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Yes..but the collapse of 08 / 09 was for different reasons. Lehman Bros fall, and many other banks, was due to a housing bubble combined with exposure to what were called 'Alt-A' loans..which were subprime. They were also known as "liar loans" because banks weren't requiring full documentation that the borrower could pay back the loan.
Banks certainly played a roll in that collapse.. but truth be known it was Democrat pressure from Washington DC that for years was forcing the banks to start making loans to individuals who could not and ultimately did not pay back their notes.
This brings us to the conclusion that when banks start going belly up and you want to know why "the creek got muddy" all of a sudden just go upstream and you'll find the pigs in the creek are not so much in the banks themselves but in Wash DC.
Fast forward to 2023 this collapse was for different reasons but it was caused by the same pigs in the same creek with rising interest rates at the fastest pace ever.
Marker:
First Internet Banco (INBK)
$18.61 -4.27 (-18.66%)
Volume 63,137
*Post Silicon Valley bank collapse
First Republic and PacWest Bancorp plunge as fears of contagion grow following the biggest bank failure since 2008
Fri, March 10, 2023 at 2:08 PM MST
The biggest bank failure since the 2008 financial crisis has dragged down other regional bank stocks as fears of contagion grow.
[....]
Source:
https://news.yahoo.com/first-republic-pacwest-bancorp-plunge-210853157.html
Marker:
$12.35 -7.54 (-37.9%)
Volume 38,207,790
.
Seeing the handwriting on the wall I started my entire portfolio liquidation a year ago. It took a while but I was out of this and some others at a good time.
The future doesn't look good fellas. Best of luck.
56Chevy
BankProv CEO resigns after $27.5 million crypto currency hit
Thu, January 5, 2023, 4:52 PM
Jan. 5—Provident Bancorp begins 2023 with new leadership after the December exit of CEO Dave Mansfield, following the bank's report that it expected a third quarter loss of $27.5 million related to loans to a cryptocurrency miner.
[....]
In a Nov. 15 filing to the Securities and Exchange Commission, Provident estimated it would report a net loss of approximately $27.5 million for the quarter ended Sept. 30, 2022, compared to net income of $5.1 million for the quarter ended Sept. 30, 2021.
[....]
"The Company is still evaluating the actual level of losses due to the recent decline in the cryptocurrency mining industry, and such losses may exceed this estimate," the company wrote.
"During the third quarter of 2022, the volatility in Bitcoin and rising energy costs called into question the financial stability of the Company's borrowers who hold digital asset mining loans, the collectability of all principal and interest related to these loans, as well as the value of the cryptocurrency mining rigs that serve as the underlying collateral."
The bank said its remaining digital asset mining loan portfolio as of Sept. 30 totaled $76.5 million, "of which, upon review, the Company estimates a majority to be impaired and placed on non-accrual status."
[....]
Source:
https://news.yahoo.com/bankprov-ceo-resigns-27-5-235200484.html
Marker: current pps $7.39
.
I owe Ernie Poole an apology.
What a stupid thing for Hollis & Co to do considering they had the hottest real estate property in the country to make an honest profit with.
But why it took the Gov't this long to get to this point is a "crime" in of itself.
I'm glad its over.
Yes. The Taubes are on the hook for the $10M. No wiggle room on that.
They negotiated and settled on that amount because I think had they gotten stubborn with the SEC this whole thing could have become criminal ..for them..and they knew it. Had it gone down that road they could have been facing jail time. And if that wasn't bad enough that also meant their days of managing opm would have been over. Guilty verdicts for fraud don't fly so good on Wall St. They were smart to settle ..and imo they got off very easy.
I'm viewing this situation now as separate individuals. The Taubes may not be out of this entirely yet but its possible they are (unless of course more dirt comes to light previously unknown).
I think the focus now for the Trustee is to go after the D&O. Who did what, when and why. He will (or probably already has) drilled down into that unit and knows what the next move is. I think this lawsuit is a delay last ditch side-show. I don't think the Taubes are the ones initiating or pushing it. I could be wrong but I think they want away from any more drama. ??
I'm not where I can read that lawsuit db7.. but I will when I get time.
We wondered if the SEC would withdraw their claim once they took care of the Taube bros ..and they did. So they're out.
This is actually good because they can and do cause delays in a BK with minor and or inconsequential objections and such. They have all the time and money in the world so delays are meaningless to them. Delays in bk's always co$t the estate big money in professional fees.
That lawsuit the D&O filed with Lowenstein smacks of a fearful, frantic and desparate last ditch effort to shift blame and delay the process. Not smart imo..but then that's been the problem all along. I think those guys knew the Taube boys were running fast and loose but couldn't control them so as the old saying goes - If you can't beat em' ..join em! They could have resigned when they knew this could be trouble.. but they didn't so its let's see if we can pull somebody else down with us time.
They can run but they can't hide imo.
Exactly! The SEC Order mention 3 guilty parties.
The Taube brothers + Medley Management.
The brothers settled.
That leaves the D&O.
The question is is the SEC basically done with their portion of the case? ..or do they have more work to do?? I guess we'll know if they drop their claim. But even if they do does that mean the D&O are off the hook?? I honestly don't know but knowing the brothers settled I don't see how they could come out of this unscathed.
It turned out that the SEC was the bondholders friend in this case and they directed that the entire disgorgment of $10M be paid to the Bondholders. That was not a sure thing in my mind. This thing could have gone completely down a different path in the form of fines...which would have gone to the SEC....but I was relieved and delighted to see them designate the amount exclusively to the bondholders. With that said I don't know if that will hold true if any further "recoveries" are made??
Imbedded in the SEC's press release (link below) you'll find the actual Order the SEC put out and it will have another link down at the bottom of the page (or depending on the device you're using to open the doc it could be over to the right) and you'll see the heading 'Related Materials'.
Click on the link under that which reads 'SEC Order' and you can read the actual Order.
https://www.sec.gov/news/press-release/2022-73
To answer you're question regarding claimants. Its my belief Bond Holders have absolute priority and will not be sharing any recovery (that isn't tax related or Administrative) with other claimants. They're at the top of the food chain.
Press Release
Medley Management and Former Co-CEOs to Pay $10 Million Penalty for Misleading Investors and Clients
Settlement Structured to Expedite Payment to Bondholders Through Related Bankruptcy Proceeding
FOR IMMEDIATE RELEASE
2022-73
Washington D.C., April 28, 2022 —
The Securities and Exchange Commission today charged publicly-traded asset manager Medley Management and its former co-CEOs, Brook B. Taube and Seth B. Taube, with making misrepresentations to investors and clients that created the illusion of Medley’s likely future growth. The respondents have agreed to settle the SEC’s charges and will collectively pay $10 million in civil penalties.
According to the SEC’s order, since at least August 2016, in multiple public filings, including bond offering materials, Medley overstated its assets under management by including “committed capital” amounts from non-discretionary clients, whose agreements with Medley imposed no obligation to invest with Medley and whose investing activity through Medley was minimal. The Taubes and Medley did not disclose that there was a risk that a significant amount of the clients’ capital would never be invested and would therefore never generate the fee income on which Medley’s financial growth depended. The order additionally finds that in June 2018 the Taubes used positive projections of Medley’s likely future growth, for which they had no reasonable basis, to recommend to advisory clients a merger whereby Medley’s two business development company clients would acquire Medley and give the Taubes contracts for high-paying jobs. The order finds that the materially misleading projections were incorporated into calculations of the “expected” benefit included in the proxy materials that encouraged investors to vote in favor of the transaction.
“Under the federal securities laws, investors are entitled to complete and accurate information about the companies they invest in,” said Lara Shalov Mehraban, Acting Director of the SEC’s New York Regional Office. “The Taubes, as the CEOs of a publicly-traded asset manager, failed to ensure that investors were given correct information about the company’s assets under management and adequate disclosures about its risks.”
The Taubes and Medley consented to the entry of the SEC’s order finding that each caused and/or negligently committed violations of the antifraud provisions of the federal securities laws and that they caused and/or committed violations of the reporting and books and records provisions. Without admitting or denying the SEC’s findings, the Taubes and Medley agreed to cease and desist from committing or causing any future violations of these provisions, to be censured, and to pay a total of $10 million in civil penalties. The respondents are expected to satisfy their obligation to pay this penalty by making payments to bondholders in the bankruptcy proceeding of Medley’s operating affiliate, Medley LLC.
The SEC’s investigation was conducted by Karen Willenken, Alison Conn, Lee Greenwood and Judith Weinstock of the New York Regional Office, with assistance from William Uptegrove, Therese Scheuer and Alistaire Bambach, who also represent the SEC in the pending bankruptcy proceeding of Medley LLC. The case was supervised by Ms. Mehraban. The SEC appreciates the assistance of the Québec Autorité des Marchés Financiers.
Source:
https://www.sec.gov/news/press-release/2022-73
*Surprise surprise surprise! I didn't expect this for another 6 months. I do think they got off easy!
You've got me digging. The only claim [SEC] that I'm aware of was claim #11 submitted last spring 5/6/2021 ..but it doesn't reveal an amount. It refers you to the attachment.
Attachment A
This claim is an undetermined claim for penalties, disgorgement, and prejudgment interest arising from possible violations of the federal securities laws. The Securities and Exchange Commission (“SEC”) has been conducting an investigation into certain prebankruptcy transactions involving the debtor. Based on this investigation, the SEC may file a civil action against the debtor in an appropriate forum. The SEC reserves the right to amend and supplement this claim as appropriate under the circumstances.
Not that I know of. Other than the SEC lawyers assigned to this case I doubt even other people inside the SEC know.
Agreed db7. The hurdle now is time..lots of time.
Marker:
SIVB
SVB Financial Group
$587.86 up 22.35 (3.95%)
Volume: 369,444
.
BARINGS BDC, INC. COMPLETES MERGER WITH SIERRA INCOME CORPORATION
NEWS PROVIDED BY
Barings BDC, Inc.
Feb 25, 2022, 16:15 ET
CHARLOTTE, N.C., Feb. 25, 2022 /PRNewswire/ -- Barings BDC, Inc. (NYSE: BBDC) ("Barings BDC") announced today the closing of the previously announced merger with Sierra Income Corporation ("Sierra"). The combined company, which will remain externally managed by Barings LLC, is expected to have more than $2.7 billion of assets under management on a pro forma basis.
As a result of the merger, Sierra shareholders will receive the following in exchange for each share of Sierra common stock held at the effective time of the merger: (i) 0.44973 of a share of Barings BDC common stock, and (ii) approximately $0.9783641 of cash as transaction support provided by Barings LLC. Barings BDC will issue approximately 45,996,985 shares of Barings BDC common stock to Sierra shareholders in connection with the merger, resulting in former Sierra stockholders and current Barings BDC stockholders owning 41.3% and 58.7% of the combined company, respectively, at closing.
[....]
Source:
https://www.prnewswire.com/news-releases/barings-bdc-inc-completes-merger-with-sierra-income-corporation-301490878.html
* I think the reason this bk was on such a fastrack the minute the filing hit the ground was that the OUCC knew it had a big time challenge ahead of itself to not allow this to go to a ch 7 fire sale (which is what the SEC was pushing for)..come up with a confirmable plan..convince the court to allow for a ch 11 liquidation..get it voted on.. confirmed ..and then have a shot at averting this Baring merger with SIC and work a deal of their own. If true it was a heroic effort but may have all been for not..?? We'll see eh.
Wow. Wow. Wow. That's a bit of a shocker. I was never a Greenlaw fan and those years of silence were enough for me to liquidate and get out when I did but I sure didn't expect this. I really thought UDF IV had Bass on the ropes. You don't expect the wheels of justice to grind this slowly.
I don't see how UDF can win their case [with Bass] and to add insult to injury they'll have some hefty professional fees for Bass' team to pay on top of it.
Thanx for the posting.
Take care guys.
Court Doc #0511
NOTICE OF SERVICE OF THE MEDLEY LLC LIQUIDATING TRUST’S REQUEST FOR DOCUMENTS AND INFORMATION DIRECTED TO BROOK TAUBE, SETH TAUBE, JEFF TONKEL, RICHARD ALLORTO, SAM ANDERSON, AND JOHN FREDERICKS PLEASE TAKE NOTICE that on November 24, 2021, the Medley LLC Liquidating Trust in the above-captioned case caused a copy of The Medley LLC Liquidating Trust’s Request for Documents and Information Directed to Brook Taube, Seth Taube, Jeff Tonkel, Richard Allorto, Sam Anderson, and John Fredericks to be served on the parties listed on the attached service list in the manner indicated.
[....]
Source:
https://www.kccllc.net/medley/document/list/5510
*the probe for answers as to where over $125MM dollars went..to whom..why..and how begins.
Marker;
First Internet Banco (INBK)
$44.68 up 0.26 (0.59%)
Volume: 27,619
*All-time highs
.
Marker:
Bloom Energy Corpora (BE)
$31.4177 down -0.5523 (-1.73%)
Volume: 1,486,073
As EI said ok to ignore.
The Notes (and by extension each Noteholder) is represented by an Indenture Trustee who is legally responsible to manage the affairs and interests of the Note as a whole. The Trustee for the Notes is U.S. Bank National Association, Trustee, Registrar and Paying Agent for Medley
LLC Unsecured Debt Securities Steven Gomes.
One of his primary duties is the filing of claims. This is why you did not have to file a claim yourself with the court to be recognized as an interested party.
The Indenture Trustee has already officially filed a claim for "the shareholder of record", which unless you made other arrangements, is your Broker. Your broker in turn recognizes you as the "beneficial owner" of the Note(s) and is responsible to forward any pertinent info, proxy(s) or actions required on your behalf to you such as when a matter requires your vote. This arrangement is what is meant when you hear your securities are held "in street name".
The Court doesn't need to know who each individual holder is. This service list is a list of the representing lawyers and Gov't agencies who want to be notified of any court actions in the case. You could request that the court put you on the service list but as you're already aware the dockets been made available to the public for free by Kurtz Carlson LLC. I'm glad it is because in some bk cases the only way to get court docs is via PACER and they charge money for each page of info. Its typically 8 cents a page but when you see how large some of these docs are your PACER bill can get hefty "
D & O insurance and "causes of action" come into play as far as any material recovery for the estate is concerned if 1) any "wrongdoing" is first established and 2) then found to be a civil matter.. and not a criminal matter.
I don't think anybody would dispute things at the BoD level were "fishy". The question is how fishy?!..and by who?
Marker;
SVB Financial Group (SIVB)
$750.69 up 4.68 (0.63%)
Volume: 90,429
*this bank, which is an exclusive bank for heavy hitters located in Silicon Valley, reflects the unprecedented transfer of wealth this virus created. Very revealing.
.
It's Official! We have a signature CONFIRMATION!
The Bankruptcy Judge Karen B. Owens has signed off.
Court Doc #0445
AMENDED FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER (I) APPROVING THE ADEQUACY OF DISCLOSURES ON A FINAL BASIS AND (II) CONFIRMING THE MODIFIED THIRD AMENDED COMBINED DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF MEDLEY LLC
Source:
https://www.kccllc.net/medley/document/list/5510
*If you follow bankruptcies much this certainly has been a very different one. It may take several more months for the Liquidating Trust Trustee (LTT) to unwind what needs unwinding ..but unless there remains a technicality I'm forgetting that process can begin. I'm certain the LTT has already identified where to begin digging.
**Regarding the SEC (and what falls out of that bureaucratic hot mess that could materially effect the estate down the road) is anybodies guess.
.
Another All-time high.
Stock is nearing a 3+ bagger in the last 2 years!
Marker:
SVB Financial Group (SIVB)
$690.33 up 6.44 (0.94%)
Volume: 315,181
A strong 4% move today OAG! This is a gift that keeps on giving! The last 2 1/2 years have been a rocket!
Generac Holding Inc (GNRC)
$451.94 up 18.1 (4.19%)
Volume: 896,060
Court Doc #0434
[....]
[go to pages 18 & 19]
QQ. Best Interest of Creditors (11 U.S.C. § 1129(a)(7)).
As demonstrated by the Rosen Declaration, the Liquidation Analysis attached to the Plan Supplement as Exhibit B, the Combined Disclosure Statement and Plan, the evidence proffered or adduced at the Confirmation Hearing,
and the facts and circumstances of this Chapter 11 Case, with respect to each impaired class of Claims against or Interests in the Debtor, each holder of a Claim or Interest in such Class has accepted the Combined Disclosure Statement and Plan or will receive or retain pursuant to the Combined Disclosure Statement and Plan on account of such Claim or Interest property of a value, as of the Effective Date, that is not less than the amount that such holder would so receive or retain if the Debtor were liquidated under chapter 7 of the Bankruptcy Code on the Effective Date. Accordingly, the Combined Disclosure Statement and Plan satisfies section 1129(a)(7) of the Bankruptcy Code.
Source:
https://www.kccllc.net/medley/document/list/5510
*this particular Doc also gives a very good timeline of events to date.
**once this plan gets the Judges signature the Liquidating Trust Trustee goes into action. I think we can expect his work to produce "causes of action" to add to the estate. How much $$ and when is impossible to say but that will be his mission. .
MDLQQ currently @ $.15
MDLXQ currently @ $.15
Court Doc #0426
3. The Plan Proponents received only two objections to the Third Amended Plan prior to the Objection Deadline: (i) the Office of the United States Trustee (the “UST”) and (ii) the United States Securities and Exchange Commission (the “SEC”).
4. On October 5 and 6, 2021, the Court heard evidence and oral argument with respect to the Third Amended Plan and the objections thereto, and on October 7, 2021, the Court issued its ruling, which approved the disclosure statement on a final basis and confirmed the Third Amended Plan, subject to certain modifications.
5. The Plan Proponents, consistent with the Court’s ruling, have modified the Third Amended Plan, which is being filed contemporaneously herewith (the “Modified Plan”), and a
blackline reflecting the changes from the Third Amended Plan. Further, the Plan Proponents modified the proposed confirmation order (the “Confirmation Order”). These modifications were intended to address the issues raised by the Court in its ruling at the October 7, 2021 hearing.
6. The Plan Proponents circulated the Modified Plan and the Confirmation Order and blacklines of each to the UST and the SEC. The UST had no opposition to the Modified Plan or
the Proposed Order. The SEC provided the Plan Proponent with certain comments, substantially all of which have been incorporated into the Modified Plan and/or the Proposed Order, the one exception being a requested waiver of the Debtor’s reservation of rights with respect to, among
other things, privilege and confidentiality.
Court Doc #0426-1
FINDINGS OF FACT,CONCLUSIONS OF LAW, AND ORDER (I) APPROVING THE ADEQUACY OF DISCLOSURES ON A FINAL BASIS AND (II) CONFIRMING THE MODIFIED THIRD AMENDED COMBINED DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF MEDLEY LLC
Source:
https://www.kccllc.net/medley/document/list/5510
*this had to take quite an effort to put together the Plan and then overcome the objections and get this case to this point in such a short time.
The SEC may be "obligated" to object. That's just a guess. I don't know why they do what they do..nobody does..maybe not even them! Funny but true.. "
You're dealing with a Gov't entity that first of all is made up of players with absolutely no skin in the game. Naturally these people really don't care how this goes. Objections (no matter who makes them) costs the estate time and money. They end up destroying more assets than they recover every time tbey do that..but thats how they play this game.
The SEC has a 'one size fits all' game plan.. and thats how the roll.. but I don't think that plan is just unique to this Medley case..which gives me hope.
"causes of action" is a very broad term. The SEC has a one track mind in any case its involved with that being the ch 7 "nuclear option"..but that doesn't mean that the court has to agree.
We have to think that theres more to "recover" by going the route the plan originators have gone. They must see something worth going after..if they didn't everybody would have just thrown their cards in and called for a ch 7 bonfire. But they didn't do that.
Somebody either has to convince the SEC the ch 11 POL is the best chance of recovery or tell them to go pound sand and make them understand. I'm guessing that somebody is the judge.
We've been saying it since day 1 of this bk case that the SEC is the great unknown here.
Todays court battle is perhaps the most important day of all.
Court Doc #0382
[Sealed] Objection to Confirmation of Plan of the US Securities and Exchange Commission (Filed by US Securities and Exchange Commission) (No Image Available)
Source:
https://www.kccllc.net/medley/document/list/5510
Court Doc #0381
UNITED STATES TRUSTEE’S OBJECTION TO CONFIRMATION OF THE THIRD AMENDED COMBINED DISCLOSURE STATEMENT AND PLAN OF MEDLEY LLC (D.I. 324)
Source;
https://www.kccllc.net/medley/document/list/5510
Marker:
Medley Management In (MDLM)
0.05 down -0.2 (-80.00%)
Volume: 1,865
MDLQQ Currently @ $0.31
MDLXQ Currently @ $0.31
Court Doc #0371-2 Exhibit B pages 56 ~ 59 give a breakdown of the estimated ch 7 liquidation vs ch 11 recovery numbers.
Source;
https://www.kccllc.net/medley/document/list/5510
* Nothing new or unexpected was in this Doc re: recovery but this was the first visual indication of anticipated post BK Liquidating Trust activity. This situation with all things "Medley" doesn't end when the BK proceedings end. That tells us this really ends when the Liquidating Trust has completed its mission..and that may be a while.
.
Hey db7. Ya hard to connect the dots when you're not sure what dots can be connected. I get it.
We know the plan is, and has always been, a Plan of Liquidation (POL) under the ch11 tent as opposed to any form of a Plan of Reorganization (POR).
The bk needs to move along..get voted on approved and be done..the sooner the better. And I think that's when the plan proponents, along with the Liquidation Trustee's, job really begins.
The SEC remains to be a wild card in all of this.
Sierra Income Corporation To Merge With Barings BDC, Inc. And Combined Company To Be Managed By Barings LLC (9/21/21)
Court Doc #0371
NOTICE OF PLAN SUPPLEMENT
The above-captioned debtor and debtor in possession (the “Debtor”) hereby files this Supplement to the Third Amended Combined Disclosure Statement and Chapter 11 Plan of Medley LLC (the “Plan”).
[....]
G. The Liquidating Trust is established for the benefit of the Liquidating Trust Beneficiaries entitled to distributions under the Plan. H. The Liquidating Trust is established for the purpose of collecting, holding, administering, distributing, and liquidating the Liquidating Trust Assets for the benefit of the Liquidating Trust Beneficiaries in accordance with the terms and conditions of this Agreement, the Plan, and the Confirmation Order and with no objective to continue or engage in the conduct of a trade or business, except to the extent necessary to, and consistent with, the Plan and the Confirmation Order and liquidating purpose of the Liquidating Trust.
[....]
2.3 Transfer of Liquidating Trust Assets.
2.3.1 Conveyance of Liquidating Trust Assets.
Pursuant to the Plan, the Debtor and Medley Capital each hereby grants, assigns, transfers, conveys, and delivers, on behalf of the Liquidating Trust Beneficiaries, the Liquidating Trust Assets to the Liquidating Trust as of the Effective Date for Liquidating Trust Assets available on the Effective Date or periodically thereafter as additional Liquidating Trust Assets become available (provided that Additional GUC Funds shall vest in the Liquidating Trust from time to time in accordance with the Wind-Down Budget from the Effective Date through the Wind-Down Date) in trust for the benefit of the Liquidating Trust Beneficiaries, for all uses and purposes and to be administered and applied as specified in this Agreement and the Plan.
[....]
2.5 Cooperation of Debtor and Medley Capital.
The Debtor, Medley Capital and their respective professionals shall to use commercially reasonable best efforts to cooperate with the Liquidating Trust and Liquidating Trustee and their professionals in effecting the transition from the Debtor to the Liquidating Trust of administration of the Liquidating Trust Assets and review
and resolution of creditors’ Claims ; provided that with respect to the Medley Executives (as defined in the Plan), such reasonable cooperation will not materially interfere with the Medley Executives’ normal job responsibilities. Such cooperation shall include, but not be limited to identifying and facilitating access to (i) any evidence and information (whether in hard copy or electronic format) the Liquidating Trustee reasonably requests in connection with the Liquidating Trust’s performance of activities and responsibilities under the Plan, including, but not limited to, investigation, prosecution or other pursuit, or defense (as applicable) of Causes of Action, review and validation of Claims (including objections to Disputed Claims); (ii) current or former employees or Professionals of the Debtor or Medley Capital with knowledge regarding any Causes of Action or Claims asserted in the Chapter 11 Case (including, but not limited to Disputed Claims); and (iii) information the Liquidating Trustee reasonably requests in connection with Medley Capital’s efforts to realize Additional GUC Funds.
[....]
ARTICLE VIII OVERSIGHT COMMITTEE
8.1 Appointment, Composition, and Governance of Oversight Committee. Consistent with Section VII.G. of the Plan, effective as of the Effective Date, the Oversight Committee shall comprise two members appointed by the Creditors’ Committee, Glen Gardipee and James MacAyeal, and one member appointed by existing management of Medley Capital, [•].
[....]
8.10.2 Occurrence of the Wind-Down Date.
Upon the Wind-Down Date, the Oversight Committee member appointed by Medley Capital shall resign and be replaced by Carl Wegerer, III, who was selected by the Creditors’ Committee prior to the Confirmation Date in accordance with Section VII.G. of the Plan; provided, however, that if Mr. Wegerer is unwilling or lacks the capacity to serve when the Wind-Down Date occurs, the replacement of the Oversight Committee member appointed by Medley Capital shall be governed by Section 8.10 of this Agreement.
[....]
Source:
https://www.kccllc.net/medley/document/list/5510
*things are moving right along. No time to waste. The team is being assembled and the rules laid out.
Marker:
Medley Management In (MDLM)
$0.46 0.0 (0.00%)
Volume: 2,256
MDLQQ currently @ $0.2501
MDLXQ currently @ $0.445
Marker:
SVB Financial Group (SIVB)
$585.73 up 1.29 (0.22%)
Volume: 21,446