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Frequently Asked Questions On February 8, 2007, Heritage Funding Group, Inc. ("HFG" or the "Debtor") filed a voluntary petition (the "HFG Case") for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the "Bankruptcy Code"). The questions and answers that follow provide general information concerning the HFG Case, the Official Committee of Unsecured Creditors of Heritage Funding Group, Inc. (the "Committee"), and various topics related to the HFG Case and the Committee. What is the Committee? Pursuant to the Bankruptcy Code, the United States Trustee (the "UST") is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors' committee is a group of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors' committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization. The overarching goal of a creditors' committees is to maximize value for general unsecured creditors. In accordance with this authority, on February 23, 2007, the UST appointed the Committee. What is the Committee's role in the HFG Case? Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the case; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation or the debtor's business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan; (3) participate in the formulation of a plan, advise those represented by such committee of such committee's determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan; (4) request the appointment of a trustee of examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interest of those represented. Who are the members of the Committee? James Scanlon (Chair) Who represents the Committee? The Committee retained Akerman Senterfitt, P.A. to act as its counsel. Who is the United States Trustee? The Acting United States Trustee for the HFG Case is Donald F. Walton. The attorney assigned to the HFG Case is Miriam G Suarez. What role does the United States Trustee Play? The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit the web page for the UST at www.usdoj.gov/ust/r02/index.htm. Does the Committee represent individual creditors? No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtor. Neither the Committee nor its counsel represent individual creditors that may have claims in the HFG Case. What is the deadline for filing proofs of claims? The deadline (also known as the bar date) to file proofs of claim is May 30, 2007. Do I need to file a proof of claim? If you believe that you or an entity you represent has a claim against HFG, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the HFG Case. For more information or specific questions on how to file a proof of claim, contact the clerk's office at 904-301-6490. Has the Debtors filed any chapter 11 plan(s) or disclosure statement(s)? No, the Debtor has not yet filed any chapter 11 plan or disclosure statement. How long will the HFG bankruptcy take? There is no specific time estimate for Chapter 11 cases. Bankruptcy cases, such as this one, can take several months (and in some cases years) to complete. How do I get responses to specific questions? E-mail your questions to mark.mitchell@akerman.com Who is the judge presiding over the HFG Case? The HFG Case is assigned to the Honorable Jerry A. Funk, United States Bankruptcy Judge for the Middle District of Florida, Jacksonville Division. What is an Objection to Non-dischargeability under 11 U.S.C. 1141(d)? Under 11 U.S.C. 1141(d)(6), a debt incurred through fraudulent conduct, as defined in section 523(a)(2)(A) and (B), that is owed to a domestic governmental unit or owed to a person as a result of an action filed under subchapter III of Chapter 37 of title 31 or any similar State statute, or for a tax to which the debtor made a fraudulent return or willfully attempted to evade evade paying such a tax is excepted from a corporation's discharge. |
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