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In re TOUSA, Inc., Case No. 08-10928 (JKO)
United States Bankruptcy Court, Southern District of Florida (http://www.flsb.uscourts.gov/)
Notice of Distribution of Proceeds of the Transeastern Settlement:
On January 11, 2018, the Bankruptcy Court for the Southern District of Florida entered an order (the “Transeastern Settlement Order”), approving a settlement (the “Transeastern Settlement”) that resolves—in substantial part—the remaining liability in the fraudulent conveyance action (the “Transeastern Litigation”) commenced in 2009 by the Official Committee of Unsecured Creditors on behalf of certain of the Debtors’ subsidiaries and transferred to the Liquidation Trust upon the Effective Date of the Debtors’ Plan of Liquidation (the “Plan”). Prior to entry of the Transeastern Settlement Order, the Transeastern Litigation was pending before the United States Court of Appeals for the Eleventh Circuit.
In accordance with the terms of the Transeastern Settlement Order, the Transeastern Litigation has been dismissed and, in consideration thereof and in exchange for releases from any remaining liability, the settling Transeastern Lender Defendants in the Transeastern Litigation have paid $160 million (the “Transeastern Settlement Payment”) to the Liquidation Trust for the benefit of holders of Conveying Subsidiaries Class 4A Liquidation Trust Interests (Senior Note Guaranty Claims), Conveying Subsidiaries Class 4B Liquidation Trust Interest (General Unsecured Claims), TOUSA Class 1B Transeastern Liquidation Trust interests (First Lien Claims) and Class 2 Transeastern Liquidation Trust Interests (Second Lien Claims) in accordance with the terms of the Plan and Liquidation Trust Agreement. Approximately $137 million of the Transeastern Settlement Payment has been received by the Liquidation Trust. The remaining amounts of the Transeastern Settlement Payment, which are being held by the Bankruptcy Court, have not yet been received. The Liquidation Trustee has commenced making distributions in respect of the $137 million of Transeastern Settlement Payment already received by the Liquidation Trust as set forth in the Distribution Schedule and will distribute the remaining funds promptly upon receipt; provided, however, that in accordance with section 4.6(h) of the Liquidation Trust Agreement, the Liquidation Trustee will not be making distribution to holders of Liquidation Trust interests if the amount to be distributed is or has an economic value of less than $100.
Status Update on Transeastern Litigation:
Please click here for an update on the status of the Transeastern Litigation.
Plan of Liquidation:
On August 6, 2013, the Amended Joint Plan of Liquidation (Docket No. 9442) was confirmed, and on August 21, 2013, the Amended Joint Plan of Liquidation went effective. Click here for a copy of the Plan and Confirmation Order, and click here for a copy of the Notice of Effective Date.
TOUSA Liquidation Trust Agreement:
On August 21, 2013, TOUSA Inc. ("TOUSA") on behalf of itself and the other Plan Debtors, and J Beck & Associates, Inc. entered in a Liquidation Trust Agreement.
Click here for a copy of the executed Liquidation Trust Agreement [Docket No. 9493, and Exhibit 1 to the Amended Joint Plan], or you may request a copy by writing or calling KCC at:
TOUSA Inquiries
c/o KCC
2335 Alaska Avenue
El Segundo, California 90245
Tel: (888) 647-1742
General Information:
On January 29, 2008 each of the Debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The thirty-nine Debtors (collectively, the "Bankruptcy Cases") are being Jointly Administered under Case No. 08-10928. The Bankruptcy Cases are pending before the Honorable John K. Olson, Bankruptcy Judge, United States Bankruptcy Court, Southern District of Florida.
United States Bankruptcy Court
Southern District of Florida, Fort Lauderdale Division
299 E. Broward Blvd., Room 112
Fort Lauderdale, FL 33301
T: (954) 769-5700 http://www.flsb.uscourts.gov/
The deadline to file proofs of claim has passed.
Please file proof(s) of claim, if any, via US Mail or other hand delivery system. Facsimile and other electronic delivery methods are not acceptable. You must file an originally executed proof of claim. If you would like a copy of your claim returned to you as proof of receipt, please enclose an additional copy and a self-addressed postage-paid envelope.
Attorneys' Addresses
Daniel H. Golden, Esq.
Philip C. Dublin, Esq.
Akin Gump Strauss Hauer & Feld LLP
590 Madison Ave.
New York, NY 10022-2524
T: (212) 872-1000
F: (212) 872-1002 http://www.akingump.com
Paul S. Singerman, Esq.
Berger Singerman
200 South Biscayne Blvd.
Suite 1000
Miami, FL 33131
T: (305) 755-9500
F: (305) 714-4340 http://www.bergersingerman.com
Richard M. Cieri, Esq.
Joshua A. Sussberg, Esq.
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022-4611
T: (212) 446-4800
F: (212) 446-4900 http://www.kirkland.com
Jeffrey H. Beck
J Beck & Associates, Inc.
433 Plaza Real
Suite 275
Boca Raton, FL 33432
T: (561) 288-0648
F: (561) 948-4796 http://www.becktrustee.com/
Office of the United States Trustee
51 S.W. First Avenue
Room 1204
Miami, FL 33130
T: (305) 536-7285
F: (305) 536-7360 http://www.usdoj.gov/ust/r21/index.htm
Note
Kurtzman Carson Consultants LLC ("KCC”) maintains this website at the direction of the Liquidation Trust. KCC maintains this website for the public's convenience and, while KCC makes every attempt to ensure 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, including lists of the Debtors' assets and liabilities, are available for inspection at the Clerk of the Bankruptcy Court, Southern District of Florida.
