Former NS8 files liquidation plan; statement hearing set for Jan. 12

By Sarah Lizee

Olympia, Wash., Dec. 3 – Cyber Litigation Inc., formerly NS8, Inc., filed a Chapter 11 plan of liquidation and related disclosure statement with the U.S. Bankruptcy Court for the District of Delaware.

The plan provides for the transfer of the remaining assets and causes of action of the estate into the plan trust.

A plan trustee will distribute all net proceeds to creditors, including in full payment of all administrative expense claims, priority tax claims, other priority claims, general unsecured claims and ratably in satisfaction of tort damages claims.

The company has already liquidated substantially all of its assets and repaid its debtor-in-possession facility claims in full in cash.

Remaining proceeds will be used to fund recoveries under the plan to creditors.

Holders of secured claims will receive the value of any collateral securing their claims.

Holders of tort damages claims will receive their pro rata distributions of net distributable assets from and after the effective date, once all assets have been reduced to cash.

Holders of interests will not likely receive any distributions or property under the plan.

The disclosure statement hearing is scheduled for Jan. 12.

NS8 is a cyberfraud-prevention company based in Las Vegas. The company filed Chapter 11 bankruptcy on Oct. 27, 2020 under case number 20-12702.

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