STROOCK & STROOCK & LAVAN LLP Kristopher M - Portrait-trust ...

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STROOCK & STROOCK & LAVAN LLP Kristopher M. Hansen James S. Gutierrez 180 Maiden Lane New York, NY 10038 Telephone: (212) 806-5400 Facsimile: (212) 806-6006 Attorneys for The Portrait Liquidating Trust UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Hearing Date and Time: June 9, 2009 at 10:00 a.m. (Prevailing Eastern Time) Objection Deadline and Time: June 2, 2009 at 5:00 p.m. (Prevailing Eastern Time) PORTRAIT CORPORATION OF AMERICA, INC., et al., Chapter 11 Case No. 06-22541 (RDD) Jointly Administered MOTION OF THE LIQUIDATING TRUSTEE FOR THE PORTRAIT LIQUIDATING TRUST FOR AN ORDER: (I) AUTHORIZING, BUT NOT DIRECTING, FINAL DISTRIBUTION; (II) APPROVING REDUCTION OF TIME ALLOWED UNDER THE PLAN TO CASH CHECKS ISSUED AFTER TERMINATION DATE; (III) APPROVING TERMINATION DATE AS THE DEADLINE TO SUBMIT REQUEST IN WRITING FOR A DISTRIBUTION OF LESS THAN $100.00; (IV) APPROVING SUPPLEMENTAL DISTRIBUTION DOLLAR THRESHOLD; (V) APPROVING ABANDONMENT AND/OR DESTRUCTION OF RECORDS AND REMAINING PROPERTY; (VI) APPROVING PROPOSED ENTRY OF FINAL DECREE CLOSING THESE CHAPTER 11 CASES; (VII) APPROVING TERMINATION OF EPIQ BANKRUPTCY SOLUTIONS, LLC AS CLAIMS AGENT; AND (VIII) GRANTING RELATED RELIEF AS IS JUST AND PROPER TO THE HONORABLE ROBERT D. DRAIN UNITED STATES BANKRUPTCY JUDGE: The Liquidating Trustee (as defined below) for The Portrait Liquidating Trust (the “Trust” or the “Liquidating Trust”), 1 which is administering the remaining assets of 1 Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Debtors’ Second Amended Joint Plan Under Chapter 11 of the Bankruptcy Code (Docket No. 509) (the “Plan”).
Portrait Corporation of America, Inc., et al., (collectively, the “Debtors”) 2 by its counsel, Stroock & Stroock & Lavan LLP, hereby files this Motion of The Liquidating Trustee for The Portrait Liquidating Trust for an Order: (I) Authorizing, But Not Directing, Final Distribution; (II) Approving Reduction of Time Allowed Under the Plan to Cash Checks Issued After Termination Date; (III) Approving Termination Date as the Deadline to Submit Request in Writing for a Distribution of Less Than $100.00; (IV) Approving Supplemental Distribution Dollar Threshold; (V) Approving Abandonment and/or Destruction of Records and Remaining Property; (VI) Approving Proposed Entry of Final Decree Closing These Chapter 11 Cases; (VII) Approving Termination of Epiq Bankruptcy Solutions, LLC as Claims Agent; and (VIII) Granting Related Relief as is Just and Proper (the “Motion”). In support of the Motion, the Liquidating Trustee respectfully represents as follows: PRELIMINARY STATEMENT 1. In order to facilitate an orderly distribution (“Distribution”) to the beneficiaries of the Trust (the “Beneficiaries”), 3 Ocean Ridge Capital Advisors, LLC (“Ocean Ridge”), which was appointed as the liquidating trustee for the Trust (the “Liquidating Trustee”), is filing this Motion on behalf of the Trust requesting that this Court approve certain procedures in connection with (i) making a final Distribution to the Trust’s Beneficiaries; (ii) approving the reduction of time for Beneficiaries to cash checks issued by the Trust after the Termination Date (as defined below); (iii) approving the establishment of the Termination Date as the deadline by 2 The Debtors in the above-captioned Chapter 11 Cases were: Portrait Corporation of America, Inc., PCA LLC, American Studios, Inc., PCA Photo Corporation of Canada, Inc., PCA National LLC, Hometown Threads LLC, PCA Finance Corp., PCA National of Texas LP, and Photo Corporation of America, Inc. 3 For the purposes of this Motion, the defined terms “Beneficiary” or “Beneficiaries” shall mean each holder of an Allowed Senior Notes and Allowed Other Unsecured Claim, irrespective of whether such Claim is Allowed on or after the Effective Date, CPI, and the holders of Management Bonus Interests, Disputed Senior Notes Claims and Other Disputed Unsecured Claims. 2
Page 1 and 2: HEARING DATE AND TIME: JUNE 9, 2009
Page 3: THE EXHIBITS TO THE MOTION, YOU ARE
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 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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Creditor Name and Address Exhibit I
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Exhibit II Allowed Senior Notes and
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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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STROOCK & STROOCK & LAVAN LLP Kristopher M - Portrait-trust ...

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