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

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(Pre-Petition Bar Date Order at 6). [S]hall be forever barred, stopped and enjoined from asserting such Claim against the Debtors (or filing a proof of Claim with respect thereto) and the Debtors and their property shall be forever discharged from any and all indebtedness or liability with respect to such Claim, and such holder shall not be permitted to vote on any chapter 11 plan or participate in any Distribution in the Debtors’ Chapter 11 Cases on account of such Claim or to receive further notices regarding such Claim . . . . 10. On May 4, 2007, the Debtors filed the Debtors’ Motion for Order Pursuant to Sections 105, 363 and 365 of the Bankruptcy Code and Rules 2002, 6004, 6006 and 9014 of the Federal Rules of Bankruptcy Procedure Seeking Approval of (i) the Sale of Substantially All of the Debtors’ Assets Free and Clear of All Liens, Claims, and Encumbrances and Interests and the Assumption and Assignment of Executory Contracts and Unexpired Leases Related Thereto, (ii) Approving Sale Procedures, Break-Up Fee and Expense Reimbursement and No-Shop Provision, and (iii) Granting Related Relief (Docket No. 429) (the “Sale Motion”) pursuant to which the Debtors proposed to sell all or substantially all of their assets to CPI. 11. On June 1, 2007, the Debtors filed their Plan, which was a liquidating plan premised on the sale of all or substantially all of the Debtors’ assets to CPI. 12. On June 4, 2007, this Court approved the Sale Motion and entered the Order Pursuant to Sections 105, 363 and 365 of the Bankruptcy Code and Rules 2002, 6004, 6006 and 9014 of the Federal Rules of Bankruptcy Procedure Approving (I) the Sale of Substantially All of the Debtors’ Assets Free and Clear of All Liens, Claims, and Encumbrances and (II) The Assumption and Assignment of Executory Contracts and Unexpired Leases Related Thereto (Docket No. 516). 5
13. On July 11, 2007, the Bankruptcy Court entered the Confirmation Order confirming the Plan (Docket No. 557). 14. The Plan became effective on July 17, 2007 (the “Effective Date”). On the Effective Date, pursuant to the terms of Section 5.5 of the Plan and the Confirmation Order, the Trust was established to administer the Debtors’ assets that were not sold to CPI, Ocean Ridge was appointed as the Liquidating Trustee, and the undersigned was retained as the Liquidating Trustee’s and the Trust’s counsel pursuant to the Liquidating Trust Agreement referenced in the Plan. On the same date, the Debtors filed their Notice of: (I) Entry of Order Confirming the Debtors’ Second Amended Joint Plan Under Chapter 11 of the Bankruptcy Code; (II) Occurrence of Effective Date; and (III) Deadline for Filing Administrative Claims, Professional Fee Claims and Claims Arising from Rejection of Executory Contracts or Leases (Docket No. 563) (the “Notice of Effective Date”). The Notice of Effective Date was served upon all known creditors (including the Internal Revenue Service and other taxing authorities) and other parties-in-interest. 15. Pursuant to the terms of the Plan, the Liquidating Trust Agreement referenced therein and the Confirmation Order, the Liquidating Trustee has the authority to liquidate the assets of the Trust and to make Distributions as expeditiously as reasonably possible to holders of Allowed Claims and to Beneficiaries in accordance with the terms of the Plan. (Plan §§ 5.5 to 5.7). 16. Under the terms of the Plan and the Confirmation Order, August 16, 2007 at 5:00 P.M. (Prevailing Eastern Time) was established as the bar date for all persons holding or asserting an Administrative Claim, a Rejection Damage Claim or a Professional Fee Claim to file their Claims against any of the Debtors in these Chapter 11 Cases (the “Administrative Claims 6
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: BACKGROUND A. The Chapter 11 Cases
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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Exhibit III Allowed Administrative,
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Exhibit III Allowed Administrative,
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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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