This is what I received via Email:
As you are aware, New Century, Northwind Logistics and Western Freightways are current in chapter 7 bankruptcy cases on June 11, 2014. As a result, Catherine Youngman, who was appointed chapter 7 Trustee by the United States Department of Justice, Office of the United States Trustee, is charged with the duty of taking the steps a plan administrator would take in terminating the 401k Plan. This is required under section 704(a)(11) of the Bankruptcy Code. In furtherance thereof, our firm has prepared, and will be filing in the near future, pleadings authorizing her to terminate the plan and retain professionals to assist in the termination of the Plan. You will receive copies of the pleadings when they are filed with the Court.
Funds cannot be distributed to any participants until all costs associated with terminating the 401(k) Plan are paid. These costs include legal fees associated with terminating the Plan and accounting fees for preparing audits for the years 2013, 2014 and, if necessary, 2015.
The Trustee will send out periodic updates to participants by email only. We have placed you on our list of participants to receive such updates.
Thank you.
Kathryn Anema, Legal Assistant
[email protected]
Forman Holt Eliades & Youngman | Attorneys At Law
80 Route 4 East, Suite 290
Paramus, NJ 07652
T 201.845.1000 Ext. 388
F 201.845.9112
