Following up on the previous post, the Debtor and RBS had reportedly contacted the Court on the eve of the November 13 continued hearing to relay that they had come to an agreement. The agreement was initially presented to the Court at the continued hearing on the morning of Thursday, November 13. However, before the conclusion of that hearing, the agreement fell through apparently as a result of certain default provisions not acceptable to the Debtor and/or its principals.
As a result, on Friday, November 14, the United States Trustee’s Office appointed Guy C. Fustine, Esq., as Chapter 11 Trustee in all three (3) related Bankruptcy Cases, which the Court later approved. Attorney Fustine has since accepted that appointment. Additionally, confirmation of the Debtor's prior plan of reorganization was denied. It is reported that Mr. Fustine has been meeting with the Debtor and its representatives, among other parties, to determine the next course of action.
