan proposes that Gil A. Miller, a founding member and principal of Rocky Mountain Advisory (‘RMA’), a Salt Lake City based advisory and professional services firm, will serve as the Liquidating Trustee for the Liquidating Trust and will have overall responsibility for the liquidation.”
The Disclosure Statement continues, “In particular, the Liquidating Trustee will be responsible for liquidating all remaining assets, including evaluating and prosecuting Causes of Action to the extent appropriate, objecting to Claims as appropriate, and making distributions to creditors. The Liquidating Trustee will also be responsible for holding and administering all post-confirmation cash and bank accounts of the Liquidating Trust.”
The Court scheduled an October 15, 2016 hearing to consider the Disclosure Statement. Read more bankruptcy news.
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