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]



December 21, 2011




NOTE: The Status Updates are cumulative. Please read all thirty-one updates.




On December 7, 2011, the Honorable Judge Mary F. Walrath signed the Order approving the Bankruptcy Trustee's First Omnibus Claims Objection related to the proofs of claims filed by all individual noteholders. The Bankruptcy Trustee filed this Omnibus Claims Objection because the Bankruptcy Court determined that the rights of the individual noteholders (including the acceptance or denial of claims) to receive distributions is governed by the terms and conditions of the Trust Indenture Agreements executed in connection with the issuance of the notes to the individual noteholders prior to the bankruptcy filing.


The Trust Indenture Agreements state that an Indentured Trustee be appointed to represent all individual noteholders and grants them the ability to file claims on their behalf. Accordingly, each of the three Indentured Trustees (US Bank, Wells Fargo or Law Debenture) has filed claims on behalf of all the individual noteholders.


Individual noteholders filed in excess of 22,000 proofs of claim. Claims had already been filed on the individual noteholders behalf by one of the three Indentured Trustees listed above. The purpose of the Bankruptcy Trustee's First Omnibus Claims Objection was to simply eliminate the individual noteholder claims so that distributions can be made to the Indentured Trustees who will then distribute the monies to the individual noteholders themselves.


If you are an individual noteholder, please see Status Update #29 to determine which Indentured Trustee you will need to contact in order to receive a distribution. All questions, address changes and other inquiries should be directed to the appropriate Indentured Trustee listed next to your name.


The Bankruptcy Trustee has recently paid an additional distribution of approximately $4,000,000 to Wells Fargo and Law Debenture bringing their total distribution from the bankruptcy estate to approximately $37,000,000 or 38.5% of the allowed Senior Collateralized Noteholder Claims.


No distributions have been paid to US Bank. According to the website of Wells Fargo and Law Debenture, EPIQ mailed a notice of distribution on November 28, 2011 to all Senior Collateralized Noteholders which included certain forms that will need to be completed in order to receive a distribution. If the schedule on Status Update #29 indicates Wells Fargo or Law Debenture next to your name and you have not received this notice of distribution, please contact EPIQ at 1-877-810-7250. If the schedule on Status Update #29 shows US Bank, please contact EPIQ at 1-646-282-2526 for additional information.