Adelphia liquidating trust agreement
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On November 13, 2008, certain of the JV claimants filed, or subsequently joined in, the Motion of the Bank of Nova Scotia, Citibank N. and The Ad Hoc Committee of Non-Agent Secured Lenders in the Parnassos and Century-TCI Facilities for Payment of Bank Lender Post Effective Date Fee Claims and to Compel Compliance of the Plan Administrator (defined in the JV Plan as Adelphia) and the Art with the Third Modified Fourth Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code and the Century TCI Stipulation (the “LIF Motion”). The Bankruptcy Court approved the Stipulation and Consent Order on May 7, 2010.The LIF created under the JV Plan (the “JV LIF”), established in the initial amount of million and held in an Adelphia account pending distributions as authorized by the ART, was created to fund certain allowable claims for indemnification arising under the Parnassos and Century-TCI prepetition credit facilities.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.Adelphia and the ART moved to disallow Bank Lender Post-Effective Date Fee Claims against the claimants. The Bankruptcy Court heard argument of counsel on May 25, 2011, and stated that an evidentiary hearing would be held sometime after September 2011 to resolve any JV LIF claims that may remain in dispute at such time.On April 16, 2010, Adelphia and the ART filed a motion seeking Bankruptcy Court approval of a Stipulation and Consent Order by and among Adelphia, the ART, and claimant Societe Generale, S. Since the prior agreement with Societe Generale, S.
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On July 13, 2011 the Bankruptcy Court denied FPL’s motion for leave to amend its answer to add a new defense.