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American Eagle Energy Agreement Filed

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American Eagle Energy filed with the U.S. Bankruptcy Court a liquidating trust agreement.

According to documents filed with the Court, “The primary purposes of the Liquidating Trust are to (a) administer, hold, and liquidate the Liquidating Trust Assets for the benefit of holders of Beneficial Interests in the Liquidating Trust and (b) administer, hold, and liquidate the Segregated Causes of Action.”

Court-filed documents continue, “Pursuant to the Plan and the Confirmation Order, on the Effective Date, the Liquidating Trust Assets shall be unconditionally and irrevocably transferred, assigned and delivered by the Debtors to the Liquidation Trust, in trust, to be administered for the benefit of Holders of Litigation Beneficial Trust Interests on account of such Holders Allowed General Unsecured Claims.”

In addition, “Pursuant to the Plan and the Confirmation Order, on the Effective Date, the Segregated Causes of Action shall be unconditionally and irrevocably transferred, assigned and delivered by the Debtors to the Liquidating Trust, in trust, to be administered for the benefit of Holders of Senior Secured Notes Claims…. Holders of Allowed General Unsecured Claims shall be the beneficiaries of the Liquidation Trust. Holders of Allowed General Unsecured Claims shall each receive a Pro Rata Share of Beneficial Interests in the Liquidating Trust. Holders of Beneficial Interests in the Liquidating Trust (the ‘Liquidating Trust Beneficiaries’) shall each receive their Pro Rata Share of Available Trust Cash.”

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