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FAQ'S

On January 29, 2008, TOUSA Inc. and certain of its affiliates (collectively, the "Debtors") filed voluntary petitions (the "TOUSA Cases") for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the "Bankruptcy Code").

The questions and answers that follow provide general information concerning the TOUSA Cases, the Official Committee of Unsecured Creditors (the "Committee") of TOUSA, Inc., et al., and various topics related to the TOUSA Cases and the Committee.

What is the Committee?

Pursuant to the Bankruptcy Code, the United States Trustee (the "UST") is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors committee is a group (typically seven) of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization. The overarching goal of a creditors committee is to maximize value for general unsecured creditors.

In accordance with this authority, on February 13, 2008, the UST appointed the Committee.

What is the Committee's role in the TOUSA Cases?

Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the cases; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation or the debtor's business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan; (3) participate in the formulation of a plan, advise those represented by such committee of such committee's determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan; (4) request the appointment of a trustee of examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interest of those represented.

Who are the members of the Committee?

  • Wilmington Trust Company, as indenture trustee
  • HSBC Bank USA, N.A., as indenture trustee
  • Trapeza CDOX, Ltd.
  • Capital Research and Management Company
  • SMH Capital Advisors, Inc.
  • Geotek, Inc./Geotek Insite, Inc.
  • Select Build Arizona
    		•

    Who represents the Committee?

    The Committee retained Akin Gump Strauss Hauer & Feld LLP and Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. to act as its counsel.

    Which TOUSA entities are in bankruptcy?

    Click here to view a list of the Debtors and case numbers.

    Who is the United States Trustee?

    The United States Trustee for the TOUSA Cases is Donald M. Walton. The Trial Attorney assigned to the TOUSA Cases is Steven Schneiderman.

    What role does the United States Trustee Play?

    The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit the web page for the UST at www.usdoj.gov/ust/r21/index.htm.

    Does the Committee represent individual creditors?

    No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represent individual creditors that may have claims in the TOUSA Cases.

    What is the deadline for filing proofs of claims?

    On March 17, 2008, an Order was entered fixing May 19, 2008 at 5:00 p.m. (Eastern Time) as the deadline for filing proofs of claim. Click here to view a copy of the Order.

    Do I need to file a proof of claim?

    If you believe that you or an entity you represent has a claim arising prior to January 29, 2008 against one or more of the Debtors, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the TOUSA Cases. For additional information regarding proofs of claim, please refer to http://kccllc.net/tousa.

    Have any chapter 11 plan (s) or disclosure statement(s) been filed in this case?

    On October 24, 2008, the Debtors filed their Joint Plan and Disclosure Statement with the Bankruptcy Court. On July 16, 2010, the Committee filed its Joint Plan of Liquidation and accompanying Disclosure Statement with the Bankruptcy Court. Click on the Plan of Reorganization and Disclosure Statement link on the left side of the page to view these documents.

    How long will the TOUSA bankruptcy cases take?

    There is no specific time estimate for the TOUSA Cases. Large bankruptcy cases, such as these, can take several months (and in some cases years) to complete.

    How do I get responses to specific questions?

    Please call 1 - 800 - 738-0061 or email your questions to tousamail@akingump.com

    Who is the judge presiding over the TOUSA Cases?

    The TOUSA Cases are assigned to the Honorable John K. Olson, United States Bankruptcy Judge for the Southern District of Florida.

    For additional frequently asked questions regarding the Debtors, please visit the TOUSA website at www.tousa.com.