Medley unsecured creditors committee chooses liquidating trustee

By Sarah Lizee

Olympia, Wash., Aug. 24 – Medley LLC’s official committee of unsecured creditors has picked Saccullo Business Consulting, LLC to serve as proposed liquidating trustee for the liquidating trust to be established under the company’s Chapter 11 plan, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The plan is premised on maximizing the remaining value of the debtors’ assets, as previously reported.

Specifically, Medley has three primary assets, including cash on hand, income stream generated from the remaining company contracts, less the cost of operations, and causes of action, including potential claims against certain current and former insiders.

A liquidating trust will be established for the benefit of creditors holding allowed claims.

New York-based Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. The company filed bankruptcy on March 7 under Chapter 11 case number 21-10526.

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