Proposed Class Settlement – Timeline and Process

[Editor’s note: We’ve received the following information from Blum Collins as to the timeline and process involved with the pending class action settlement which is part of the Plan of Liquidation.]

The proposed Class Settlement and Plan of Liquidation in bankruptcy court are proceeding together on two simultaneous tracks.

The Class Action Settlement

For the proposed class settlement, the Court will hold a hearing on October 29, 2009 at 1:30 p.m. to decide several things, including whether to give preliminary approval to the Class Settlement and to approve a notice to the Class regarding the preliminarily approved settlement.

As soon as the Court approves the Notice to the Class, you will receive notice by mail of the terms of the proposed settlement and how the general terms apply to you specifically.  You will then have a fixed period of time, which will be included in the Notice, to consider whether to share in the settlement or go it on your own.  You will also have the option to object to the settlement before it receives final approval.

The dates for those events also will be included in the Notice, and you do not need to do anything with respect to the settlement until you receive the Notice.

The Plan of Liquidation

For the Plan of Liquidation, the first step will be for the Court to approve a disclosure statement, which explains the plan and gives creditors information to help them decide how to vote on the plan.  The Court will hold a hearing on November 9, 2009 to consider approving the disclosure statement to be sent to creditors with the plan.  Objections to the adequacy of the proposed disclosure statement must be filed with the Court by November 2, 2009.

At the November 9, 2009 hearing, the Court will not make any decision about whether the plan should be approved; the Court will only decide what information must be sent to creditors with the plan.  Once the disclosure statement is approved, you should receive a copy of the plan, the disclosure statement, a ballot, and information about your particular treatment under the plan.

You do not need to anything with respect to the plan until you receive these documents; the disclosure statement will tell you the deadlines for returning your ballots and voting on confirmation of the plan.

The Court-approved disclosure statement will be the official explanation of the plan.  The draft disclosure statement and plan that you may have already read will be revised before the Court approves their distribution.  As soon as the final documents are distributed, we will address the benefits and disadvantages of your options.

Thank You

Thank you for your continued patience as we move forward as promptly as possible to obtain compensation for all former Heller employees.

© 2009, copyright Thomas MacEntee


2 Responses to “Proposed Class Settlement – Timeline and Process”

  1. 1 Still Confused 27 October 2009 at 7:50 pm

    I’m Still Confused. Can you help me out here?

    What I think you just said is that sometime AFTER November 9th, you will inform the broader community what the benefits and disadvantages of our options are.

    However, our ability to object to the options will take place on October the 29th. Wouldn’t it be better (more transparent) to clearly explain the benefits of the proposed class action settlement BEFORE (and not just 24 hours before) putative class members have the right to object to the proposed settlement?

    Why the secrecy?

    Can you help me out here?

    –Still Confused

  2. 2 Observer 27 October 2009 at 10:35 pm

    One clarification: As I read the documents, Debtor’s intended withholding of FICA taxes from any settlement payment would be according to the exemptions form (W4)that you had on file while you worked there. So withholding should be close to what it would have been while you were working there, though it might not be what it would be based on your current circmstances re exemptions, if they have changed.

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