NEW YORK, April 5, 2011 /PRNewswire/ -- Liquidating Trustee, Walter Jones of CoMetrics Partners LLC, has successfully distributed $33.3 million to the creditors of SP Wind Down Trust, formerly Spheris, Inc., a transcriber of medical dictation for doctors and hospitals. The first $29.7 million was distributed in October, 2010 within 30 days of the Plan's Effective Date of September 20, 2010. CoMetrics Partners was appointed Financial Advisor and Mr. Jones Liquidating Trustee by The United States Bankruptcy Court for the District of Delaware on Confirmation of the Plan of Reorganization of SP Wind Down in August, 2010. Counsel to the Trust is Russell C. Silberglied of Richards, Layton & Finger, P.A.
"We were very pleased to be able to reconcile most of the claims and distribute this large sum in such a short timeframe," said Mr. Jones. He continues, "Although we have used a prudent estimate of the value and expense and believe that there will be additional distributions, no additional distribution can be assured."
Mr. Jones has extensive experience in Chapter 11 restructuring and has been directly responsible for advising debtors and creditors committees with respect to marshalling and distributing estate assets, reconciling claims and liabilities and maximizing timely distributions to creditors.
The progress of the case, where court orders and other relevant materials will be posted, can be followed by clicking on "SP Wind Down Trust" at www.cometricspartners.com.
About CoMetrics Partners
CoMetrics Partners LLC was founded in 2005 by Managing Partner Gary D. Herwitz. The firm specializes in providing middle market companies with strategic vision and leadership to integrate operations, technology and finance. The firm's services include turn around and restructuring services, consulting and corporate finance as well as a proprietary supply chain management solution for middle market importers.