Implant Sciences’ official committee of equity security holders filed with the U.S. Bankruptcy Court a motion to allow for a status and case management conference related to Plan matters. The Company seeks a meeting date at the Court’s earliest convenience but not later than at the April 27, 2017 omnibus hearing.
The motion explains, “The Committee believes that these cases are now well positioned to be concluded quickly and efficiently by confirmation of a customary liquidating plan that pays out in cash all valid claims and any valid preferred share positions, and transfers remaining cash and causes of action (and any other remaining intangible assets) to a disinterested liquidating plan trustee, all to be administered by that independent fiduciary for the benefit of the last remaining beneficiary in these cases, the holders of common stock.”
In addition, “This Motion is filed in the hope that, with this Court’s assistance, all parties will come to a consensus that such a straight-forward and cost-efficient approach is in the best interests of these estates and those shareholders, in order to avoid needless expense and delay that might be otherwise devoted to any more complicated, expensive and time-consuming alternatives that may not best serve those ends….This position is informed especially because a great part of the claims asserted in these cases (amounting to more than $5.0 million in total asserted amount) are held by present and former directors, executives and other insiders, and obviously are best analyzed and resolved by a disinterested fiduciary who is not appointed by, reporting to or affiliated with such persons.”
The Court scheduled an April 27, 2017 hearing to consider the motion, with objections due by April 24, 2017.
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