On June 2, 2004, Pegasus Communications Corporation's subsidiary Pegasus Satellite Communications, Inc. ("PSC") along with its subsidiaries (collectively, "Debtors") filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Maine.
The Debtors' First Amended Plan of Reorganization was confirmed by order of the Bankruptcy Court dated and entered on April 14, 2005. On May 5, 2005 ("Effective Date"), the Plan became effective, the PSC Liquidating Trust ("Trust") was created and Ocean Ridge Capital Advisors, LLC was appointed the Liquidating Trustee. In accordance with the terms of the Plan, the Liquidating Trustee was charged with: (a) winding down the Debtors' affairs; (b) recovering value from non-cash Trust assets; (c) distributing the Trust's assets to the beneficiaries of the Trust; (d) prosecuting causes of action; (e) establishing, maintaining and reconciling proper claims reserves and claims; and (f) filing tax returns.
The beneficiaries of the Trust are those Holders of Allowed Class 3A Claims under the Plan. In addition to Administrative Expense Claims, Fee Claims and Priority Tax Claims, the Plan entitles Holders of Allowed Secured Claims (Classes 1A, 1B, 1C & 1D), Priority Non-Tax Claims (Classes 2A, 2B, 2C & 2D), and General Unsecured Claims (Classes 3A, 3B, 3C & 3D) to receive distributions under the Plan. All other holders of Claims will receive no distribution under the Plan. Following distribution and/or the establishment of reserves for Allowed Administrative Expense Claims, Fee Claims, Priority Tax Claims and Class 1, 2, 3B, 3C and 3D Claims, the sole beneficiaries of the Trust will be the Holders of Interests in Class 3A.
On September 19, 2008, the Bankruptcy Court approved the Liquidating Trustee’s Motion for an Order Approving but Not Directing Final Distribution, Closing Case, Abandonment and/or Destruction of Books and Records and Granting Related Relief, and the Trustee made the seventh and final distribution to beneficiaries of the Trust on September 30, 2008.
The PSC Liquidating Trust Forward-Looking Statements
This website contains forward-looking statements regarding future events and future performance of The PSC Liquidating Trust that involve risks and uncertainties that could materially affect actual results, and cause actual results to vary from current expectations and forward-looking statements contained in this website. The PSC Liquidating Trust disclaims any obligation to update any of the forward-looking statements contained herein.