Blackjewel LLC overcame objections from former CEO Jeffery Hoops to win approval of a Chapter 11 liquidation plan that preserves litigation against him for allegedly transferring money from the company to enrich his own family.
The plan approved Friday impairs creditors holding secured and unsecured claims, including those with administrative priority. It also contemplates a settlement worth up to $17.3 million with former employees who sued for being terminated without sufficient notice.
Unsecured creditors are projected to recover up to 15% on claims totaling between $292 million and $364 million, according to court filings. Priority creditors holding up to $76 ...
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