** IMPORTANT INFO FOR RIVERBEND MEMBERS **
To Riverbend Members
As you all know by now, the Union has hired a reputable bankruptcy firm, Elliott Greenleaf, P.C., to handle your claims and they are fully engaged with the Debtors to finalize your claims and have it approved by the Bankruptcy Court.
We know that you received information from the Debtors, which is confusing, and I want to explain the information sent to you by the Debtors. The notices you received tell you that you do not either cast a vote or file a claim because the Union as your collective bargaining representative has done so. The numbers you received in the documents marked as the “schedules” contain the information in the Debtor’s books and records as of the date they filed bankruptcy and were incomplete. The Union, through our bankruptcy firm, has filed a proof of claim on behalf of all union members and reached agreement with the debtors after negotiating for several weeks which entitles you to a higher payout than other non-priority creditors (which includes most of the other unsecured creditors in the case). The agreement secures the face value of your claims by an agreement with the Debtors which will be approved by the Court. The claims will be funded by future litigation proceeds to be brought by lawyers approved by the Court, who will seek out any assets the Debtors have currently or transferred to other parties before the bankruptcy.
If you have any questions, please contact your Union Representative, Ed Auer, at 1-866-329-1776 ext. 806.
Wendell Young IV
Page Last Updated: Feb 06, 2020 (12:32:26)