General Unsecured Claims Plan Distribution Property
Definition of General Unsecured Claims Plan Distribution Property
General Unsecured Claims Plan Distribution Property means (a) Class B Common Stock that is available for distribution to the holders of General Unsecured Claims on the Effective Date, (b) the option to purchase the Rights Offering Shares as part of the Rights Offering and (c) Trust Recoveries that are made available for distribution to beneficiaries of the IBC Creditor Trust. 1.80 "Holdback Amount" means the amount equal to 20% of fees billed to the Debtors in a given month that was retained by the Debtors as a holdback on payment of Professional Claims pursuant to the Professional Fee Order. 1.81 "Holdback Escrow Account" means the escrow account established by the Disbursing Agent into which Cash equal to the Holdback Amount shall be deposited on the Effective Date for the payment of Allowed Professional Claims to the extent not previously paid or disallowed. 1.82 IBC" has the meaning ascribed to it in the Introduction hereof. 1.83 "IBC Creditor Trust" means the trust which is created pursuant to this Plan to be administered by the Trustee with the advice and/or under the direction of the Trust Advisory Board, all as more specifically set forth in Article XI of this Plan. 1.84 "Impaired" refers to any Claim or Interest that is impaired within the meaning of section 1124 of the Bankruptcy Code. 1.85 "Indemnification Rights" means any obligations or rights of the Debtors (or any of them) to indemnify, reimburse, advance or contribute to the losses,
Examples of General Unsecured Claims Plan Distribution Property in a sentence
In the event the objections are determined subsequent to the Effective Date, the Debtors shall reserve amounts from the General Unsecured Claims Plan Distribution Property sufficient to make distributions required as a result of the Bankruptcy Court's determination of the Substantive Consolidation Motion.
As described herein, this increased distribution will reduce the amount of General Unsecured Claims Plan Distribution Property that the holders of Other Unsecured Claims (i.e., holders of Claims against only one Debtor) would receive if the Estates were substantively consolidated for distribution purposes - i.e., less than if Unsecured Multiple Debtor Claims are only counted once and distributions are made on a Pro Rata basis among all General Unsecured Claims.
In such an event, the holders of Class 11b Old Convertible Note Claims shall receive distribution of General Unsecured Claims Plan Distribution Property as the Bankruptcy Court may determine as a result of its ruling on the Substantive Consolidation Motion.
Conversely, the proposed settlement and compromise permits holders of Other Unsecured Claims to receive more General Unsecured Claims Plan Distribution Property than they would have received in the event that there is no substantive consolidation for distribution purposes.
Specifically, to the extent that the holder of a General Unsecured Claim asserts Claims against multiple Debtors, the Debtors have separately classified such Claimholders and proposed to give such Claimholders a larger share of the property available for distribution to holders of General Unsecured Claims (i.e., the General Unsecured Claims Plan Distribution Property) in full and complete settlement of any objections that they may have to the proposed substantive consolidation.