Daniel M. Press, VSB# 37123 

Chung & Press, P.C. 

6718 Whittier Ave., Suite 200 

McLean, VA 22101 

(703) 734-3800 

Counsel for Debtor

UNITED STATES BANKRUPTCY COURT 

EASTERN DISTRICT OF VIRGINIA 

(Alexandria Division)

---------------------------------------------------------------X 

In re: : Chapter 11 

 : 

Martin Alan Burke : No. 18−13979−BFK 

 : 

Debtor. : 

 : 

---------------------------------------------------------------X 

DISCLOSURE STATEMENT IN SUPPORT OF 

DEBTOR’S CHAPTER 11 PLAN 

DATED DECEMBER 17, 2019 

 Martin Alan Burke, Debtor in Possession, through the undersigned counsel, hereby 

submits to his creditors this Disclosure Statement in connection with his Chapter 11 Plan dated 

December 17, 2019 (the "Plan") pursuant to Chapter 11 of Title 11, U.S.C. (the "Code"). 

I. Preliminary Statement 

 The Debtor submits this Disclosure Statement to all of his creditors in order to comply 

with the provisions of the Code requiring the submission of information necessary for 

creditors to arrive at an informed decision in exercising their rights to vote for acceptance or 

rejection of the Plan, presently on file with the United States Bankruptcy Court for the Eastern 

District of Virginia (the "Court"). A copy of the Plan accompanies this Disclosure Statement. 

II. Summary of Plan and Code Provisions for Voting 

 A. Repayment of Creditors 

 The Plan provides for payment of allowed administrative expenses, priority 

claims, secured claims and unsecured claims in full, either in cash or in deferred cash 

payments. This is a reorganizing Plan. The reorganization will result in the retention of 

Debtor’s property and payment of secured claims thereon. The Plan will be funded 

primarily by the income of the Debtor. 

 This Disclosure Statement contains a detailed discussion of the Plan and its 

implementation. This Disclosure Statement should be read in conjunction with the Plan, 

which is a legal document and upon confirmation will become binding on the Parties. 

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Creditors should read the Plan and this Disclosure Statement in their entirety, rather than 

relying on this summary. The Debtor urges creditors and other parties in interest to consult 

with independent counsel in connection with their decision to accept or reject the Plan. 

Approval of this Disclosure Statement by the Court is not a decision on the merits of the Plan. 

B. VOTING PROCEDURES AND CONFIRMATION 

REQUIREMENTS 

 1. Ballots and Voting Deadline. 

 A Ballot1

 to be used for voting to accept or reject the Plan will be distributed, along 

with this Disclosure Statement and the Plan, upon approval of the Disclosure Statement by 

the Bankruptcy Court. Creditors of the Debtor must (1) carefully review the Ballot and 

instructions thereon; (2) execute the applicable Ballot; and (3) return the completed Ballot 

to Chung & Press, P.C., Attn: Daniel M. Press, Esq., 6718 Whittier Ave., Suite 200, 

McLean, Virginia 22101 so as to be received by 5:00 p.m. on _________, 20___. Ballots 

received after the deadline may not be considered. 

 2. Creditors Entitled to Vote. 

 Any Creditor of the Debtor whose Claim is impaired under the Plan is entitled to vote, 

provided that (1) its Claim has been scheduled by the Debtor (and such Claim is not scheduled 

as disputed, contingent or unliquidated), or (2) it has filed a Proof of Claim on or before the 

last date set by the Court for such filing, which claim has not been disallowed, and no 

objection to such Proof of Claim is pending at the time of the confirmation hearing. Any Class 

of Claims or Interests that is not impaired by the Plan, and each holder of a Claim or Interest 

of such Class, are conclusively presumed to have accepted the Plan and solicitation of 

acceptances with respect to such Class from the holders of Claims or Interests of such Class 

is not required. 

 Any Claim or Interest as to which an objection has been filed (and such objection 

is still pending) is not entitled to vote, unless the Court temporarily allows the Claim or 

Interest in an amount which it deems proper for the purpose of accepting or rejecting the 

Plan upon motion by the Creditor or holder of an Interest whose Claim or Interest is subject 

to objection. In addition, the vote of a Creditor or holder of an Interest may not be counted 

if the Court determines that the Creditor’s or Interest holder’s acceptance or rejection was 

not solicited or procured in accordance with the provisions of the Bankruptcy Code. 

 Even though a creditor may not choose to vote or may vote against the Plan, the 

creditor will be bound by the terms and treatment set forth in the Plan if the Plan is accepted 

by the requisite majorities in each class of creditors and/or is confirmed by the Court. 

Allowance of a claim for voting purposes does not necessarily mean that the claim will be 

allowed or disallowed for purposes of distribution under the terms of the Plan. Any claim to 

which an objection has been or will be made will be allowed only for distribution after 

determination by the Court. Such determination may be made after the Plan is confirmed. 

1 Under the Plan, the term “Ballot” means the form distributed to each holder of an 

impaired Claim on which is to be indicated, among other things, acceptance or rejection 

of the Plan. 

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 3. Definition of Impairment. 

 Under § 1124 of the Bankruptcy Code, a Class of Claims or Interests is impaired under 

a plan of reorganization unless, with respect to each Claim or Interest of such Class, the plan 

(1) leaves unaltered the legal, equitable, and contractual rights of the holder of such Claim or 

Interest, or (2) reinstates the Claim or Interest pursuant to its original terms and cures any 

default. 

 4. Classes Impaired Under the Plan. 

 Creditors holding Claims in Class B are impaired under the Plan and are eligible, 

subject to the limitations set forth above, to vote to accept or reject the Plan. Creditors 

holding Claims in Classes A and C are unimpaired under the Plan and are not entitled to 

vote with respect to the acceptance or rejection of the Plan. Such Creditors will be paid in 

full or otherwise treated in accordance with the provisions of the Plan. Creditors in Class 

D are impaired and deemed to reject the Plan, and are therefore not entitled to vote. 

 5. Vote Required for Class Acceptance 

 The Bankruptcy Code defines acceptance of a Plan by a Class of Creditors as 

acceptance by holders of two-thirds in dollar amount and a majority in number of the Allowed 

Claims of that Class which actually cast ballots to accept or reject the Plan. 

 6. Requirements for Confirmation. 

 In order to be confirmed (i.e., approved) by the Bankruptcy Court, the Plan or its 

proponent must (among other requirements set forth in § 1129 of the Bankruptcy Code): 

 a. Disclose all compensation paid or promised for professional services rendered 

or to be rendered in connection with the case; 

 b. Disclose the identity and affiliations of all officers to serve after the Plan is 

confirmed and the compensation of any insiders to be employed after Confirmation; 

 c. Propose to pay each member of a class of Claimants, who has not accepted 

the Plan, property at least equal in value to what the Claimant would receive if the Debtor's 

assets were liquidated on the date of the Confirmation Hearing, and distributed to Creditors 

according to their rights and priorities under law; 

 d. Propose to pay all Administrative Claims in full; 

 e. Propose to pay all Priority Claims in full in deferred payments or cash; and

 f. Propose to pay all Priority Tax Claims in full within five years after the 

order for relief in this case, in a manner not less favorable than the non-priority unsecured 

claims. 

 7. Confirmation Hearing. 

 The Bankruptcy Code requires that the Bankruptcy Court hold a Confirmation 

Hearing with notice to all Creditors. The Confirmation Hearing is scheduled for 

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______________, 2019, at ______ before the Honorable Brian F. Kenney, United States 

Bankruptcy Judge, Courtroom I, 200 S. Washington Street, Alexandria, VA 22314. The 

Confirmation Hearing may be adjourned or continued by the Bankruptcy Court without 

further notice except for an announcement made of the adjourned or continued date made at 

the Confirmation Hearing. 

 At the Confirmation Hearing, the Bankruptcy Court shall determine whether the 

requirements of the Bankruptcy Code have been satisfied, in which event the Bankruptcy 

Court shall enter an order confirming the Plan. With respect to creditor acceptance of the Plan, 

if the requisite members of an impaired Class do not vote to accept the Plan as provided in 

Section II.B.5. above, the Debtor may seek confirmation pursuant to § 1129(b) of the 

Bankruptcy Code, known as the “cramdown” procedure. Pursuant to this section, the 

Bankruptcy Court may confirm the Plan notwithstanding the nonacceptance by an impaired 

Class if at least one impaired Class votes to accept the Plan, the Plan does not discriminate 

unfairly, and is “fair and equitable” to the non-accepting Class. 

 A plan does not discriminate unfairly within the meaning of the Bankruptcy Code if 

no Class receives more than it is legally entitled to receive for its Claims or Equity Interests. 

The Bankruptcy Code establishes different “fair and equitable” standards for Secured and 

Unsecured Claims. 

 With respect to a Secured Claim, a plan may be “fair and equitable” if (1) the impaired 

Secured Creditor retains its liens to the extent of its Allowed Claim and receives deferred cash 

payments at least equal to the allowed amount of its Claim with a present value as of the 

Effective Date at least equal to the value of such Creditor’s interest in the property securing 

its liens, (2) property subject to the lien of the impaired Secured Creditor is sold free and clear 

of that lien, with that lien attaching to the proceeds of sale, and such lien proceeds must be 

treated in accordance with clauses (1) and (3) hereof, or (3) the impaired Secured Creditor 

realizes the “indubitable equivalent” of its Claim under the plan. 

 With respect to an Unsecured Claim, a plan may be “fair and equitable” if (1) each 

impaired Unsecured Creditor receives or retains property of a value equal to the amount of its 

Allowed Claim, or (2) the holder of any Claim or Interest that is junior to the claims of the 

dissenting Class will not receive any property under the plan on account of such claim or 

interest, except that, as the Debtor is an individual, he may retain exempt property and 

property included in the estate under 11 U.S.C. § 1115, namely property acquired after 

commencement of the case and post-petition earnings. 

 Finally, it must be noted that even though a Creditor or holder of an Interest may vote 

to reject the Plan, such rejection of a confirmed Plan does not mean that the Creditor or holder 

of an Interest will not be entitled to share in any distributions to be made under the Plan. 

III. REQUISITE DISCLOSURES 

 A. Representations Limited 

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 NO REPRESENTATIONS CONCERNING THE DEBTOR, PARTICULARLY 

REGARDING FUTURE BUSINESS OPERATIONS OR THE VALUE OF THE 

DEBTOR’S ASSETS, HAVE BEEN AUTHORIZED BY THE DEBTOR EXCEPT AS SET 

FORTH IN THIS STATEMENT. YOU SHOULD NOT RELY ON ANY OTHER 

REPRESENTATIONS OR INDUCEMENTS PROFFERED TO YOU TO SECURE YOUR 

ACCEPTANCE OR REJECTION IN ARRIVING AT YOUR DECISION IN VOTING ON 

THE PLAN. ANY PERSON MAKING REPRESENTATIONS OR INDUCEMENTS 

CONCERNING ACCEPTANCE OR REJECTION OF THE PLAN SHOULD BE 

REPORTED TO COUNSEL FOR THE DEBTOR AT THE ADDRESS ABOVE, TO THE

CLERK OF THE COURT AT 200 S. WASHINGTON STREET, ALEXANDRIA, VA 

22314 AND TO THE U.S. TRUSTEE AT 115 SOUTH UNION ST., SUITE 210, 

ALEXANDRIA, VIRGINIA 22314. FOR VARIOUS REASONS, THE RECORDS OF 

THE DEBTOR PRIOR TO PREPARATION OF THIS PLAN MAY NOT HAVE BEEN 

COMPLETE AND THE ACCURACY OF THE INFORMATION SUBMITTED WITH 

THIS STATEMENT IS DEPENDENT ON INFORMATION AVAILABLE TO THE 

DEBTOR WITH THE ASSISTANCE OF COUNSEL. WHILE EVERY EFFORT HAS 

BEEN MADE TO PROVIDE THE MOST ACCURATE INFORMATION AVAILABLE, 

THE DEBTOR IS UNABLE TO WARRANT OR REPRESENT THAT ALL 

INFORMATION IS WITHOUT INACCURACY. THERE ARE NO KNOWN 

INACCURACIES. WHILE EVERY EFFORT HAS BEEN MADE TO ENSURE THAT 

THE ASSUMPTIONS ARE VALID AND AS ACCURATE AS CAN BE MADE UNDER 

THE CIRCUMSTANCES, NEITHER THE DEBTOR NOR HIS ATTORNEYS 

UNDERTAKE TO CERTIFY OR WARRANT THE ABSOLUTE ACCURACY OF THE 

ASSUMPTIONS OR PROJECTIONS. 

 UNLESS OTHERWISE INDICATED, NO FORMAL APPRAISALS HAVE BEEN 

UNDERTAKEN OF THE DEBTOR’S PROPERTY. UNLESS AN APPRAISAL IS 

PROVIDED OR THE COURT HAS PREVIOUSLY DETERMINED THE VALUE OF AN

ASSET, THE VALUES PLACED THEREON AND SUMMARIZED BELOW ARE THE 

DEBTOR-IN-POSSESSION'S BEST ESTIMATE OF THE VALUE OF THE PROPERTY 

AS OF THE TIME OF THE FILING OF THE PLAN AND THIS DISCLOSURE 

STATEMENT. THESE VALUES MAY DIFFER FROM VALUES PLACED ON THE 

SAME PROPERTY AT THE TIME OF FILING OF THE PETITION FOR RELIEF AND 

THE SUBSEQUENT SCHEDULES. 

 B. Background 

The Debtor is an individual resident of Loudoun County, Virginia, and is employed 

as the president of Integrated Solutions Management, Inc., a privately-held technology 

company in which he is also a shareholder. The Debtor resides in a home that he rents, 

having sold his home during the case to reduce expenses. 

 C. Events Leading to Bankruptcy

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 The Debtor had accrued significant federal and state tax debts over several years 

which he was unable to pay while staying current on his mortgage. Debtor filed bankruptcy 

to facilitate the short sale of his home and to provide a means for payment of those tax 

liabilities. 

 

 D. Procedural Posture of the Bankruptcy Case 

 On November 27, 2018 (the "Petition Date”), the Debtor filed a voluntary petition 

in this Court for reorganization relief under Chapter 11 of title 11 of the U.S. Code (as 

amended, the “Bankruptcy Code”). The Debtor continues to hold his assets as debtor-inpossession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. An unsecured 

creditors’ committee has not been appointed in this case. No trustee or examiner has been 

appointed. The claims bar date passed on April 3, 2019 (May 28, 2019 for governmental 

units). During the case, the Debtor sold his residence and rented a new one, which freed 

up some income to fund a plan, and provided for the release of liability for a deficiency on 

the second mortgage. 

 E. Assets 

 The estate’s assets consist of two exempt vehicles and one that is fully encumbered; 

household items, wearing apparel, funds in the bank, and a small 401(k) plan, all of which 

are fully exempt; and Debtor’s 14% interest in the company for which he works, Integrated 

Solutions Management, Inc., which company has a negative net worth, and which is 

believed to have no market value. 

As such, in the event of a Chapter 7 liquidation, as all assets are fully exempt, it is 

estimated that there would be zero distribution to unsecured creditors. 

 F. Creditors Committee 

 No creditors committee has been formed in this case. 

 G. Professionals 

 The Debtor has retained the firm of Chung & Press, P.C. (Daniel M. Press), as 

bankruptcy counsel. The appointment of the foregoing professionals has been approved by 

the Court. 

 Chung & Press, P.C., has not yet been paid for work related to this case, other than 

$2475 for prepetition services. Chung & Press, P.C. expects to file an application for 

compensation for its fees, which fees are subject to court approval. It is estimated that the 

fees of Chung & Press, P.C. will be $15-20,000 through confirmation, of which $7525 is in 

escrow from the pre-petition retainer. 

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 H. Officers/Directors and Compensation 

 As an individual debtor, the requirement to disclose the Debtor’s officers and 

directors is inapplicable. 

 I. Bar Date 

 The bar date for the filing of pre-petition claims against the Debtor was on April 3, 

2019 (May 28, 2019 for governmental units). Under the Plan, Administrative Claims other 

than for attorneys fees for the undersigned counsel, and any rejection claims, must be filed 

by the first Business Day thirty (30) days after the Effective Date. 

IV. Classification and Treatment of Claims 

 The Plan establishes 4 classes of claims, plus two categories of unclassified claims 

(for administrative expenses and for priority taxes). The classes of claims are identified and 

treated as follows: 

(I) Unclassified claims 

 A. Administrative Expenses. Administrative Expense claims approved and 

allowed by the Court shall be paid in full, in cash, on the effective date of the Plan or as soon 

thereafter as the amount thereof can be fixed, unless a different treatment is agreed to or 

provided for in this Plan. Administrative claims which by their terms are not due and payable 

on or before the Effective Date shall be paid as and when due. Legal fees are estimated at 

$15-20,000 (of which $7525 is in escrow), and Debtor does not anticipate any other 

administrative expense claims other than U.S. Trustee fees. 

 Within this class are all pre-confirmation fees payable to the U.S. Trustee pursuant to 

28 U.S.C. § 1930(a)(6), which shall be paid on the effective date of the Plan, if not paid sooner. 

After confirmation, and until the case is closed, the Debtor shall be responsible for timely 

payment of fees incurred pursuant to 28 U.S.C. § 1930(a)(6). 

 B. Priority Taxes: Allowed Priority Tax claims ($57,067.61 to the IRS, Claim 

#1) shall be paid in full, with interest at the statutory rate on such claims, in equal quarterly 

cash payments commencing 90 days after the effective date of the plan (in a minimum amount 

of $5000/quarter), amortized over the remaining period of 5 years from the Petition Date. 

 (II) Classified Claims and Interests 

 Class A (Priority (non-tax) Claims): Class A consists of Priority Claims under 11 

U.S.C. § 507 other than Administrative Claims and Priority Tax Claims. No such claims have 

been filed or are believed to exist. To the extent any such claims exist they be paid in full, in 

cash, by the Debtor on the effective date of the Plan, or as soon thereafter as the amount 

thereof can be fixed, unless a different treatment is agreed to or provided for in this Plan. This 

class is not impaired. 

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 Class B (IRS Secured Claim): Class B consists of the secured claim of the Internal 

Revenue Service, secured against all of Debtor’s assets, in the amount of $11,751.52 (Claim 

#1). The Class B claim shall be paid in full in quarterly cash payments of $5000/quarter. 

commencing 90 days after payment in full of the priority tax claims, until paid in full, with 

statutory interest from the petition date until paid, and shall retain its lien on all assets until 

paid. This class is impaired. 

 Class C (Toyota Motor Credit Corporation Secured Claim). Class C consists of the 

claim of Toyota Motor Credit Corporation secured against Debtor’s 2010 Toyota Highlander. 

The Class C creditor shall retain its lien and Debtor shall pay this claim in full pursuant to the 

terms of the contract. This class is not impaired. 

 Class D (General Unsecured Claims). Holders of Class D claims shall be paid nothing 

on account of their claims. This class is impaired and is deemed to reject the plan. 

 

As to all claims 

Payments on any claims which are then subject to objections as to which a Final Order has 

not been entered shall be deposited in the undersigned counsel’s attorney trust account until a 

Final Order is entered, and shall be paid to the creditor or refunded to the Debtor, as 

appropriate, upon entry of such a Final Order. Payments on claims shall be mailed to the 

address of the creditor on the proof of claim (or, if allowed pursuant to the schedules, to the 

address on the schedules), unless the creditor files a change of address notice with the Court. 

No distribution shall be made on any claim until the cumulative distribution on that claim 

equals at least $20.00, except that the final distribution shall distribute all remaining funds due 

to each creditor without regard to amount. Any check mailed to the proper address and 

returned by the post office as undeliverable, or not deposited within 180 days, shall be void 

and the funds may be retained by the Debtor. 

 Nothing herein shall constitute a waiver of the Debtor’s right to object to any claim or 

an acknowledgement that such claim is valid or allowable. 

V. Implementation of Plan 

 The Debtor shall fund this Plan in part from his wages as well as from a new 

value contribution from his retirement plan in an amount sufficient to satisfy any unpaid 

administrative expenses (legal fees). Debtor shall retain the Assets of the estate and shall pay 

his ordinary living expenses and pay the creditors the amounts set forth in this plan. 

 Consistent with the provisions of this Plan and subject to any releases provided for 

herein, the Debtor reserves the right to begin or continue any adversary proceeding permitted 

under the Code and Rules to collect any debts, or to pursue his claims in any court of 

competent jurisdiction. Except as expressly provided for in this Plan, nothing in this Plan 

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shall be deemed to constitute a waiver of any claim that the Debtor may assert against any 

other party, including the holder of any claim provided for in this Plan, and the allowance of 

any claim against the Debtor or the estate shall not bar any claim by the Debtor against the 

holder of such claim. 

 

 The Debtor shall retain the Assets of the estate, free and clear of all claims and 

interests of creditors except as specifically provided in the Plan, and shall pay his ordinary 

living expenses, and pay the creditors the amounts set forth in this plan from his earnings 

and rents, and otherwise as provided. 

 It is estimated that the amounts required for implementation of the Plan upon the 

effective date and thereafter are as follows: 

 Administrative expense claims: $15-20,000 (Attorney’s fees), from funds on account 

plus retirement plan. 

 Priority tax claims: $5000/quarter from earnings. 

 Class B: $5000/quarter, after payment of priority tax claims. 

 Class C: $349.74/month. 

 

 

VI. Analysis of Liquidation Value of the Estate 

 In the event of a Chapter 7 liquidation, as all assets are exempt and fully encumbered, 

it is estimated that there would be no distribution to unsecured creditors. 

VII. Repayment Projections 

 As provided above in Section IV, general secured and priority claims are expected to 

be paid at $100% with interest. General unsecured claims will not be paid. 

 VIII. Tax Consequences 

The Debtor is not qualified to advise creditors of the specific tax ramifications to 

them of confirmation of the Plan and therefore makes no representations in this regard. 

However, the Debtor is not aware of any potential material federal tax consequences to 

creditors that would result from confirmation of the Plan. Each creditor is urged to consult 

with a tax advisor as to such matters. 

 With respect to the Debtor himself, the Debtor does not anticipate any material tax 

consequences. Any forgiveness of indebtedness would be exempt from taxation under IRC 

§ 108 due to the discharge in bankruptcy. 

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IX. Feasibility/Income: 

 A. The Debtor believes that he will be able to afford the payments based on his 

anticipated income. While his expenses have exceeded income in some recent months, 

that has largely been due to the expenses associated with moving and some other unusual 

expenses (veterinary care for now-deceased pet), as well as some travel expenses for 

business that will be reimbursed in future months. 

 Debtor’s take-home income is currently about $13,000 monthly. This is sufficient 

to fund the Plan as proposed. 

 B. Section 1129(a)(15) of the Bankruptcy Code requires that in order to 

confirm a plan of an individual debtor, if a holder of an unsecured claim objects, the 

value of the property to be distributed under the plan must be not less than the lesser of 

the value of the claim or the debtor’s projected disposable income to be received during 

the 5-year period beginning on the date that the first payment is due under the plan. If 

any holder of an unsecured claim wishes to dispute whether Debtor’s plan meets the 

requirements of § 1129(a)(15), it must file a timely objection to the Plan. 

 

 

X. Modifications or Withdrawals of the Plan 

 The Debtor may alter, amend, or modify the Plan under § 1127(a) of the Bankruptcy 

Code at any time prior to the Confirmation Date, so long as the Plan, as modified, meets 

the requirements of §§ 1122 and 1123 of the Bankruptcy Code. The Debtor may also alter, 

amend, or modify the Plan under § 1127(b) of the Bankruptcy Code, following the 

Confirmation Date but prior to the Effective Date. The Debtor may revoke or withdraw the 

Plan prior to the Confirmation Date. If the Plan is revoked or withdrawn prior to the 

Confirmation Date, the Plan shall be of no force or effect, and shall be deemed null and 

void. If the Plan is revoked or withdrawn prior to the Confirmation Date, nothing contained 

herein shall in any way effect or prejudice the rights of the Debtor with regard to Claims, 

Avoidance Actions, or any other rights or interests. After confirmation, the plan may be 

modified pursuant to § 1127(e). 

XI. Objections to Claims, Counterclaims, and Avoidance Actions

 The Debtor believes that the claims resolution process should not delay Confirmation 

of the Plan. The Debtor reserves the right to file objections to any Claims, either as currently 

filed or as may be amended. In order to expedite payments to creditors, the Debtor seeks 

Confirmation notwithstanding the fact that he may dispute certain Claims. The fact that the 

Debtor has not objected to a particular Claim or has not indicated that it is disputed does not 

mean that the Debtor will not object to such Claim. Accordingly, the Debtor makes no 

representations either in the Plan or this Disclosure Statement as to the validity of any Claim 

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filed, and Creditors should not make any assumption based upon the fact that no objection has 

yet been filed to any individual Claim. The Debtor shall file any objections to claims (other 

than as may be filed or amended after the date of filing of the Plan) on or before 60 days 

after the Effective Date.

XII. Miscellaneous Plan Provisions 

 A. Executory Contracts and Unexpired Leases. 

 Pursuant to Article VI of the Plan, any pre-petition Executory Contracts and Leases 

in effect as of the Effective Date and not specifically rejected will be deemed assumed as of 

the Effective Date. Any Claims arising from the rejection of Contracts and Leases must be 

filed on or before the Rejection Claim Bar Date. The Rejection Claim Bar Date is 30 days 

after the Effective Date, or, if later, 30 days after entry of any Final Order rejecting the 

Executory Contract or Lease. Absent the filing of a proof of claim on or before the Rejection 

Claim Bar Date, all Rejection Claims shall be forever barred from assertion and shall not be 

enforceable against the Debtor, its Estate, Assets, or properties. All Rejection Claims shall be 

General Unsecured Claims. 

 The Debtor maintains that there are no cure amounts necessary with respect to 

the assumption of any Executory Contract or/and Lease assumed hereunder, and that 

there are no pre- or post-petition defaults on any such contract or lease. To the extent 

that any party to any such Executory Contract or/and Lease maintains that there is an 

amount due to cure any pre- or post-petition default, it must file a timely objection to 

this plan asserting the amounts claimed to be due. Absent such an objection, all leases 

and contracts shall be deemed current as of the confirmation date. 

 B. Retention of Jurisdiction, Closing. 

 Pursuant to §§ 105(a) and 1142 of the Bankruptcy Code, the Plan provides for the 

Bankruptcy Court to retain exclusive jurisdiction over all matters relating to the Plan, 

including the allowance of Claims and the adjudication of any Avoidance Actions. Upon 

substantial consummation of the plan, the case shall be closed, but shall be subject to 

reopening to enforce the terms of this Plan and to enter a discharge. This provision serves to 

avoid the need to pay U.S. Trustee fees after substantial consummation. 

XIII. Discharge 

Upon completion of all payments due to Class B, C and administrative and priority 

creditors, the Debtor shall be entitled to a discharge of and from all debts dischargeable under 

§ 1141(d) of the Code. 

XIV. Conclusion 

 As stated previously, the Debtor is the proponent of the Plan and urges you to 

vote to accept the Plan. The information and materials provided in this Disclosure 

Statement are intended to assist you in voting on the Plan in an informed fashion. Since 

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confirmation of the Plan will be binding on your interests, the Debtor invites you to 

review these materials and make such further inquiries as may be appropriate. 

Dated: December 17, 2019. 

 Respectfully submitted, 

 _/s/ Daniel M. Press_____________ 

 Daniel M. Press, VSB 37123 

 Chung & Press, P.C. 

 6718 Whittier Ave., Suite 200 

 McLean, VA 22101 

 (703) 734-3800 

 (703) 734-0590 fax 

 dpress@chung-press.com 

 Counsel for the Debtor 

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