NBL Creditors May Get 38¢/Dollar for BMXmas
In papers filed with the Franklin County, OH courts on November 17, the NBL receiver stated to the court that it is prepared to disburse the proceeds from recent asset sales to persons and entities who filed written claims.
Boiling out the legalese, four-page document said:
Total claims…as of the date that NBL was placed in receivership total $673,613.22…The net distributable funds (representing funds on hand, less estimated costs of administration and fees) will be $257,907.62. Based on the claims made, the Receiver recommends a distribution to creditors…of 38 cents on the dollar).
Official notice will be sent to all creditors, and if no objections are received, the receiver will tender an order to the court for consideration and approval. Objections in this type of case are rare, since the court looks at how much the company owes, what cash it has, and arrives at an amount-on-the-dollar number. Since all assets are now converted to cash, it is unlikely that any objection would have weight.
Here is the spreadsheet of creditors, and the respective amounts they will receive in satisfaction of their claim. This list is a public document that all creditors will receive in the coming days.
This process has taken far less time than we had anticipated, as these kinds of cases can often drag on for years, sopping up most of the cash in legal fees. In this case, expenses and fees were approximately $42,000 for 208 hours of administration and legal time (including the destruction of 1,000 boxes of documents)
BMX News will have more on this story as it continues.
