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Dear Victims,
The Bankruptcy Plan was
confirmed by the court on October 7, a copy of that Plan is available on this
website.
Now that this bridge has been
crossed, the next logical question is when the distributions under the plan will
be made. Like everything else in this difficult case, I can not give a specific
date in that many of the factors outlined in the schedule below are beyond our
control.
Having said that, below are the
ABSOLUTELY MOST OPTIMISTIC dates involved in the distribution process. Any date
that is not met will cause the dates following to be moved back accordingly.
It is with great reluctance that
I even publish the information below as it is meant as a guideline only and
again offered only as an absolute "BEST CASE" scenario.
October 23,
2009:
Approximate Date for entry of Final Class Action Judgment and Bar Order (the
"CABO").
November 23,
2009:
Approximate Deadline to Appeal Class Action CABO (30 Days from Oct 23rd).
Certain
major settlements do not become finalized until the Class Action settlements
are no longer appealable and therefore until this deadline has passed, major
funds which will be included in the distribution are not even available to us.
November 24,
2009:
Approximate Date to Begin Collection of Funds Under many of the Plan Funding
Party Agreements.
December 4,
2009:
Approximate Date by Which Most Funds Must be P
aid (5-10 days
from Nov. 24th).
Week of
December 7, 2009: Earliest Date that We Commence Distributions.
I recognize the hardships that
all of the victims and creditors have endured and while I would love to make
distributions “today” – It legally cannot occur. All I can do is assure you
that we will do everything in our power to expedite payments.
Best Regards,
The 1031 Tax Group LLC
Gerard
A. McHale, Jr.
Gerard A. McHale, Jr.
Chapter 11 Bankruptcy Trustee
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