UpShot Services First Claims Agent With Court-Approved Electronic Claims Filing Portal for Active Chapter 11 Cases

DENVER, Aug. 19, 2013 /PRNewswire/ -- Marking another industry milestone, UpShot Services is the first claims agent in the country to be approved by U.S. Bankruptcy Courts to accept claims electronically in active Chapter 11 cases.  In its recent Chapter 11 filing, Mercantile Bancorp, Inc., an Illinois bank holding company, retained UpShot Services as its claims and noticing agent, becoming the first corporate restructuring case in the District of Delaware to issue specific electronic claim filing instructions for creditors.

Earlier this year, UpShot SmartSign was approved in the Middle District of North Carolina in the Chapter 11 filing of poultry-producer Omtron USA, LLC.  Within this case, more than 35 percent of the total value of claims was submitted electronically via UpShot SmartSign.  Highlighting the rapid adoption of UpShot's offering, there were more claims submitted electronically via UpShot SmartSign than were filed with the Court.

"UpShot SmartSign grew from our vision of bringing a new model of efficiency to the Chapter 11 process using advanced technology," comments Travis Vandell, UpShot's chief executive officer and founder.  "It creates significant cost-savings to the debtor and greater expediency for everyone involved.  Whether there are five or five hundred thousand claims filed with UpShot SmartSign, the debtor's claims register can be complete in hours, not days."

"The investment of time and money that UpShot has made in its technology will most certainly payoff," commented John Strock, attorney at law of Fox Rothschild LLP, which serves as debtor's counsel in the Omtron Chapter 11 filing.  "The company's drive to be on the cutting edge offers unprecedented value to bankruptcy estates."

UpShot SmartSign allows creditors to fill out, sign and submit any document in a restructuring case electronically, including proofs of claim, ballots, W-9 forms, proofs of interest, releases and any other document that requires a physical signature.  It reduces claims processing time and costs by up to 95 percent over traditional methods by eliminating all data entry by the claims agent.  All 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.

"The corporate restructuring industry is undergoing a transformation towards electronic offerings and greater technology adoption," adds Robert Klamser, UpShot's president and co-founder.  "Our mission at UpShot is to help lead that change to help debtors, professionals and creditors move through Chapter 11 restructuring more expeditiously and efficiently."

About UpShot Services LLC
Headquartered in Denver, Colo., UpShot Services LLC is a claims & noticing firm founded by industry veterans who have 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 and noticing 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. 

SOURCE UpShot Services