Exhibit 99.1
 KAYE SCHOLER LLP
    
    Hearing Date: Upon Objection Only425 Park Avenue
    
    Objection Deadline:
December 16, 2008 at 4:00 p.m.New York, NY 10022(212) 836-8000 telephone(212) 836-7157 facsimileHeath D. Rosenblat (HR 6430)Counsel for Arthur J. Steinberg, ICA TrusteeUNITED STATES DISTRICT COURT
 SOUTHERN DISTRICT OF NEW YORK
 SECURITIES AND EXCHANGE COMMISSION,
    
    
    ))Plaintiff,
    
    
    ))vs.
    
    
    )
    
    
    Case No. 02-CV-5713-JES)IBF COLLATERALIZED FINANCE CORP.,
    
    
    )IBF-VI SECURED LENDING CORP.,
    
    
    )INTERBANK FUNDING CORP., AND
    
    
    )SIMON A. HERSHON INDIVIDUALLY,
    
    
    ))Defendants.
    
    
    )
 NOTICE OF MOTION FOR AN ORDER (I) CONFIRMING THE TIMING FOR
MAKING A FINAL DISTRIBUTION UNDER THE PLAN AND (II) GRANTING  RELATED RELIEF; NOTICE OF PROPOSED NINTH DISTRIBUTION
 PLEASE
TAKE NOTICE Fund LLC ICA Trustee Motion For An Order (I) Confirming The Timing For Making A Final
Distribution Under The Plan And (II) Granting Related Relief; Notice Of Proposed Ninth
Distribution Motion
 PLEASE TAKE FURTHER NOTICE




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##### 



actually received 4:00
p.m. (prevailing Eastern time) on December 16, 2008 Objection Deadline
 PLEASE TAKE FURTHER NOTICE
 Dated:
    
    New York, New York
December 2, 2008
 Counsel for Arthur J. Steinberg, as the ICA TrusteeBy:
    
    /s/ Heath D. Rosenblat

Heath D. RosenblatKaye Scholer LLP425 Park AvenueNew York, New York 10022(212) 836-8000 telephone(212) 836-6687 facsimile
 2




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KAYE SCHOLER LLP
    
    Objection Deadline: December 16, 2008425 Park Avenue
    
    Hearing Date: Upon Objection OnlyNew York, NY 10022(212) 836-8000 telephone(212) 836-7157 facsimileHeath D. RosenblatCounsel to the ICA Trustee
 UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORKSECURITIES AND EXCHANGE COMMISSION,
    
    
    ))Plaintiff,
    
    
    ))vs.
    
    
    )
    
    
    Case No. 02-CV-5713-JES)IBF COLLATERALIZED FINANCE CORP.,
    
    
    )IBF-VI SECURED LENDING CORP.,
    
    
    )INTERBANK FUNDING CORP., AND
    
    
    )SIMON A. HERSHON INDIVIDUALLY,
    
    
    ))Defendants.
    
    
    ))
 MOTION FOR AN ORDER (I) CONFIRMING THE TIMING FOR
MAKING A FINAL DISTRIBUTION UNDER THE PLAN AND (II) GRANTING  RELATED RELIEF; NOTICE OF PROPOSED NINTH DISTRIBUTION
 TO:
    
    THE HONORABLE JOHN E. SPRIZZO, UNITED
STATES DISTRICT COURT:
 Fund LLC Motion 1 Notice
 
 1
    
    Capitalized terms used but not defined herein shall have the meanings ascribed
to them in the First Amended Joint Liquidating Plan of Reorganization With Respect to the
Debtors(as amended, the Plan).




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PRELIMINARY STATEMENT
 Proposed
Distribution 2
  
 2
    
    Based on information available at the time of this Motion, it
is anticipated that the Proposed Distribution will be approximately
$1.75 million. 2




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JURISDICTION
  3




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BACKGROUND
 A. Procedural History
 Petition Date IBF IBF Hotel Debtors Chapter 11 Cases
 SEC et seq.,
 ICA Trustee
     B. Distributions
  4




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
 
 
 
 
 
 
 
 
 5




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##### 



SOURCE OF FUNDS FOR PROPOSED DISTRIBUTION
 A. NIM Put
 I&BS 3 NIM Put
    B. Amended Settlement with Friedman
 Friedman
 
 3
    
    Reference is made to the seven prior interim reports dated July 26, 2004, February
1, 2005, August 5, 2005, February 21, 2006, August 30,
2006, March 30, 2007 and November 27,
2007, respectively, for a more complete account of the Funds various investments and Fund
LLCs efforts to liquidate said investments. Each report was filed with the Court and posted
on www.ibffund.com, where interested parties were able to obtain copies of the reports
along with certain other documents for printing or downloading at no cost. 6




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PROPOSED DISTRIBUTION
  7




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##### 



Accordingly, objections to
the proposed distribution, if any, must be filed and served by
December 22, 2008.
 (e.g., Exhibit A.
 CONFIRMATION OF THE TIMING  FOR MAKING A FINAL DISTRIBUTION
   provided, however, final
distributions shall be made no later than five (5) years after the
Effective Date or as soon thereafter as the Liquidating Agent is in a
position to make final distributions in accordance with applicable
non-bankruptcy law.
 emphasis added
 8




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de minimus
  ADDITIONAL RELIEF
    Text Continued On Following Page
 9




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##### 



Dated:
    
    New York, New York
December 2, 2008
 By:
    
    /s/ Heath D. Rosenblat

Heath D. Rosenblat
    
    
    
    /s/ Arthur J. Steinberg

Arthur J. Steinberg, ICA Trustee, asKaye Scholer LLP
    
    
    
    Liquidating Agent and Manager of Fund LLCCounsel to the ICA Trustee
    
    
    
    King & Spalding LLP425 Park Avenue
    
    
    
    1185 Avenue of the AmericasNew York, New York 10022
    
    
    
    New York, NY 10036(212) 836-8000 telephone
    
    
    
    (212) 556-2100 telephone(212) 836-6689 facsimile
    
    
    
    (212) 556-2222 facsimile
 10




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EXHIBIT A




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##### 



IBF Fund Liquidating, LLC
Balance Sheet
For the period ending October 31, 2008
(Unaudited)
 ASSETSCash
    
    
    
    
    
    
    1,402,447.21Accouts Receivable
    
    
    
    
    
    
    InvestmentsInvestment in Operating
BusinessesAmerican
Benefit Resources, Inc.
    
    
    1,000,000.00Investment in Real Estate Development
PropertiesAnguilla Beach
    
    
    4,525,358.00Investment in
Securitization AssetsARC 2001-1
    
    
    74,988.55Total Investments
    
    
    
    
    
    
    5,600,346.55Total Assets
    
    
    
    
    
    
    
    
    
    
    7,002,793.76LIABILITIESCurrent LiabilitiesAccounts Payable
    
    
    175,583.58Accrued Expenses-Professional Fees
    
    
    100,000.00Total Current Liabilities
    
    
    
    
    
    
    275,583.58EquityMember Interest in LLC
    
    
    12,044,783.51Dividend
    
    
    (42,018.56
    )Retained earnings
    
    
    (4,528,031.58
    )Net Income
    
    
    (747,523.19
    )Total Equity
    
    
    
    
    
    
    6,727,210.18Total Liabilities and Equity
    
    
    
    
    
    
    
    
    
    
    7,002,793.76




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##### 



SECURITIES AND EXCHANGE COMMISSION,
    
    
    ))Plaintiff,
    
    
    ))vs.
    
    
    )
    
    
    Case No. 02-CV-5713-JES)IBF COLLATERALIZED FINANCE CORP.,
    
    
    )IBF-VI SECURED LENDING CORP.,
    
    
    )INTERBANK FUNDING CORP., AND
    
    
    )SIMON A. HERSHON INDIVIDUALLY,
    
    
    ))Defendants.
    
    
    )
 ORDER CONFIRMING THE TIMING FOR MAKING A FINAL  DISTRIBUTION UNDER THE PLAN AND (II) GRANTING RELATED RELIEF
 Motion Fund
LLC ICA Trustee 1
  
 1
    
    Capitalized terms used but not defined herein shall have the meanings ascribed to
them in the Motion.




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Dated: New York, New York
    
    ENTERED:December
___, 2008United States District Court Judge
 2




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##### 



xSECURITIES AND EXCHANGE COMMISSION,
    
    ::Plaintiff,
    
    ::vs.
    
    :
    
    Case No. 02-CV-5713 JES:IBF COLLATERALIZED FINANCE CORP.,
    
    :IBF-VI SECURED LENDING CORP.,
    
    :INTERBANK FUNDING CORP., AND
    
    :SIMON A. HERSHON INDIVIDUALLY,
    
    ::Defendants.
    
    ::
    
    AFFIDAVIT OF SERVICE:
    
    BY FIRST CLASS MAILx
 STATE OF NEW YORK
    
    ::.ss:COUNTY OF NEW YORK
    
    :
  KAYE SCHOLER LLP,
 Motion for an Order (I) Confirming the Timing for Making A Final Distribution Under the
Plan and (II) Granting Related Relief; Notice of Proposed Ninth Distribution Exhibit A.
 /s/ Robert Rotman

Robert Rotman
 Sworn to before me this2nd day of December, 2008/s/ Gloria I. Hartmann

     Notary PublicGLORIA I. HARTMANNNotary Public, State of New YorkNo. 01HA4895141Qualified in Suffolk CountyCommission Expires May 26, 2011




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SERVICE LIST
    
    U.S. Securities and Exchange CommissionWilmer Hale LLP
    
    Northeast Regional Office1875 Pennsylvania Avenue NW
    
    3 World Financial CenterWashington, DC 20006
    
    New York, New York 10281Attn.: Craig Goldblatt, Esq.
    
    Attn.: Andrew Calamari, Esq.Neal R. Jacobson, Esq.Dilworth Paxson PLLC
    
    Schulte Roth & Zabel LLP1133 Connecticut Avenue NW
    
    (Counsel to Liquidating Committee)Suite 620
    
    919 Third AvenueWashington, D.C. 20036
    
    New York, NY 10022Attn.: Richard S. Kraut, Esq.
    
    Attn.: Adam Hirsch, Esq.Goulston & Storrs, P.C.
    
    Drinker Biddle & Reath400 Atlantic Avenue
    
    140 Broadway.Boston, MA 02110-3333
    
    39th FloorAttn.: James F. Wallack, Esq.
    
    New York, NY 10005Christian Haugsby, Esq.
    
    Attn.: Stephanie Wickouski, Esq.Veritext, LLC
    
    Farrell Fritz, P.C.200 Old Country Road
    
    1320 Reckson PlazaSuite 260
    
    Uniondale, NY 11556Mineola, NY 11501
    
    Attn.: Louis A. Scarcella, Esq.Blank Rome, LLP
    
    Munzer & Saunders, LLP.600 New Hampshire Ave., N.W.
    
    609 Fifth AvenueWashington, D.C. 20037
    
    New York, NY 10017Attn.: Michael Joseph, Esq.
    
    Attn.: Craig A. Saunders, Esq.




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Alejandro Umansky
    
    Gregory M. Zipes, Esq.11024 Washington Blvd.
    
    Office of the United States TrusteeCulver City, CA 90232
    
    33 Whitehall Street21st FloorNew York, NY 10004Bailey & Cavalieri, LLP.
    
    Finkelstein Thompson & LoughranOne Columbus
    
    1050 30th Street N.W.10 West Broad Street
    
    Washington, D.C. 20007Suite 2100
    
    Attn.: Burton Finkelstein, Esq.Columbus, OH 43215-3422Attn.: Michael Goodstein, Esq.R. Stacy Lane, Esq.Arent Fox Kintner Plotkin & Kahn, PLLC
    
    Internal Revenue Service1050 Connecticut Ave. N. W.
    
    1111 Constitution Ave. N.W.Washington, D.C. 20036
    
    Washington, D.C. 20224Attn.: Michael Grow, Esq.Internal Revenue Service
    
    Jack H. Molgard, Esq.Insolvency Unit
    
    102 South 100 WestRm. 1150
    
    P. O. Box 46131 Hopkins Plaza
    
    Brigham City, UT 84302Baltimore, MD 21201Orrick Herrington & Sutcliffe LLP
    
    Regis J. Reynolds666 Fifth Avenue
    
    924 NE 73rd AvenueNew York, NY 10103
    
    Hillsboro, OR 97124Attn.: Arnold Gulkowitz, Esq.




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Reid & Riege PC
    
    Riemer & Braunstein, LLPOne Financial Plaza
    
    Three Center Plaza21st Floor
    
    Boston, MA 02108Hartford, CT 06103-2608
    
    Attn.: Douglas K. Clarke, Esq.Attn.: Jon P. Newton, Esq.Roger J. Lerner
    
    Bingham McCutchen LLP4701 Dower Dr.
    
    399 Park AvenueEllicott City, MD 21043
    
    New York, NY 10022Attn.: Jared R. Clark, Esq.Greenberg Traurig LLP
    
    The Garden City Group200 Park Avenue
    
    105 Maxess RoadNew York, NY 10166
    
    Melville, NY 11747Attn.: Thomas J. Weber, Esq.
    
    Attn.: Karen B. ShaerRadin Glass & Co., CPA
    
    Frankfurt Kurnit Klein & Selz360 Lexington Avenue
    
    488 Madison AvenueNew York, NY 10017
    
    New York, NY 10022Attn.: Arthur J. Radin
    
    Attn.: Brian E. Maas, Esq.Fox Rothschild LLP
    
    Arent Fox PLLC100 Park Avenue
    
    1675 Broadway, 25th FloorSuite 1500
    
    New York, NY 10019New York, NY 10017 
Attn.: Yann Geron, Esq.
    
    Attn.: Schuyler G. Carroll, Esq.




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Arnold & Porter LLP399 Park AvenueNew York, New York 10022Attn: Nancy Milburn, Esq.




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##### 



Index No.                     YearUNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORKSECURITIES AND EXCHANGE COMMISSION,Plaintiff,-against-
    
    
    
    Civil Action No. 02-CV-5713-JESIBF COLLATERALIZED FINANCE CORP.,IBF
VI-SECURED LENDING CORP.,INTERBANK FUNDING CORP. ANDSIMON A. HERSHON INDIVIDUALLY,Defendants.
 
 Motion for an Order (I) Confirming the Timing for Making A Final Distribution Under the
Plan and (II) Granting Related Relief; Notice of Proposed Ninth Distribution
 
 Kaye Scholer llp  A New York Limited Liability Partnership
 Attorneys
for: Arthur Steinberg, ICA Trustee of IBF Collateralized Finance Corporation
and IBF VI-Secured Lending Corporation  Office and Post Office Address, Telephone
 
 To
 Attorney(s) for