NEW YORK, N.Y. (June 4, 2014)—On May 20, 2014, the Liquidating Plan proposed jointly by the Debtor and the Official Committee of Unsecured Creditors became effective. On the effective date, the remaining assets, which include litigation claims against some of the Debtors’ former lenders, were transferred to the Devices Liquidation Trust, and Wilmington Trust, N.A. was appointed as the Liquidating Trustee.

The plan is the culmination of months of cooperation between the Debtors and the Committee, that ultimately lead to consensual confirmation with overwhelming creditor support, including substantial votes in favor of the plan from foreign creditors. The Committee’s counsel credits this, at least in part, to the use of electronic balloting.

Gary Eisenberg, the Perkins Coie partner who represented the Committee, said, “From the outset, we knew the majority of the large creditors were located in Asia, and if we wanted to obtain their support, we could not rely on the old school requirement that all creditors send in an actual paper ballot.” The Committee pushed the process into the electronic age and, after working with the Debtors and the claims agent to develop a secure process, obtained court approval to accept electronic ballots. “This is a case that shows how attentiveness to foreign creditors’ concerns and the proactive use of modern technology can promote plan acceptance,” continued Eisenberg.

The Creditors Committee was represented by Perkins Coie partners Gary Eisenberg, Tina Moss and Schuyler Carroll.

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