Unsecured Creditors Trust Issues 49.2% Distribution
May, 2019
John Stockdale, Jr. and Leon N. Mayer completed their representation of the BCDG Priority and Unsecured Creditors Trust before the Bankruptcy Court for the Northern District of Iowa. As a result of their efforts on behalf of the unsecured creditors committee prior to the confirmation date and the trust after the confirmation date, the trust fully paid the Iowa Department of Revenue’s priority tax claim and made a 49.2% distribution to the trust beneficiaries. This is a spectacular result when the debtor sought to quickly sell its assets and dismiss its bankruptcy case without making any distribution to its unsecured creditors.