Since my April 15th blog post, Curtis James Jackson III, better known as rapper 50 Cent (“Jackson”), has made it past the disclosure statement approval phase of his bankruptcy case, and is running towards the plan confirmation finish line.
The confirmation hearing is scheduled for July 6th. At that hearing, the Court will decide whether Jackson’s proposed plan of reorganization can be approved based on the ballots cast by creditors and the provisions of Section 1129 of Title 11.
If you are one of Jackson’s creditors, keep a close watch on your mail box for the third amended disclosure statement, plan, notice of deadlines, and ballot! Remember, if you don’t object and/or vote by June 27, 2016, you lose your right to complain later.
The Debtors will include a list of executory contracts and cure amounts with service of the plan documents, but will not disclose which executory contracts are being assumed or rejected until June 17th. Parties to contracts, when considering whether to vote in favor of the proposed reorganization plan, should assume their contract or lease is being rejected.
The Court thanked all the parties for their professionalism, actively participating in the case, and working to come to a compromise – making Jackson’s reorganization possible. For more details about Jackson’s disclosure statement hearing, check out Law 360’s article – 50 Cent’s $23.4M Bankruptcy Exhibit Gets Initial Approval.
Heather L. Ries is an attorney with the Financial Restructuring and Bankruptcy Department of the law firm of Fox Rothschild LLP. Heather focuses her practice in matters related to bankruptcy, creditors’ rights, commercial workout and foreclosure disputes, and commercial litigation. You can contact Heather at 561-804-4419 or hries@foxrothschild.com.