TRANSMERIDIAN INFORMATION
Case No. 05-83284-jb
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Information on Order Granting Trustee’s Motion To Approve Compromise And Settlement With Respect To Insider Claims And For Entry Of Bar Order |
Creditors in the TMA bankruptcy recently received a copy of the Court’s Order Granting Trustee’s Motion To Approve Compromise And Settlement With Respect To Insider Claims And For Entry Of Bar Order. You may request a copy of the Order by sending an e-mail request to eaf@eorrlaw.com. Many creditors, and in particular many former employees, have contacted the Trustee or his counsel to see what this Order means and how this Order will impact them. Neither the Trustee nor his counsel can give you any legal advice on what the Order means. However, the following is a brief summary of what has occurred.
The Trustee identified claims he wished to pursue against certain parties for conduct that he believed breached their duties of care and loyalty to TMA and to creditors of TMA. The claims were to be asserted against Richard Wiley, Allen Della, Scott Weiss, Richard Oster, Pegasus Aviation, Inc., Pegasus Aviation, Inc., PAI Aviation, Inc., Pegasus Aviation Finance Company, Pegasus Aviation Lease Securitization, Pegasus Aviation Lease Securitization II, Pegasus Aviation Lease Securitization III, TransMeridian Acquisition Company, Airline Investments, Inc., John Affeltranger, Russell Ryan, and Airline Partner Services, Inc. Those parties denied all liability and disputed the Trustee’s claims and assertions. However, after extensive negotiation, the Trustee and those parties agreed to a settlement. The Order you received approves that proposed settlement.
The complete terms of the settlement are in the Trustee’s Motion to approve the compromise and you may review that Motion. You may request a copy of the Motion by sending an e-mail request to eaf@eorrlaw.com. In summary, the Estate will receive $1,500,000.00 and all the settling parties will release any claims they have in the bankruptcy case. Additionally, any and all claims that the Trustee could have brought against the settling parties will be barred from being brought by any third parties at anytime in the future.
Anyone objecting to this settlement may file a written objection before July 13, 2008. The objection must state the grounds for the objection, must be filed with the Clerk, U.S. Bankruptcy Court, 1340 U. S. Courthouse, 75 Spring Street, S.W., Atlanta, Georgia 30303-3367, and must also be sent to Tamara Ogier, 170 Mitchell St. SW, Atlanta, GA 30303 and Joel Tabas, 25 Southeast Second Avenue, Suite 919, Miami, Florida 33131-1538.
We believe this settlement is in the best interest of creditors because it will allow us to pay properly filed priority wage claims in full and will likely allow us to pay a percentage of general unsecured claims as well. We are currently analyzing the wage claims that have been filed and anticipate that we will file a motion to pay those claims within the next few months. That motion will also be served on all of the former employees who have filed claims. Once that motion is filed we will update this website again with further information.
| General TMA Information |
The Chapter 7 Trustee for the TransMeridian Airlines, Inc., bankruptcy case is James R. Marshall. His job as trustee primarily consists in rounding up and liquidating assets of the corporation and paying claims of creditors, including former employees. To assist him in this job he has retained the law firm of Ellenberg, Ogier, Rothschild & Rosenfeld, P.C., as general counsel, the law firm of Tabas, Freedman, Soloff & Miller, P.A., as special counsel, and the accounting firm of Paul A. Jones & Company, LLC.
To make communications easier, we have set up e-mail though this web site. Please use the e-mail rather than making telephone calls when you can.
Ellenberg, Ogier, Rothschild & Rosenfeld, P.C. (Attorney for the Trustee) eaf@eorrlaw.com
Paul A. Jones & Company (Accountant for the Trustee) paul@pajco.com