Money Tree liquidation plan accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, April 22 - Money Tree Inc.'s first amended plan of liquidation was approved by a majority of voting creditors, according to an April 19 filing with the U.S. Bankruptcy Court for the Middle District of Alabama.

All five holders of $627 in class two claims voted to accept the plan.

In addition, 1,357 holders, or 98.8% in number, of $63.3 million, or 99.5% in amount, of class three claims voted to accept the plan, while 17 holders, or 1.2% in number, of $340,069, or 0.5% in amount, of those claims voted to reject it.

Class two consists of unsecured claims in an amount of $250 or less, and class three consists of other unsecured claims.

According to the filing, holders of class four subordinated claims were also entitled to vote on the plan. However, of the two ballots in this class that were received, one creditor did not indicate whether it intended to accept or reject the plan and the other missed the voting deadline.

The plan confirmation hearing is scheduled for April 23.

Money Tree, a Bainbridge, Ga., consumer loan company, filed for bankruptcy on Dec. 16, 2011 under Chapter 11 case number 11-12254.

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