Former Point Blank liquidation plan OK’d by one class, rejected by two

By Mark Reccek

Bethlehem, Pa., Nov. 5 – SS Body Armor I, Inc.’s, formerly Point Blank Solutions, Inc., Chapter 11 plan of liquidation was unanimously accepted by one voting class but largely rejected by two others, according to a Thursday filing.

Sixty-two holders, or 89.86%, of $16.87 million in general unsecured claims voted to accept the plan, while seven holders, or 10.14%, of $12.14 million in claims voted to reject the claim.

Also, three holders, or 100%, of $3 in class action claims voted to accept the plan.

Additionally, holders of 23.13 million in old common stock interests, or 90.49% of the interests, voted to reject the plan, while holders of 2.43 million, or 9.5% of the interests, voted to accept the plan.

SS Body Armor I, Inc., formerly Point Blank, is a Pompano Beach, Fla., producer of body armor systems for law enforcement and the military. The company filed for bankruptcy on April 14, 2010. Its Chapter 11 case number is 10-11255.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.