Radians Wareham Holdings filed with the U.S. Bankruptcy Court an objection to Ironclad Performance Wear’s Joint Plan of Liquidation dated January 12, 2018.
The objection explains, “Radian’s objects to the Confirmation Motion because the Plan does not properly classify or provide for treatment of the Radians secured claim. The Plan states that the Remaining Estates Funds are unencumbered. However, that statement is contrary to this Court’s Sale Order which specifically preserves Radian’s secured claim until 1) the lookback period expires without an objection, or 2) until any objections asserted during the lookback period are finally resolved. Since the Equity Committee commenced litigation against Radians, Radians may be entitled to recover additional fees and expenses from the estate as a secured creditor.”
In addition, “The Plan does not provide for this possibility and therefore, it violates Sections 1129 and 1122 of the Bankruptcy Code. The Court should not confirm the Plan unless the moving parties properly provide for Radian’s secured claim.”
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