E-Filed On je---h /70 GORDON SILVER BRIGID M. HIGGINS, ESQ ...

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Gordon Silver Attorneys At Law Ninth Floor 3960 Howard Hughes Pkwy Las Vegas, Nevada 89169 (702) 796-5555 Case 02-20472-bam Doc 1029 Entered 12/14/10 16:08:58 Page 4 of 6 100357-001/1080175_2 Beneficial Owners Forms electronically to the European Depositories, Euroclear Bank S.A./N.V. and Clearstream. Banking, societe anoyme. Upon information and belief, the European Depositories then sent the Informational Letters and the Beneficial Owner Forms to the various banks and brokers, who in turn, forwarded those materials on to the beneficial owners. (j) On October 26, 2009, KCC placed a notice ("Notice") in the national edition of USA Today with the information from the letter and a number to call for more information or to obtain an owner form. A true and correct copy of the Notice is attached hereto Exhibit "5." (k) KCC returned numerous calls and emails responding to potential former equity holders to provide claim forms as requested, answered questions on completing the form and the type of supporting documents required. KCC also received from the Liquidating Trustee Beneficial Owner Forms which to make sure claimants received assistance throughout the process. (1) KCC, in conjunction with the Liquidating Trustee, established requirements for acceptance or rejection of Beneficial Owner Forms. A list of the requirements is set forth in Exhibit "6" attached hereto. (m) Certain of the potential former equity holders identified themselves as "insiders" on the Beneficial Owner Forms. To further clarify these persons status as actual "insiders" of PurchasePro, on September 17, 2010, KCC mailed, via first class mail, follow up correspondence ("Insider Identification Form") to those persons which had originally identified themselves as "insiders" or had indicated that they were uncertain about their status as "insiders" ("Potential Insiders") on the Beneficial Owners Forms. A copy of the Insider Identification Form that was sent is attached hereto as Exhibit "7." The Insider Identification Form informed the Potential Insiders of the definition of an "insider" pursuant to 11 U.S.C. 4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Gordon Silver Attorneys At Law Ninth Floor 3960 Howard Hughes Pkwy Las Vegas, Nevada 89169 (702)796-6565 Case 02-20472-bam Doc 1029 Entered 12/14/10 16:08:58 Page 5 of 6 § 101(31) and provided a non-exhaustive listed of known "insiders" of PurchasePro. The Insider Identification Form further informed the Potential Insiders that "insiders" would not receive a distribution an account of former equity held in PurchasePro. The Insider Identification Form again requested that the Potential Insider identify and clarify their status as an "insider" and return the form to KCC by October 17, 2010. If the Insider Identification Forms were returned by the United States Postal Service with forwarding address information, the materials were resent to that forwarding address. Four such letters and forms were returned by the United States Postal Service with no forwarding address information. KCC researched those holders through Lexus Nexus and were able to locate 3 new addresses. KCC then mailed the materials to that new address. 6. As a result of the Record Date Identification Process, KCC, as agent for the Liquidating Trustee, has compiled a list of the Record Date holders of PurchasePro.com Equity Securities which the Liquidating Trustee intends to pay partial distributions to as Beneficiaries under the Liquidating Trust. A copy of the list of Record Date holders that the Liquidating Trust intends on paying is attached hereto as Exhibit "8." KCC, as agent for the Liquidating Trustee, has also compiled a list of persons that responded to the Record Date Identification process, but were deficient for the various reasons set forth in Exhibit "9" attached hereto, including failure to provide sufficient supporting documentation, failure to sign the Beneficial Owner Forms or failure to provide evidence of authorization to sign the Beneficial Owner Form on behalf of another party, and failure to exclude themselves as an "insider." 7. KCC has further provided the Liquidating Trustee with a PurchasePro Claim Status Summary Report which is attached hereto as Exhibit "10." 8. On September 17, 2010, KCC mailed to parties that had identified themselves as a potential Beneficial Owners, via first class mail, either a letter requesting the party sign and return the completed W-9 Form or a W-8Ben Form ("U.S. Tax Identification Letter"), or a letter requesting the party sign and return the completed W-8Ben Form ("Non-Resident Alien Tax 100357-001/1080175 2 5
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Claim # 1295 PAUL L VVESTBROOK JR.
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Claim # 1937 Name NFS/FMTC ROLLOVER
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Claim # 93 5288 Name EILEEN KLEIN A
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Claim # 226 Name MR CHUNG CHI TENG
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E-Filed On je---h /70 GORDON SILVER BRIGID M. HIGGINS, ESQ ...

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