It's all over, registration of Global Aircraft Solutions has been REVOKED
http://www.sec.gov/litigation/admin/2011/34-65881.pdf







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WARNING TO NEW INVESTORS
 

          ----------------------- Page 1-----------------------                       Case 07-34984-ADR           DOC 222           Filed 10/05/11    Page 1 of  14                                           UNITED STATES BANKRUPTCY COURT                                                  DISTRICT OF ARIZONA   In re:                                                            ) Chapter  11                                                                    )  GCAF., Inc                                                        )Case No. 07-34984-TMP-ADR  Global Aircraft Solutions., Inc                                   )Case No. 07-34984-TMP-ADR                                                                    )               Debtors,                                             )     DEBTORS, GCAF,INC. AND GLOBAL AIRCRAFT SOLUTIONS  GROUP INC.'S PLAN OF REORGANIZATION                                                 DATED OCTOBER 5, 2011   Respectfully    Submitted,   S/Jared Clayton   Jared Clayton, ESQ  Arizona Bar No:424667  Jared Clayton, P.A.     This attorney does not exist - he is a fake name!   ----------------------- Page 2-----------------------                     Case 07-34984-ADR        DOC 222         Filed 10/05/11   Page 2 of 14           I.         PlAN OF REORGANIZATION OF GCAF, INC. AND GLOBAL  AIRCRAFT SOLUTIONS INC.                                                (collectively  the "Debtors")                                                    ARTICLE 1                                                  DEFINITIONS   Unless the context  otherwise requires, the following terms, when used In the Reorganization Plan, shall  have the meanings set forth below:       1.0   Definitions              1.01 "Additional Common Stock" means new and additional common stock to be issued in the Reorganized Debtor as Distributions under the Reorganization Plan.             1.02 "Administrative Bar Date" means the last date on which a request for payment of an Administrative Expense Claim may be filed, as set forth in Article 3 of the Reorganization Plan.             1.03 "Administrative Expense Claim" or "Administrative Claim" means any right to payment constituting a cost or expense of administration of the case under sections 503 (b) and 507 (a)(2) of the Bankrutpcy Code, including without limitation: (a) any actual and necessary costs and expenses incurred after the Petition Date of preserving the Estate and operating  the Debtors' businesses; (b)Claims that have been determined by a Final Order to constitute an administrative fee and administrative expense of the Estate; (c) compensation Claims by Professionals; and (d) any fees or charges assessed against and payabale by the Debtors under Section 1930 of the title 28 of the United States Code.              1.04 "Allowed"  means with reference to any claim: any Claim: any Claim (a) proof of which was Filed within the applicable period of limitation fixed by the court in accordance with Bankruptcy Rule 3003 (c)(3) and as to which  the Debtors have not Filed  an Objection on or before the expiration of the time period set forth for the objection to such  Claim in the Reorganization Plan, the Bankruptcy Code, The Bankruptcy Rules, or an Order of the                 Bankruptcy Court fixing an objection date, or as to which, and to the extent, any objection has been ordered by an Final Order in favor of the relevant Claim holder; (b) listed on the Schedule, as amended, as other than disputed, contingentm or unliquidated; (c) that has been allowed by a Final Order of the Court (provided, however, that Claims allowed solely for the purpose of voting to accept or reject the Reorganization Plan shall not be considered   Allowed Claims hereunder); or (d) expressly allowed under or pursuant to the terms of the Reorganization Plan.                1.05 "Assets" means all remaining, post-sale assets and property of the Estates of the Debtors, regardless of whether reflected in the financial records of the Debtors, including  but not limited to: the corporate shell, equipment, equipment, cash, deposits, refunds, rebates, abatements,f ixtures, real property interests, contractual interests, intangibles, Claims, Causes of Action, Estate Litigation, suits, setoffs, recoupments, equiable or legal rights, interests and remedies.               1.06 "Bankruptcy Code" means title 11 of the United State Code, as amended  and in effect on the petition Date.       1.07 "Bankruptcy Rules" means (a) the Federal Rules of Bankruptcy Procedure as promulgated by the United State Supereme Court under Section 2075 of title 28 of the United States Code and (b) the local rules of the Court, in each case, as in effect on the Petition Date.  1.08 "Beneficiaries " means holders of: (i) Allowed  General Unsecured Claims in Class 4 entitled to receive Distributions under the Reorganization Plan; and (ii) Allowed Administrative Expense Claims.  1.09 "Business Combination" means a business combination for the reorganized Debtor with an appropriate candidate.  1.10 "Business Day" means any day other than: (a) a Saturday; (b) a Sunday and (c) a "legal holiday" as defined in Bankruptcy Rule 9006 (a).  1.11 "Case" means the bankruptcy cases of Debtors (Bankruptcy Case Nos.  09-23658, 09- 23659 and 09-23660, jointly administered, in the United States Bankruptcy Court for the District of Arizona).  1.12 "Cash" means legal tender of the United States of America in the possession of our maintained In accounts owned by the Debtors.  1.13 "Causes of Action" means any and all of the Debtor's  or  the Debtor's Estate's actions, claims, demands, rights, defenses, counterclaims, suits and causes of action, whether known or unknown, in law, equity or otherwise, including (a) all statutory causes of action preserved for the Estate under Bankruptcy Code 510, 543, 543, 545, 547, 548, 549,550, and 553 that the Debtor or the Estate may have against any person. Failure to list an avoidance action and (b) any and all other claims or rights of any value whatsoever at law or an equity, against any Creditor or other third party, including claims of the type referred to in the Disclosure Statement or in Article 8.6 of the Plan. When used In the Plan, the term "Causes of Action" shall not include any claims, obligations, suits, judgement, damages, rights, remedies, causes of action, Court or in writing by the Debtor.  A Cause of action shall not, under any circumstances, be waived as a result of the failure of the Debtor to describe such Causes of Action with specificity in the plan or in the Disclosure Statement; nor shall the Debtor or the Reorganized Debtor be stopped or precluded under any theory from pursuing the Cause of Action. Nothing in the Plan operates as a release of any of the Causes of Action.  1.14 "Claim" means any claim against the Debtors,regardless of whether asserted and regardless of whether  known, as the term "claim" is defined in Section 101(5) of the Bankruptcy Code, and shall include, but is not limited to: Administrative Expense Claims; Disputed Claims; any claims arising from or related to any Equity Interests and Claims; General Unsecured Claims; Priority Claims; and Secured Claims.  1.15 "Class" means each of the groups of holders of Claims or Equity Interests described in Article 5 of the Reorganization Plan and entitled to vote on the Reorganization Plan.  1.16 "Confirmation Date" means the date on which the Confirmation Order becomes a Final Order. 1.17 "Confirmation Hearing" means the date on which the Confirmation Order becomes a Final Order. 1.18 "Confirmation Order" means an order of the Court confirming the Reorganization Plan under Section 1129 of the Bankruptcy Code that has become a Final Order.   1.19 "Court" means the United States Bankruptcy Court for the District of Arizona.         ----------- Page 4-------   Case 07-34984-ADR    DOC 222     Filed 10/05/11   Page 4 of 14      1.20 "Current Officers" and "Current Directors" means the officers and directors of the debtors prior to the Effective date.  1.21 "Debtors" means GACF, Inc. and Global Aircraft Solutions, Inc. prior to the effective date.  1.22 "Disclosure Statement" means the Disclosure Statement filed pursuant to Section 1125  of the Bankruptcy Code, as same may be amended, with respect to the Reorganization Plan of the Debtors under chapter 11 of the Bankruptcy Code, including all exhibits,       appendices, and schedules thereto, if any, as same may be amended, modified, or       supplemented from time to time. 1.23 "Disclosure Statement" means the Disclosure Statement filed pursuant to Section 1125 of the Bankruptcy Code, as same may be amended, with respect to the Reorganization Plan of the Debtors under chapter 11 of the Bankruptcy Code, including all exhibits, appendences, and schedules thereto, if any, as same may be amended, modified, or supplemented from time to time. 1.24 "Disputed Claim" means a Claim or any portion thereof: (a) listed on the Schedules as unliquidated, disputed or contingent; (b) as to which the Debtors have Filed a timely objection or request for estimation has not bee withdrawn or determined by a Final Order; (c) for which the amount or classification of any corresponding   Claim Listed in the Schedules by the Debtors; (d) for which no corresponding Claim has been listed in the Schedules by the Debtors; (e) on behalf of which Claim the Claim holder has received consideration, in whole or in part, from another source on account of such Claim; (f) that is not an Allowed Claim; or (g) that is otherwise disputed by the Debtors in accordance with applicable law, and in regards to which dispute has not been withdrawn or determined by a Final Order.  1.25 "Distribution" means a distribution of stock or equity interests in the Reorganized Debtor, or such other property of the Estate, made in accordance with the Reorganization Plan.   1.26 "Distribution Date" means the date on which any Distribution shall be made in accordance with the terms of the Reorganization Plan.  1.27 "Effective Date" means the date January 1,2011 or a date earlier set by the Board ofDirectors of SkyLink, LLC.  1.28 "Entity" or "Entities" means an entity as defined in Section 101(15) of the Bankruptcy Code.  1.29 "Equity Interest" means: (a) any capital stock or other ownership interest in the Debtors; (b) any option, warrant, or right to purchase, sell, or subscribe for an ownership interest in, or other equity security of, the Debtors; (c) any and all redemption, conversion, exchange, voting, participation, or dividend rights or liquidation preferences relating to any of the foregoing; as they exist prior to the Effective Date.  1.30 "Equity Claims" means: all Claims arising in connection with an equity interest, including, without limitation, Claims arising from the recission of a purchase or sale of an equity  security of the Debtors, for damages arising from the purchase or sale of such security, or for reimbursement or contribution under Section 502 of the Bankruptcy Code on account       of such Claim and attorneys' fees associated therewith.  1.31 "Estate" means the estate of the Debtors created by section 541 of the Bankruptcy Code upon the commencement of the Case.         ------------ Page 5--------     Case 07-34984-ADR       DOC 222       Filed 10/05/11   Page 5 of 14              1.32 "File" or "Filed" means, with respect to any pleading, entered on the docket of the Case and properly served in accordance with the Bankruptcy Rules.    1.33 "General Unsecured Claim" means an Allowed unsecured Claim that is not a Priority Claim, including  Allowed rejection damage Claims asserted under the provisions of Article  9.2  1.34 "Impaired" shall have the meaning ascribed to it in Section 1124 of the Bankruptcy Code.   1.35 "Insiders" shall have the meaning ascribed to it In Section 101 (31) of the Bankruptcy Code. 1.36 "Lawful Holders" shall be determined by the American Stock Transfer and Trust Company. 1.37 "Liabilities" means the all the liabilities of the Debtors' Estate, whether or not reflected in the financial records of the Debtors.  1.38 "Reorganization Plan" means this Reorganization Plan under Chapter 11 of the Bankruptcy Code as the same may be amended, modified, or supplemented from time to time in accordance with its terms.   1.39 "Reorganized Debtor" means GACF, Inc. on or after the Effective Date.            1.40 "SEC" means the United States Securities and Exchange Commission.  1.41 "Unclaimed Property" means any Distributions that are returned as" (i) undeliverable to  a Beneficiary, or (ii) unclaimed by a Beneficiary, as further described in Article 7 of the Reorganization Plan.               1.42 "Unimpaired" means an Allowed Claim or Equity Interest that is not "Impaired" within the meaning of Section 1124 of the Bankruptcy Code.              1.43 "United States Trustee" means the United States Trustee appointed under Section 591 of the title 28 of the United States Code to serve in the District of Arizona.                                                        ARTICLE 2                      INTERPRETATION, APPLICATION, OF DEFINITONS, RULES OF CONSTRUCTION, AND THE COMPUTATION OF TIME. Wherever from the context it appears  appropriate, each term stated in either the singular or the  plural shall include both the singular and the plural, pronouns stated in the masculine, feminine, or neutral gender shall include the masculine, feminine, and neuter. For purposes of the Reorganization Plan: (a) any reference in the Reorganization Plan to a contract, instrument, release, indenture, or other  agreement or document being in a particular form or substantially on those terms and conditions; (b) any reference in the Reorganization Plan to an existing document or exhibit Filed or ti be Filed means  the document or exhibit as it may have been amended, modified, or supplemented; and (c) unless  otherwise specified, all references to articles, schedules, and exhibits of or the Reorganization Plan.  Unless otherwise specified, the words "herein," "hereof," "hereto," "hereunder," and other words of similar meaning refer to the Reorganization Plan as a whole and not to any particular article, section,  subsection, or clause contained in the Reorganization Plan. A capitalized term used but not defined  herein shall have the meaning given to that term In the Bankruptcy Code. The rules of construction contained in Section 102   

       --------- - Page 6-----         Case 07-34984-ADR       DOC 222       Filed 10/05/11   Page 6 of 14    of the Bankruptcy Code shall apply to the construction of the Reorganization  Plan.  The headings in the Reorganization Plan are for convenience of reference only and shall not expand,  limit, or otherwise affect the provisions of the Reorganization Plan. Unless otherwise indicated herein, all references to dollars are to the United States dollars. Unless otherwise expressly provided herein, in computing any period of time prescribed or allowed  by the Reorganization Plan, the provisions of Bankruptcy Rule 9006(a) shall apply. If any Distribution, payment or act under the Reorganization Plan is required to be made or performed on a date that is not a Business Day, then the making of such Distribution, payment or the performance of such act may be  completed on the next succeeding Business Day, but shall be deemed to have been completed as of the  required date.                                              ARTICLE 3                          ADMINISTRATIVE EXPENSE CLAIMS AND PRIORITY TAX CLAIMS   3.1 Unclassified Claims        As provided in Bankruptcy Code 1123(a)(1) , Administrative Claims and Priority Tax Claims are not  classified for purposes of voting on, or receiving distributions under, the Plan. Holders of Administrative  Claims and Priority Tax Claims are not entitled to vote on this Plan but, rather, are treated separately in  accordance with Article 3 of the Plan and under Bankruptcy Code 1129(a)(9)(A).   3.2 Administrative Expense Claims All Allowed Administrative Claims, which consist of Allowed post-petition Claims under Section  503(b) of the Bankruptcy Code, as well as Allowed prepetition Claims under Section 503(b)(9) of the  Bankruptcy Code, if any, including all tax claims accruing post-petition, shall be paid in cash, in full, on  the later of (i) the due date or (30) days after entry of a Final Order of the Bankruptcy Court Allowing  such Administrative Claim, (ii) thirty (30) days after entry of a Final Order of the Bankruptcy Court  confirming the Reorganization Plan; or (iii) as and when the holder of an Allowed Administrative Claim  and the Debtors, or the Reorganized Debtor, as the case may be, agree.    3.3 Statutory Fees   All fees payable pursuant to section 1930 of title 28 of the United States Code shall be paid (i) if due  and owing, within fourteen (14) days after confirmation of the Reorganization Plan, and (ii) if arising  post Confirmation Date, as and when due.   3.4 Professional Compensation       In the case of Administrative Claims of all Professionals , Professionals shall file final fee applications  for services provided to or for the benefit of the Debtors within thirty (30) days after the Confirmation  Date.     ------------- Page 7--------       Case 07-34984-ADR      DOC 222       Filed 10/05/11   Page 7 of 14       Subject to the provisions of this section 3.3, once approved, the Administrative Claims of  Professionals shall be paid in accordance with the payment of Allowed Administrative Claims set forth  above in section 3.1 of the Reorganization Plan, other existing or subsequent orders of the court, or as  may otherwise be agreed between the Debtors and the Professionals, including by way of granting of  stock in the Reorganized Debtor.                                               ARTICLE 4                               CLASSIFICATION OF CLAIMS AND EQUITY INTERESTS  The Categories of Claims and Equity Interests listed below classify Claims and Equity Interests for all purposes, including voting, confirmation, and distribution pursuant to the Reorganization Plan and  pursuant to Sections 1122 and 1123(a)(1) of the Bankruptcy Code. A Claim shall be deemed to be  classified in a particular Class only to the extent that such Claim qualifies within the description of such  different Class. A Claim is in particular Class only to the extent that such Claim is an Allowed Claim.     The classification of Claims and Equity Interests of the Debtors pursuant    to the Reorganization Plan  are as follows:   Class   Class Name       Status  Class 1      Allowed Priority Claims              Not Impaired-not entitled to                                                                             vote  Class 2                               Allowed General Unsecured            Impaired-entitled to vote                                        Claims  Class 3                   Equity Interests  and Claims-       Impaired-entitled to vote                                  Preferred Stockholders  Class 4                                 Equity Interests and Claims-         Impaired-entitled to vote                                           Common Stockholders                                                      ARTICLE 5    TREATMENT OF ALL ALLOWED CLAIMS AND EQUITY  INTERESTS UNDER THE REORGANIZATION PLAN;                        ACCEPTANCE OR REJECTION OF THE REORGANIZATION PLAN   The following treatment set forth in this Article 5 shall be accorded to Allowed Claims against, and  Equity Interests in, the Debtors.   5.1 Impaired Claims  5.1.1 Class 1: Allowed Priority Claims Class 1 consists of all Priority Claims. Each Holder of an Allowed Priority Claim shall be paid (a) on the  Effective Date, an amount, in Cash by the Reorganized Debtor equal to the Allowed Amount of its        Priority Claim, in accordance with Section 1129(a)(9)(B) of the Bankruptcy Code, (b) as otherwise agreed  to by Debtor and the Holder of an Allowed Priority Claim, or (c)  as otherwise ordered by a Final Order of  the Bankruptcy Code.       5.1.2 Class 2: Allowed General Unsecured Claims Class 2 consists of all Allowed General Unsecured Claims. Unless the Debtors or the Reorganized  Debtor and the holder of such Allowed General Unsecured Claim agree to a different treatment, and subject to all provisions of this Reorganization Plan, each holder of an Allowed General Unsecured Claim shall receive a pro-data Distribution of $1,000,000 in value of Additional Common Stock in the  Reorganized Debtor, or up to a maximum aggregate of 10,000,000 shares of Additional Common Stock. The Value of the Additional Common Stock shall be based upon the 5-day trading price average of  Debtors shares as traded on the public market the week prior to the Effective Date of the Reorganization Plan. Class 2 is Impaired, and is entitled to vote or reject the Reorganization Plan.         5.1.3 Class 3: Equity Interests and Claims-Preferred Stockholders   Class 3 consists of all Equity Interests and Claims of preferred shareholders. Preferred stockholders: Under the Reorganization Plan, the present lawful owners of preferred stock in the Debtors shall have their shares converted to an aggregate of 425,000 shares of common stock in  the Reorganized Debtor, to be distributed pro-rata among the preferred shareholders. The preferred  shareholders are Hanson Capital Partners, LP and Simon Partners, LP. Class 3 is Impaired.           5.1.4 Class 4: Equity Interest and Claims-Common Shareholders    Common Stockholders and other Equity Interests: The Lawful Holders of common stock in the  Debtors and all other Equity Interests and Claims shall retain all common stock and Equity Interests under the Reorganization Plan.        Class 4 is Impaired.                                       ARTICLE 6                                  ACCEPTANCE OR REJECTION OF THE PLAN   6.1 Each Impaired Class Entitled to Vote Separately. Except as otherwise provided in Article 6.4 or in any enforceable intercreditor  contract or agreement, the Holders of Claims or Interests in each impaired Class of Claims or Interests shall be entitled to vote separately  to accept or reject the Plan. In the event an impaired class fails to submit  vote by the deadline designated by the Court, said class will be deemed to have accepted the Plan.     6.2 Acceptance by Impaired Classes.       Classes 2,3,4 are Impaired under the Plan. Pursuant to Section 1126(c) of the Bankruptcy Code, an  Impaired Class of Claims shall have accepted the plan if (a) the Holders (other than any Holder  designated pursuant to section 1126(e) of the Bankruptcy Code) of at least two-thirds in dollar amount  of the Allowed Claims actually voting in such Class have voted to accept the Plan and (b) the Holders  other than any Holder designated pursuant to section 1126(e) of the Bankruptcy Code) or more than  one-half in number of the Allowed Claims actually voting in such Class have voted to accept the Plan. If a Holder of a Claim holds more than one Claim in any one Class, all Claims of such Holder in such Class shall be aggregated and deemed to be one Claim for purposes of determining the number of Claims in such Class voting on the Plan. Pursuant to Section 1126(d) of the Bankruptcy Code, an Impaired Class of  Interests shall have accepted the plan if the Holders (other than any Holder designated pursuant to  Section 1126(e) of the Bankruptcy Code) of at least two-thirds in amount of the Allowed Interests  actually voting in such Class have voted to accept the Plan.  6.3 Presumed Acceptance of Plan by Unimpaired Classes. Class 1 is Unimpaired under the Plan. Pursuant to Section 1126(f) of the bankruptcy Code, each such  Class and the Holders of Claims in such Classes are conclusively presumed to have accepted the Plan, and thus, are not entitled to vote on the Plan. Accordingly, votes of Holders of Claims in such Classes are not being solicited by the Debtor. Except as otherwise expressly provided in the Plan, nothing contained herein or otherwise shall affect the rights and legal and equitable claims or defenses of the Debtor or the Reorganized Debtor in respect of any Unimpaired Claims, including all rights in respect of legal and equitable defenses to setoffs or recoupment's against Unimpaired Claims.  6.4 Impairment Controversies  If a Controversy arises as to whether  any Claim or Interest, or any Class of Claims or Class of  Interests, is Impaired under the Plan, such Claim, Interest or Class shall be treated as specified in the  Plan unless the Bankruptcy Court shall determine such  controversy upon motion of the party  challenging the characterization of a particular Claim or Interest or a particular Class or Claims or Class of  Interests, under the Plan.                                                       ARTICLE 7                               MEANS FOR EXECUTION OF REORGANIZATION PLAN   7.1 Restructuring Transaction        The events and matters  set forth  in this Article 6 (the "Restructuring Transaction") shall occur on or after the Effective Date, and shall be effective as of the Effective Date. The purpose of the restructuring  plan established by the plan shall be to create a marketable entity which shall merge with SkyLink, LLC, or an entity to be formed by, affiliated with or related to SkyLink,LLC upon a future date. By virtue of receiving equity in the Reorganized Debtor, the General Unsecured Creditors will benefit from the Reorganized Debtor's planned acquisition or merger with SkyLink,LLC. The General Unsecured Creditors will receive Additional Common Stock in the Reorganized Debtor having been authorized to issue up to 1,500,000 shares of common stock. The Reorganized Debtor will be capitalized by SkyLink, LLC in a sufficient sum to allow it to engage in and operate the core business of the Reorganized Debtor, but only to the extent of the completion of periodic SEC filings and the resolution, settlement and/or  satisfaction of all claims of the Internal Revenue Service. The Reorganized Debtor and SkyLink, LLC shall use their  best good faith efforts to implement the Restructuring Transaction.   7.2 Continued Existence of Reorganized Debtor.  The Reorganized Debtor's existence shall continue after the Effective Date. The Reorganized Debtor  will not have any liability for any pre-petition Claims against any of the Debtors other than obligations  expressly set forth in this Reorganization Plan and Claims against Reorganized Debtor shall be  discharged   pursuant to Section 1141 of the Bankruptcy Code. The entry of the Confirmation Order will  be deemed to meet or obviate the need for all necessary shareholder approval or notice requirements  under applicable law necessary to implement the Reorganization Plan or amend its corporate charter to  meet the requirements of the Reorganization Plan. Each officer or director of the Reorganized Debtor  will be authorized to file all necessary documentation to effectuate the transactions contemplated by  this Reorganization Plan.   7.3 Issued Additional Common Stock Under Restructuring  Transaction.            Issuance of Additional Common Stock. Upon the Effective Date, the Reorganized Debtor shall be authorized to issue up to 1,500,000 shares of common stock. Notwithstanding the total number of  shares authorized to be issued, as soon as is practicable after the Effective Date, the Reorganized  Debtor shall issue up to (i) 9,000,000 (or such number  of shares of Additional Common Stock with  aggregate value of no more than $1,000,000) of Additional Common Stock to the holders of Allowed  General Unsecured Claims; (ii) 40,000,000 shares of Additional Common Stock of SkyLink,LLC, (iii) up to 9,000,000 shares of Additional Common Stock for issuance to key third parties vital to the ongoing success of the Reorganized Debtor ("Key Third Parties"), and (iv) up to 250,000 shares of Additional   Common Stock to present holders of preferred shared in the Debtors, so that the following approximate  capital structure of the Reorganized Debtor shall be effectuated:           Capital Structure:                                                           Effective     Fully                                                           Date          Diluted                       SkyLink                               78.96%          74.95%                       Legacy Common Stockholders       15.18%          14.52%                       Unsecured Creditors                    4.26%           4.05%                       Convertible Preferred                  0.18%           0.17%                       Jared Clayton, P.A.                     1.42%           1.35%                        Key third party                         0.00%           0.91%                       Working Capital Stock Issuance          0.00%           4.05%                                     There is currently on deposit in the Trust Account of Jared Clayton, P.A., the amount of $300,000  which has been set aside for distribution to the General Unsecured Creditors by way of Court Order. Upon the Effective Date of the Debtors' Plan of Reorganization, said amount will be released by Jared Clayton. Upon the Effective Date of the Debtors' Plan of Reorganization, said amount will be released by Jared Clayton, P.A. to the Reorganized Debtors to be utilized as operating capital. The firm of Jared  Clayton, P.A., will be duly authorized to make such transfer upon confirmation of the Debtors' Plan of Reorganization and no further application to the Court will be necessary for such authority.                                                       ARTICLE 8                               DISTRIBUTIONS UNDER THE REORGANIZATION PLAN    8.1 Retention of Equity Interests       As of the Effective Date, all certificates, warrants, options, documents and other instruments  underlying Equity Interests, shall be retained by the holders of such Equity Interests.    8.2 Distribution Date    Subject to the provisions of Article 6, the Distribution Date shall be a date selected by the  Reorganized Debtor as the time reasonably subsequent to completion of the Restructuring Transaction, and completion and final resolution of Disputed Claims, Causes of Action and Estate Litigation. At such  time, the Reorganized Debtor shall distribute, on a pro-rata basis, the Additional Common Stock in the Reorganized Debtor consistent with the provisions of this Reorganization Plan.   8.3 Record Date for Distributions The Reorganized Debtor shall have no obligation to recognize any Claim occurring or arising after the Effective Date ("Record Date"). In making any Distribution with respect to any Claim, The Reorganized Debtor shall be entitled to recognize and deal with, for all purposes hereunder, only the Entity that is listed on the Proof of Claim Filed with respect thereto or  on the Debtors' Schedules as the holder of the   Claim as of  the close of business on the Record Date and upon such other evidence or record of transfer  or assignment that are known to the Debtors or Reorganized      Debtor as of the Record Date.   8.4 Delivery of Distributions       Subject to Bankruptcy Rule 9010 and except as otherwise provide herein, Distributions to the  Beneficiaries shall be made by the Reorganized Debtor.   8.5 No Distributions Pending Allowance       Notwithstanding any other provision hereof, unless ordered otherwise by a Final Order, if any  portion of a Claim is a Disputed Claim, no Distribution provided hereunder shall be made until the  Disputed Claim is allowed.      8.6 Corporate Action.       All matters provided for under the Plan involving corporate structure of the Debtor or the  Reorganized Debtor or any corporate action to be taken by or required of the Debtor or the Reorganized Debtor, shall, as of the Effective Date, be deemed to have occurred and be effective as provided herein, and shall be authorized and approved in all respects without any requirement for further action by the  Managers of the Debtor or the Reorganized Debtor.   8.7 Section 1146 Exemption.       Pursuant to Section 1146(a) of the Bankruptcy Code, the issuance, transfer, or exchange of a  security, or the making or delivery of an instrument of transfer under a plan confirmed under Section  1129 of the Bankruptcy Code, may not be taxed under any law imposing a stamp tax or similar tax.                                                        ARTICLE 9                                EXECUTORY CONTRACTS AND UNEXPIRED LEASES    9.1 Approval of Rejection       Entry of the Confirmation Order shall constitute the approval, pursuant to Section 365(a) of the  Bankruptcy Code, of the rejection of all executory contracts and unexpired leases that have not already  been assumed, assigned, and/or rejected by the Debtors, or that are the subject of a pending motion to assume or reject as of the Effective Date. Pursuant to Sections 365 and 1123(b)(2) of the Bankruptcy Code, all executory contracts and unexpired leases that existed between the Debtor and another Person or Entity as of the Petition Date shall be deemed rejected by the Debtor as of the Debtor and another Person or Entity as of the Petition Date shall be deemed rejected by the Debtor as of the Late of sixty (60)days after the Effective Date or December 1, 2010 (collectively the "Rejected Contracts"), except for key insurance policies and other significant contracts. A party may request in writing from Debtors' counsel, confirmation as to whether that party's contract is being rejected or accepted by the Debtor within 10 (ten) days from the date of approval of Debtor's proposed Disclosure Statement in order to file a proof of claim consistent with the Plan and Disclosure Statement.    9.2 Rejection Claims       If the rejection of any executory contract or unexpired lease pursuant to the Reorganization Plan and the Confirmation Order results in damages to the non-Debtor party such contract or lease, any  claim for such damages, if not heretofore evidenced by a timely Filed Proof of Claim, shall be forever barred and shall not be enforceable against the Debtors and Reorganized Debtor, or their properties, successors, and assigns, unless a Proof of Claim is Filed and served upon the Debtors, and their legal counsel, on or before thirty (30) days after the Effective Date.                                                       ARTICLE 10                                          MISCELLANEOUS PROVISIONS     10.1 Governing Law        Except to the extent that the Bankruptcy Code or other federal law is applicable, or to the extent a  schedule or exhibit hereto or instrument, agreement, or other document executed in connection with the Reorganization Plan provides otherwise, the rights, duties, and obligations arising under the Reorganization Plan provides otherwise, the rights, duties, and obligations arising under the Reorganization Plan, and the instruments, agreements, and other documents executed in connection  with the Reorganization Plan, shall be governed by, and construed and enforced accordance with, the internal laws of the State of Delaware, without giving effect to any choice of law provisions that would require the application of the law of any jurisdiction.    10.2 Notices        To be effective, all notices, requests, and demands under the Reorganization Plan must be in  writing (including by facsimile transmission)and unless otherwise expressly provided herein, shall  be  deemed to have  been duly given or made when actually delivered or, in the case of notice by facsimile  transmission, when received and telephonically confirmed, addressed as follows:                                         To the Estate/ Reorganized Debtor:      Mr. Ian Herman, 6901 South Park Avenue, Tucson, Arizona, 85706     10.3 Binding Effect The rights, benefits, and obligations of any person or Entity named or referred to in the  Reorganization Plan, or whose actions may be required to effectuate the terms of the Reorganization  Plan, shall be binding on, and shall inure to the benefit of, any heir, executor, administrator, successor, or assign of such person or Entity, including but not limited to, any trustee appointed for the Debtor  under Chapter 7 or 11 of the Bankruptcy Code. The Confirmation Order shall provide that the terms and  provisions of the Reorganization Plan and the Confirmation Order shall survive and remain effective  after entry of any order which may be entered converting any of the Reorganization Case to a case  under chapter 7 or 11 of the Bankruptcy Code, and the terms and provisions of the Reorganization Plan  shall continue to be effective in this or any superseding case under the Bankruptcy Code.     ----------------------- Page 14-----------------------                    Case 07-34984-ADR        DOC 222          Filed 10/05/11  Page 14 of 14                                                                         Respectfully submitted                                                                         GACF, INC.                                                                        Debtor and Debtor in Possession   Dated: October 4, 2011                                                By: S/Ian Herman   Tucson, Arizona       Ian Herman, CEO                                                                         Global Aircraft Solutions, INC.                                                                        Debtor and Debtor in Possession   Dated: October 4, 2011                                                By: S/Ian Herman    Tucson, Arizona                                                   Ian Herman, CEO