American Mortgage Acceptance plan effective, bankruptcy case closed

By Caroline Salls

Pittsburgh, Jan. 13 - American Mortgage Acceptance Co.'s plan of reorganization has taken effect, and its bankruptcy case has been closed, according to a Jan. 13 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The plan was confirmed on Oct. 4.

As previously reported, treatment of creditors will include the following:

• C3 Initial Assets LLC will receive the new common stock in the reorganized company;

• Holders of administrative claims, tax claims, priority claims and other unsecured claims will be paid in full;

• Taberna Preferred Funding I, Ltd. will receive CMBS bonds, and Taberna Capital Management LLC will receive $100,000 in cash; and

• Holders of equity interests will receive no distribution.

American Mortgage, a New York real estate investment trust, filed for bankruptcy on April 26, 2010. Its Chapter 11 case number is 10-12196.

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