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arrange for the storage of the Liquidating Trust’s records including, but not limited to, filed tax returns, for a period of not less than one year from the filing of such returns pursuant to Section 3.2(xiii) of the Liquidating Trust Agreement. VI. Approval of Proposed Final Decree of Closing These Chapter 11 Cases 73. Additionally, the Liquidating Trustee seeks approval of an order pursuant to Section 350 (a) of the Bankruptcy Code closing the Chapter 11 Cases upon dissolution of the Liquidating Trust. Section 350(a) provides that “after an estate is fully administered and the court has discharged the <strong>trust</strong>ee, the court shall close the case.” 11 U.S.C. § 350(a)). 74. As envisioned by the Plan, upon the Termination Date, the Liquidating Trustee will have satisfied all unpaid Allowed Administrative Expenses, 8 established the Wind- Up Reserve, transferred Cash from the Expense Reserve Account to the Distribution Reserve Account, paid all unpaid Other Secured Claim, transferred remaining Cash in the Secured Claims Account to the Distribution Reserve Account, and distributed all Cash in the Distribution Reserve Account to holders of Class D Interests, Management Bonus Interest and CPI Interest. All Unclaimed Distributions will have reverted to the Trust for distribution to Beneficiaries under the Plan. There will be no other assets to be administered (except for the possible limited funds as described in paragraphs 66 and 67 above. During the three (3) months following the Termination Date, the Liquidating Trustee will promptly complete various wind-up tasks, including the filing of the Liquidating Trust’s 2009 tax returns, abandoning or destroying Records and Remaining Property, and arranging for storage of its records as required under the Plan. Upon completion of these tasks, but no later than three months following the Termination 8 See footnote 4 supra. 25
Date, the Liquidating Trustee shall file a final report of distributions (the “Final Report of Distributions”) with the Court stating that the Liquidating Trust has been resolved and request the Court to enter an Order closing the Chapter 11 Cases, whereupon the Liquidating Trustee shall be discharged from any further responsibility under the Plan, the Confirmation Order and the Liquidating Trust Agreement. 75. After an estate is fully administered, the Court, on its own motion or on motion of a party-in-interest, must grant a final decree closing a chapter 11 case pursuant to Section 350(a) of the Bankruptcy Code and Bankruptcy Rule 3022. According to the 1991 Advisory Committee Note to Bankruptcy Rule 3022, factors that the court should consider in determining whether an estate has been fully administered include: (1) whether the order confirming the plan has become final, (2) whether deposits required by the plan have been distributed, (3) whether the property proposed by the plan to be transferred has been transferred, (4) whether the debtor or the successor of the debtor under the plan has assumed the business or the management of the property dealt with by the plan, (5) whether payments under the plan have commenced, and (6) whether all motions, contested matters, and adversary proceedings have been fully resolved. 76. The Liquidating Trustee submits that each of these factors will be satisfied once the Final Report of Distributions is filed with this Court because by the time the Liquidating Trustee requests the entry of a final decree closing the Chapter 11 Cases: (i) the Confirmation Order will have been a final Order for well over a year; (ii) the property and deposits required to be transferred under the Plan will have been transferred; (iii) all assets will have been liquidated and all Plan Distributions will have been made; (iv) all motions, contested matters, and adversary proceedings have been finally resolved; and (vi) all expenses arising from the administration of 26
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 and 24: substantial potential sources of ad
Page 25 and 26: 64. In order to wind up the Trust a
Page 27: 3.2(xiii)). Additionally, pursuant
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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