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Pursuant to the Plan, in addition to the Causes of Action, Adelphia transferred million in cash to the ART, in connection with its formation, in order to fund the initial expenses of operation. Quest and Adelphia together have agreed to provide certain administrative services to the ART.
In order to facilitate the provision of such administrative services, the ART has appointed Quest as the trust administrator of the ART (in such capacity, the “ The accompanying interim unaudited condensed financial statements of the ART have been prepared in accordance with generally accepted accounting principles in the United States of America for interim periods (“ ”) and with the instructions to Form 10-Q.
Except as set forth below, there have been no material developments in the legal proceedings described in the ART’s Form 10-K as filed on March 4, 2011 or as updated in the ART’s Form 10-Q filed on May 13, 2011.
Goldman Sachs (“Goldman”) moved for summary judgment on March 2, 2010.
The unaudited condensed balance sheet as of December 31, 2010 was derived from the audited financial statements for the year then ended.
The Trust Administrator and Adelphia continue to provide administrative support to the ART including maintaining electronic data and paper documents used in prosecuting the Causes of Action, financial reporting and support for Distributions when they might occur (including maintenance of data related to the implementation of Plan provisions).
Subject to certain conditions, the JV LIF is “evergreen”, i.e. of net proceeds of any Designated Litigation” after first deducting any required distribution to the government.
On July 13, 2011 the Bankruptcy Court denied FPL’s motion for leave to amend its answer to add a new defense.
Pursuant to the Third Modified Fourth Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for Century-TCI Debtors and Parnassos Debtors (the “JV Plan”), which became effective on July 31, 2006; the Main Plan, which became effective on February 13, 2007; and certain other orders entered by the Bankruptcy Court, litigation indemnification funds (each, a “LIF”) were created with funds provided by Adelphia to provide certain defendants in the Bank Litigation (see Plan) provisional and conditional reimbursement of legal fees and expenses expected to be incurred in connection with defending litigation involving certain credit facilities.
Maximizing recovery is the primary goal of every liquidating trustee. Bankruptcy Court for the Northern District of Texas then confirmed the plan and the Court established the PR Liquidating Trust with Milo Segner as liquidating trustee.
In May, 2010, 93 percent of investors approved a liquidation plan for Provident Royalties, LLC.