Following a hearing on July 2, 2014, the Court entered an
Order confirming the Committee’s First Amended Plan of Orderly Liquidation (the
“Plan”) regarding the administration of the Debtor’s remaining assets. Pursuant to the terms of the confirmed Plan,
Lawrence C. Bolla, Esq., current counsel to the Committee, has been appointed
by the Committee as the Plan Administrator to oversee the orderly liquidation
process, with the supervision of the Plan Advisory Board.
As indicated previously, the primary remaining assets of the
Bankruptcy Estate consist of the claims against various named insiders and/or
affiliates of the Debtor, together with any other parties currently under
investigation by the Committee, which will be assumed under the terms of the
Plan by the Plan Administrator. The Plan
Administrator proposes to make distributions to unsecured creditors from any
recovery on those claims.
The Effective Date of the Plan is expected to be July 17, 2014, at which time the Committee will dissolve. As such, this will be the last update provided by the Committee on this site.
