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Stephen Lerner is chair of the Squire Patton Boggs Restructuring & Insolvency Practice Group.
He has an extensive national and cross-border restructuring practice in which he represents debtors, distressed businesses, committees of unsecured creditors, secured and unsecured creditors, equity interest holders and acquirers of troubled businesses in Chapter 11 reorganization cases, Chapter 15 cross-border cases, Chapter 9 municipal restructurings and out-of-court restructurings throughout the United States, Europe and, more recently, in the United Arab Emirates, South America and India.
Maximizing recovery is the primary goal of every liquidating trustee. Bankruptcy Court for the Northern District of Texas then confirmed the plan and the Court established the PR Liquidating Trust with Milo Segner as liquidating trustee.
In May, 2010, 93 percent of investors approved a liquidation plan for Provident Royalties, LLC.
On July 13, 2011 the Bankruptcy Court denied FPL’s motion for leave to amend its answer to add a new defense.
Pursuant to the Third Modified Fourth Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for Century-TCI Debtors and Parnassos Debtors (the “JV Plan”), which became effective on July 31, 2006; the Main Plan, which became effective on February 13, 2007; and certain other orders entered by the Bankruptcy Court, litigation indemnification funds (each, a “LIF”) were created with funds provided by Adelphia to provide certain defendants in the Bank Litigation (see Plan) provisional and conditional reimbursement of legal fees and expenses expected to be incurred in connection with defending litigation involving certain credit facilities.
Stephen has led the representation of debtors or other leading parties in the Chapter 11 restructurings of Am Fin Financial, Chrysler, Eagle Picher, Energy & Exploration Partners, Enron, Lehman Brothers, Midway Gold, Optima Specialty Steel, Patriot Coal, Station Casinos, Veris Gold and World Com, among many others, and he represented the Court Appointed Expert in the City of Detroit’s historic Chapter 9 case.
Stephen recently served as special counsel to the State of New Jersey in the out of court restructuring of Atlantic City and as lead restructuring advisor to Dana Gas PJSC, the largest independent gas company in the Middle East, in its US0 million Islamic financing restructuring.
Pursuant to the main Plan, the claims asserted in the FPL Litigation were transferred to the ART.
the JV Plan provides that the JV LIF will be replenished by the ART under certain conditions, such as “upon the receipt . The LIFs created under the Main Plan (the “Main Plan LIFs”) are fixed in amounts and not subject to replenishment.
Because the JV LIF is evergreen, whereas the Main Plan LIFs are capped, the allocation of defense costs among the categories of LIFs is a matter of economic significance.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Certain entities (the “JV Claimants”) have submitted formal claims that through June 30, 2011 aggregated approximately $27 million in excess of the $10 million initially deposited in the JV LIF by Adelphia.