No objections filed after Storytelling miscalculation
By Karen Sells
ISC Counsel Mark Dessauer said he had received no notification from creditors regarding a change in their prior votes for approval of the plan, despite the fact they will now receive less of their claims because of an ISC miscalculation in the total amount owed.
“The only thing that remains is paying the U.S. Trustee’s fees for the final quarter, and after those are filed we will be ready for the final decree,” Dessauer told Judge Marcia Phillips Parsons.
To satisfy what she called a “personal curiosity,” Parsons asked if ISC has worked out an arrangement with the state to keep its building on Main Street.
“The court is a member of the community, and I would personally like to see it stay with Storytelling,” Parsons said, describing the ISC facility as a beautiful building that benefits downtown Jonesborough.
Negotiations are under way in an effort to keep the building, according to Dessauer, though he has not been involved in that process.
Dessauer also said ISC will not pursue a claim for the almost $65,000 in payments made to First Tennessee Bank during the 90 days prior to the bankruptcy filing in December 2010.
While sections of the bankruptcy code indicate ISC is entitled to recover what are considered preferential transfers because they were made during that time period, First Tennessee refused to return the funds.
At the bank’s request, an order signed June 1 by Parsons releasing ISC from indebtedness to First Tennessee includes a stipulation that reserves the bank’s right to file a claim if any future attempt is made by ISC to recover the funds.
Because the issue with First Tennessee has been resolved, Dessauer said the hearing scheduled for June 19 will not take place.
The U.S. Trustee fees should be submitted by the end of June. Dessauer said they will be paid immediately, leaving the judge’s final decree as the last act to close ISC’s bankruptcy case.