Palm Beach Finance Partners' plan of liquidation confirmed by court

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Palm Beach Finance Partners, LP's plan of liquidation was confirmed by the U.S. Bankruptcy Court for the Southern District of Florida on Tuesday, according to an attorney familiar with the case.

The confirmation order is expected to be entered on or around Oct. 21, the attorney said.

As previously reported in September the court approved the disclosure statement filed by Palm Beach Finance and Palm Beach Finance II, LP's Chapter 11 trustee, and Palm Beach Offshore, Ltd. and Palm Beach Offshore II, Ltd.'s joint official liquidator.

Under the liquidation plan the trustee and liquidator filed for the funds, trusts will be established to liquidate the remaining assets and distribute the proceeds to creditors.

Treatment of creditors will include:

• Holders of administrative claims will be paid in full in cash;

• Holders of unsecured claims will receive periodic distributions from a liquidating trust established for the applicable debtor; and

• Interest holders will receive a periodic distribution from the liquidating trusts after unsecured claims have been paid in full.

The Palm Beach funds are based in Palm Beach Gardens, Fla. They filed for bankruptcy on Nov. 30, 2009, and the Chapter 11 cases are being jointly administered under the case number 09-36379.

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