Joint liquidating plan confirmed after store sales and SKNY settlement
The October 2018 bidding-procedures order put Seasons into a formal 363 process, naming SSNS Express LLC as stalking horse, setting a November 21 bid deadline, a November 28 auction, and a December 5 sale hearing, with a $250,000 breakup fee and up to $400,000 of expense reimbursement. The December sale orders then transferred the Lawrence, Lakewood, Queens, Scarsdale, and Inwood operations to SSNS, while separate relief approved sales of the Clifton and Baltimore stores; the Baltimore buyer was required to pay $1,013,500 to Axos Bank plus cure and deposit amounts. source filing source filing source filing
By late 2020 the case had shifted from sale execution to liquidation and claims resolution. The first amended disclosure statement says the committee helped drive a competitive process that generated nearly $4 million more than the initial proposal and later litigated insider lender SKNY's liens, with $4 million of sale proceeds escrowed until a March 2020 settlement returned $650,000 to the estate. The amended joint plan projected about a 5% recovery for general unsecured claims, substantively consolidated the estates for distribution, kept the committee in an oversight role, and was confirmed on December 21, 2020 after Class II creditors overwhelmingly accepted it. source filing source filing source filing
