Chakra Discussions

Federal Court Approves ISKCON Chapter 11 Reorganization Plan

by Gupta das

Posted May 22, 2005

Today, May 16, 2005, Judge L. Edward Friend II of the U.S. Bankruptcy Court in West Virginia enthusiastically approved the ISKCON Chapter 11 Reorganization Plan. After Sandford L. Frey, lead bankruptcy counsel for ISKCON, made a formal presentation of the Plan and its benefits, Judge Friend then favorably commented on the Plan.

Judge Friend said that he was impressed with the Plan and with all the effort that it took to put together, and that he wholeheartedly endorsed the Plan as being in the best interests of the creditors [tort claimants]. He also noted that the ISKCON Chapter 11 Reorganization Plan makes sense in that it will avoid numerous lawsuits which would otherwise waste assets that will now be used for the benefit of the claimants. The Judge then went on to praise the Plan as a model that should be followed in similar cases throughout the country.

After the final confirmation hearing in Los Angeles next week, disbursements are scheduled to begin in September, 2005. Meanwhile, there are still many claimants who have not yet sent in a ballot, Release and/or a completed Request for Additional Information. If you did not receive those items, send an email with your full legal name, Krishna name and mailing address to Completed forms need to be sent in as soon as possible.