On or about October
27, 2014, the Debtor filed an Expedited Fourth Motion to Extend Time in
connection with its prior settlement with RBS, which was approved by Court
Order following an expedited hearing on October 31, 2014. The Order directs
the United States Trustee (“UST”) to appoint a Chapter 11 Trustee (the “Trustee”)
effective as of 8:30a.m. on November 13 (the “Deadline”), the same day on which
the Court scheduled the Debtor’s continued Plan Confirmation Hearing. If
the Debtor reports unequivocally to the Court prior to the Deadline that
settlement payments satisfactory to RBS have been made, then the Trustee’s appointment
shall not go into effect and the Plan Confirmation Hearing may proceed as
scheduled. If not, the Trustee presumably displaces the Debtor from control
of the Bankruptcy Estate.
The UST is excused from filing a motion seeking approval of its selection for Trustee until the Deadline has passed.
