Chakra Discussions

ISKCON Chapter 11 Disclosure Statement Approved

by Gupta das

Posted February 22, 2005

On February 11, 2005, ISKCON's Chapter 11 Disclosure Statement was formally approved by the U.S. Bankruptcy Court. The Disclosure Statement contains the legal, financial and organizational assumptions which are used to create the Reorganization Plan.

This milestone legal event clears the way for the Reorganization Plan to be put to a vote by all of the claimants. Should that vote result in approval and confirmation of the Plan, disbursement of financial compensation would then follow.

Voting ballots are scheduled to be mailed out to all claimants on February 28, 2005. That large packet will also contain a copy of the Disclosure Statement, the proposed Reorganization Plan and other documents. If you are a claimant and you do not receive your packet by mid-March, be sure to notify the bankruptcy lawyers (not the Court). You may also send an email to request@oxfordlaw.com, and be sure to include your full legal name, Krishna name, current mailing address and telephone contact number.

Once the voting process is completed, the case should then move quite swiftly towards Plan confirmation, in May of 2005. Assuming the Reorganization Plan is confirmed and approved, initial compensation payments would then start, perhaps as early as September of 2005.

Please keep eye out for further updates. The next three to four months will be quite active, and your participation as a claimant is encouraged. Meanwhile, should any claimant change their mailing address from that reported on the original Proof of Claim form, the courts and the lawyers must be notified. Information and forms to file a change of address notice can be found by clicking on the PDF Files button found on guptadas.ws