Alex Jones Estate Liquidation Gets Sandy Hook Families’ Vote
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The families of Sandy Hook school shooting victims voted overwhelmingly in favor of a plan to wrap up Alex Jones’ bankruptcy proceedings by liquidating the right wing talk show host’s assets.
Jones’ general unsecured creditors—comprised mostly of Sandy Hook families holding about $1.5 billion in defamation judgments against the famed conspiracy theorist—voted 100% in favor of a Chapter 11 plan that would methodically liquidate and redistribute his property and cash, while preserving potential legal actions against parties affiliated with Jones and his Infowars program.
An official committee appointed to represent Jones’ unsecured creditors notified the US Bankruptcy Court for the Southern District of Texas on Feb. 16 that of 23 liquidation plan ballots distributed to creditors, it received 21 back—all supporting the committee’s liquidation proposal.
The vote indicates the creditors’ preference over a competing plan submitted by Jones that would allow him to reorganize by preserving parts of his media empire and paying the group at least $5.5 million a year over 10 years. His plan would provide additional creditor recoveries out of disposable income from Jones’ bankrupt Infowars parent company, portions of Jones’ personal income, and the proceeds from selling various personal assets.
No ballot tabulation for Jones’ plan has been submitted to the court yet.
The parties are scheduled to hold plan approval hearing in late March.
Content retrieved from: https://news.bloomberglaw.com/bankruptcy-law/sandy-hook-families-vote-to-liquidate-alex-jones-bankrupt-estate.
