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- First Magnus Financial Corporation - Implementation of Confirmed Second Amended Plan
The Second Amended Plan was confirmed by order dated February 28, 2008, and the effective date of the plan has been established as May 1, 2008. The following recently filed documents relate to the steps being taken to perform the confirmed plan. The Joint Motion filed by the Liquidating and Litigation Trustees on June 5, 2008 sets forth the steps taken since the effective date of the plan (May 1, 2008) to resolve and pay claims. If you have questions regarding your claim, you may contact the attorneys for the Liquidating Trustee at Gallagher & Kennedy PA (602) 530-8000.
- First Magnus Financial Corporation - 2nd Amended Plan Has Been Confirmed
The bankruptcy court held confirmation hearings in early February and on February 15, 2008 entered its Memorandum Decision. On February 28, 2008, an Order Confirming the Debtor's 2nd Amended Plan of Reorganization was signed and entered. The plan replaces the Debtor's current management with an advisory board, consisting of impartial representatives from the unsecured class of creditors. The board's principal duty will be to oversee the operation of two trusts. The Liquidation Trust is designed to most effectively manage and/or sell the Debtor's assets; the Trustee is Morris C. Aaron. The Litigation Trust is designed to analyze the numerous legal issues associated with the Debtor's pre-bankruptcy operations, as well as review claims for payment. The Litigation Trustee is Larry Lettig.
The Confirmation Order indicates on page 11, paragraph 24: "Through a posting on the Court's web site, Creditors and parties in interest will receive notice of the entry of the Confirmation Order and notice of the occurrence of the Effective Date.
Update: On April 28, 2008, notice was filed setting the effective date as May 1, 2008.
Associated Documents:
- First Magnus Financial Corporation (Case No. 4:07-bk-01578) has filed a second amended plan and disclosure statement. These documents may be viewed by clicking on the links below. At a hearing held on January 4, 2008, the court set a date of Friday, February 1, 2008, as the deadline for filing an objection to the second amended plan. Plan confirmation hearings are set to commence on Thursday, February 7, 2008, at 9:30 a.m.
- First Magnus Financial Corporation has filed its plan and disclosure statement. Those documents may be reviewed by clicking on the below links. The hearing on the approval of the disclosure statement is set for November 28, 2007, at 10:30 am at the United States Bankruptcy Court, 38 South Scott Avenue, Hearing Room 446, Tucson, Arizona. Written objections to the disclosure statement are to be filed no later than November 21, 2007. A Deadline for Filing Proofs of Claim also has been set. The last date to file a proof of claim is December 3, 2007, at 4:00 pm local time (Mountain Standard Time). To be timely filed, the proof of claim must be actually received at the office of the Clerk of Court at 38 South Scott Avenue, Tucson, AZ 85701 by 4:00 pm on December 3, 2007. DO NOT FILE A CLAIM IF YOU HAVE ALREADY DONE SO.
- First Magnus Claims Register: An online version of the Claims Register is now available for creditors in the First Magnus case (4:07-bk-01578-JMM). Use this online facility to check receipt of your claim, and get to the claim number. Please allow 30 days for processing. To use the application, simply click on the "First Magnus Claims Register" link in the menu on the left.
- The first meeting of creditors for the First Magnus Financial Corporation chapter 11 bankruptcy case has been re-scheduled by the office of the United States Trustee to November 1, 2007, at noon. The meeting of creditors originally scheduled for October 11, 2007, at noon in Tucson has been cancelled. The United States Trustee has also moved the location of the meeting to Phoenix at the Federal Court Building, 230 North First Avenue (the Southwest corner of First Avenue and Van Buren Street), Phoenix, Arizona, in the second floor conference room, Room 205. Download the Meeting of Creditors Notice (PDF).
- First Magnus Financial Corporation filed a voluntary bankruptcy petition under chapter 11 on August 21, 2007. The case number is 4-07-bk-01578-JMM.
The case file for First Magnus, which contains all the pleadings and other documents filed in the case and any orders that have been entered, is maintained electronically and can be viewed over the internet. To view the case file and the documents over the internet, will require you to set up a subscription with the Pacer Service Center at http://pacer.psc.uscourts.gov/ which charges 8 cents per page viewed. If you wish to view pleadings that are electronically filed in a bankruptcy case at no charge, you may visit the Bankruptcy Court Clerk’s office in Phoenix, Tucson, or Yuma between 9 a.m. and 4 p.m. For further questions, you may contact the Court Clerk’s office at (520) 202-7500, and press "0".
In accordance with the bankruptcy laws, the court has, at this time, denied payment of pre-bankruptcy wages by the bankruptcy debtor, First Magnus. It may be possible, as the case progresses, that funds will be available for such purpose. However, until all conflicting claims to First Magnus' cash reserves are resolved, it is premature and potentially in conflict with bankruptcy laws, to allow one group of creditors to be paid ahead of others. You should therefore, at a minimum, file a proof of claim for amounts due you. To file a proof of claim with the Bankruptcy Court Clerk, please see the instructions and the claim form at http://www.azb.uscourts.gov/default.aspx?PID=76. As of September 9, 2007, a claim deadline has not been set. The claim and any attachments may be faxed to the court at 602-682-4004 or mailed to the US Bankruptcy Court, 38 South Scott Avenue, Tucson, AZ 85701.
The court is unable to consider e-mails sent concerning the First Magnus bankruptcy case or any other bankruptcy case, it is judicially improper and unethical for the court to read or consider any statements or requests for legal relief made out of court or not filed with the court as public record.
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