George L. Miller, Trustee

Eight Penn Center, Suite 950

1628 John F. Kennedy Boulevard

Philadelphia, PA 19103

 

Phone: (215) 561-0950

Fax: (215) 561-0330

Email: [email protected]

 

 

October 6, 2010

 

STATUS UPDATE # 28

 

NOTE: The Status Updates are cumulative. Please read all twenty-eight updates.

 

The Bankruptcy Trustee is receiving hundreds of telephone calls, e-mails and letters requesting an update. There has been little activity since Status Update #27.

 

 

BANKRUPTCY COURT ACTION

 

Greenwich has filed numerous Motions for Summary Judgments and the Trustee has filed the Response to the Motions as previously reported. The Bankruptcy Court must decide these Motions before a trial date can be set. The Bankruptcy Court has not yet rendered a decision. Because of the case complexities, the Bankruptcy Trustee cannot estimate when the Bankruptcy Court could render its decision.

 

 

STATE COURT ACTION

 

The Arbitration with the Debtorsí former accountant has been scheduled. However, the former accountants have filed Motions for Summary Judgments and the Trustee has filed the Responses to the Motions. The Arbitrators must decide these Motions before the Arbitration can begin. The Bankruptcy Trustee estimates that a decision on the Motion could occur soon which would allow the Arbitration to proceed.

 

 

CLAIMS PROCESS

 

As reported previously, the Bankruptcy Court has determined that the treatment of noteholder claims is between the individual noteholders and the Indentured Trustee's. Accordingly, all questions and address changes should be directed to the Indentured Trustee's. The Bankruptcy Trustee is preparing a spreadsheet which would assist the noteholders in identifying who to contact. The Bankruptcy Trustee estimates this information will be posted on this website in late 2010 or early 2011.