Liquidating plan confirmed with unsecured creditors sharing available cash
Peek's First Amended Chapter 11 Plan of Liquidation divided the estate into secured claims, general unsecured claims, late-filed claims and equity. Administrative, priority and tax claims were to be paid in full from available cash; secured claims were to be paid from specific funds held as security; Class 2 unsecured creditors were to share pro rata in available cash, with interim distributions beginning within 180 days after the effective date; late-filed claims received nothing unless allowed by court order within 60 days; and equity received zero source filing.
The court confirmed the plan after a November 17 hearing, noting that no party filed an objection. Post-confirmation, Peek remained the distribution agent, retained authority to object to claims within 90 days after the effective date, and preserved litigation and avoidance actions for the estate while property stayed in the estate until distribution source filing. For creditors, the operative economics were modest: about $1.3 million of cash supporting full payment of administrative and priority claims and an estimated 21.99% recovery for the $3.014 million general unsecured class source filing.
