)--John De Groote Services, LLC, as Liquidating Trustee to the Bearing Point, Inc.Liquidating Trust, announced today a million special litigation distribution to creditors.
(with its affiliates, “Bearing Point” or the “Company”), each of the Defendants had a fiduciary duty to actively prepare, determine, develop, and manage a strategy to pursue and maximize the highest value for the Company. (Update: A Consent Order transferring the New Virginia Lawsuit to the United States Bankruptcy Court for the Southern District of New York was entered on February 22, 2013.) DALLAS–(BUSINESS WIRE)–John De Groote Services, LLC, as Liquidating Trustee to the Bearing Point, Inc.
Read More In accordance with the Settlement Agreement and following receipt by the Bearing Point, Inc. Liquidating Trust, announced today a $28 million special litigation distribution to creditors.
Liquidating Trust of the agreed-upon $55,000,000, an Order of Dismissal was signed by the Circuit Court for the County of Fairfax, Virginia, dismissing the Complaint filed by John De Groote Services, LLC against F. This supplemental distribution will be made immediately and results from the Trust’s lawsuit against former Directors and the former Chief Executive Officer of Bearing Point, Inc., which was settled for $55 million with no admission of liability.
A 5% distribution (5% of allowed claim) to the General Fund (all 7,786 investors) participants in November, 2012.
We're happy to get this money into the hands of our creditors, where it belongs,” said John De Groote, President of John De Groote Services, LLC.