In the latest quarterly report:
- The Receiver has accepted an offer for the plant real estate and the equipment. The Receiver will be petitioning this Court for approval of such a sale.
- A settlement in principal has been reached by the parties in the Receiver’s ligation against Astor, Weiss, Kaplan & Mandel, LLP, Christopher Flannery, Krassenstein & Unger, LLC, Steven Granoff, Rink and Tatum Consulting. This settlement also includes the Class Action Plaintiffs who brought claims against Christopher Flannery, Astor, Weiss, Kaplan & Mandel, LLP, Estill & Long, LLC, Steven Granoff, Krassenstein, Granoff & Unger, LLC, Carbon Diversion, Inc., Tracs Growth Investment, SFN Group, Inc. Rink and Tatum Consulting. Currently the parties are working on the language of the Global Settlement Terms.
- The parties will be seeking this Court’s approval of such terms in a motion scheduled to be filed on February 10, 2014.
- Hearing regarding the final issues regarding the Class-action Settlement the disposition of the Receivership Estate is currently scheduled for March 18, 2014 at 3:00 p.m. in front of this Court.
- As of December 31, 2013, the Receivership Estate had approximately $513,000 in cash on hand. This is down from the $557,000 that the Receiver had on hand at September 30, 2013.
It is going to be interesting to see how much the investors, employees and creditors receive compared to the lawyers. If you are an interested party you may want to speak up for your claim at the above hearings.
Anyone want to guess at how much will be remaining after legal and administrative fees? $1M, $2M, $3M?
Use the comments for your guess.