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]
March 7, 2011
STATUS UPDATE # 29
NOTE: The Status Updates are cumulative. Please read all twenty-nine 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 #28.
BANKRUPTCY COURT ACTION
There has been no activity since Status Update #28. 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 Debtors' former accountant has begun and there has been approximately 20 days of testimony over the past several months. There are still ten days of testimony scheduled. If no more days of testimony are needed I would anticipate a decision from the Arbitration Panel in late summer or in the fall.
As previously reported by the Trustee, the Bankruptcy Court has determined that the rights of individual noteholders (including acceptance or denial) to receive distributions is governed by the terms and conditions of the Indenture Agreements executed in connection with the issuance of notes prior to ABFS' bankruptcy filing. The Bankruptcy Trustee is not authorized to make any determination as to the timing and amount of any distribution you may be entitled to receive as individual noteholders.
The Bankruptcy Trustee intends to file an omnibus objection to the proofs of claims filed by individual noteholders because such individual proofs of claims are duplicated of the claims filed by the Indenture Trustee's on behalf of all of the individual noteholders and allowed by the Bankruptcy Court. The following list (found at this link) should assist the noteholders in identifying which Indenture Trustee they may contact in order to resolve any and all issues with respect to their individual claims.
This list is sorted alphabetically by last name for individuals or by the first name if not an individual. In order to determine which Indenture Trustee you may contact, please identify the Remaining Claim Number next to the individual noteholders name which corresponds to the contact information below:
Claim No. Indenture Trustee Contact Information
Claim 14093 US Bank Epiq Systems, Inc. telephone # 1-646-282-2526
Claim 19730 Wells Fargo Epiq Systems, Inc. telephone # 1-877-810-7250
Claim 26564 Law Debenture Epiq Systems, Inc. telephone # 1-877-810-7250
The Bankruptcy Trustee has already paid $33,000,000 collectively to Wells Fargo and Law Debenture. No distribution has been made to U.S. Bank.
Accordingly, all questions regarding your individual claims may be directed to the appropriate Indenture Trustee listed above.