Liquidating Trustee, and CoMetrics Partners, Financial Advisor, Announces a Time Line to the Creditors of SP Wind Down Trust
NEW YORK, Feb. 12, 2013 /PRNewswire/ — Liquidating Trustee, Walter Jones of CoMetrics Partners, LLC, has successfully distributed nearly $38 million to the creditors of SP Wind Down Trust, formerly Spheris, Inc., a transcriber of medical dictation for doctors and hospitals. The first $29.7 million was distributed in October 2010 within 30 days of the Plan’s Effective Date of September 20, 2010. CoMetrics Partners was appointed Financial Advisor and Mr. Jones Liquidating Trustee by The United States Bankruptcy Court for the District of Delaware on Confirmation of the Plan of Reorganization of SP Wind Down in August, 2010. Counsel to the Trust is Russell C. Silberglied of Richards, Layton & Finger, P.A.
“We now understand the complex interactions among the almost 90 Federal and State returns filed to complete the wind down of SP. As previously announced, we believe that there may be a small final distribution to creditors,” Mr. Jones said. “We now expect that to happen in 2014. There can be no assurance of any further distribution.”
Mr. Jones has extensive experience in Chapter 11 restructuring and has been directly responsible for advising debtors and creditors committees with respect to marshalling and distributing estate assets, reconciling claims and liabilities and maximizing timely distributions to creditors.
The progress of the case, orders and other relevant materials will be posted, can be followed by clicking on “SP Wind Down Trust” at www.CoMetricsPartners.com.
About CoMetrics Partners LLC
CoMetrics Partners LLC was founded by Managing Partner Gary Herwitz. The firm specializes in working with middle market companies providing the leadership and expertise to synergize operations, technology and finance to maximize operating efficiencies and drive profitability.
The firm’s services include strategic advisory, supply chain management, lender advisory services, and financial resources.
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