Portrait liquidating trust
Pursuant to the terms of the Plan and the Confirmation Order, as of the Effective Date, The Portrait Liquidating Trust (the "Trust") was created, Ocean Ridge Capital Advisors, LLC was appointed the Liquidating Trustee, and the Debtors and the Liquidating Trustee entered into the Liquidating Trust Agreement (the "LTA").In accordance with the terms of the Confirmation Order, the Plan and the LTA, the Liquidating Trustee is charged with liquidating and distributing the assets of the Trust for the benefit of the beneficiaries.
Paulson famously made .9 billion by using credit default swaps to short the subprime mortgage market. boosted its position in the trust by acquiring mortgage insurer MBIA’s stake for roughly a share. 06-22541 (RDD) Jointly Administered NOTICE OF MOTION OF THE LIQUIDATING TRUSTEE FOR THE PORTRAIT LIQUIDATING TRUST FOR AN ORDER: (I) AUTHORIZING, BUT NOT DIRECTING, FINAL DISTRIBUTION; (II) APPROVING REDUCTION OF TIME ALLOWED UNDER THE PLAN TO CASH CHECKS ISSUED AFTER TERMINATION DATE; (III) APPROVING TERMINATION DATE AS THE DEADLINE TO SUBMIT REQUEST IN WRITING FOR A DISTRIBUTION OF LESS THAN 0.00; (IV) APPROVING SUPPLEMENTAL DISTRIBUTION DOLLAR THRESHOLD; (V) APPROVING ABANDONMENT AND/OR DESTRUCTION OF RECORDS AND REMAINING PROPERTY; (VI) APPROVING PROPOSED ENTRY OF FINAL DECREE CLOSING THESE CHAPTER 11 CASES; (VII) APPROVING TERMINATION OF EPIQ BANKRUPTCY SOLUTIONS, LLC AS CLAIMS AGENT; AND (VIII) GRANTING RELATED RELIEF AS IS JUST AND PROPER PLEASE TAKE NOTICE that the Motion of the Liquidating Trustee for The Portrait Liquidating Trust for an Order: (I) Authorizing, But Not Directing, Final Distribution; (II) Approving Reduction of Time Allowed Under the Plan to Cash Checks Issued After Termination Date; (III) Approving Termination Date as the Deadline to Submit Request in Writing for a Distribution of Less than 0.00; (IV) Approving Supplemental Distribution Dollar Threshold; (V) Approving Abandonment and/or Destruction of Records and Remaining Property; (VI) Approving Proposed Entry of Final Decree Closing These Chapter 11 Cases; (VII) Approving Termination of Epiq Bankruptcy Solutions, LLC as Claims 1 The Debtors in the above-captioned Chapter 11 Cases were: Portrait Corporation of America, Inc., PCA LLC, American Studios, Inc., PCA Photo Corporation of Canada, Inc., PCA National LLC, Hometown Threads LLC, PCA Finance Corp., PCA National of Texas LP, and Photo Corporation of America, Inc. (PREVAILING EASTERN TIME) OBJECTION DEADLINE AND TIME: JUNE 2, 2009 AT P. (PREVAILING EASTERN TIME) STROOCK & STROOCK & LAVAN LLP Kristopher M. Gutierrez 180 Maiden Lane New York, NY 10038 Telephone: (212) 806-5400 Facsimile: (212) 806-6006 Attorneys for The Portrait Liquidating Trust UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: PORTRAIT CORPORATION OF AMERICA, INC., et al., 1 Chapter 11 Case No.A 40-percent recovery would be equal to about per share, a source said.The hedge fund initially acquired much of Res Cap’s stake in the liquidating trust in exchange for forgiving unsecured debt.