posted April 30, 2009): Has the Effective Date of the Plan occurred?
No. The Effective Date of the Plan was to occur when the Transaction contemplated in the Plan actually closed, on or before April 30, 2009. On April 28, 2009, the Trustee received from the Investor a notice of its election to terminate the Master Subscription Agreement pursuant to Section 6.12(f) thereof, which terminated the Investor’s obligations to close the Transaction with no liability whatsoever to the Investor. Thus, the Effective Date of the Plan has not occurred. Even though the Investor has terminated the Master Subscription Agreement and is no longer under any obligation to close the Transaction, the Trustee believes that the Investor will continue to work to attempt to find a third party investor that might enable the Investor to close the Transaction in the relatively near future. Likewise, the Estate’s investment banker, SCS, believes that there are alternative prospects for investors who might independently and/or in conjunction with the Investor engage in the Transactio
