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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 January 29, 2021.
All real-estate assets of the Estate have been sold and have closed, other than the Double Droptine Ranch asset, for which a sale is approved and pending. This sale is contemplated to close in or before February 2021.
On January 13, 2021, the Court approved the Second Amended Plan filed by the Trustee. The Plan is expected to go Effective in February 2021. As always, any creditor wishing to obtain a copy of the Plan, or any pleading which has been filed in this case, can visit the “Court Docket” or “Plan and Disclosure Statement” tabs of this website (http://www.kccllc.net/cfomanagementholdings) maintained by the Claims Agent – Kurtzman Carson Consultants LLC, to download a copy free of charge.
Once the Plan becomes Effective, the Trustee anticipates making a distribution to the creditors within the following 30 - 60 days. Pursuant to Article 6.1 of the Plan, except as provided otherwise in the Plan, distributions will be made by mail to each creditor entitled to receive distributions under the Plan at either the address set forth in the respective creditor’s proof of claim (or the Debtor’s schedules if no proof of claim has been filed) or the address set forth in any subsequent written notice from the creditor to the Trustee or Liquidation Trustee, as applicable, of an address change or transfer of the claim. If your address has changed since the filing of your proof of claim or if you otherwise need to provide a new address to the Trustee for payment of distributions under the Plan, please notify Trustee’s counsel: Jessica Lewis, Ross & Smith PC, 700 N. Pearl Street, Suite 1610, Dallas, TX 75201, Email: email@example.com in writing (which may be sent—and is preferred—by email) as soon as possible to prevent distributions being sent to the previously listed address. Note that, notwithstanding the above, distributions on account of Investor Claims based on payments made through an IRA will be made to the applicable IRA custodian for the benefit of the Investor if such a custodian is indicated on the Investor Claim Schedule or if an Investor notifies the Trustee or Liquidation Trustee, as applicable, in writing that distributions should be made through such a custodian. Investors should consult with their individual tax advisors regarding the consequences of taking such distributions directly or through an IRA. If you would like to direct the Trustee not to make payments through your IRA or you have closed your IRA account since July 2019 and are still listed on the Investor Claim Schedule (last version available at Docket No. 653-17), please contact above-referenced Trustee’s counsel as soon as possible.
Attached as Exhibit B to the Confirmation Order is a letter from the Trustee regarding the valuation of certain Investor-related promissory notes. Investor creditors in this case are encouraged to review the letter and consult with their individual counsel or tax advisors regarding the use of such valuation letter in connection with IRA or related tax matters that may be impacted by the value of the promissory notes at issue.
A Bar Date of February 12, 2021 has been set for Administrative Expense Claims, which, pursuant to the Plan, are identified as (a) Administrative Claims that are Allowed as of the Administrative Claims Bar Date; (b) Ordinary Course General Administrative Claims; (c) Claims of a Governmental Unit not required to be filed pursuant to §503(b)(1)(D) of the Bankruptcy Code; (d) Professional Claims; or (e) Claims for U.S. Trustee Fees. This does NOT mean that any creditor needs to file another Proof of Claim on account of his or her Investor Claim or other pre-petition (i.e. pre-bankruptcy) claim. Administrative Expense Claims are primarily claims asserted by Trustee professionals, vendors, and other service providers who provided services or goods during the bankruptcy case.
If you have any questions or need any additional information from the Committee, or have any questions about your Claim, please contact Singer & Levick’s Paralegal, Suzanne Cotton. She may be reached via phone: 972.380.5533 or via email: firstname.lastname@example.org.
Counsel for the Committee:
Larry A. Levick
Singer & Levick PC
16200 Addison Road, Suite 140
Addison, Texas 75001