C. Creditor Trust
On the Effective Date, the Reorganized Company shall, in consultation with and after
obtaining written approval from the Board, establish the Creditor Trust for the purpose of holding the Interests of the Interest Holder and for holding the Unsecured Claimants’ Security Interest for the benefit of holders of Allowed Unsecured Claims, pursuant to the terms of the Plan. The Creditor Trust Trustee shall manage the Creditor Trust and shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Creditor Trust Trustee shall take direction from the Board in administering the Trust.
P.25 Disclosure Statement for Official Committee Dec 2013
Footnote 1: As a condition of approving a ligitation settlement in May, the Official Committee of Unsecured Creditors required deposit of TPL's portion of the settlement fee to a trust account set up by Dorsey & Whitney, attorneys of the Official Committee of Unsecured Creditors, rather than an existing TPL DIP account.
p.17 TPL May Operating Report
http://photos.imageevent.com/banos/tplbk/Operating%20Report%20for%20Filing%20Period%20May_%202014%20Filed%20by%20Debtor%20Technology%206-23-14.pdf