Sheon Karol, a Managing Director of The DAK Group, has been selected by the UCC, in consultation with the Debtor (Lily Robotics, Inc.), as Trustee of the Drone LC Creditors’ Liquidating Trust.
The Bankruptcy Court yesterday granted the motion of Lily Robotics, Inc. (the Debtor) for preliminary approval of the Disclosure Statement regarding its Plan of Liquidation. The Plan provides for a 100% recovery to individual customers who purchased a Lily camera and timely filed proofs of claim up to the statutory cap, and estimates a 65% – 78% recovery for unsecured creditors with claims under $100,000.
Karol states: “My approach is to avoid slow and expensive processes that enrich the professionals to the detriment of the beneficiaries. I seek to wind down a trust as inexpensively as possible and quickly make distributions. I am currently implementing this methodology in the Violin Memory Distribution Trust and I intend to do the same for the Drone LC Creditors’ Liquidating Trust. Shirley Temple Black said ‘Time is money. Wasted time means wasted money means trouble.’ We achieved a result better than anyone expected in the Lily Robotics Chapter 11 case and I want all stakeholders to benefit from a successful wind-down.”
Lily Robotics promoted an autonomous flying drone camera that would capture photos and videos; the camera would be waterproof, capable of being launched with a throw, and able to navigate itself around subjects while recording. Lily Robotics filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware on March 15, 2017. The DAK Group, is also serving as the financial advisor to the UCC in the Chapter 11 bankruptcy case.