Preliminary Schedule for Approval of Settlement with Employee Class

We’ve received the following schedule from Blum Collins:

March 24, 2010

Settlement agreement approved by all parties.

March 31, 2010

Jay Wang and Ken Brown submit revised class notices and settlement agreement to court, including cover letter asking court to set final approval hearing date in July 2010

April 7, 2010

Bratton and Simon may file objection/response, per 11/3/09 court order stating: (Here is docket entry from Nov. 3, hearing on prelim. approval of settlement)

Courtroom Hearing Held (RE: Motion to Approve Document – related document(s) 32 ) (The motion is approved with changes stated on the record. Debtor to submit a revised settlement agreement and a revised notice. Debtor to also revise Exhibit A. Within five days of debtor submitting the documents, Mr. Bratton and Mr. Simon may file an objection/response. The status conference on calendar for 11/12/09 at 1:30 p.m. is vacated.)(lp) (Entered: 11/05/2009)

April 14, 2010

Court issues order giving preliminary approval to settlement, and setting final approval hearing date in July 2010

April 21, 2010

Heller sends notice to all class members

May 21, 2010

Deadline for class members to opt out

June 10, 2010

Deadline for Heller to decide whether to blow up the settlement if too many class members opt out

Sometime in June 2010

We file motion for final approval of settlement, including our fee

July ???, 2010

Hearing on motion for final approval of settlement and our fee

15 days later

Settlement is effective, if court has approved settlement and dismissed the Biggers action

Around this same time

A plan will be confirmed to allow payment of priority amounts

©2010, copyright Thomas MacEntee


5 Responses to “Preliminary Schedule for Approval of Settlement with Employee Class”

  1. 1 P-OWED 29 March 2010 at 12:54 pm

    Thanks for the timing.
    Any schedule on when non-priority amounts may be paid?
    What is the status of the negotiations with the former Heller shareholders (other than the junior ones that settled)?

  2. 2 creditor baby 3 April 2010 at 5:07 pm

    Just got a notice from John Fiero that Heller filed a disclosure statement on March 31, 2010. Anybody have a link to or copy of it?

  3. 3 anon2 10 April 2010 at 8:13 pm

    Today (Apr.10) I got a large envelope in the mail from Heller Ehrman LLP. It is a copy of the Notice to Plaintiff Class of Proposed Settlement. It includes Exhibit 1 which outlines my individual settlement amounts. Of course, it is confusing because it’s a list of various amounts but doesn’t exactly say which is the final amount or if I should assume to add up the various amounts? If that’s the case, it’s about 40% of my original claim. It’s better than nothing and boy, I can sure use the money like ASAP!

  4. 4 Former Secretary 12 April 2010 at 1:12 am

    I have no idea which amount I’m to be paid in July. There are three amounts at the bottom of Exhibit 1 –

    ‘Total allowed claim entitled to wage priority under Bankruptcy Code section 507(a)(4)’;

    ‘Total allowed general unsecured claim not entitled to priority treatment under Bankruptcy Code section 507(a)(4)’;

    and ‘Total allowed subordinated general unsecured claim for waiting time penalties’.

    Can someone give me a clue as to which one of these three I am to count on receiving? Or is it another sum altogether? (There are 12 sums on the page.) Thank you.

  5. 5 Observer 12 April 2010 at 2:15 am

    FS, yes, the presentation is confusing.

    In simplest terms, you have a good chance of getting paid the first item on your list (if a Plan is confirmed), a chance of getting a partial payout on the second item, and almost no chance of getting any payout on the third item.

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