Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
On June 27, 2011, the District Court granted Defendants’ summary judgment motion and judgment was entered on June 28, 2011.
The ART timely filed its notice of appeal to the Court of Appeals for the Second Circuit.
Adelphia and the ART moved to disallow Bank Lender Post-Effective Date Fee Claims against the claimants. The Bankruptcy Court heard argument of counsel on May 25, 2011, and stated that an evidentiary hearing would be held sometime after September 2011 to resolve any JV LIF claims that may remain in dispute at such time.
On April 16, 2010, Adelphia and the ART filed a motion seeking Bankruptcy Court approval of a Stipulation and Consent Order by and among Adelphia, the ART, and claimant Societe Generale, S. Since the prior agreement with Societe Generale, S.
The LIF created under the JV Plan (the “JV LIF”), established in the initial amount of $10 million and held in an Adelphia account pending distributions as authorized by the ART, was created to fund certain allowable claims for indemnification arising under the Parnassos and Century-TCI prepetition credit facilities.
Subject to certain conditions, the JV LIF is “evergreen”, i.e. of net proceeds of any Designated Litigation” after first deducting any required distribution to the government.
The ART continues to vigorously defend the unresolved claims.
The total amount of payments from the JV LIF as a result of these prior and probable-pending settlements will be less than the original balance of million in Adelphia’s JV LIF account.
Pursuant to the Plan, in addition to the Causes of Action, Adelphia transferred million in cash to the ART, in connection with its formation, in order to fund the initial expenses of operation. Quest and Adelphia together have agreed to provide certain administrative services to the ART.
In order to facilitate the provision of such administrative services, the ART has appointed Quest as the trust administrator of the ART (in such capacity, the “ The accompanying interim unaudited condensed financial statements of the ART have been prepared in accordance with generally accepted accounting principles in the United States of America for interim periods (“ ”) and with the instructions to Form 10-Q.
Except as set forth below, there have been no material developments in the legal proceedings described in the ART’s Form 10-K as filed on March 4, 2011 or as updated in the ART’s Form 10-Q filed on May 13, 2011.