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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!
Pros say you already got more than expected lol
really hoping they drop us another interim distribution in lieu of receiving the $6.7mil
I expect $6.7 settlement to be heavily nicked for fees
and Allianz cash to be long-time coming, and at a discount
"
2. Effective Date. This Assignment shall become effective on the date (the “Effective
Date”) all of the following conditions have been satisfied: (a) all of the Settling Parties have
executed this Assignment; and (b) either (i) at least $7.5 million in insurance proceeds have been
paid out from those Policies listed under “Tower 3 (E&O)” in Schedule II or (ii) the Medley D&Os
have executed a release of the insurance companies that issued the Policies listed under “Tower 3
(E&O)” in Schedule II in connection with those insurance companies’ funding some or all of a
settlement of the Pre-April 30 Claims.
3. Expiration Date. If the Effective Date does not occur prior to July 1, 2023, this
Assignment becomes null and void, and neither this Assignment nor evidence of its terms shall be
admissible for any purpose in any action or proceeding.7
"
speaking of: "counsel for the Liquidating Trust and the Settling Insiders have collectively
spent more than 1000 hours working on and negotiating the Settlement Agreements’ various terms"
"Here, on the other hand, Exhibit C includes an
assignment mechanism that would allow the Liquidating Trust to initiate litigation against the
Allianz Tower in the coming weeks. "
Motion granted for settlement, details:
http://www.kccllc.net/medley/document/2110526230222000000000003
Medley LLC Liquidating Trust's Motion Pursuant to 11 U.S.C. § 105(a) and Federal Rule of Bankruptcy Procedure 9019 to Approve Settlement with Certain Former Insiders of the Debtor
Hearing scheduled for 3/23/2023 at 01:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware.
Objections due by 3/8/2023.
None filed.
#629**COMPLAINT TO AVOID AND RECOVER TRANSFERS
http://www.kccllc.net/medley/document/2110526230306000000000001
*COMPLAINT TO AVOID AND RECOVER TRANSFERS
http://www.kccllc.net/medley/document/2110526230303000000000001
25. During the Preference Period, the Debtor made five transfers (each, a “Transfer”and collectively, the “Transfers”) totaling $2,015,986.53 to Defendant
Could be also ZERO (short or even long term)
I dont know what liability side / fees of Trust looks like at this point
It wouldnt surprise me if those "wind-down funds" were fairy dust
So w $2mm add'l ***$3.55? or so "target?"
Dont get me wrong, in no way do i assume these numbers anything more than a rough guess
weren't we expecting ~$2mil 'just' from business winddown? Prior to any liquidating trustee 'extra' actions?
So ***$3.14? $6.7m pre4/30+$6.4m post4/30+$2.3mEvershed =($15.4/5) *1.02
Assuming $1.02 / $5 million payout based on SEC
$1.70-$3.50??? $2mil biz completion. $1-$2mil lawyer withhold/clawback? Then today’s settlement low side vs high side.
????
Can anybody help the slow kids w recovery math?
vpagano, thank you for posting!
Settlement Agreement:
http://www.kccllc.net/medley/document/2110526230222000000000003
Medley Seeks Ch. 11 Block On Final Eversheds Fee Bill
By Carolina Bolado
Law360 (January 24, 2023, 4:13 PM EST) -- A liquidation trustee for bankrupt asset manager Medley LLC asked a Delaware bankruptcy judge on Monday to vacate the final fee application by special counsel Eversheds Sutherland LLP for allegedly misrepresenting...
https://www.law360.com/articles/1568651/medley-seeks-ch-11-block-on-final-eversheds-fee-bill
MOTION TO VACATE ORDER RETAINING, FEE APPLICATION EVERSHEDS SUTHERLAND
http://www.kccllc.net/medley/document/2110526230123000000000002
Latest update as of 11/15 in the NY State court: https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=qkoGiXqAUKjcHkEzV9OQ8A==
General Bar Date was 4/30/21 at 5:00 ET
The General Bar Date specifically excludes any claims derived from, or based upon, the 2024 Notes (3) and 2026 Notes (4), or the Notes Indentures (5). Except as otherwise provided herein, the General Bar Date will apply to all claims of any kind that arose, or are deemed to have arisen, prior to March 7, 2021 (the “Petition Date”), the date on which the Debtor commenced its case under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), including, but not limited to administrative expense claims under section 503(b)(9) of the Bankruptcy Code and all claims of setoff or recoupment. For the avoidance of doubt, the General Bar Date established by the Bar Date Order supersedes any prior notice of a different bar date or deadline for filing proofs of claim, whether posted on the Court’s docket or otherwise.
http://www.kccllc.net/medley/document/2110526210326000000000004
..Also interesting that (assuming I'm not misinterpreting anything) Strategic Capital Advisory Services, LLC as of the Claims Register on 10/3/22 had a claim amount of $7,700,000 whereas in the Claims Register filed today it's listed as $3,137,944
So were we able to negotiate the number down and/or invalidate some of the claim -OR- did they get a payment in the amount of $4,562,056 (I find this highly unlikely??)
time will tell...........
Thorne Research newly submitted claim (?) for ~$230k; other than that glad to see the majority of the other claims EXPUNGED & W/D:
https://www.kccllc.net/medley/document/2110526230105000000000001
yes, HUGE thank you for the efforts of the Committee!
Congrats to longs, thanks to committee
i think my assumption is correct(?) class 4 'was' supposed to get ~2% but it seems they were paid ~8% b/c class 3 was awarded $10mil by sec 'for class 3 alone'
???
this seems very odd to me-
"PLEASE TAKE FURTHER NOTICE that on August 29, 2022, the Liquidating
Trustee authorized a distribution of 7.967% to holders of allowed Class 4 General Unsecured
Claims that have not yet received a distribution"
i have to look back at some filings/docs but off the cuff it seems to me that class 4 got paid out at a higher percentage b/c the class 3 received the sec-obtained $10mil(??)
i sure hope i'm wrong....................... need to re-DD....
Notice of Distribution (8/26/22)
http://www.kccllc.net/medley/document/2110526220829000000000001
Source: KCC [Docket 600]
Global Corporate Trust
60 Livingston Avenue
EP-MN-WS1D
Saint Paul, MN 55107
usbank.com
Notice to Holders of:
MEDLEY LLC
6.875% Notes due 2026
(the “6.875% Notes”)
and
7.25% Notes due 2024
(the “7.25% Notes”)
CUSIP Nos.: 58503Y105, 58503Y2041
Escrow CUSIP Nos.: 585ESC015, 585ESC0231
NOTICE OF DISTRIBUTION PURSUANT TO BANKRUPTCY PLAN
Please forward this Notice to beneficial holders.
U.S. Bank National Association serves as trustee (the “Notes Trustee”) under that certain Indenture,
dated as of August 9, 2016 (as amended, restated, modified or supplemented from time to time prior to
the date hereof, the “Indenture”), by and between Medley LLC, as issuer (the “Issuer”), and the Notes
Trustee, pursuant to which the 6.875% Notes and the 7.25% Notes (together, the “Notes”) were issued.
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Indenture, the Plan (as defined below), or the prior notices of the Notes Trustee, as applicable.
As previously advised, on March 7, 2021, the Issuer filed a voluntary petition for reorganization
under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware (the “Court”), under Case No. 21-10526 (the “Bankruptcy Case”).
As further previously advised, on October 18, 2021, the Court entered an order [Docket No. 445]
(the “Confirmation Order”) confirming the Modified Third Amended Combined Disclosure Statement and
Chapter 11 Plan of Medley LLC (as modified, amended, or supplemented from time to time and together
with all exhibits and supplements thereto, the “Plan”) in the Bankruptcy Case.
As further previously advised, pursuant to the Plan and Confirmation Order, on the Effective Date
of the Plan, the Notes were cancelled as debt instruments and Holders of the Notes received pro rata
beneficial interests in the Liquidating Trust established pursuant to the Plan. A copy of the Liquidating
Trust Agreement was filed with the Court as Exhibit A to the Notice of Plan Supplement [Dkt. No. 371].
1The Notes Trustee is not responsible for the selection or use of CUSIP numbers or Escrow CUSIP numbers. They are included in this
notice solely for Holder convenience.
As further previously advised, the Notes are registered to a nominee of the Depository Trust &
Clearing Corporation (“DTC”), and any distributions under the Plan on account of the Class 3 Notes Claims
will be made by the Notes Trustee through DTC based upon the amount of Notes each Holder beneficially
held at the time of cancellation at DTC. All such distributions under the Plan on account of Class 3 Notes
Claims will be made to the Notes Trustee in the first instance and are subject to the prior payment of the
Notes Trustee’s fees and expenses as set forth in the Plan.
Copies of the Confirmation Order, the Plan and Liquidating Trust Agreement can be found at:
http://www.kccllc.net/medley or at https://www.deb.uscourts.gov/. The Notes Trustee makes no
recommendation or representation regarding these websites.
DISTRIBUTION PURSUANT TO BANKRUPTCY PLAN
On August 29, 2022, promptly following its receipt of such funds from the Liquidating Trust, the
Notes Trustee will distribute the aggregate amount of $10,000,000.00 to Holders of Class 3 Notes Claims
through DTC. The distribution represents a distribution of 2,039.23487907 per $1,000 principal amount
of the Notes (the “Allocation Rate”):
CUSIP Escrow CUSIP Notes Outstanding Amount Allocation Rate per $1,000 Rate per Note
58503Y105 585ESC015 2,143,800.00 $4,371,711.73 2,039.23487907 2.03923487907
58503Y204 585ESC023 2,760,000.00 $5,628,288.27 2,039.23487907 2.03923487907
Saccullo Business Consulting, LLC, was appointed as the Liquidating Trustee pursuant to the
Confirmation Order, the Plan, and the Liquidating Trust Agreement. Holders interested in contacting
the Liquidating Trustee can do so by calling (302) 643-9175 or emailing SBC@MedleyLiqTrust.com.
Any questions or inquiries about the Bankruptcy Case or the Liquidating Trust should be directed to
the Liquidating Trustee. The Notes Trustee has no duties under the Plan or the Liquidating Trust
Agreement and has no ongoing role in the Liquidating Trust or the Bankruptcy Case.
The Liquidating Trust is a grantor trust for income tax purposes. Holders are encouraged to
review the Liquidating Trust Agreement in its entirety, and, to the extent necessary, contact their own
tax advisors. The information in this Notice is only intended to be a summary. The Notes Trustee
provides no tax advice. The Notes Trustee further makes no recommendation or representation and
gives no investment or legal advice regarding the Notes, the Indenture, or the Bankruptcy Case, the
Confirmation Order, or the Plan.
Questions concerning this notice should be sent via email to Mr. Ian Bell, Vice President, U.S. Bank
National Association, Global Corporate Trust at ian.bell@usbank.com. Holders with other questions may
contact Bondholder Services at (800) 934-6802, option #7.
The Notes Trustee may conclude that a specific response to particular inquiries from individual
Holders is not consistent with equal and full dissemination of information to all Holders.
U.S. Bank National Association, August 26, 2022
as Notes Trustee
assuming our new, forward-looking payment date is mid-November'ish(?)
"
G. The penalties ordered in Subsections A through C above shall be offset, in the
order set forth in Subsection H below, by the amount of any cash payments made by any of the
Respondents, as described in Subsection E, that are subsequently distributed to bondholders and
documented as set forth in Subsection F within 180 days of entry of this Order. Payment of
attorneys’ fees or any other costs of administering the distribution to bondholders in the
Bankruptcy Case, as well as any costs incurred by the notes indenture trustee in connection with
the Bankruptcy Case, shall not be deemed payment to bondholders of Medley LLC for purposes
of the civil penalty offsets set forth in this Subsection and in Subsection H below.
H. Upon the earlier of 180 days from the date of entry of this Order, or the receipt by
the Commission’s counsel of evidence documenting amounts paid by Respondents and
distributed to bondholders in the Bankruptcy Case in accordance with Subsections E and F
above, the Commission’s counsel shall calculate the amount by which each Respondent’s
penalty may be offset. Such offsets shall be applied in the following manner: 1) the first $4
million shall be credited toward the penalty to be paid by MDLY, set forth in paragraph A.3
above, regardless of which Respondent paid such amount; 2) any amounts greater than $4
million shall be credited two thirds toward the penalty to be paid by Respondent B. Taube, set
forth in paragraph B.3 above, and one third toward the penalty to be paid by Respondent S.
Taube, set forth in paragraph C.3 above.
I. If, upon calculation of the offsets as set forth in Subsection H above, any
Respondent’s civil penalty amount is not offset in full by the payments made and distributed to
bondholders in the Bankruptcy Case, the Commission’s counsel shall notify the Respondent(s) of
the amount(s) not offset. Any Respondent who receives such a notice shall, within 14 days of
receiving the notice, remit to the Commission the outstanding balance of such Respondent’s civil
penalty.
"