Medley Management Inc. (MDLM)

[56Chevy]

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”).

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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.

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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.

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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.

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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, [•].

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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.

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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.

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