|By PR Newswire||
|April 1, 2014 06:00 AM EDT||
DENVER, April 1, 2014 /PRNewswire/ -- Marking a significant first in Chapter 11 history, the U.S. Bankruptcy Court for the District of Delaware approved electronic balloting procedures in the Pitt Penn Holding Company, Inc., et al. matter. Cole, Schotz, Meisel, Forman & Leonard, P.A. ("Cole Schotz"), counsel to the Chapter 11 Trustee, and claims & noticing agent UpShot Services LLC ("UpShot") worked together to devise the industry's first electronic balloting procedures using UpShot's SmartSign. This technology allows creditors to vote instantaneously online rather than via the traditional method of completing paper forms sent through the United States Postal Service.
"Our goal in implementing electronic balloting is to bring greater efficiency to the voting and solicitation process for all involved parties," said Norman Pernick of Cole Schotz, the Chapter 11 Trustee overseeing the Pitt Penn proceedings. "We look forward to a successful outcome as we apply this novel technology and approach in the Pitt Penn matter."
UpShot SmartSign allows creditors to fill out, electronically sign and submit any document in a restructuring case, including proofs of claim, ballots, W-9 forms, proofs of interest, releases and any other document that requires a physical signature. This technological advance reduces claims & ballot processing time and costs by up to 95 percent over traditional methods by virtually eliminating all manual data entry. Documents signed and submitted via UpShot SmartSign are compliant with state and federal regulations regarding electronic signatures, so UpShot SmartSign documents have the same legal standing as an original signature.
"At UpShot, our goal is to make Chapter 11 a more efficient, and eventually paperless, process," commented Travis Vandell, UpShot's co-founder and CEO. "We've made significant progress towards this goal with electronic claims filing procedures in active cases, and now are making new strides with the adoption of electronic balloting."
About UpShot Services LLC
Headquartered in Denver, Colo., UpShot Services LLC is a claims & noticing firm founded by industry veterans who pioneered a new standard of efficiency to serve the administrative needs of companies in corporate bankruptcy. UpShot helps debtors and their professionals navigate the intricacies of claims, noticing, balloting and other Chapter 11 milestones without the burden of high administrative costs. Its easy-to-use, scalable technology and industry expertise enable corporate debtors and their professionals to do more with less, with 24/7 support from experienced experts at every stage of corporate restructuring.
About Cole, Schotz, Meisel, Forman & Leonard, P.A.
Cole Schotz serves clients nationally throughout the United States with offices in New York, New Jersey, Delaware, Maryland and Texas. The firm represents hundreds of closely held businesses and individuals - many for decades - as well as Fortune 500 companies.
Founded in 1928, the firm has grown to over 115 attorneys who work in eleven primary areas of practice: Bankruptcy & Corporate Restructuring; Construction Services, Corporate, Finance and Business Transactions; Employment Law; Environmental Law; Intellectual Property, Litigation; Real Estate; Real Estate Special Opportunities Group; Tax, Trusts & Estates and White Collar Defense & Investigations.
SOURCE UpShot Services LLC
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in ...
Mar. 23, 2017 12:15 PM EDT Reads: 324
Mar. 23, 2017 12:00 PM EDT Reads: 665
Mar. 23, 2017 11:00 AM EDT Reads: 2,283
Mar. 23, 2017 11:00 AM EDT Reads: 1,858
Mar. 23, 2017 10:45 AM EDT Reads: 1,278
Mar. 23, 2017 09:30 AM EDT Reads: 2,406
Mar. 23, 2017 08:30 AM EDT Reads: 2,582
Mar. 23, 2017 08:00 AM EDT Reads: 865
Mar. 23, 2017 08:00 AM EDT Reads: 1,984
Mar. 23, 2017 08:00 AM EDT Reads: 3,659
Mar. 23, 2017 08:00 AM EDT Reads: 3,218
Mar. 23, 2017 07:45 AM EDT Reads: 994
Mar. 23, 2017 06:45 AM EDT Reads: 1,510
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 23, 2017 05:30 AM EDT Reads: 1,292
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 23, 2017 05:30 AM EDT Reads: 3,069