Liberty Asset Management Corporation - Adversary Proceeding

I. Background

On March 21, 2016, Liberty Asset Management Corporation (the “Debtor”) filed a voluntary Chapter 11 petition. On August 16, 2016, the Official Committee of Unsecured Creditors (the “Committee”) for the Debtor’s estate commenced the above-captioned action against Ho and Benjamin Kirk (“Kirk”). On April 17, 2018, the Court approved a stipulation dismissing the claims against Kirk with prejudice.3 On June 18, 2018, the Court confirmed the First Amended Chapter 11 Plan of Liquidation Dated January 31, 2018 Proposed by the Official Unsecured Creditors’ Committee for Liberty Asset Management Corporation [Bankr. Doc. No. 609, Ex. A] (the “Plan”). See Bankr. Doc. No. 665 (the “Confirmation Order”) and Bankr. Doc. No. 650 (ruling confirming Plan). The Plan appointed Bradley D. Sharp of Development Specialists, Inc. as the Plan Administrator responsible for liquidating the Debtor’s assets for the benefit of creditors, see Plan at § VII.D.1, and vested in the Plan Administrator the right to prosecute the instant action on behalf of creditors, see Plan at § VII.D.2. The Plan created an Oversight Committee responsible for consulting with the Plan Administrator on the settlement…