Voting on the proposed TelexFree liquidation plan closed on June thirtieth.
A broadcast tally of the ballots reveals that TelexFree victims voted in assist of the liquidation plan.
As per the Trustee’s July seventh report;
- Class 1 (precedence claims) voted to just accept the plan
- Class 2 (participant comfort claims) voted to just accept the plan
- Class 3 (common participant claims) voted to just accept the plan
- Class 4 (vendor claims) didn’t vote however have been counted as accepting the plan
- Class 5 (fairness curiosity debtors) voted towards the plan
The overwhelming majority of Courses 2 and three, made up of TelexFree victims, voted to just accept the plan.
Class 2, representing $25.7 million in claims, noticed 99.52% out of 15,638 ballots vote for the plan.
Class 3, representing $152.2 million in claims, noticed 99.27% of 27,876 ballots vote for the plan.
Pending acceptance of the vote by the court docket and distribution timeline scheduling, keep tuned…
Replace ninth July 2020 – As per a filed July eighth Continuing Memorandum and Order, the TelexFree distribution plan has been permitted.
A full order is but to be filed. Relying on what’s in it, I’ll then determine if a separate article is critical.
Please word right now there is no such thing as a distribution timeline. If one is supplied within the full order I’ll most actually be publishing a separate article.
Replace tenth July 2020 – The liquidation plan approval order incorporates essential info pertaining to distribution funds.