Matrix motion to extend posted today. Didn't see anyone post this earlier - I apologize if it's duplicate info.
DEBTORS’ MOTION TO EXTEND DEADLINE FOR FILING SECOND AMENDED DISCLOSURE STATEMENT AND PLAN
UNITED WESTERN BANCORP, INC. (“UWBK”); MATRIX BANCORP TRADING, INC. (“MBT”); and MATRIX FUNDING CORP. (“MF”), Debtors-in-Possession herein (together, the “Debtors”), by and through their counsel, Sender Wasserman Wadsworth, P.C., respectfully submit their Motion to Extend Deadline to for Filing Second Amended Disclosure Statement and Plans. In support thereof, the Debtors state as follows:
1. The Debtors filed their petitions for relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) on March 2, 2012 (the “Petition Date”), and since that date have been operating as debtors-in-possession.
2. On November 6, 2012, the Debtors filed two plans of liquidation – a joint plan for MBT and MF, and a plan for UWBK – along with disclosure statement for both plans.
3. Debtors filed their First Amended Plans for Liquidation, for both plans, along with First Amended Disclosure Statement, on February 20, 2013.
Case No. 12-13815 ABC ) Chapter 11
Case No. 12-13822 ABC ) Chapter 11
Case No. 12-13824 ABC ) Chapter 11
4. On February 21, 2013, the Court held a hearing on the Disclosure Statement filed November 6, 2012. At the hearing, the Court Ordered the Debtors to file a Second Amended Disclosure Statement on or before March 8, 2013.
5. As the Court knows, UWBK’s plan and the disclosure statement contemplate the eventual resolution of an unknown contingency – specifically, the determination by the U.S. District court for the District of Columbia of a lawsuit brought by United Western Bank (“the Bank”), a wholly-owned subsidiary of UWBK, against the Office of the Comptroller of the Currency (“OCC”) in which the Bank sought, as potential relief, an award of money damages from the OCC. The lawsuit is discussed more fully in Section II of the Second Amended Disclosure Statement (“The Litigation”), which discussion is incorporated herein by reference.
6. On March 5, 2013, the U.S. District Court for the District of Columbia ruled against the Bank in a Memorandum Opinion, a copy of which is attached hereto as Exhibit 1.
7. UWBK and counsel need time now to evaluate the ruling and its impact on UWBK’s case going forward, including the question of whether liquidation in Chapter 11 or liquidation in Chapter 7 is in the best interests of UWBK’s creditors. Accordingly, UWBK seeks a 31-day extension of the deadline to file its amended disclosure statement.
8. Debtors’ counsel has conferred with counsel for the U.S. Trustee, who stated that the U.S. Trustee would not oppose an extension for this purpose.
WHEREFORE, the Debtors respectfully move the Court for a 31-day extension of the deadline for filing a second amended disclosure statement, to April 8, 2013, and for such other and further relief as the Court deems proper.
?Dated this 7th day of March, 2013.
