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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.

Following is a brief update from the Unsecured Creditors Committee as of October 1, 2019.

The nine (9) bankruptcy cases of the Debtors have now been substantively consolidated under the main case of CFO Holdings, Inc. – Case No. 19-40426. The remaining Debtor cases have all been closed.

The deadline for filing a Proof of Claim was extended to October 17, 2019. All claims must be filed with the Claims Agent on or before this date. Claim forms have been sent to all known creditors. If you have already filed a Claim or Claims with the Bankruptcy Court in any of the Debtor cases, you do not need to refile your Claim – all previously filed Claims have been transferred to KCC and are now all listed under the main CFO case. If you have not filed a Claim, or need another Claim form, you can go to their website – kccllc.net – and scroll down to the CFO case. Once there, you can view any pleadings that have been filed in these cases, as well as obtain a Claim form and/or see your filed Claim. If you need to file a Claim, please send your Claim to KCC:

CFO Claims Processing Center
c/o KCC
222 N. Pacific Coast Highway Suite 300
El Segundo, CA 90245

The Chapter 11 Trustee, along with his counsel and the Committee, have worked diligently in liquidating the assets of these Bankruptcy Estates. Some of the assets have already been sold (the four unfinished houses that were in various stages of completion) for an aggregate total of over $2 million. Other assets have pending offers on them, and the Trustee will be filing Motions to Sell in the near future on these assets. In fact, a Motion to Sell was filed on September 30, 2019 to sell the Starling House, and the hearing to approve this Motion is scheduled for October 22, 2019. Other properties are being marketed and will be sold as well.

An Order on the turnover of the $543,000.00 interpled funds has been entered by the Court and served on the US Treasury.

A claims trader has started sending correspondence to each of the creditors offering to buy their claim. Claims trading is a legitimate business and occurs often in larger Chapter 11 cases. Committee counsel cannot give advice on whether or not any individual claimant should agree to sell his or her claim to a claims trader. However, you should understand that claims traders typically want to make a healthy profit. That means that if the claims trader is only offering 16.50% for your claim, the claims trader is banking that the claims payout will ultimately be in excess of 16.50%. So, each claimant must decide whether he or she wants to sell their claim now. If any creditor has retained counsel in this case, we would recommend you contact such counsel to discuss your options further.

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 if you have any problems obtaining it from the KCC website.

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