TelexFree victims vote for distribution plan
Voting on the proposed TelexFree liquidation plan closed on June 30th.
A published tally of the ballots reveals that TelexFree victims voted in support of the liquidation plan.
As per the Trustee’s July 7th report;
- Class 1 (priority claims) voted to accept the plan
- Class 2 (participant convenience claims) voted to accept the plan
- Class 3 (general participant claims) voted to accept the plan
- Class 4 (vendor claims) didn’t vote but were counted as accepting the plan
- Class 5 (equity interest debtors) voted against the plan
The overwhelming majority of Classes 2 and 3, made up of TelexFree victims, voted to accept the plan.
Class 2, representing $25.7 million in claims, saw 99.52% out of 15,638 ballots vote for the plan.
Class 3, representing $152.2 million in claims, saw 99.27% of 27,876 ballots vote for the plan.
Pending acceptance of the vote by the court and distribution timeline scheduling, stay tuned…
Update 9th July 2020 – As per a filed July 8th Proceeding Memorandum and Order, the TelexFree distribution plan has been approved.
A full order is yet to be filed. Depending on what’s in it, I’ll then decide if a separate article is necessary.
Please note at this time there is no distribution timeline. If one is provided in the full order I’ll most certainly be publishing a separate article.
Update 10th July 2020 – The liquidation plan approval order contains important information pertaining to distribution payments.
yippe-ki-yay rtm.
Plan was approved. Any ideas on how long will take them to say which conditionally allowed claims are entitled of distribution and how long until it happens? Thanks.
Nope. Your guess is as good as mine.
the plan approved?
Full order to come but yes, as per a proceeding memorandum the plan was approved.
I’ve updated the article with where we’re at.
If you heard the hearing today, you know exactly when payments start.
Well obviously we didn’t… so, uh?
Anybody know when beggins the payments?
Question for ten million rupees.
By 13 Jan 2021.
Why such a big time window between the court approval for the distribution plan and the actual distribution? Is this a normal procedure during this type of resolutions? Thanks.
Ample time to collect and process payment platform data.
Still waiting for the refund of the money.
I requested for international bank wire payment. Unfortunately the validated form for verification is somehow difficult to complete for formal acceptance.
I have completed it several times with the same response that information supplied is not sufficient to give me access to my claims.
What else can I do. Please advice. Thanks.