Voting on the proposed TelexFree liquidation plan closed on June 30th.
A published tally of the ballots reveals that TelexFree victims voted in support of the liquidation plan.
As per the Trustee’s July 7th report;
Class 1 (priority claims) voted to accept the plan
Class 2 (participant convenience claims) voted to accept the plan
Class 3 (general participant claims) voted to accept the plan
Class 4 (vendor claims) didn’t vote but were counted as accepting the plan
Class 5 (equity interest debtors) voted against the plan
The overwhelming majority of Classes 2 and 3, made up of TelexFree victims, voted to accept the plan.
Class 2, representing $25.7 million in claims, saw 99.52% out of 15,638 ballots vote for the plan.
Class 3, representing $152.2 million in claims, saw 99.27% of 27,876 ballots vote for the plan.
Pending acceptance of the vote by the court and distribution timeline scheduling, stay tuned…
Update 9th July 2020 –
As per a filed July 8th Proceeding Memorandum and Order, the TelexFree distribution plan has been approved.
A full order is yet to be filed. Depending on what’s in it, I’ll then decide if a separate article is necessary.
Please note at this time there is no distribution timeline. If one is provided in the full order I’ll most certainly be publishing a separate article.
Update 10th July 2020 –
The liquidation plan approval order contains
important information
pertaining to distribution payments.
🤖 Quick Answer
What was the outcome of the TelexFree liquidation plan vote?TelexFree victims overwhelmingly approved the liquidation plan in voting that closed June 30th. Classes 1, 2, and 3 voted in favor, with Classes 2 and 3 representing the majority of victims showing support rates exceeding 99%. Class 4 was counted as accepting, while Class 5 opposed the plan.
How did different creditor classes vote on the TelexFree plan?
Priority claims (Class 1), participant convenience claims (Class 2), and general participant claims (Class 3) all voted to accept. Class 2 achieved 99.52% approval from 15,638 ballots representing $25.7 million. Class 3 reached 99.27% approval with $152.2 million in claims. Vendor claims were counted as
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