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Post by miraclewish on Oct 15, 2013 11:36:40 GMT -5
The weeks are passing quietly by and nothing has happened with the 401k monies other than folks becoming more desperate. I'm not sure what we need to do, but we can't go on like this forever. October 26 will be four months since this started. No one who CAN do anything seems willing to do anything. Does anyone have a real suggestion? Can anyone confirm a hearing date for October 17th or know what it's about?
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Post by patmarano on Oct 15, 2013 13:16:51 GMT -5
no its shame on me. not my company. I take full responsibility for my actions.
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Post by patmarano on Oct 15, 2013 13:21:30 GMT -5
According to the recent Article in BJT. Amanda Applegate may be a good start for anyone trying to find out what is going on at Avant Air. I think she is representing aircraft owners . Its a Califonia based firm but she is in Ohio. Amanda Applegate Aerlex Law Group 2800 28th Street, Suite 200 Santa Monica, CA 90405 T: 310-392-5200 C: 614-940-9181 E-mail: aapplegate@aerlex.com Website: www.aerlex.com
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Post by graycappilot on Oct 15, 2013 15:34:51 GMT -5
The weeks are passing quietly by and nothing has happened with the 401k monies other than folks becoming more desperate. I'm not sure what we need to do, but we can't go on like this forever. October 26 will be four months since this started. No one who CAN do anything seems willing to do anything. Does anyone have a real suggestion? Can anyone confirm a hearing date for October 17th or know what it's about? Not much can be done until the President and Congress get their act together. After that I plan on calling my senators and congressman and the dept of labor so see if what anything can be done. Might even call the IRS! Any owners who are lawyers have any suggestions?
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Post by miraclewish on Oct 17, 2013 14:49:55 GMT -5
There was a hearing today - October 17. The items to be discussed were the sale of assets and relief of stays on aircraft. Nothing about our 401k monies although a lot of pressure has been applied to the Trustee and the Attorney. They can give us no estimate on a termination date so we can get our funds.
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Looking for advice?
Guest
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Post by Looking for advice? on Oct 18, 2013 8:44:37 GMT -5
Do we happen to have any lawyers on the board that would be willing to give the employees a little free advice about how to get our 401k monies? The Trustee/Attorney are not very interested in helping the employees. After four months we still have no hopes of getting our funds released to us because no one will sign the papers to do so. The attorney has advised that a court order is required on the one hand, but on another hand stated that CPI is being retained the terminate the plan. We aren't sure what's going on and can't get a straight answer twice in a row. I don't particularly care whether the plan is terminated. I just want a signature so they can disburse my funds. Any suggestions?
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Post by graycappilot on Oct 18, 2013 10:59:56 GMT -5
but on another hand stated that CPI is being retained the terminate the plan. Just called CPI and they said that they have had no communication with the court or anyone else on this other than needing the signature of the trustee's counsel(plan adminstrator). I plan on calling the DOL next week along with the Senators in my state and Florida as well. I sent to the trustee's counsel my form via certified mail with return receipt, which just arrived today, so they can't say they don't have it. Any other advise from any owners who are lawyers would be helpfull.
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Post by Guestie on Oct 28, 2013 9:31:15 GMT -5
Are ex-employees still getting monthly or quarterly statements from CPI?
The stock market has been going pretty much up since this debacle started so the statements should be showing an increase no matter which mutual funds are offered or how high CPI's fees are.
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Post by Homelessness on Oct 28, 2013 14:35:47 GMT -5
Not only do we get statements, but we can sign on to the website and look at the performance of our funds. Mine is doing quite well, however I am not. If I don't gain access to my funds by December 1 my home will go into foreclosure.
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Post by hunch on Oct 29, 2013 7:27:15 GMT -5
The employees should talk with the court appointed bankruptcy attorney and let her know to llok for the assets in the company called Avaero Services, LLC
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Post by graycappilot on Nov 1, 2013 10:09:49 GMT -5
It does not look good as far as getting a quick resolution or access to our 401K accounts. The DOL person I talked to said there is little he can do unless it is discovered that the payroll deductions for the 401K accounts were not deposited into the accounts. The Plan Adminstrator has not returned his calls but he did talk to the trustee. She told him that she is in talks with CPI to terminate the plan. With IRS rules on this it could take a while longer before getting access to our funds. Sorry, I wish I had better news.
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Post by Guestie on Nov 1, 2013 18:12:35 GMT -5
1. In one of the above posts CPI is reported as saying that have not talked to anyone
2. In the last post the trustee is reported as saying say she IS in talks with CPI to terminate the plan
3. The last post quotes the DOL as trying to contact the "plan administrator"
I thought the trustee WAS the plan administrator in bankruptcy.
Why does the account have to have money in it to be closed? You can close your bank account with a $0 balance. Why can't all the money have been transferred out beforehand?
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Post by avwriter on Nov 5, 2013 10:25:12 GMT -5
Motion filed by trustee yesterday to terminate 401k. Hearing on this is set for Nov. 21. Filing text below:
UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION In re: AVANTAIR, INC., Debtor. _______________________________________/ Case No. 13-09719-CPM Chapter 7 TRUSTEE’S MOTION FOR AN ORDER (I) APPROVING THE TERMINATION OF THE DEBTOR’S 401(k) PLAN; AND (II) APPROVING THE EMPLOYMENT OF CPI QUALIFIED PLAN CONSULTANTS, INC. TO SUPERVISE AND ASSISTWITH THE PLAN TERMINATION Beth Ann Scharrer, as Chapter 7 Trustee for the estate of Avantair, Inc. (“Trustee”), by and through the undersigned counsel, moves this Court to approve and authorize: (i) termination of the 401(k) plan maintained by the Debtor; and (ii) the employment of CPI Qualified Plan Consultants, Inc. (“CPI”) to supervise and assist with the plan termination. The costs of termination of the 401(k) Plan will be paid from plan assets. In support of her motion, the Trustee states as follows: 1. On July 25, 2013, certain petitioning creditors filed an involuntary petition against Avantair, Inc. (the “Debtor”). On August 1, 2013, the Court entered an order directing the appointment of an interim trustee (Doc. No. 27), and the Trustee was appointed as interim Chapter 7 trustee (Doc. No. 32). 2. On August 16, 2013, the Court entered an order for relief under Chapter 7 against the Debtor. Trustee is the duly-appointed Chapter 7 Trustee for the estate of Avantair, Inc. (the “Debtor”). Case 8:13-bk-09719-CPM Doc 355 Filed 11/04/13 Page 1 of 4 3. The Debtor maintained a 401(k) Plan for the benefit of all employees, entitled the Avantair Inc 401(k) Profit Sharing Plan & Trust (the “401(k) Plan”), who worked for the Debtor. All employees of the Debtor were terminated prior to the Petition Date. 4. Upon review of the 401(k) Plan documents, it appears that the Debtor was the plan administrator for the 401(k) Plan as of the Petition Date. Pursuant to 11 U.S.C. Section 704(a)(11), the Trustee shall “if, at the time of the commencement of a case, the debtor...served as the administrator...of an employee benefit plan, continue to perform the obligations required of the administrator.” The Trustee has determined that it is appropriate to terminate the Debtor’s current 401(k) Plan. 5. The Trustee is seeking to employ CPI to assist with and oversee the 401(k) Plan termination. CPI has extensive experience in the termination of 401(k) plans and served as the third-party administrator for the Debtor’s 401(k) Plan while the Debtor was operating. Therefore, CPI is already familiar with the Debtor’s 401(k) Plan and its participants. Additionally, CPI is in possession of most of the documents necessary to formerly terminate the Debtor’s 401(k) Plan. CPI has estimated a fee of $21,450.00 for termination of the Debtor’s 401(k) Plan with an additional $2,000.00 for costs and other expenses. CPI will be paid from the assets of the 401(k) Plan. Additionally, CPI will continue to bill for its quarterly administrative fees, which will also be paid from the assets of the 401(k) Plan. CPI is not owed any money from the Debtor or the 401(k) Plan. Attached hereto as Exhibit “A” is the Declaration of CPI in support of this Motion. WHEREFORE, the Trustee respectfully requests that the Court enter an order authorizing (i) termination of the 401(k) Plan; (ii) retention of CPI to supervise and assist with Case 8:13-bk-09719-CPM Doc 355 Filed 11/04/13 Page 2 of 4 the termination; (iii) payment of all fees and costs associated with termination of the 401(k) Plan from the Plan assets; and (iv) such other relief as is just and proper. Dated: November 4, 2013. _/s/ Lynn Welter Sherman Lynn Welter Sherman Florida Bar No. 375616 Tiffany A. DiIorio Florida Bar No. 0719706 Adams and Reese LLP 101 East Kenney Blvd. Suite 4000 Tampa, Florida 33602 Telephone: (813) 402-2880 Facsimile: (813) 402-2887 E-Mail: lynn.sherman@arlaw.com tiffany.diiorio@arlaw.com Attorneys for Trustee CERTIFICATE OF SERVICE The undersigned certifies that a copy of the foregoing has been furnished on this 4th day of November 2013, by First Class U.S. Mail Postage Prepaid: Facsimile; Hand Delivery and/or Electronic filing to the following: Robert M Kline McDermott Will & Emery LLP 333 Avenue of the Americas Suite 4500 Miami, FL 33131 Office of the United States Trustee 501 E. Polk Street Timberlake Annex Suite 1200 Tampa, Florida 33602 and all persons receiving notice by CM/ECF and via First Class U.S. Mail Postage Prepaid this 4th day of November 2013, to the following: Avantair, Inc. c/o Corporation Service Company, Registered Agent 2711 Centerville Road, Suite 400 Wilmington, Delaware 19808 Ryan D Barack Kwall Showers & Barak PA 133 North Fort Harrison Avenue Clearwater, FL 33755 Case 8:13-bk-09719-CPM Doc 355 Filed 11/04/13 Page 3 of 4 David Christian David Christian Attorneys LLC 3515 W. 75th St. Suite 208 Prairie Village, KS 66208 /s/ Lynn Welter Sherman Lynn Welter Sherman Case 8:13-bk-09719-CPM Doc 355 Filed 11/04/13 Page 4 of 4
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Post by graycappilot on Nov 7, 2013 18:07:38 GMT -5
So CPI gets to charge $21450 plus additional $2000 to terminate the plan. I wonder how much that will cost each account holder. Hope this gets done before the claim deadline so I can file an additional claim with the court. Just another way for whats left of Avantair and the bankruptcy court the screw over the employees.
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Post by whatwouldherbdo on Dec 5, 2013 12:54:05 GMT -5
Hey Miracle,
Any word on the 401K plan termination that was supposed to happen on November 21'st BK court session? The November news piece said that it would be "weeks, not months".. Any word? It would be nice to know how much CPI is charging us to "manage" our funds and how much we are each being charged to terminate the plan. That way, we could add that to our claims against VNR.
Great job with the media!
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