On November 5, 2020, the Court granted the Receiver’s motion to establish the framework for a claims process, including approval of a Proof of Claim Form, notice and publication requirements, and establishment of a claims bar date. The Receiver subsequently mailed out proof of claim packets and established a Claim Bar Date of February 15, 2021.
On June 18, 2021, the Receiver filed his Unopposed Motion to (i) Approve Determination and Priority of Claims; (ii) Pool Receivership Assets and Liabilities; (iii) Establish Objection Procedure; and (iv) Approve Plan of Distribution (the “Claims Determination Motion”). A copy of that Motion is available here.
On July 21, 2021, the Court entered an Order granting the Receiver’s Claim Determination Motion in its entirety, including the Objection Procedure. A copy of the Order is available here. The Order provided that, among other things, the Receiver will send notice to each Claimant notifying them of the Objection Procedure and that any Claimant that disagrees with the Receiver’s determination of their claim must serve a written response to the Receiver within 30 days of that letter. The failure to serve a timely response shall permanently waive the Claimant’s right to object to or contest the Receiver’s Claim Determination, claim priority, and plan of distribution, and the final claim amount shall be set as the Allowed Amount determined by the Receiver as set forth in the Exhibits attached to the Claim Determination Motion.
On July 23, 2021, the Receiver mailed out letters to each Claimant notifying them of the Order and the Objection Procedure, and thus any Claimant that disagrees with the Receiver’s determination of their claim is required to serve a written response to the Receiver so that it is received on or before August 23, 2021. Otherwise
Once the Objection Deadline passes, the Receiver intends to seek Court approval to move forward with an interim distribution to all Claimants with approved claims and holding the highest priority.