Sentinel liquidation plan passes creditor scrutiny; secured creditors vote to reject

By Caroline Salls

Pittsburgh, Aug. 8 - Sentinel Management Group, Inc.'s plan of liquidation was accepted by two of three classes of voting creditors, according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

Specifically, one holder of $27,174 in secured claims voted to accept the plan, but the other two holders of $312.81 million of these claims voted to reject it.

In addition, 94 holders of $796.22 million in customer claims and 65 holders of $526.6 million in general unsecured claims voted to accept the plan, while 19 holders of $124.19 million of the customer claims and 18 holders of $118.07 million in general unsecured claims voted to reject it.

With two of the three voting classes accepting the plan, the filing said the plan has been deemed accepted by the voting creditors.

The plan confirmation hearing is scheduled for Tuesday.

Sentinel, a Northbrook, Ill., investment adviser, filed for bankruptcy on Aug. 17, 2007. Its Chapter 11 case number is 07-14987.

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