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Except as set forth below, there have been no material developments in the legal proceedings described in the ART’s Form 10-K as filed on March 4, 2011 or as updated in the ART’s Form 10-Q filed on May 13, 2011.
Thus, claims against the JV LIF totaled approximately million and certain of the JV Claimants have indicated an intention to submit additional claims in the future.
Pursuant to the Plan, in addition to the Causes of Action, Adelphia transferred million in cash to the ART, in connection with its formation, in order to fund the initial expenses of operation. Quest and Adelphia together have agreed to provide certain administrative services to the ART.
In order to facilitate the provision of such administrative services, the ART has appointed Quest as the trust administrator of the ART (in such capacity, the “ The accompanying interim unaudited condensed financial statements of the ART have been prepared in accordance with generally accepted accounting principles in the United States of America for interim periods (“ ”) and with the instructions to Form 10-Q.
the JV Plan provides that the JV LIF will be replenished by the ART under certain conditions, such as “upon the receipt . The LIFs created under the Main Plan (the “Main Plan LIFs”) are fixed in amounts and not subject to replenishment.
Because the JV LIF is evergreen, whereas the Main Plan LIFs are capped, the allocation of defense costs among the categories of LIFs is a matter of economic significance.