We’re currently serving as the Assignee in a Delaware Assignment for the Benefit of Creditors (ABC) in the matter styled Eladyrrech, LLC f/k/a Cherrydale Fundraising, LLC
On February 28, 2009, Eladyrrehc, L.L.C., formerly known as Cherrydale Fundraising, L.L.C., a Delaware limited liability company and Drew McManigle, an individual entered into a Trust Agreement and Assignment for the Benefit of Creditors. On March 3, 2009, Assignee filed a Petition for Assignment for the Benefit of Creditors pursuant to 10 Del. C. § 7381 in the Court of Chancery of the State of Delaware (C.A. No. 4403-VCP). The purpose of this proceeding is to provide for the ratable distribution of Assignor’s property by Assignee to satisfy Assignor’s debts to the fullest extent possible. During the course of this engagement and, pursuant to applicable statute, Drew McManigle was bonded in the amount of $1.5 million. Significant actions undertaken have been the on-going post-trial prosecution of a significant pre-existing lawsuit; verification of creditors claims; and administration of significant sales proceeds, including assessing future payment streams to achieve the highest possible return to creditors.