dvd-fisherman

Doubt it, but here's an email I just got:

Enjoy.


Date: Fri, 19 Oct 2001 00:15:32 -0600 (MDT)
From: "Flooz.com" <[email protected]>
To: [email protected]
Subject: Important Bankruptcy Notices Regarding Flooz.com, Inc.

On August 31, 2001, Flooz.com, Inc. (the "Debtor") filed a voluntary
petition for relief under Chapter 7 of the United States Bankruptcy
Code with the Clerk of the United States Bankruptcy Court for the
Southern District of New York (Case No. 01 B 14833 (REG). You may be a
creditor of the Debtor.

On August 31, 2001, Hal M. Hirsch (the "Trustee") was appointed as
interim Chapter 7 Trustee. At this time, there does not appear to be
any property available to the Trustee to pay creditors. You therefore
should not file a proof of claim at this time. If it later appears
that assets are available to pay creditors, you will be sent another
notice telling you that you may file a proof of claim, and telling you
the deadline for filing your proof of claim.

The United States Trustee has scheduled a Section 341(a) Meeting of
Creditors for December 5, 2001, at 11:00 a.m. at 80 Broad Street, 2nd
Floor, New York, New York 10004. Although you may attend, you are not
required to do so and your claim, if any, will not be affected if you
do not appear.

If you want any other information concerning the Debtor's bankruptcy
case or if you would like to obtain a copy of the Court's official
notice, you may visit the Court's official website located at
www.nysb.uscourts.gov. This notice is available without a login and
password.

-----------------------------------------------------------------------

HARRIS BEACH LLP
Attorneys for Hal M. Hirsch, Hearing Date: November 20, 2001
Chapter 7 Trustee 11:00 a.m.
One Penn Plaza
New York, New York 10119
(212) 736-3636
Hal M. Hirsch (HMH/0417)
Eric H. Lindenman (EHL/5106)

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
-------------------------------------------------------x
In re: Chapter 7

FLOOZ.COM, INC., Case No. 01 B 14833 (REG)

Debtor.
-------------------------------------------------------x

NOTICE OF MOTION OF TRUSTEE FOR AN ORDER PURSUANT TO
FEDERAL RULE OF BANKRUPTCY PROCEDURE 9019 COMPROMISING
CLAIMS OF AND AGAINST ROBERT LEVITAN, PETER TAKIFF,
AND ANN GRIFFIN, AND DELINEATING OBLIGATIONS OF,
AND COMPENSATION TO, LEVITAN, TAKIFF AND GRIFFIN IN
CONNECTION WITH THEIR ASSISTANCE IN THE MARKETING AND
SALE OF CERTAIN OF THE DEBTOR'S ASSETS AND RELATED RELIEF
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

PLEASE TAKE NOTICE, that Hal M. Hirsch (the "Trustee"), the Chapter
7 Trustee of the estate of Flooz.com, Inc. (the "Debtor"), by his
undersigned attorneys, Harris Beach LLP, shall move this Court, before
the Honorable Robert E. Gerber, United States Bankruptcy Judge, at the
Courthouse, Room 628, Alexander Hamilton Custom House, One Bowling
Green, New York, New York 10004-1408, on November 20, 2001, at 11:00
o'clock in the fore noon of that day, or as soon thereafter as counsel
may be heard, for an Order, pursuant to Federal Rule of Bankruptcy
Procedure 9019, authorizing the Trustee to settle and compromise claims
of and against Robert Levitan ("Levitan"), Peter Takiff ("Takiff"), and
Ann Griffin ("Griffin") whereby, in exchange for certain consideration
given by Levitan, Takiff, and Griffin to the Trustee, including the aid
to and participation with the Trustee in the marketing and sale of
certain of the Debtor's assets and the waiver of their priority and
unsecured compensation claims against the estate, the Trustee has
agreed to provide certain payments to, and release of claims against,
Levitan, Takiff, and Griffin.

PLEASE TAKE FURTHER NOTICE, that Levitan, Takiff, and Griffin have
agreed to render aid and assistance to the Trustee in the Trustee's
efforts to market and sell the Debtor's brand name, intellectual
property, customer list, and the goodwill associated therewith
(collectively, the "Assets"), and that such aid and assistance is
expected to substantially increase the value to be obtained on behalf
of the estate. Absent such aid and assistance, the Trustee does not
believe that the maximum value of the Assets will be attained. In
particular, Levitan, Takiff, and Griffin shall provide the following,
non-exclusive assistance: (i) identify potential asset acquirors; (ii)
prepare a summary of assets to be sold, including the preparation of
appropriate solicitation letters; (iii) contact potential acquirors and
market the Debtor's assets to such prospects; (iv) appropriate
follow-up with respect to the foregoing; (v) create a formal process
for soliciting and receiving offers from potential acquirors; (vi)
provide detailed information with respect to assets to potential
acquirors; (vii) assist the Trustee in the negotiation of the sale of
such assets; (viii) assist the Trustee and potential acquirors in the
due diligence process; and (ix) assist the Trustee in the valuation of
the assets and the value of the offers made to purchase the assets.
Levitan, Takiff, and Griffin will also waive their priority and
unsecured compensation claims against the estate. Levitan holds an
aggregate claim of $27,500.00, Takiff holds an aggregate claim of
$40,417.00, while Griffin holds a claim of $4,231.00. As part of this
agreement and in addition to rendering the foregoing affirmative aid
and assistance, they will waive such claims against the estate.

PLEASE TAKE FURTHER NOTICE, that in exchange for the foregoing aid
and assistance of Levitan, Takiff, and Griffin, and the waiver of their
claims, the Trustee has agreed to provide payment thereto pursuant to
the following formula:

(i) Payment of $20,000.00 if a sale approved by the Trustee and
formally approved by the Court and such sale provides for
payment, in whole or in part, in cash;

(ii) Payment of additional compensation, consisting of the greater of:

(a) $30,000.00 provided that at least $2,500,000.00 in debt is
eliminated, or

(b) if, after elimination of liabilities as a result of Levitan,
Takiff, and Griffin's efforts, there is a cash distribution to
unsecured creditors, then Levitan, Takiff, and Griffin shall
receive fifty percent (50%) of the increase in the net cash
distribution to unsecured creditors, on a percentage basis;
and

(iii) Reimbursement of expenses reasonably and necessarily incurred in
connection with the foregoing services, estimated not to exceed
$5,000.00*.


Additionally, the Trustee shall not seek to recover the following
pre-petition payments made to Levitan, Takiff, and Griffin: (i) with
respect to Levitan, $33,653.85 in order to continue his employment as
president of the Debtor and to continue his efforts to reorganize and,
thereafter, assist in the preparation for a bankruptcy filing,
$17,213.01 in reimbursement for expenses of the Debtor paid by him; and
the purchase of two (2) laptop computers from the Debtor for $950.00;
(ii) with respect to Takiff, the forgiveness of $100,000.00 in loans by
the Debtor in exchange for his agreement to reduce contractual
severance from $195,000 to $16,250.00 as well as Takiff's agreement not
to seek employment elsewhere until September 2001; with the $16,250.00
never having been paid but instead incorporated into Takiff's "Stay-On
Agreement" which provided for payment to Takiff of $52,500.00, required
Takiff to remain as Chief Financial Officer and assist in the Debtor's
attempts to sell assets and, thereafter, to aid in the administration
of the Debtor's case, and the purchase from the Debtor two (2) laptop
computers and a printer for an aggregate amount of $1,350.00; (iii)
with respect to Griffin, $36,794.54 pursuant to the August 22, 2001
"Stay-On Agreement" to remain as controller of the Debtor and to assist
in the Debtor's attempts to effect a sale of its assets and, upon such
failure, to aid in the preparation for the bankruptcy filing, and the
purchase of two (2) laptop computers and printer for a total of
$800.00.

PLEASE TAKE FURTHER NOTICE, that the Trustee shall also execute and
deliver a release to each of Levitan, Takiff, and Griffin as to their
individual liability for their actions as directors and officers of the
Debtor, but that such releases shall not extend to or cover any
liability that may be recoverable against Flooz's directors and
officer's liability insurance policy.

PLEASE TAKE FURTHER NOTICE, that, pursuant to the Order of the
Court dated October 1, 2001, service of this notice is being made upon
the approximately 325,000 individuals that are holders of flooz dollars
by electronic means. Service upon all other creditors and
parties-in-interest of the estate is being made by conventional mail
notice.

PLEASE TAKE FURTHER NOTICE, that objections, if any, to the relief
sought in the Motion, must be made in writing, must state with
particularity the basis for the objection, and must be delivered to
Chambers, with a copy served upon: (i) the undersigned counsel for the
Trustee, (ii) the United States Trustee, 33 Whitehall Street, 21st
Floor, New York, New York 10004, Attn: Tracy Hope Davis, Esq.; and
(iii) Baer, Marks & Upham, LLP, 805 Third Avenue, New York, New York
10022, Attn: Jay Gottlieb, Esq., not less than three (3) days prior to
the hearing date.

PLEASE TAKE FURTHER NOTICE, that the Notice, the Application, and
the proposed Order are on file with the Clerk of the Court, together
with all other documents filed in this case, and may be viewed and
downloaded, for a fee, by accessing the Court's official website,
www.nysb.uscourts.gov.

Dated: New York, New York
October 18, 2001
HARRIS BEACH LLP
Attorneys for Hal M. Hirsch,
Chapter 7 Trustee

By: s/ Eric H. Lindeman
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Eric H. Lindenman (EHL/5106)
One Penn Plaza
New York, New York 10119
(212) 736-3636

* Levitan, Takiff, and Griffin estimate that such costs will include
approximately $1,000.00 for mailings, $500.00 for secretarial services,
as well as additional costs for computer-related expenses telephone and
cell phone reimbursement. Levitan, Takiff, and Griffin estimate that
such expenses shall not exceed $5,000.00.

tripleeric1

I just got that too....boy would that be nice!

J-Dubya

That's all they really need to say.