Examples of New Equity Interests in a sentence
Notwithstanding anything to the contrary in this Article, the Liquidation Trust Agreement or the New Organizational Documents, the Liquidation Trustee shall not be considered a Director or Officer of the Reorganized Debtors or a Holder of any New Equity Interests in the Reorganized Debtors.
Upon the adjudication of the Committee Litigation against Brandon Steele by Final Order in favor of the Liquidation Trustee, the New Equity Interests shall be held by the Liquidation Trustee as security for the judgment against Brandon Steele, and the Liquidation Trustee shall have such collection rights and remedies as may be available under applicable law.
Upon the occurrence of the Post-Effective Date Equity Distribution, all of the New Equity Interests held in escrow by the Liquidation Trustee shall be relinquished and distributed to Holders of Allowed Equity Interests in Class 8, and the Liquidation Trust’s contingent interest in the New Equity Interests shall terminate.
The transfer fee is triggered because of the change in control pursuant to the replacement of old equity interests with New Equity Interests and the control exhibited by the appointment of the new Board of Directors.
On the Effective Date, the authorized and issued New Equity Interests in the Reorganized Debtors shall be held in escrow by the Liquidation Trustee pursuant to the Plan, Liquidation Trust Agreement, and Confirmation Order, pending the adjudication or resolution of the Committee Litigation against Brandon Steele.