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thanks EI, so if my prior post was incorrect in 'no monies to us' statement i apologize.. while i was aware of the mediation, i possibly misread/misunderstood what the finding i posted earlier meant(?)
Medley LLC Liquidating Trust v. RSM US LLP 23-50138
Amended Order Assigning Adversary Proceeding to Mediation and Setting Mediation Deadlines. Ian Connor Bifferato is Appointed as the Mediator in this Adversary Proceeding. Mediator Certificate of Completion due date: 8/12/2024 (5/13/24)
Source: KCC [Docket 19]
Most likely resolved through mediation.
v. RSM, no monies for us: "STIPULATION OF VOLUNTARY DISMISSAL
IT IS HEREBY STIPULATED AND AGREED by and between Plaintiff Medley LLC
Liquidating Trust and Defendant RSM US LLP, by and through their respective counsel, that the
above-captioned action is voluntarily dismissed with prejudice and without costs or fees to any
party pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(ii), which is incorporated by
reference into Rule 7041 of the Federal Rules of Bankruptcy Procedure. "
"Kurtzman Carson Consultants, LLC (KCC) has rebranded as Verita Global. All existing KCC URLs and email addresses will be automatically redirected. KCC will remain as a legal entity as we make this transition."
new url for Case Home:
https://veritaglobal.net/medley
https://www.pacermonitor.com/public/case/48043929/Medley_LLC_Liquidating_Trust_v_RSM_US_LLP
Monday, May 13, 2024
19 court VAN-416a Order Assigning Adversary Proceeding to Mediation (Opt In Cert LR 9019-5j) Mon 05/13 12:47 PM
Amended Order Assigning Adversary Proceeding to Mediation and Setting Mediation Deadlines. Ian Connor Bifferato is Appointed as the Mediator in this Adversary Proceeding. Mediator Certificate of Completion due date: 8/12/2024. Signed on 5/13/2024. (KAR)
23-50121-KBO Medley LLC Liquidating Trust et al v. Eversheds Sutherland (US) LLP et al.. Is 'this' case different than the Evershed's settlement agreement from last October?
23-50138-KBO Medley LLC Liquidating Trust v. RSM US LLP.. last document filed was that the appointed mediator had a potential conflict of interest; assuming we're waiting on a new one
this is try to get back ~$300k from RSM of invoices paid after they should have been(?)
"Eversheds agrees to make a formal written demand against the
Debtor’s insurers on or before October 20, 2023. In the event that
demand does not lead to a resolution between Eversheds and the
Debtor’s insurers, Eversheds agrees it will file a lawsuit to collect
from the Debtor’s insurers on or before March 29, 2024. "
Of interest(?), I cannot locate any litigation involving Eversheds on Pacer.........
https://www.kccllc.net/medley/document/2110526240327000000000001 let's hope they're not too limited:
"
Entry of both the Protective Order and the Production Order is necessary to
allow the Liquidating Trust to comply with the subpoena in a cost-efficient manner, in order to
preserve the Liquidating Trust’s extremely limited financial resources
"
last doc i see regarding this is: https://www.kccllc.net/medley/document/2110526230727000000000001
assuming this is related to: "Liquidating Trust’s Request for Documents and Information" (???)
i 'thought' everything was behind us with Eversheds(?)
ugh, it 'is' more Eversheds: Court Docket: #0695
Document Name: Notice of Service of William E. Chipman, Jr. re: Defendant's Initial Disclosures Pursuant to Fed. R. Civ. P. 26(a)(1) and Fed. R. Bankr. P. 7026 (Filed by Eversheds Sutherland (US) LLP)
sooo... Allianz Tower update 'or' Eversheds crediting monies... must be the former or why bring in lawyer... excited to hear the outcome.. fingers crossed!
last one didn't tie-out either so I'm assuming my understanding that it should equals A + B + C is incorrect and obviously there must be disbursements made that don't need to appear on this sheet(?)
something doesn't add up in this Post-confirmation report(?) Total Disbursements during period are listed as: $1,121,655.83 which is supposed to be made up of:
a (professional fees and expenses (bankruptcy)) + b (professional fees and expenses (non-bankruptcy)) + c (All professional fees and expenses)
in 'this' document we see:
a Paid Current Quarter at: $2,522,415 (I believe this is a mistake that was inadvertently copied from the last Post-confirmation filing and should actually be $0?)
b Paid Current Quarter at: $118,755
c Paid Current Quarter at: $0
So, 'if' I'm understanding this correctly the Total Disbursements during this period should be either:
$2,522,415 + $118,755 = $2,641,170
OR
$118,755
So how/why do we see: $1,121,655.83
What am I missing here?
Post-Confirmation Report for Medley LLC for the Quarter Ending December 31, 2023 (Filed by Liquidating Trust)
well lawyers all made whole on due amounts:
https://www.kccllc.net/medley/document/2110526240118000000000001
https://www.kccllc.net/medley/document/2110526210917000000000001
Proposed Chapter 11
Recovery Estimate $
Low High
$ 3,066,023 $ 4,344,065
in another ~6months or so I guess we'll see how close these projections were...............
skimming this old document, wonder how much of this still exists or came to pass:
https://www.kccllc.net/medley/document/2110526210706000000000003
"
F. Retention Plan
By and through the Combined Disclosure Statement and Plan, the Debtor’s interest in
proceeds from the Remaining Company Contracts will be assigned to the Liquidating Trust and
the Debtor expects that the net proceeds of the Remaining Company Contracts will provide a
significant recovery to Allowed Claims. Specifically, and as more fully set in the liquidation
analysis attached hereto as Exhibit A, the Debtor expects that expects that, for the period ending
ending March 31, 2022, the Remaining Company Contracts will generate approximately
$1,725,000 of profit, which will be upstreamed to the Debtor. Such revenue is,, subject to the
continuation of the Remaining Company Contracts, the most financially significant of which is an
investment advisory agreement between Sierra and SIC Advisors LLC, which the Debtor expects
to continue through at least December 31, 2021, subject to further extension.13
As of July 6, 2021,
13 The Debtor anticipates that Sierra’s contract will terminate on December 31, 2021, subject to further extensions to
permit Sierra Income Corporation to extend the termination date until February 28, 2022. As set forth in the Sierra
IMA and required by the SEC of all IMAs of this type, the agreement may be terminated at any time, without the
Case 21-10526-KBO Doc 244 Filed 07/06/21 Page 54 of 82
-49-
12957744.v3
the Debtor’s subsidiaries are also currently holding approximately $3,741,806 on account of the
Remaining Company Contracts, which they are entitled to upstream to the Debtor upon completion
of the Remaining Company Contracts. Absent continuation, of the Remaining Company
Contracts, the Debtor expects that the clients will seek the return of some or all of those funds.
The Debtor therefore expects that the net proceeds of the Remaining Company Contracts will
provide a significant recovery for Allowed Claims.
"
Order Granting Medley LLC Liquidating Trust’s Motion Pursuant Federal Rule 2019 to Approve Settlement with Eversheds Sutherland (US) LLP (11/09/23)
No objection filed. As a result, the hearing scheduled for 11/14/23 is no longer necessary.
http://www.kccllc.net/medley/document/2110526231109000000000002
We're due the Post Confirmation Report for period ending 9/30 'soon'... The more I go through the last report and all events that have transpired, I think our recovery (or lack thereof) here is purely based on the results of the Allianz Tower outcome.
$0 to $1 possible(?)
Trading was around $0.50 on both pfd's if I recall correctly prior to trading halts...
.. and now we know what the 11/14 hearing was/is about......
"Eversheds agrees to make a formal written demand against the
Debtor’s insurers on or before October 20, 2023. In the event that
demand does not lead to a resolution between Eversheds and the
Debtor’s insurers, Eversheds agrees it will file a lawsuit to collect
from the Debtor’s insurers on or before March 29, 2024. "
"
Notwithstanding the Credit set forth above, to the extent the Liquidating Trust is closed prior to the Insurance Lawsuit being finally resolved, the Liquidating Trust shall pay the Revised Final Fee Award to Eversheds, and the Credit will be forfeited by the Liquidating Trust.
"
excellent: "The Settlement Agreement reduces Eversheds’ Final Fee Award (as defined
below) from $2,080,055.19 to $436,673.28, and Eversheds shall seek payment of its legal fees
from the Debtor’s insurance companies. To the extent Eversheds receives payment for its legal
fees from any insurance company, the Liquidating Trust will receive a dollar-for-dollar credit
against the $436,673.28 for every dollar Eversheds recovers. "
https://www.kccllc.net/medley/document/2110526231026000000000002
curious what the matters scheduled are for this 11/14 omnibus hearing or if it's just a placeholder that will be rescheduled:
https://www.kccllc.net/medley/document/2110526231026000000000001
ORDER SCHEDULING OMNIBUS HEARING DATE
Pursuant to Del. Bankr. L.R. 2002-1(a), the Court has scheduled the following omnibus
hearing date in the above-captioned case:
Date & Time Location
November 14, 2023 at 3:00 p.m. (ET) U.S. Bankruptcy Court for the District of Delaware
824 North Market Street, 6th Floor, Courtroom No. 3
Wilmington, Delaware 19801
was hoping so; fingers crossed it's 'quick'
Some disputes may be resolved through arbitration.
does anyone know if a case exists of liquidating trust vs allianz tower at this time?
well if they spent 1,000 hours to get the 'easier' $6.7mil, don't see how there will be anything left from that pool OR from the $6.4mil that is expected to be harder to get and 'discounted?' (and may take as many hours?)
are we at the point where this should just be wrapped up?
are we looking at 'anything' being left for us? maybe $1-$2mil?
just thinking aloud...................... thank God for the SEC's $10mil!
they settled? https://www.kccllc.net/medley/document/2110526230927000000000002
"
Status: The Liquidating Trust and Eversheds Sutherland (US) LLP have reached a
settlement regarding this matter. Accordingly, a hearing on this matter is no
longer necessary
"
seems like we have a very strong argument here imo: https://www.kccllc.net/medley/document/2110526230918000000000001
Thanks for your detailed and clear explanation.
All bankruptcy stocks are allowed to trade until a Bankruptcy Judge cancels the equity, either in a Chapter 11 Reorganization or a Chapter 7 Liquidation. In rare instances the BK Judge approves a reverse split of the equity (stock) instead of cancelling the equity.
In some cases the SEC may revoke a company's stock registration(s) if the company is severely delinquent in filing Financials, in which case(s) the stock would no longer be able to trade on any public forum.....but the stock would still exist unless/until a Bankruptcy Judge cancels the equity/stock.
Medley Management Inc. is current in their Financial reporting obligations so it is not likely the SEC will get involved.
Hello, Sir, please, I am wondering if you have known why this ticker was resumed to trade in the market. It will be highly appreciated if you could provide a clue.
"NOTICE OF AGENDA OF MATTERS SCHEDULED
FOR HEARING ON JUNE 21, 2023 AT 9:00 A.M. (ET)
THIS HEARING HAS BEEN ADJOURNED TO AUGUST 15, 2023
AT 9:30 A.M. (ET) WITH PERMISSION FROM THE COURT.
"
Court Docket: #0650
Document Name: Notice of Agenda of Matters Scheduled for Hearing on May 24, 2023 at 10:30 a.m. (ET) [HEARING RESCHEDULED. Hearing Originally Scheduled for 5/24/2023 at 10:30 AM has been rescheduled. Hearing scheduled for 6/21/2023 at 09:00 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware.] (Filed by Liquidating Trust)
i'm usually happy on bk plays when i breakeven lol; so yes, very appreciative of what they accomplished here!
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