Hello everyone,
The following is a quick status on the Avaya bankruptcy proceeding:
There were 2 outstanding claims, SAE Power and a retiree who wants to go by the initials AW.
1) The SAE Power claim has just been settled for an undisclosed amount and sent to the GUC administrator for final approval.
2) Avaya basically won against AW in Judge Bernstein’s bankruptcy court and AW has appealed in the US District Civil Court. [Judge: Alison J Nathan - Case #: 1:19-cv-05987] AW must file his brief by August 8 and Avaya their reply by August 22. My guess is that this appeal will not jeopardize any final distribution.
3) As of June 5, there was $2,040,005 remaining of the $57 million set aside to pay unsecured creditors (Avaya retirees and others). I presume that does not include the SAE settlement.
4) After mid-October any uncashed GUC settlement checks will be voided and the money left in the pool will be distributed to the unsecured creditors in (what will probably be) one, small, final check. I would expect a distribution sometime in the fourth quarter. This is my best guess.
Bob Emberger