DENVER, April 1, 2014 /PRNewswire/ -- Marking a significant first in Chapter 11 history, the U.S. Bankruptcy Court for the District of Delaware approved electronic balloting procedures in the Pitt Penn Holding Company, Inc., et al. matter. Cole, Schotz, Meisel, Forman & Leonard, P.A. ("Cole Schotz"), counsel to the Chapter 11 Trustee, and claims & noticing agent UpShot Services LLC ("UpShot") worked together to devise the industry's first electronic balloting procedures using UpShot's SmartSign. This technology allows creditors to vote instantaneously online rather than via the traditional method of completing paper forms sent through the United States Postal Service.
"Our goal in implementing electronic balloting is to bring greater efficiency to the voting and solicitation process for all involved parties," said Norman Pernick of Cole Schotz, the Chapter 11 Trustee overseeing the Pitt Penn proceedings. "We look forward to a successful outcome as we apply this novel technology and approach in the Pitt Penn matter."
UpShot SmartSign allows creditors to fill out, electronically sign and submit any document in a restructuring case, including proofs of claim, ballots, W-9 forms, proofs of interest, releases and any other document that requires a physical signature. This technological advance reduces claims & ballot processing time and costs by up to 95 percent over traditional methods by virtually eliminating all manual data entry. 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.
"At UpShot, our goal is to make Chapter 11 a more efficient, and eventually paperless, process," commented Travis Vandell, UpShot's co-founder and CEO. "We've made significant progress towards this goal with electronic claims filing procedures in active cases, and now are making new strides with the adoption of electronic balloting."
About UpShot Services LLC
Headquartered in Denver, Colo., UpShot Services LLC is a claims & noticing firm founded by industry veterans who 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, noticing, balloting and other Chapter 11 milestones 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.
About Cole, Schotz, Meisel, Forman & Leonard, P.A.
Cole Schotz serves clients nationally throughout the United States with offices in New York, New Jersey, Delaware, Maryland and Texas. The firm represents hundreds of closely held businesses and individuals - many for decades - as well as Fortune 500 companies.
Founded in 1928, the firm has grown to over 115 attorneys who work in eleven primary areas of practice: Bankruptcy & Corporate Restructuring; Construction Services, Corporate, Finance and Business Transactions; Employment Law; Environmental Law; Intellectual Property, Litigation; Real Estate; Real Estate Special Opportunities Group; Tax, Trusts & Estates and White Collar Defense & Investigations.
SOURCE UpShot Services LLC