Adelphia liquidating trust
As such, they do not include all of the information and disclosures required by US GAAP for complete financial statements.
In the opinion of the Trustees, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the interim unaudited condensed financial statements have been included.
These services have and will continue to be provided at no cost to the ART under the terms of various agreements between the Trust Administrator and Adelphia.
The ART financial statements do not reflect any amounts for these services.
Except as set forth below, there have been no material developments in the legal proceedings described in the ART’s Form 10-K as filed on March 4, 2011 or as updated in the ART’s Form 10-Q filed on May 13, 2011.
The ART timely filed its notice of appeal to the Court of Appeals for the Second Circuit.Maximizing recovery is the primary goal of every liquidating trustee. Bankruptcy Court for the Northern District of Texas then confirmed the plan and the Court established the PR Liquidating Trust with Milo Segner as liquidating trustee. In May, 2010, 93 percent of investors approved a liquidation plan for Provident Royalties, LLC. Pursuant to the Plan, in addition to the Causes of Action, Adelphia transferred million in cash to the ART, in connection with its formation, in order to fund the initial expenses of operation. Quest and Adelphia together have agreed to provide certain administrative services to the ART.In order to facilitate the provision of such administrative services, the ART has appointed Quest as the trust administrator of the ART (in such capacity, the “ The accompanying interim unaudited condensed financial statements of the ART have been prepared in accordance with generally accepted accounting principles in the United States of America for interim periods (“ ”) and with the instructions to Form 10-Q.
Stephen has led the representation of debtors or other leading parties in the Chapter 11 restructurings of Am Fin Financial, Chrysler, Eagle Picher, Energy & Exploration Partners, Enron, Lehman Brothers, Midway Gold, Optima Specialty Steel, Patriot Coal, Station Casinos, Veris Gold and World Com, among many others, and he represented the Court Appointed Expert in the City of Detroit’s historic Chapter 9 case.