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forth in Exhibit II. All Allowed Administrative Expense, Secured and Priority Claims, as set forth in Exhibit III have been paid in full previously. 61. The Liquidating Trustee further requests that the Trust, together with the Liquidating Trustee and their respective employees, members, shareholders, officers, advisors, consultants, attorneys, accountants, professionals, agents, representatives, heirs and assigns (collectively, the “Released Parties”), be forever released and discharged from any and all Claims, obligations, suits, judgments, damages, demands, debts, rights, causes of actions, and liabilities, known or unknown, then existing or thereafter arising, based in whole or in part on any Claims that are paid, classified or reserved pursuant to this Motion from the beginning of time to and after the entry of the Order approving this Motion, provided, however, that nothing herein shall be construed to release any of the Released Parties from Claims for fraud, willful misconduct, gross negligence or criminal conduct. II. Reduction of Time to Cash Checks after Termination Date 62. The Plan states that Cash payments made by checks “shall be null and void if not cashed within 120 days of the date of issuance . . . .” (Plan § 6.4) (emphasis added). 63. The Liquidating Trust Agreement, however, states that “[a]fter making the Final Distribution, the Liquidating Trustee shall proceed as promptly as possible (but in no event for a period longer than three months, unless a longer period is approved by the Bankruptcy Court) to wind up the affairs of the Liquidating Trust and make any required federal, state or local filings for the dissolution of the Liquidating Trust.” (Liquidating Trust Agreement § 11.2) (emphasis added). 21
64. In order to wind up the Trust after the Final Distribution, the Liquidating Trustee must close the Trust’s various bank accounts, perform final bank reconciliations for each account, and complete final tax returns. And in order to wind up the Trust within the three (3) month period set forth in the Plan, the Liquidating Trustee will need to close the bank accounts approximately 60 days instead of 120 days following the Final Distribution. Thus, to expedite the wind up of the Trust and to harmonize the two different time periods stated above in the Plan and the Liquidating Trust Agreement, the Trustee hereby requests this Court to reduce the time period set forth in Section 6.7 of the Plan from 120 days to 60 days. III. Deadline to Make Written Requests for Distributions of Less than $100.00 65. The Plan states that “[n]o distribution of less than $100.00 shall be made by the Liquidating Trust to any holders of a Claim unless a request therefor is made in writing to the Liquidating Trustee.” (Plan § 6.7). The Plan sets no deadline on the submission of these requests. Claimants entitled to receive Distributions less than $100.00 are set forth on the attached Exhibits. 66. In order to expedite the wind up of the Trust, ease of administration and to provide greater clarity to the Beneficiaries regarding the notice requirements set forth in the Plan, the Trustee is requesting that the Court set the Termination Date as the coterminous deadline for Beneficiaries receiving a Distribution of less than $100.00 to submit such written requests to the Liquidating Trustee. IV. Supplemental Distribution and Authorization to Make a Charitable Donation 67. The Plan provides for a Supplemental Distribution to be paid to Class D Interests, Management Bonus Interests and the CPI Interest in the event that any funds remain 22
Page 1 and 2: HEARING DATE AND TIME: JUNE 9, 2009
Page 3 and 4: THE EXHIBITS TO THE MOTION, YOU ARE
Page 5 and 6: Portrait Corporation of America, In
Page 7 and 8: BACKGROUND A. The Chapter 11 Cases
Page 9 and 10: 13. On July 11, 2007, the Bankruptc
Page 11 and 12: 20. The purpose of establishing the
Page 13 and 14: (Liquidating Trust Agreement at §
Page 15 and 16: (Plan at § 5.7(d)(ii)). 33. With r
Page 17 and 18: Debtors’ Schedules. By Order date
Page 19 and 20: D. Distributions to Date Made by th
Page 21 and 22: have been disallowed pursuant to Se
Page 23: substantial potential sources of ad
Page 27 and 28: 3.2(xiii)). Additionally, pursuant
Page 29 and 30: Date, the Liquidating Trustee shall
Page 31 and 32: VII. Termination of Employment of E
Page 33 and 34: WHEREFORE, in light of the foregoin
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Page 37 and 38: Creditor Name and Address Exhibit I
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Creditor Name and Address Exhibit I
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NY 72065047v4 EXHIBIT A
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Entry of Final Decree Closing These
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NY 72065047v4 EXHIBIT B
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(“Epiq”) as Claims agent in the
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