More than 18 months after Judge Christopher M. Lopez confirmed a liquidating plan for Pitney Bowes' former Global Ecommerce (GEC) business, the DRF Logistics wind-down had distributed nothing to general unsecured creditors while cumulative professional fees passed $16.8 million and a claim-recharacterization fight with Trilogy Leasing remained unresolved. DRF Logistics, LLC and affiliate DRF, LLC filed chapter 11 on August 8, 2024 in the U.S. Bankruptcy Court for the Southern District of Texas (lead case 24-90447) to implement a pre-negotiated liquidation, not a turnaround.
The filing followed years of losses in the e-commerce logistics business, a control transfer that handed a Hilco Global affiliate voting power alongside bondholder Oaktree Capital Management, and a restructuring support agreement that framed the case as a liquidation from day one. The chapter 11 cases paired a compressed timetable with debtor-in-possession financing from Pitney Bowes International Holdings, Inc. and a plan that relied on settlement funding from Pitney Bowes to seed distributions. The Third Amended Plan moved through multiple amendments and confirmed over general unsecured creditor rejection via cramdown, while still carving out an enhanced-recovery pool for unsecured creditors with joint claims against Pitney Bowes.
Up to $47 million (Pitney Bowes International Holdings, Inc.)
Settlement funding
Up to $18.5 million (Pitney Bowes)
Oaktree secured recovery
~91% (court filings)
General unsecured recovery
~3% to 10% (court filings)
Claims agent
Stretto, Inc.
Liquidating agent
Eric Kaup (Hilco Commercial Industrial, LLC)
RSA parties
Pitney Bowes and Oaktree Capital Management
Case Snapshot
Liquidating Plan and Cramdown Confirmation
Plan structure and classification. The First Day Declaration describes the case as a pre-negotiated liquidation designed to transition the former Pitney Bowes GEC business through an orderly wind-down instead of a going-concern reorganization. The debtors entered chapter 11 with a restructuring support agreement and a settlement framework with Pitney Bowes and Oaktree, then pursued a plan of liquidation that placed remaining value into a liquidating trust administered by a liquidating agent. The Third Amended Plan sorted claims into six principal classes — other priority claims, other secured claims, Oaktree secured claims, general unsecured claims, interdebtor claims, and existing equity and interdebtor interests — leaving Oaktree's secured claim and general unsecured claims as the economically meaningful impaired classes.
Confirmation, cramdown, and objections. Judge Lopez confirmed the plan on November 25, 2024, and the Confirmation Order approved the liquidation framework and related releases. Class 3 (Oaktree secured) and Class 6A accepted the plan, while the Class 4A and 4B general unsecured classes voted to reject it; the court confirmed under section 1129(b), finding the plan met the best-interests standard and that no junior class received value on account of junior interests. Law360 reported the creditor pushback that delayed Judge Lopez's initial ruling before the debtors reached an agreement in principle with the unsecured creditors committee — which cited expected wind-down costs of roughly $150 million — and a later agreement with the UCC tied to the wind-down plan; Law360 also covered the confirmation of the wind-down plan. The Debtors' confirmation brief reported mixed outcomes on the remaining objections: the U.S. Trustee's objection to discharge language was resolved by removing discharge language from the plan and adding confirmation-order text preserving governmental police and regulatory authority, though the debtors continued litigating third-party releases, exculpation, and injunction scope; the Chubb/Federal Insurance objection was resolved and withdrawn through plan amendments addressing insurance-program, collateral, and release concerns; and ShipMonk's objection was resolved through an agreement that the debtors would state on the confirmation record that ShipMonk was both a released and a releasing party. The Confirmation Order also approved the plan's release and exculpation provisions on an opt-out basis, with notice and an opportunity to opt out provided to parties in interest; the challenged release and consent mechanics in earlier plan versions, and the Confirmation Order overruled the remaining objections and approved the release and injunction provisions within the limits of applicable law. The plan went effective on December 9, 2024.
Funding waterfall and unsecured recovery mechanics. The plan relied on two primary funding sources: settlement funding from Pitney Bowes capped at $18.5 million, and post-effective-date cash generated through the wind-down. The Disclosure Statement describes a staged allocation of remaining cash: (1) funding wind-down reserves, (2) filling any shortfall in the senior claims recovery pool, (3) splitting remaining cash between unsecured distributions and an additional Oaktree recovery amount until Oaktree secured claims are paid in full, (4) continuing unsecured distributions until general unsecured claims are paid in full, (5) paying any DIP claims not satisfied on the effective date, and (6) distributing any remaining value to existing equity interests. Under that waterfall, the Disclosure Statement set an initial general unsecured distribution equal to the lesser of $12.5 million or 10% of aggregate allowed general unsecured claims, with a $3 million increase if the effective date occurred on or before November 29, 2024; Pitney Bowes' own unsecured claims were excluded from that initial distribution and participated only in later pro rata subsequent distributions. On top of that baseline, the plan created an enhanced-recovery pool for creditors with a basis to assert joint obligations against both the debtors and Pitney Bowes: these Category 2 claimants could access a Pitney Bowes-funded pool capped at $16 million, with distributions subject to a cap tied to 52.5% of allowed Category 2 claim amounts and pro rata reductions if the pool was insufficient. Standard general unsecured creditors received a lower aggregate recovery range of approximately 3% to 10% based on disclosure statement projections.
Category 2 eligibility and liquidating trust governance. Court filings describe Category 2 claimants as creditors that had a basis to assert joint obligations against both the debtors and Pitney Bowes and that had not previously settled with Pitney Bowes; to access the special recovery pool, those creditors needed to submit an opt-in letter within 75 calendar days of the effective date and accept the plan's release framework. The plan excludes Pitney Bowes unsecured claims from Category 2 distributions and states that Category 2 recoveries are capped and subject to pro rata reductions if the pool is oversubscribed. The plan also establishes a liquidating trust to administer remaining assets, pursue causes of action, and distribute recoveries to allowed general unsecured claims. The Confirmation Order appointed Eric Kaup of Hilco Commercial Industrial, LLC — the same executive who signed the first-day declaration — as liquidating agent effective on or after the effective date, with authority to implement the plan, settle claims and causes of action, and manage the wind-down except where further court approval was required.
The table below summarizes key events in the wind-down.
Professional Retentions and Final Fee Applications
Professional advisors. Court filings list a professional slate that reflects the liquidation focus and a compressed timeline. The debtors retained Weil, Gotshal and Manges LLP as counsel and Triple P RTS, LLC and Triple P Securities, LLC as restructuring advisor and investment banker. Lowenstein Sandler announced its appointment as UCC co-counsel alongside McDermott Will & Emery, with Alvarez & Marsal serving as the committee's financial advisor to evaluate plan terms, DIP economics, and settlement value.
Retention terms and fees. The Weil engagement included an advance retainer of roughly $1.098 million, while Triple P RTS and Triple P Securities were retained on hourly fee arrangements with a $500,000 earned-on-receipt retainer and a $250,000 financing fee tied to the DIP facility. The debtors' interim compensation procedures applied the standard chapter 11 protocol of 80% of requested fees and 100% of expenses after a 14-day review period, with quarterly fee applications to release holdbacks. UCC professionals were retained on hourly terms with expense reimbursements.
Final fee applications. For the August 8 through December 9, 2024 period, the debtors' and committee's professionals filed final fee applications covering the compressed case. Weil Gotshal sought $7,337,264.25 in fees plus $66,383.69 in expenses as debtors' counsel, while Triple P RTS and Triple P Securities together sought $2,717,009.75 in fees and $11,611.75 in expenses, including a $250,000 financing fee. On the committee side, Lowenstein Sandler sought $2,550,118.50, McDermott Will & Emery sought $1,661,399.00, and Alvarez & Marsal sought $1,753,007.50 in fees.
Newgistics Acquisition and the Path to chapter 11
Roots in the Newgistics acquisition. DRF Logistics grew out of Pitney Bowes' acquisition of Newgistics, a transaction announced in 2017 for roughly $475 million and completed on October 2, 2017. Newgistics was based in Austin, processed nearly 100 million parcels annually, and offered a returns-focused network that processed more than 50% of USPS Parcel Returns Select packages. Pitney Bowes framed the acquisition as a way to expand its domestic parcel footprint and build on a strong USPS partnership.
Business model and mounting losses. The First Day Declaration describes a logistics platform focused on e-commerce parcel delivery and cross-border shipping: the debtors reported handling roughly 212 million packages in 2023 across 12 domestic parcel sortation centers (two of which had stopped operating prepetition) and a cross-border network serving more than 200 destinations, with eBay identified as a major cross-border client; a smaller fulfillment segment was sold prepetition to Stord Fulfillment LLC. Pitney Bowes disclosed approximately $136 million of losses in 2023 for the segment, and Eric Kaup said in the First Day Declaration that Pitney Bowes had funded average annual losses of about $97 million since 2019, attributing the distress to sector overcapacity, pricing pressure, and fixed network costs that forced discounts to retain parcel volume. Supply Chain Dive detailed the segment's path to bankruptcy.
Hilco control transfer. The restructuring was preceded by a control transaction that shifted voting power to a Hilco Global affiliate. Reporting described Pitney Bowes transferring 81% of voting interests in DRF Logistics to a Hilco affiliate for de minimis consideration while retaining 100% of the economic interests. Supply Chain Dive summarized the control structure, and the arrangement was also described in Business Wire's announcement of the exit path.
Settlement framework and UCC agreement. The First Day Declaration describes a restructuring support agreement executed on the petition date among the debtors, Pitney Bowes entities, and Oaktree. The RSA provided for support of a plan filed at the outset of the case and incorporated a settlement and release framework: Pitney Bowes committed to funding distributions to Oaktree secured claims and general unsecured claims in exchange for releases of claims against Pitney Bowes, with a cap of $18.5 million. Pitney Bowes later reported reaching an agreement in principle with the unsecured creditors committee in November 2024 that anticipated a revised plan, cited expected wind-down costs of roughly $150 million, and tied committee support to changes in plan economics and release terms.
Oaktree Secured Note and Intra-Group Debt
Secured debt and Oaktree position. The First Day Declaration describes a secured takeback note held by Oaktree in the principal amount of $3.3 million with 10% interest and maturity on August 8, 2025. The official committee of unsecured creditors challenged Oaktree's claim, arguing Oaktree had not lent to the debtor and pressing for further investigation into the secured position. The RSA and settlement structure preserved a recovery mechanism for Oaktree's secured position alongside general unsecured claims.
Pitney Bowes intra-group obligations. Beyond the Oaktree note, the First Day Declaration describes intercompany payables owed by the debtors to Pitney Bowes International Holdings: a $111 million unsecured 2020 note and a $5 million unsecured 2024 note. Those intra-group obligations were addressed through the RSA and the settlement-and-release framework embedded in the plan, leaving Pitney Bowes both the debtors' largest creditor and the principal funding source for the wind-down.
Secured debt amendments. Reporting noted that Pitney Bowes entered amendments that released DRF Logistics from roughly $1 billion in secured debt guaranty exposure before the filing. Later plan materials put the cumulative effect higher: the Disclosure Statement states that the settlement-and-plan structure released the debtors from about $1.7 billion in funded-debt obligations while preserving a path to creditor distributions through the liquidation plan.
Largest unsecured creditors. The voluntary petition listed Priority Express Courier, Spot Freight, and XPO Logistics among the largest unsecured creditors at filing, with claims of roughly $2.3 million, $2.1 million, and $1.7 million, respectively. Court filings indicate that general unsecured creditors were ultimately grouped into categories that determined eligibility for enhanced distributions under the plan's Category 2 pool.
Creditor / obligation
Amount or notes
Oaktree secured takeback note
$3.3 million; 10% interest; matures August 8, 2025 (court filings)
PBIH 2020 unsecured note
$111 million owed to Pitney Bowes International Holdings (court filings)
PBIH 2024 unsecured note
$5 million owed to Pitney Bowes International Holdings (court filings)
Facility size and source. The DIP Motion describes a DIP facility provided by Pitney Bowes International Holdings, Inc. with up to $47 million in new-money term loans. The Interim DIP Order authorized $45 million of availability, with an additional $2 million conditioned on entry of the Final DIP Order, which the court entered on September 16, 2024 and which approved the full $47 million commitment. Law360 reported the first-day interim access to the former-parent-financed facility.
Pricing and fees. The DIP Motion priced the facility at 10.00% per annum payable in kind, with a 2.00% upfront fee on commitments and a 1.00% per annum undrawn commitment fee accruing on the daily unused commitment, paid in kind monthly and at maturity. The PIK structure funded the wind-down without requiring cash interest payments during the case.
Maturity and trigger events. The Final DIP Order set a November 29, 2024 maturity subject to extension and identified early termination triggers including a plan effective date, a sale of substantially all assets, conversion or dismissal, or the appointment of a trustee.
Budget governance, milestones, and carve-outs. Court filings describe a 13-week initial budget with rolling updates delivered every fourth Thursday beginning September 5, 2024. Revised budgets became effective as the approved budget once the DIP lender consented. The DIP Motion set a milestone schedule requiring entry of the interim order within two days of the petition date, an approved plan and disclosure statement within seven days, a settlement-agreement motion within 14 days, entry of the final DIP order within 45 days, and plan confirmation by November 15, 2024, tying events of default to milestone slippage under the RSA and creating a framework for lender remedies, including default interest and a structured process for enforcing liens or seeking stay relief. Interim and final orders provided professional fee carve-outs and set post-trigger caps for both debtor and committee professionals; Oaktree consented to cash collateral use, and the final order excluded causes of action against Pitney Bowes and its non-debtor affiliates from the DIP lien package.
Term
DIP description (court filings)
Total facility
Up to $47.0 million
Interim availability
$45.0 million
Final order availability
Additional $2.0 million
Interest
10.00% per annum, payable in kind
Upfront fee
2.00% on commitments (PIK)
Undrawn fee
1.00% per annum on unused commitment, paid monthly (PIK)
Maturity
November 29, 2024 (subject to extension)
Collateral
Superpriority administrative claims and section 364(c) liens
Claims Administration and Key Deadlines
Bar dates and claims pool. The Bar Date Notice set October 22, 2024 at 5:00 p.m. Central Time as the general bar date for non-governmental prepetition claims and February 4, 2025 at 5:00 p.m. Central Time as the governmental bar date. Court filings describe rejection damages claims as due the later of the applicable bar date or 30 days after entry of a rejection order, and schedule amendment deadlines as the later of the bar date or 30 days after notice of amendment. The wind-down plan depended on locking in the size of the claims pool so the liquidating agent could calculate reserve needs and distribution timing; the bar date notice served as the primary gate for vendor, carrier, and service provider claims.
Claims agent and post-confirmation administration. Stretto, Inc. served as the claims and noticing agent and maintained the official claims register, with the bar date notice providing mailing addresses and electronic submission options for proofs of claim. After confirmation, the liquidating agent filed omnibus objections targeting late-filed claims. Court filings describe a 30-day response period and the potential for disallowance without a hearing if claimants failed to respond. The claim objection process also reserved the ability to challenge claim validity, amount, and priority as the liquidating agent reconciled the claims register.
Post-Confirmation Wind-Down and the Trilogy Dispute
Effective date and distributions status. The Notice of Occurrence of Effective Date records that the third amended joint plan of liquidation became effective on December 9, 2024, and set December 30, 2024 — 21 days after the effective date — as both the administrative-expense claims bar date and the rejection-damages claims bar date. Eric Kaup of Hilco Commercial Industrial, LLC took over as liquidating agent, shifting the case from confirmation into a claims-reconciliation and asset-collection phase. The post-confirmation report for the quarter ended March 31, 2026 shows the wind-down still in a cost-absorption phase, with $0 paid to general unsecured creditors, priority claimants, or equity to date; against that, the estate recorded cumulative administrative-claim payments of $1,527,212, cumulative secured-claim payments of $3,165,305, and cumulative professional fees of $16,874,253 — including $6,785,704 during the quarter. Total cash disbursements for the quarter were $1,289,897, and the debtor provided no anticipated date for a final-decree application.
Omnibus objections and deadline extensions. The liquidating agent has worked through the claims register in successive omnibus objections. Judge Lopez granted the fifth omnibus objection on April 15, 2026, disallowing, expunging, or modifying claims across categories including duplicate, superseded, satisfied, insufficient-documentation, non-debtor, and multiple-debtor claims — reaching claims as large as a $2,780,268.12 superseded claim and a $2,782,578.48 claim disallowed as filed against the wrong debtor. The agent followed with a sixth omnibus objection on June 15, 2026, organized into nine schedules covering amended, superseded, satisfied, non-debtor, misclassified, late-filed, excess-rejection-damages, and books-and-records-inconsistent claims, and later filed further revised schedules on July 7, 2026 that removed Kingsbridge Holdings LLC's proof of claim no. 206 from the amended-claims schedule because that claim had been amended and superseded by proof of claim no. 347, while reserving all rights on the remaining disputed claims. Citing the remaining reconciliation workload and the resources consumed by the Trilogy adversary proceeding, the liquidating agent moved on March 3, 2026 for a fourth extension of the claims-objection deadline from March 4, 2026 to July 2, 2026, which Judge Lopez on March 27, 2026. Three days before that deadline expired, the liquidating agent seeking to push the deadline another 46 days, to August 17, 2026. That motion quantified the workload: the claims register listed 347 filed proofs of claim — 123 of them already expunged — against roughly 400 claims on the schedules, and the five completed omnibus objections had eliminated approximately $187.3 million in claims while the pending sixth omnibus sought to expunge an additional $86.5 million. The agent described the Trilogy adversary proceeding as "nearing completion" and told the court its resolution would let the outstanding claims pool be properly sized so creditor distributions could commence. The day after the further revised schedules were filed, Stretto completing the plan's Phase 2 review of Category 2 general unsecured-creditor opt-ins: creditors whose Category 2 designation was accepted need take no further action, but distributions will occur only after all disputed claims are allowed or disallowed by final order, and creditors whose designation was rejected have 14 days after receipt to seek a court determination.
The Trilogy recharacterization fight. The largest open contest is adversary proceeding 24-03205, in which the estate seeks to recharacterize certain Kingsbridge/Trilogy equipment-supplement agreements as financing arrangements rather than true leases. The liquidating agent's January 2025 objection to Trilogy's administrative-expense application tied the estate's recovery analysis to that outcome. In its January 16, 2026 reply supporting summary judgment, Trilogy argued the proceeding was moot and outside the court's jurisdiction because Kingsbridge had amended its proof of claim to the $64,420,000 the complaint conceded was owed, leaving no live controversy. The estate's position was that recharacterizing the agreements as loans would reduce the Kingsbridge claim by roughly $12.3 million in unmatured interest under section 502(b)(2). A ruling on the summary-judgment motion was pending as of that filing. A parallel district-court action, Kingsbridge Holdings, LLC v. Pitney Bowes, Inc. (N.D. Ill.), produced a ruling that dismissed Trilogy Leasing for lack of standing after lease interests were assigned to Kingsbridge, and denied Pitney Bowes' request to stay the commercial case pending the bankruptcy adversary proceeding.
Plan-injunction relief for injury claimants. The plan injunction has been modified in a series of narrow stipulations for personal-injury claimants. On April 7, 2026, the court entered stipulated orders granting Will Garcia, Rhonda Valdez, and Elizabeth Guerreo-Tadeo and Rocky Tadeo limited relief to pursue pending personal-injury litigation against debtor affiliate DRF, LLC (Pitney Bowes Global Logistics, LLC) solely to recover from applicable liability-insurance proceeds, while remaining permanently enjoined from any recovery against the debtors, the wind-down estates, or the liquidating agent.
Pitney Bowes Parent Impact and Refinancing
Post-exit parent performance. Pitney Bowes reported improved results after exiting the GEC segment, posting net income of $117.4 million through the first nine months of 2025 against a $166.2 million net loss in the same period of 2024. Pitney Bowes' 2024 annual report recorded a net loss of about $204 million in 2024, including a $306 million loss from discontinued operations tied to the GEC exit, on approximately $2 billion in total revenue. Within months of the wind-down, Pitney Bowes refinanced its prior debt under a new $1.04 billion senior secured credit agreement, named a new Chief Financial Officer effective March 2025, and authorized a $150 million share repurchase program.
Stakeholder communications. DRF maintained a stakeholder communication site for the wind-down to provide updates and claim information during the case.
Frequently Asked Questions
Why did DRF Logistics file for chapter 11?
The parent company described the GEC business as deeply unprofitable, reporting approximately $136 million in losses in 2023, and the first-day declaration cited average annual losses of about $97 million since 2019. Supply Chain Dive's reporting described the decision as a liquidation strategy rather than a going-concern recovery.
Court filings describe a DIP facility of up to $47 million from Pitney Bowes International Holdings, Inc., with $45 million available at the interim stage and an additional $2 million tied to the final order. The DIP carried a 10% interest rate payable in kind, plus upfront and undrawn fees.
What recoveries were projected for creditors?
Court filings projected that Oaktree's secured claims would recover approximately 91%, while general unsecured creditors would receive an aggregate recovery range of about 3% to 10%. A Category 2 pool funded by Pitney Bowes and capped at $16 million could lift recoveries for qualifying unsecured creditors with joint claims against both the debtors and Pitney Bowes. As of the quarter ended March 31, 2026, no distributions had reached general unsecured creditors.
How did the plan get confirmed over creditor rejection?
The Class 4A and 4B general unsecured classes voted to reject the plan, but Judge Christopher Lopez confirmed the third amended plan under section 1129(b) on November 25, 2024. Pitney Bowes had announced an agreement with the unsecured creditors committee tied to the wind-down plan.
Who is the claims agent for DRF Logistics?
Stretto, Inc. serves as claims and noticing agent for the DRF Logistics cases, maintaining the claims register set by the bar date notice. Post-confirmation, the liquidating agent has used that register to prosecute successive omnibus objections; the claims-objection deadline was extended to July 2, 2026, and a fifth extension motion filed June 29, 2026 seeks to push it to August 17, 2026. By July 8, 2026, Stretto had completed service of notices on the plan's Category 2 GUC opt-in status, though distributions remain contingent on final resolution of the disputed claims still working through the register.
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Elizabeth Guerreo-Tadeo and Rocky Tadeo /documents/52becb7a-95f7-4422-93da-9d52f97f4a15/
handed a Hilco Global affiliate voting power https://www.bloomberg.com/news/articles/2024-08-08/pitney-bowes-to-liquidate-ecommerce-unit-in-bankruptcy
Christopher M. Lopez https://www.petition11.com/p/new-chapter-11-bankruptcy-drf-logistics
Each listed at $100 million to $500 million https://www.supplychainbrain.com/articles/40182-pitney-bowes-to-liquidate-e-commerce-logistics-unit-in-bankruptcy
End of 2024 to early 2025 https://www.businesswire.com/news/home/20240808352228/en/Pitney-Bowes-Announces-Value-Maximizing-Exit-Path-for-Global-Ecommerce-Segment
Law360 reported the creditor pushback https://www.law360.com/bankruptcy-authority/articles/2263392/pitney-bowes-unit-s-ch-11-plan-hits-creditor-pushback-snag
agreement in principle with the unsecured creditors committee https://www.investorrelations.pitneybowes.com/news-releases/news-release-details/pitney-bowes-announces-agreement-principle-unsecured-creditors
agreement with the UCC https://www.businesswire.com/news/home/20241118831844/en/Pitney-Bowes-Announces-Agreement-with-Official-Committee-of-Unsecured-Creditors-Related-to-the-DRF-Logistics-Chapter-11-Proceedings
Law360 also covered the confirmation https://www.law360.com/articles/2265284/pitney-bowes-e-commerce-arm-confirms-ch-11-wind-down
Pitney Bowes announces the Newgistics acquisition https://news.pb.com/press-releases/press-release-details/2017/Pitney-Bowes-to-Acquire-Newgistics-a-Leading-E-commerce-Logistics-Provider
Pitney Bowes completes the Newgistics acquisition https://www.investorrelations.pitneybowes.com/news-releases/news-release-details/pitney-bowes-completes-acquisition-newgistics-inc
announced its appointment as UCC co-counsel https://www.lowenstein.com/news-insights/firm-news/lowenstein-selected-as-counsel-to-official-committee-of-unsecured-creditors-in-drf-logistics-llc-chapter-11-bankruptcy
Supply Chain Dive detailed the segment's path to bankruptcy https://www.supplychaindive.com/news/pitney-bowes-global-ecommerce-bankruptcy-chapter-11/724545/
new $1.04 billion senior secured credit agreement https://www.investorrelations.pitneybowes.com/static-files/bf3a90e0-4228-41ad-882f-38d9b666e67b
stakeholder communication site https://www.drf-updates.com/
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.