John Stockdale, Jr. and Leon Mayer Confirm Plan of Liquidation for Unsecured Creditors’ Committee

May, 2017

On behalf of the Unsecured Creditors Committee of BCDG, LP, Schafer and Weiner, PLLC confirmed a combined plan of liquidation and disclosure statement before the United States Bankruptcy Court for the Southern District of Iowa. John and Leon negotiated a plan support agreement with the senior secured lender which brought additional funds into the bankruptcy estate and reduced the unsecured claim pool by more than $3 million.  Then, John and Leon negotiated with the second largest creditor, leveraging defects in the loan documents to further reduce the unsecured claim pool by $4.685 million for a nominal distribution of $13,500.  As a result of these and other negotiations, the Unsecured Creditors Committee’s plan of liquidation was confirmed by the Iowa court and a liquidating trust was established for the benefit of the unsecured creditors.