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RNI Wind Down Corporation f/k/a Riverstone Networks, Inc. et al.
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In re RNI Wind Down Corporation, Case No. 06-10110 (CSS)
United States Bankruptcy Court, District of Delaware (http://www.deb.uscourts.gov ) |
Welcome to the Communication Center for the Plan Administrator. At this site you can:- Submit a comment or inquiry regarding the status of these cases to rni@vlpc.com
- Track important dates and milestones throughout these cases
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General Information:
On February 7, 2006, Riverstone Networks, Inc., BlueCoast Software, The OASys Group, Inc., Riverstone Networks SPC, Inc. and Pipal Systems, Inc. (collectively, the "Debtors") each filed voluntary chapter 11 petitions. The Debtors' reasons for filing for bankruptcy were (a) the Debtors were operating at a net loss for each fiscal year since 2001; (b) the Security and Exchange Commission’s investigation surrounding the Debtors’ accounting practices concerning recognition of revenue on sale transactions, which resulted in the termination or resignation of virtually all of the Debtors’ management; (c) the de-listing of the Debtors’ stock; and (d) the highly competitive nature of the Debtors’ business.
On February 17, 2006, the United States Trustee appointed the Creditors' Committee. On March 8, 2006, the United States Trustee appointed the Official Committee of Equity Security Holders.
On March 23, 2006, the Court entered an order approving the sale of substantially all of the Debtors’ assets to Lucent Technologies, Inc. The sale closed on April 27, 2006.
| Debtor Name |
Debtor Case Number |
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| Riverstone Networks, Inc. |
06-10110 |
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| BlueCoast Software |
06-10111 |
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| The OASys Group, Inc. |
06-10112 |
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| Riverstone Networks SPC, Inc. |
06-10113 |
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| Pipal Systems, Inc |
06-10113 |
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Graph 2 (General info)
On September 12, 2006 the Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") entered an order confirming the Joint Plan of Reorganization and Liquidation Under Chapter 11 of the Bankruptcy Code, as Revised (the "Plan"). The Plan became effective on September 25, 2006 (the "Effective Date"). In accordance with the terms of the Plan, the Plan Administrator, Craig R. Jalbert (the "Plan Administrator"), was designated to, among other things, administer the distributions provided for under the Plan and to resolve outstanding claim objections and other matters relating to the liquidation of the Debtors' estates. Mr. Jalbert may be contacted at rni@vlpc.com or by submitting an inquiry as indicated above.
On or about Friday, September 29, 2006, the Plan Administrator made distributions to holders of Allowed General Unsecured Claims (as defined in the Plan) in amounts equal to 100% of the allowed amount of such claims plus 5% interest. The Plan Administrator also made an initial (partial) distribution equal to $1.062 per share to holders of Allowed Equity Interests (as defined in the Plan) on September 29, 2006. A second distribution of $0.168 per share was made on or about December 22, 2006. A third distribution of $0.052 per share was made on or about December 20, 2007. A fourth distribution of $0.03 per share was made on or about March 14, 2008. A fifth distribution of $0.0188 per share was made in or about December 2008 through January 2009. A sixth (partial) distribution of $0.045 per share was made on or about December 22, 2010. It may take up to 2-3 weeks before the distribution is credited to brokerage accounts. If you hold your shares in a brokerage account please contact your account representative at your brokerage firm.
A wire to fund the sixth distribution to Allowed Class 7a Equity Holders was sent to Mellon Bank (the Transfer Agent") by the Plan Administrator on December 22, 2010. The Depository Trust Company ("DTC") allocated funds for distribution to those shareholders who receive their distribution into a brokerage account on January 21, 2011. The Plan Administrator, unfortunately, has no control over the timing of the payment by the Transfer Agent or electronic allocation by the DTC to equity holder accounts. Allowed Option Holders, as in the past, received their distribution via check; these checks were mailed on December 22, 2010.
The Plan Administrator anticipates making a final distribution at the conclusion of the Reorganized Debtor's Chapter 11 cases, which is expected to occur no sooner than 2012.
Prior to the Effective Date, the Plan Administrator filed objections to all disputed proofs of claim. In accordance with the terms and conditions of the Plan, the Plan Administrator has withheld and reserves cash for any distribution to any holder of a Disputed Claim (as defined in the Plan). Before making distributions to holders of undisputed proofs of claim, the Plan Administrator must collect sufficient data in order to comply with federal and state tax laws related to year end information reporting of payments made, including preparing Form 1099 information returns. In order to comply with applicable law, the Plan Administrator has requested that certain domestic creditors complete a return or Form W-9. Foreign creditors must complete and return a Form W-8BEN and provide certain other information related to foreign persons or entities. The Plan Administrator will withhold and reserve for any distribution to any creditor that fails to return a completed Form W-9 or W-8BEN and associated information, as requested. The Plan Administrator has withheld and reserves cash for any distribution to any holder of a claim where he is collecting the aforementioned tax related information.
In accordance with Paragraph 44 of the Plan Confirmation Order, the Plan Administrator has posted its most up to date Quarterly Report below describing the receipt and disbursement of funds, professional fees and other expenses incurred, material litigation and other events, and distributions made. Please note that the cash balance listed in the Quarterly Report includes all amounts required to satisfy the reserves required pursuant to the Plan, including without limitation, with respect to disputed claims, indemnification claims and post-effective date administration of the Reorganized Debtors.
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Comments and Inquiries: The Plan Administrator solicits your comments and inquiries regarding these cases. To submit your comments/inquiries, please send an email to rni@vlpc.com |
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Important Dates, Deadlines & Documents: Some dates, deadlines and documents in the Debtors' Bankruptcy Cases that may be relevant to interested parties are set forth below: |
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| Voluntary Petition |
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February 7, 2006 |
| Hearing on First Day Motions |
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February 7, 2006 |
| Creditors' Committee Appointment |
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February 17, 2006 |
| Equity Committee Appointment |
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March 8, 2006 |
| Schedules and Statements |
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March 14, 2006 |
| Sale Order |
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March 23, 2006 |
| 1102(b)(3) Order |
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April 11, 2006 |
| Bar Date Order |
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April 13, 2006 |
| Bar Date Notice |
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April 13, 2006 |
| Agreed Order in Aid of Plan Process |
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May 28, 2006 |
| First Supplemental Order Modifying Agreed Order |
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June 30, 2006 |
| Debtors' Disclosure Statement |
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August 9, 2006 |
| Joint Plan of Reorganization and Liquidation |
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August 9, 2006 |
| Order Approving Disclosure Statement |
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August 9, 2006 |
| Final Date for Stockholder to File Actions Against Officer or Director of Debtors |
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September 1, 2006
(4:00 P.M.) |
| Deadline for Casting Votes on Plan of Reorganization |
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September 5, 2006
(4:00 P.M.) |
| Report of the Official Committee of Equity Security Holders |
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August 23, 2006 |
| Noah D. Mesel's Response to the Official Committee of Equity Security Holders' Report |
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September 1, 2006 |
| Order Confirming Joint Plan of Reorganization |
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September 12, 2006 |
| Plan Confirmation and Effective Date |
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September 25, 2006
(9:01 A.M.) |
| First Omnibus Objection to Claims |
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September 20, 2006 |
| Second Omnibus Objection to Claims |
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September 23, 2006 |
| Third Omnibus Objection to Claims |
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September 23, 2006 |
| Plan Administrator's First Quarterly Report |
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January 15, 2007 |
| Plan Administrator's Quarterly Report for Period Ending March 31, 2007 |
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April 17, 2007 |
| Plan Administrator's Quarterly Report for Period Ending June 30, 2007 |
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July 16, 2007 |
| Plan Administrator's Quarterly Report for Period Ending September 30, 2007 |
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October 15, 2007 |
| Notice of Reduction of 6A-2 Reserve |
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October 15, 2007 |
| Plan Administrator's Quarterly Report for Period Ending December 31, 2007 |
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January 14, 2008 |
| Plan Administrator's Quarterly Report for Period Ending March 31, 2008 |
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April 15, 2008 |
| Plan Administrator's Quarterly Report for Period Ending June 30, 2008 |
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July 15, 2008 |
| Plan Administrator's Quarterly Report for Period Ending September 30, 2008 |
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October 16, 2008 |
| Plan Administrator's Quarterly Report for Period Ending December 31, 2008 |
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September 14, 2009 |
| Plan Administrator's Quarterly Report for Period Ending March 31, 2009 |
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April 14, 2009 |
| Plan Administrator's Quarterly Report for Period Ending June 30, 2009 |
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July 14, 2009 |
| Plan Administrator's Quarterly Report for Period Ending September 30, 2009 |
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October 15, 2009 |
| Plan Administrator's Quarterly Report for Period Ending December 31, 2009 |
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January 13, 2010 |
| Plan Administrator's Quarterly Report for Period Ending March 31, 2010 |
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April 13, 2010 |
| Plan Administrator's Quarterly Report for Period Ending June 30, 2010 |
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July 14, 2010 |
| Plan Administrator's Quarterly Report for Period Ending September 30, 2010 |
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October 13, 2010 |
| Plan Administrator's Quarterly Report for Period Ending December 31, 2010 |
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January 18, 2011 |
| Plan Administrator's Quarterly Report for Period Ending March 31, 2011 |
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April 19, 2011 |
| Plan Administrator's Quarterly Report for Period Ending June 30, 2011 |
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August 4, 2011 |
| Plan Administrator's Quarterly Report for Period Ending September 30, 2011 |
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October 17, 2011 |
| Plan Administrator's Quarterly Report for Period Ending December 31, 2011 |
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January 17, 2012 |
| Plan Administrator's Quarterly Report for Period Ending March 31, 2012 |
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May 1, 2012 |
| Plan Administrator's Quarterly Report for Period Ending June 30, 2012 |
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July 23, 2012 |
| Plan Administrator's Quarterly Report for Period Ending September 30, 2012 |
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January 14, 2013 |
| Plan Administrator's Quarterly Report for Period Ending December 31, 2012 |
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January 14, 2013 |
| Plan Administrator's Quarterly Report for Period Ending March 31, 2013 |
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April 16, 2013 |
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Parties and Addresses: | | |  | | United States Bankruptcy Court
District of Delaware
824 Market Street, 3rd Floor
Wilmington, DE 19801
T: (703) 258-1200
http://www.deb.uscourts.gov |
| | | | Plan Administrator
Craig R. Jalbert
Verdolino & Lowey, P.C.
124 Washington Street, Suite 101
Foxboro, MA 02035
E-mail: rni@vlpc.com |
| | Counsel to the Plan Administrator
William R. Baldiga, Esq.
Brown Rudnick Berlack Israels LLP
One Financial Center
Boston, MA 02111
T: 617-856-8200
F: 617-856-8201
http://www.brownrudnick.com |
| | Stock Transfer Agent
Mellon Investor Services
T: 800-264-2038 |
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Note:
Kurtzman Carson Consultants LLC ("KCC") maintains this website at the direction of Craig R. Jalbert, Plan Administrator. KCC maintains this website for the public's convenience and, while KCC makes every attempt to assure the accuracy of the information contained herein, this website is not the website of the United States Bankruptcy Court and does not contain the complete, official record of the Bankruptcy Court. All documents filed with the Court are available for inspection at the United States Bankruptcy Court, District of Delaware.
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