Proposals to Compromise and Allow Claim(s)
Beginning in November 2011, the Plan Administrator will be sending Proposals to Compromise and Allow Claim(s) to all Cedar Funding Investor/Creditors who submitted timely proofs of claim and elected not to accept a Class 4 convenience claim. This is a necessary step prior to any distributions to Class 3 claimants. You will receive your letter in due course as it will take some time to analyze and process the more than 1000 outstanding claims, which we will accomplish weekly in small batches. Please note that this process may take several weeks. We thank you for your continued patience. Currently, our best estimate for an initial distribution to Class 3 claimants is not before end of the first quarter of 2012.
As of April 29, 2011, this is the official site of the post confirmation Cedar Funding as modified by Russell Burbank, Plan Administrator.
This site provides interested parties with information regarding the status and progress of the case. The information contained on this website is provided for informational purposes only. This website does not purport to include all case related information which may affect your legal rights. The information on this website is subject to change without notice, and the accuracy of the information is not guaranteed. You are not justified in relying on any of the information provided on this website.
At the confirmation hearing held on February 27, 2011, the Bankruptcy Court confirmed the Joint Plan of Liquidation proposed by the Chapter 11 trustee and the Official Committee of Unsecured Creditors, and approved by vote of the Cedar Funding investors. An order confirming the Plan has been entered by the Court. The Effective Date of the Plan of Liquidation was April 29, 2011.
Upon the Effective Date of the Plan of Liquidation, the Trustee was relieved of his responsibilities and replaced by Russell Burbank, the Plan Administrator. The Plan Administrator is responsible for carrying out the Plan of Liquidation and for all aspects of the management and operation of the Liquidating Debtors.
During the post-confirmation period, the Plan Administrator will:
- Review, object or settle, all claims asserted in the cases;
- Review and prosecute, settle or release all remaining lawsuits;
- Dispose of any property of the Estates in an orderly and expeditious manner;
- Make distributions to holders of Allowed Administrative Claims or Allowed Claims;
- Submit quarterly reports and quarterly payments to the Office of the United States Trustee;
- Perform such other acts that are necessary to fully implement the Plan and administer the cases.
All inquiries about the bankruptcy cases should be directed to the Plan Administrator.
The Internal Revenue Service has granted an extension of time to file the tax return of Cedar Funding Mortgage Fund, LLC to September 15, 2011. Schedule K-1's were mailed on August 26, 2011. The K-1’s were delivered by Russell Burbank, the Plan Administrator under the Joint Plan of Liquidation confirmed by the Bankruptcy Court by Order dated March 31, 2011.
For an explanation of your Schedule K-1, please contact your tax professional.
If you did not receive your Schedule K-1, please contact Janice Oeming at 415-677-3305 or joeming@bpmcpa.com to receive an additional copy..
CEDAR FUNDING INVESTORS WHO HAVE HAD A CHANGE OF ADDRESS MUST NOTIFY THE BANKRUPTCY
COURT DIRECTLY TO HAVE THEIR ADDRESS UPDATED:
Change of Address Form
