The US Bankruptcy Court approved the second amended plan of liquidation of Pitt Penn Holdings, Inc. on August 29, 2014. The debtor had filed its second amended plan in the Court on March 28, 2014, which was further amended on May 29, 2014 and August 21, 2014. As per the plan, Administrative Claims, for the amount ranging from $0 to $0.85 million, and professional fees of $10.15 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.