Chapter 11 Trustee filed a plan of liquidation for Industrial Enterprises of America, Inc. in the US Bankruptcy Court on February 14, 2014. As per the plan filed, Administrative Claims, for the amount ranging from $0 to $0.85 million, shall be paid in full in cash on the effective date. Priority Tax Claims shall be paid in full in cash.

However, there are no claims as such under the plan. Non Tax Priority Claims, for the amount ranging from $0 to $0.05 million, shall be paid in full satisfaction of the claims in cash. Omtammot Secured Claims, for the amount of $4 million, shall receive cash available and net proceeds.

General Unsecured Claims, for the amount of $2.11 million, shall be paid in full satisfaction of the claims. IEAM Subordinated Claims, for the amount of $21.79 million, shall receive pro rata share in Liquidation Proceeds with holders of existing IEAM interests. IEAM Interests shall receive beneficial interest in Liquidating trust. The plan shall be funded through cash of $2.46 million.