TMP Says 95% Of Creditors Back Liquidation Plan

Law360, New York (December 6, 2011, 4:20 PM EST) -- Defunct direct marketing firm TMP Directional Marketing LLC on Tuesday said 95 percent of general unsecured claims holders had accepted a liquidation plan that would see them receive a return of between 11 and 18 percent of their claims.

In a disclosure statement filed in Delaware bankruptcy court, the company noted that the plan submitted just a day after its Chapter 11 bankruptcy filing was far superior to a Chapter 7 liquidation, which would guarantee only a 9 percent return for general unsecured creditors.

TMP, a...
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