iCap Enterprises and its affiliated debtors, a Seattle-based real estate investment firm that raised over $250 million and was exposed as having operated as a pre-petition Ponzi scheme, successfully emerged from Chapter 11 under a court-approved joint plan of liquidation. Developed in collaboration with the official committee of unsecured creditors (UCC), the plan was supported by 95% of former iCap investors and confirmed by the bankruptcy court for the Eastern District of Washington on Oct. 18, 2024. The plan establishes the iCap Trust to oversee recovery efforts for more than 1,800 defrauded investors._x000D_
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“This case was about taking swift, decisive action,” Lance Miller, chief restructuring officer of iCap, said. “From day one, our focus was to protect investor interests, uncover the truth and forge a viable path for recovery. Every challenge faced only strengthened our resolve to deliver restitution for those harmed by iCap’s scheme.”
Forward for Specialty Finance
