The bankruptcy judge has denied the reorg plan. Hybrid Titan Management blew up the reorg plan and also blew up the IRNC/Lerner mediation for the IP (patents).
From the docket:
This matter comes before the Court on the Second Amended Combined Plan of Reorganization and Disclosure Statement (“Disclosure Statement” and “Plan”) filed by Ironclad Encryption Corporation and J.D. McGraw (the “Proponents”) [Doc 44]. Having considered the Objection to Final Approval of Disclosure and Confirmation of Plan (the “Objection”) filed by Hybrid Titan Management, LLC [Doc 51], the pleadings, evidence, arguments of counsel, and the record as a whole, the Court finds and concludes that the Proponents have failed to satisfy their burden of proof that all of the elements of 11 U.S.C. 1129 have been met.
Now therefore, it is ORDERED sustaining the Objection and denying final approval of the Disclosure Statement and denying confirmation of the Plan.
