Astropower liquidating trust
Trustee companies are the ‘square peg’ in the round hole of the .Experience suggests that, particularly in smaller liquidations, insolvency practitioners frequently approach these liquidations without a full appreciation of the conceptual differences that apply to trustee companies, and without obtaining all the additional approvals or directions from the court that may be necessary for the liquidator to sell trust assets.Findings of Fact, Conclusions of Law and Order Under 11 U. Liquidating a trustee company gives rise to an added layer of complexity in liquidations, with the liquidator obliged to follow not only the statutory regime, but to also comply with the equitable principles of trusts and potentially the trust deed itself.Holders of Class 4 Intercompany Claims shall neither receive nor retain any property on account of their Claims or Interests. and the Official Committee of Unsecured Creditors, dated October 5, 2004.
Except as otherwise agreed, Allowed Administrative Claims, other than Professional Fee Claims, Allowed Class 1 Secured Claims, and Allowed Class 2 Priority Claims will be paid in full on the Effective Date as set forth in the Final Plan or as soon thereafter as practicable.
Holders of Allowed Convenience Class Claims will also be paid on the Effective Date.
Holders of Allowed Class 3B General Unsecured Claims will receive their Pro Rata share of the Liquidating Trust Assets in one or more distributions depending on, among other things, the amount of reserves necessary for payment of Disputed Claims and estimates of other costs and expenses of the Liquidating Trust. 3020 Confirming Revised Liquidating Plan Proposed by Astro Power, Inc.
On February 1, 2004, the Registrant filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court).(1) Chief Bankruptcy Judge Mary F. Glassman remains the Interim CFO, and the incumbent directors also remain.
Walrath of the Bankruptcy Court was assigned to preside over the case on February 2, 2004, and the case is being administered as Case No. While jurisdiction over substantially all of the assets and business of the Registrant was assumed by the Bankruptcy Court, the Registrant remains a debtor in possession under the Bankruptcy Code. On August 6, 2004, the Registrant filed with the Bankruptcy Court the Liquidating Plan Proposed by Astro Power, Inc. 3020 Confirming Revised Liquidating Plan Proposed by Astro Power, Inc.