Bgi creditors liquidating trust
Kurtzman Carson Consultants LLC ("KCC") does not guarantee or warrant that the data provided herein is accurate, complete, or current and shall not be liable to you for any loss or injury arising out of or caused in whole or in part by the acts, errors or omissions of KCC, whether negligent or otherwise, in procuring, compiling, gathering, formatting, interpreting, reporting, communicating or delivering the information contained in this website.KCC does not undertake any obligation to update, modify, revise or reorganize the information provided herein, or to notify you or any third party should the information be updated, modified, revised or reorganized.The Court established June 1, 2011 as the deadline for each person or entity to file a proof of claim based on claims that arose on or prior to the Petition Date (the “General Bar Date”). On January 4, 2012, two individuals holding Borders Gift-Cards (the “Gift-Card Claimants” or “Claimants”) filed motions for leave to file untimely proofs of claim against the Debtors (the “Late Claim Motion”) (ECF Doc. On January 9, 2012, those two individuals and one additional gift-card holder who did not file a motion for leave to file a late claim filed a motion to certify a class on behalf of all gift-card holders (the “Class Action Motion”) (ECF Doc. In the Late Claim Motion, the Claimants alleged they were not provided adequate notice of the Bar Date from publication in The New York Times. The Court approved the notice of the General Bar Date and deemed the notice adequate and sufficient if served by first class mail on, among others, “all known creditors and other known holders of claims” (the “Bar Date Order”) (ECF Doc. The Bar Date Order also directed the Debtors to publish notice of the General Bar Date once, in the national edition of The New York Times, at least twenty-eight days before the General Bar Date. On December 21, 2011, the Court entered an order (the “Confirmation Order”) (ECF Doc. The Claimants argued that they were “known” creditors that should have received actual notice of the General Bar Date. If you do not agree to these terms, you should not use this site. Liquidating trusts can be effective tools to wind down any business enterprise, including debtors in Chapter 11 bankruptcy cases and entities that dissolve outside of bankruptcy. To that end, in a Chapter 11 case, a debtor’s exclusive right to file a plan is limited to 120 days (subject to extensions for cause), but once a plan is confirmed, the bankruptcy estate ceases to exist and the debtor loses its status as debtor in possession, including its authority to act as a bankruptcy trustee and pursue estate claims. # 2894) to the motion by the Liquidating Trustee and the Trust for an order authorizing interim distributions to general unsecured creditors pursuant to the terms of the confirmed Plan of Liquidation (the “Interim Distribution Motion”) (ECF Doc. On October 16, 2012, the Liquidating Trustee and the Trust filed a reply to the Interim Distribution Objection (the “Reply”) (ECF Doc. As explained below, to achieve this result, the Gift-Card Claimants needed to make a timely motion to modify or revoke the confirmed Plan and Confirmation Order under section 1144 of the Bankruptcy Code, something they have never done and could not do in any event. Therefore, the Court DENIES the motion for a stay of interim distributions pending appeal. A creditor is considered “known” where its identity “is actually known to the debtor or . and seven affiliates (the “Debtors”) under the confirmed Plan of Liquidation, pending determination of the Gift-Card Claimants’ appeal of a decision by this Court denying the Gift-Card Claimants’ motion to file late claims and for certification of a class of gift-card holders (ECF Doc. The Gift-Card Claimants also filed an objection (the “Interim Distribution Objection”) (ECF Doc. However, the Gift-Card Claimants’ Motion would prevent the Liquidating Trustee from being able to administer the confirmed Plan, which requires that distributions be made before year-end. In any event, even if the Court interpreted the motion as requesting a stay pending appeal of the denial of their late-claim motion, the Claimants have failed to show that the Rule 8005 factors weigh in their favor. is `reasonably ascertainable’ by the debtor.” In re XO Commc’ns, Inc., 301 B.
A liquidating trust is a tax-efficient vehicle to liquidate assets because income of a qualifying liquidating trust is only taxed as income at the beneficiary level.Ambridge’s Tax Qualification Insurance extension can protect trusts (and indirectly their beneficiaries) from the financial exposures resulting from a disqualification as a liquidating trust.KCC's Corporate Restructuring Court Documents Search provides access to thousands of historical court documents located on KCC public access websites.The creditors become the trust beneficiaries and their claims are paid from trust assets by a waterfall established pursuant to the plan.In conjunction with the other provisions of the Bankruptcy Code that require a disclosure statement and plan to provide “adequate information” for a claim or interest holder to make an informed judgment about the plan, Section 1123(b)(3) effectively provides notice to creditors of retention and prospective enforcement of claims that may enlarge the estate’s assets for distribution.