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Pursuant to the Plan, in addition to the Causes of Action, Adelphia transferred million in cash to the ART, in connection with its formation, in order to fund the initial expenses of operation. Quest and Adelphia together have agreed to provide certain administrative services to the ART.
In order to facilitate the provision of such administrative services, the ART has appointed Quest as the trust administrator of the ART (in such capacity, the “ The accompanying interim unaudited condensed financial statements of the ART have been prepared in accordance with generally accepted accounting principles in the United States of America for interim periods (“ ”) and with the instructions to Form 10-Q.
Adelphia and the ART asserted that the JV LIF claims are improper.
The total amount of payments from the JV LIF as a result of these prior and probable-pending settlements will be less than the original balance of million in Adelphia’s JV LIF account.
Adelphia and the ART moved to disallow Bank Lender Post-Effective Date Fee Claims against the claimants. The Bankruptcy Court heard argument of counsel on May 25, 2011, and stated that an evidentiary hearing would be held sometime after September 2011 to resolve any JV LIF claims that may remain in dispute at such time.
On April 16, 2010, Adelphia and the ART filed a motion seeking Bankruptcy Court approval of a Stipulation and Consent Order by and among Adelphia, the ART, and claimant Societe Generale, S. Since the prior agreement with Societe Generale, S.
These condensed financial statements should be read in conjunction with the ART’s audited financial statements for the year ended December 31, 2010 included in its Form 10-K filed with the Securities and Exchange Commission (“ ”) on March 4, 2011.
Interim results are not necessarily indicative of the results for the complete fiscal year.