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News Status Update 04/30/2018

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PennystockID2017 Member Level  Tuesday, 05/01/18 04:28:34 PM
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News Status Update 04/30/2018

Point : Point.360
Point.360 Status Report Filed -- Point.360 filed with the U.S. Bankruptcy Court a status report and request to continue its status hearing to anticipated disclosure statement hearing date with proof of service. The report notes, "Debtor hopes to reorganize its operations and capital structure and gain access to liquidity, reduce costs and liabilities, optimize operations to meet customer needs and create value for employees, customers and creditors.... Operationally, the Debtor has already closed its Empire facility and consolidated operations in the remaining facilities. The problem of the remaining REEP claim may be resolved in connection with pending negotiations to resolve the remaining claim through receipt of credit for fixtures and equipment that are of inconsequential value and benefit to the estate upon fully vacating the facility, subject to Bankruptcy Court approval. Debtor is concurrently working toward resolving the Austin claim through a pending motion to approve Debtor in Possession financing. Ultimately, the Medley claim that arose in connection with the MVF acquisition may become a principal dispute to be resolved through the case. Debtor will be able to fully assess such matters once a claims bar date is set and all timely filed claims are evaluated.... Debtor's most significant unexpired leases are its leases for the Media Center and HWay facilities. The HWay facility is owned by Haig Bagerdjian, Debtor's president. Debtor presently intends to continue operations from both facilities and ultimate assume these leases. Pending development of Debtor's chapter 11 plans, Debtor shall maintain these leases and meet all postpetition financial obligations there under and Debtor intends to extend the time to assume or reject pending plan formulation."

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