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0. Properties - Meeting Date: Not specified - Meeting Type: Call - Note Type: Summary - Attendees: SCOTT_WARNER; AMITY_SENDAMA 1. Meeting Summary I caught up with Amity on the fast-moving creditors committee work related to a bankruptcy matter centered in the Orlando area. We need to select legal counsel quickly, with a strong preference for a firm that has local presence in or near Orlando to handle in-person court coverage and contain costs. Beth confirmed her firm does not have a Florida office but can partner with local counsel, so our plan is to choose the local team and coordinate accordingly. I will put Dave on the list only if there is a viable local option attached. Key case dynamics: there is a cash collateral hearing this afternoon, which is expected to be approved again to keep operations running. A debtor-in-possession financing hearing is expected around March 9 or March 12. If approved, the DIP lender will prime existing creditors, which is adverse to our position, so we will need counsel ready to scrutinize and negotiate terms. There are red flags around the debtor's reported executive compensation, with filings showing both 260,000 and 900,000 for salary, and there are broader concerns about potential misuse of funds. The committee can hire both legal and accounting support, and a forensic accountant is likely warranted. Immediate focus is on: locking down local counsel, ensuring representation at near-term hearings, and preparing positions on executive compensation and DIP terms. Amity will convene a call tomorrow to drive the counsel selection. 2. Attendee List - SCOTT_WARNER - AMITY_SENDAMA 3. Action Items - AMITY_SENDAMA - Schedule and lead the committee call tomorrow to select local Florida counsel for Orlando coverage. - SCOTT_WARNER - Share Dave's details and any other recommended firms, ensuring they have or can attach qualified Orlando-based counsel. - AMITY_SENDAMA - Confirm counsel availability and appearance coverage for the cash collateral hearing this afternoon and for the DIP financing hearing on Mar 9 or Mar 12. - AMITY_SENDAMA - Identify and propose 2-3 forensic accounting firms with bankruptcy and forensic experience for committee consideration. - AMITY_SENDAMA - Track and circulate the outcome of the cash collateral hearing to the committee. - AMITY_SENDAMA - Work with counsel to prepare positions on executive compensation reasonableness and on DIP financing terms that could subordinate existing creditors. 4. Relevant Timelines - Cash collateral hearing - This afternoon - Action: AMITY_SENDAMA to ensure coverage and circulate outcome. - Committee counsel selection call - Tomorrow - Action: AMITY_SENDAMA to schedule and lead; SCOTT_WARNER to provide candidate details in advance. - DIP financing hearing - March 9 or March 12 (date to be confirmed) - Action: AMITY_SENDAMA to ensure counsel attendance and prepare positions on DIP terms. 5. Additional Notes - Local counsel in or near Orlando is preferred to handle in-person court needs and avoid incremental cost of separate local coverage. - DIP financing would prime existing creditors if approved. We should push for protective terms and full transparency. - Reported salary discrepancies for the debtor's principal and concerns about potential misuse of funds support engaging a forensic accountant. - Committee composition includes members with some prior experience, though one member had limited tenure due to claim sale dynamics. We should keep governance tight and document decisions and rationales clearly. - Beth's firm is willing to partner with a local team. Coordination logistics should be finalized once the local firm is selected.
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