July 14, 2021
We are pleased to report that the Court approved payment for the settlement of the Trust Claims that we advanced on behalf of the Owner/Operators regarding the amounts held in Hyndman’s maintenance fees and escrow/reimbursement accounts. The Trust Claims were settled for 50%. Eligible Owner/Operators will be receiving a payment under this settlement shortly.
Subject to completing minor incidental matters, the Court also discharged the Receiver, Jeff Sippel as Employee Representative and our firm as Representative Counsel. The Court wrote that Jeff Sippel and Koskie Minsky “fulfilled their role” and “successfully facilitat[ed] WEPP payments to terminated employees in the receivership in which there were no funds to pay unsecured claims” and “successfully advanced trust claims of amounts owing to Owner/Operators”. A copy of the Judge’s July 14, 2021 Endorsement can be accessed by clicking here.