Information For Creditors of the Receivership

The deadline to dispute investor or creditor claims or to submit new claims to the receivership has now CLOSED.

On June 9, 2009, the Court entered an endorsed letter imposing a bar date for all claims of investors, unsecured creditors, secured creditors, liquidated creditors, unliquidated creditors, or government creditors of June 30, 2009. This deadline has now passed. A copy of the Court's endorsed letter can be found here.

On July 23, 2009, the Court issued a ruling on the Receiver's Plan of Distribution. The full text of the Opinion can be found here.

The Court then issued an order on August 19, 2009 setting a hearing date and procedure for resolving all outstanding claims disputes for investors and creditors consistent with its ruling on the Receiver's Plan of Distribution. A copy of this Order can be found here.

The Order required all claimants who wished to supplement their claims to do so by August 31, 2009. The Receiver submitted these supplemental materials to the Court on September 14, 2009, together with a statement setting forth the Receiver's position on all remaining active disputes. Redacted copies of all materials were also filed electronically on September 14, 2009. Copies of those materials can be found here.

The Court held a hearing on September 24, 2009 to hear evidence and arguments regarding all outstanding investor and creditor claims disputes related to the Court's July 23, 2009 ruling on the Receiver's Plan of Distribution. The Court reserved judgment on several pending disputes and has indicated that a written opinion will be forthcoming, although no timetable was provided. The Receiver will post a copy of a transcript from the hearing and a copy of the Court's opinion on his website as soon as they become available. Once the Court resolves the remaining claims disputes, the Receiver will be in a position to seek permission from the Court to make a first interim distribution to victims from existing estate assets.