Member Builder Claims

Question:

Do builders have to file a POC for a share of the residual assets of the HOW Companies?

Answer:

No. These claims are exempt from the Bar Date and should not be filed with the Deputy Receiver of the HOW Companies because such distributions will be calculated automatically by the Deputy Receiver’s representatives. The Deputy Receiver will notify all builders eligible for a distribution; therefore, an eligible builder need not take any action to receive a distribution. Moreover, a builder can determine its eligibility/percentage simply by sending a letter request to the Deputy Receiver. Currently, the amount of residual assets that can be distributed is unknown, and will not be fully known until the end of the liquidation process for the HOW Companies. The manner in which such distributions are calculated is governed by the Commission’s Liquidation Order.

Question:

Are builders seeking the return of capital contributions made to the HOW Companies required to file a POC?

Answer:

Yes. Builders are required to file a POC by the Bar Date for the amount(s) sought to be returned. The builder’s claim must be filed by the Bar Date or will be precluded from sharing in the assets of the HOW Companies’ estate in any manner until the timely-filed approved claims of all other creditors have been paid in full.

Question:

Are builders required to be represented by counsel to file a POC?

Answer:

No. As with all other claimants, although builders may seek counsel at their own expense, they are not required to do so in order to file a POC.