Examples of Remaining Company Contracts in a sentence
Medley Capital must retain its employees and continue operations to service the Remaining Company Contracts and ultimately generate revenues and net profits for the benefit of the Debtor’s estate.
Specifically, and as more fully set in the liquidation analysis attached hereto as Exhibit A, the Debtor expects that expects that, for the period ending ending March 31, 2022, the Remaining Company Contracts will generate approximately $1,725,000 of profit, which will be upstreamed to the Debtor.
Absent continuation, of the Remaining Company Contracts, the Debtor expects that the clients will seek the return of some or all of those funds.
After the termination of all Remaining Company Contracts, the Liquidating Trustee shall wind-down the Reorganized Debtor, and all proceeds of the Reorganized Debtor shall vest in the Liquidating Trust.
Retention PlanBy and through the Combined Disclosure Statement and Plan, the Debtor’s interest in proceeds from the Remaining Company Contracts will be assigned to the Liquidating Trust and the Debtor expects that the net proceeds of the Remaining Company Contracts will provide a significant recovery to Allowed Claims.
Nevertheless, the Debtor is seeking approval herein because the ultimate recoveries anticipated in this Chapter 11 Case (excluding the Causes of Action) are almost entirely dependent on the continued employment of those employees covered by the Retention Plan and such approval will provide those employees certainty that they will be receiving industry standard compensation to remain at Medley Capital until the Remaining Company Contracts are complete.
Accordingly, the Debtor is incorporating the Retention Plan into the Combined Disclosure Statement and Plan.14The most significant of those Remaining Company Contracts is with Sierra.
These estimated amounts are based on certain assumptions with respect to a variety of factors, including the continuation of the Remaining Company Contracts, and the amount of proceeds from any Causes of Action brought by the Liquidating Trust.
The Debtor therefore expects that the net proceeds of the Remaining Company Contracts will provide a significant recovery for Allowed Claims.13The Debtor anticipates that Sierra’s contract will terminate on December 31, 2021, subject to further extensions to permit Sierra Income Corporation to extend the termination date until February 28, 2022.