PJ Finance Company, LLC General Unsecured Creditors Receive Payment in Full

NEW YORK, July 19, 2012 /PRNewswire/ -- Susan D. Watson, principal at WDC Solutions, Ltd. and Disbursing Agent for PJ Finance Company, LLC, et al. ("PJ Finance"), announced the issuance of distribution checks on July 16, 2012 to PJ Finance's general unsecured creditors amounting to 100% of their approved claims. 

"At this time, all general unsecured creditors with allowed claims have been sent their distribution checks amounting to payment in full on their claim," said Watson.  "We are pleased to have been able to resolve and reconcile all of the company's claims consensually and expedite the claims review process to provide distributions in a very short time frame." 

Alberto Carrizal, chairman of the Committee of General Unsecured Creditors stated, "I am gratified that the hard work of the Committee has culminated in the general unsecured creditors being paid in full.  This fantastic result was far from certain at many points in the case, and only through the persistence and devotion of the Committee members, its counsel and financial advisors was such an extraordinary result realized."

PJ Finance is a real estate company engaged in the acquisition, ownership, operation, management, leasing, financing, mortgaging and selling of 32 apartment communities comprising 9,504 units located in the states of Arizona, Florida, Georgia, Tennessee and Texas.

PJ Finance filed for bankruptcy protection on March 7, 2011, and emerged from bankruptcy protection on May 11, 2012 following a successful reorganization plan that was the result of over 72 hours of auction bidding.  The Committee was a co-proponent of the bankruptcy plan. 

Mark T. Power and Joseph Orbach of Hahn & Hessen LLP and Richard S. Cobb and Kimberly A. Brown of Landis Rath & Cobb LLP were counsel to the Committee. Christopher Wu and Scott Webb of Carl Marks Advisory Group LLC were financial advisors to the Committee. 

Web Site:  http://hahnhessen.com

SOURCE Hahn & Hessen LLP