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The following information is provided by the Official Committee of Unsecured Creditors for information purposes only and has not necessarily been reviewed or approved by the Chapter 11 Trustee:

Official Committee of Unsecured Creditors

On February 28, 2019, the United States Trustee (“UST”) filed its Notice of Appointment of Creditors’ Committee consisting of five unsecured creditors: Phillip Hokit (Chairman), Douglas McLean, Joyce Lasich, Karen Wright and Don Frisbee, Jr. (“Committee”) to represent the unsecured creditors in the nine (9) bankruptcy cases filed on February 17, 2019 in the United States Bankruptcy Court for the Eastern District of Texas, Sherman Division.

On March 11, 2019, the Committee retained Larry A. Levick and Michelle E. Shriro of the firm of Singer & Levick PC as their attorneys to represent the Committee during the pendency of these bankruptcy cases.

On March 18, 2019, the UST held its first 341 creditors meeting in connection with this bankruptcy. The second and final 341 creditors meeting was held on April 19, 2019.

Following a vigorously contested hearing held on April 2, 2019, the Court denied continuing the retention of Winstead PC as counsel for the Debtors, as well as denied continuing the retention of SierraConstellation and its Chief Restructuring Officer Lawrence Perkins. At this same hearing, the Court approved the Application to Appoint a Chapter 11 Trustee, and the US Trustee thereafter appointed David Wallace as the Chapter 11 Trustee. Mr. Wallace has retained the firm of Ross & Smith as his general counsel, and Thompson & Knight as his special real estate counsel.

In the short time that Mr. Wallace has been involved in this case, he, along with his counsel and the Committee, have worked diligently in attempting to begin liquidating the assets of these Bankruptcy Estates. Mr. Wallace has filed a Motion to Approve Listing Brokers and a Motion to Sell the four unfinished single family houses for the gross purchase price of $2,105,000.00, as well as working with the Committee’s counsel on moving forward with selling of other assets. A hearing has been scheduled for May 28, 2019 at 2:30 PM in the Bankruptcy Court, and it is expected that the Court will approve both Motions.

At a recent hearing held on May 14, 2019, the Court orally extended the deadline for filing Proofs of Claim to October 17, 2019. The Court will memorialize that ruling with a written Order that will be entered shortly. The Committee, along with the Trustee’s counsel, will continue with a strategy which will allow all Proofs of Claim – regardless of which Debtor case they are filed in – to be considered as if filed in each case. This will eliminate confusion as to which case to file your Claim in, as well as not having to file a Claim in each case.

If you have any questions or need any additional information from the Committee, please contact Singer & Levick’s Paralegal, Suzanne Cotton. She may be reached via phone: 972.380.5533 or via email: scotton@singerlevick.com. In addition, she will be glad to assist you with providing the form you will need for filing your Proof of Claim.

Counsel for the Committee:
Larry A. Levick
Singer & Levick PC
16200 Addison Road, Suite 140
Addison, Texas 75001
Phone: 972.380.5533
Fax: 972.380.5748