Reporting liquidating distributions
The only difference is that Exhibit 1 lists the claims in numerical order by claim number and Exhibit 2 lists the claims in alphabetical order by the name of the claimant.
Where a proof of claim identified the claimant as a minor, that minor’s name has been abbreviated as required by the bankruptcy court rules.
Exhibit 1 and Exhibit 2 include all of the same names and have the same distribution amounts. Click HERE to access that motion, which described in detail the reasons why the Trustee believed the settlement should be approved. National Lampoon currently does not have the funds to pay the settlement amount, and the Trustee has agreed to accept payment of 15% of National Lampoon’s gross receipts on a monthly basis. Recently, the Trustee reached settlements with the three remaining defendants in this case: a. These claims do not include claims for post-petition professional fees and other administrative expenses.
The only difference is that Exhibit 1 lists the claims in numerical order by claim number and Exhibit 2 lists the claims in alphabetical order by the name of the claimant. Payment is secured by a first lien on National Lampoon’s receivables, and in the event that the company or its assets are sold, the proceeds will be first paid to the Trustee, on a pro rata basis with one other secured creditor who is owed million. James Cochran, one of Fair Finance’s owners, assigned the Trustee substantially all of his existing and future assets. The Trustee anticipates commencing a claim allowance process to enable calculation of the actual claims against the estate.
The Trustee also obtained full payment on the million note from his settlement with National Lampoon. Both the Trustee and Textron recently filed motions for summary judgment to narrow the issues that would be heard at a trial. The Trustee is unable to estimate how much will be recovered in connection with further collection efforts. Approximately ,350 from the settlement with United Expressline remains outstanding and is secured by the company’s assets and personal guaranties. The Debtor’s former headquarters (Market Street, Akron) has an estimated value of approximately 0,000. This property is a free-standing home located in Gun Barrel City, Texas. The Trustee’s initial diligence suggests a possible value of around 5,000. Tim Durham has assigned to the Trustee his stock in National Lampoon.
Another ,001 debt owed to the bankruptcy estate from Midwest Rubber was repaid on October 25, 2017. The Bankruptcy Court has not yet ruled on the motions. However, the Trustee is unable to estimate how much may be recovered from an eventual sale of this asset. The Trustee will be filing a motion with the Bankruptcy Court seeking authority to sell the property shortly. National Lampoon has agreed to provide the Trustee with an accounting of its stock ownership records, but the Trustee believes that Durham has a substantial equity ownership interest in the company.
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Creditors should receive a check within 7-10 days after the Report of Interim Distribution was filed. Payment is secured by a deed of trust on a home owned by Daniel Laikin and his wife in Malibu, California. A motion to approve a settlement in the amount of ,000,000 is currently pending before the Bankruptcy Court. The Trustee previously settled with most of the defendants, including Timothy Durham, Keith Schaffter, Rick Snow, and Jeffrey Eglen. The Trustee has received expressions of interest in potential transactions to acquire rights to this 100 year old brand, but does not have an estimate of value at this time. The Trustee is unable to estimate how much may be recovered from any eventual sales of these stock interests. Claims Process Claims filed by creditors of Fair Finance total approximately 9,000,000.
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Creditors should receive a check during the week of April 9th.
Exhibit 1 and Exhibit 2 include all of the same names and have the same distribution amounts.