Perkins Coie attorneys John D. Penn, Schuyler G. Carroll and Tina N. Moss were noted in Law360 article, "Ciber's Ch. 11 Plan Confirmed Over Cash-Out Objection," as representation to the unsecured creditors committee.

Committee attorney John D. Penn of Perkins Coie LLP said that the terms of the plan changed significantly after the plan disclosure statement was approved with a pledge of a certain recovery range that would be available to unsecured creditors. He also said that SAP and Hawaii’s Dept. of Transportation elected the cash-out payments after those recovery ranges changed, but others were not allowed that option.

“The way the cash out was described in the plan … set a specific window for when that could occur. That window closed. That was a hard stop … ,” Penn argued. “To be consistent, if you’re going to have disparate treatment and you’re going to rely on the argument that everyone had the same information and the ability to make that election, then you’ve got to reopen it.”

Penn said after the cash-out window closed, the company filed papers saying the original plan recoveries for unsecured creditors had been reduced from a range of 37 percent to 100 percent down to a range of 27 percent to 89 percent.

“That’s a changed circumstance,” Penn argued.