Second Application for Fees & Expenses for Polsinelli PC, Special Counsel, Fee: $231505.00, Expenses: $332.75. Filed by James E. Bird 9013 Objections due by 8/25/2020 (8/04/20)
The Estate anticipates receiving a further sizeable distribution from AIC on its Surplus Note related to a further release of trust funds from Enstar.
The Trustee and his counsel have been negotiating in earnest with the stalking horse bidder since receiving a bid in October. The proposed transaction structure potentially change a month ago to eliminate a closing condition that the parties determined may be difficult to obtain. The stalking horse is doing additional due diligence as a result. It is hope that the parties will sign the agreement and file a Motion to Approve the Sale of Stock in AIC and the Surplus Note from AIC, subject to higher and better bids at auction, in the near future.
The Debtor also expects additional value to the Estate from distributions paid on AIC's Proof of Claim of approximately $6,382,768 in the Reliance Insurance Company (In Liquidation) proceedings.
Source: PACER [Docket 646]
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