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

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.