Omnibus Order
On June 1, 2023, the Court granted the following orders:
an order approving the Sutton Settlement Agreement (“Sutton Settlement Agreement Approval Order”);
an order (“Sutton Distribution Order”) approving the distribution of the Settlement Payment, to be received in respect of the Sutton Project, on a pari passu basis to the syndicated mortgage lenders who advanced funds pursuant to the Sutton 2012 Loan and the Sutton 2014 Loan; and
an order (“Fouth Omnibus Order”) approving:
an amendment to paragraph 3 of the First Omnibus Order, as amended by the Third Omnibus Order, to replace all references to “65%” with “75%”, so that the Trustee shall be required to distribute 75% of any Realized Property pro rata to the Investors entitled to such funds following the receipt by the Trustee of a further $10 million of Realized Property (in addition to the Initial Payment received in respect of the Sutton Project), whether received before or after the date of the Fourth Omnibus Order;
the Sixth Report and activities of the Trustee described therein; and
the Trustee’s fees and disbursements, including the fees and disbursements of its counsel, for the period from March 1, 2022 to February 28, 2023.
Copies of the orders granted on June 1, 2023 and the related endorsements are available below.
