The complete motion including exhibits can be viewed and downloaded from the USACM website -- http://www.
USACM also announced that it will mail account statements today to direct lenders showing, as of April 13, 2006, the position of each direct lender with respect to each of the serviced loans in which the direct lender invested.
USACM had approximately $93 million in its collection account as of June 30, 2006, including about $14 million in interest collected post-petition on nonperforming loans and approximately $60 million collected post-petition in loan principal repayments.
USACM successfully negotiated an acceptable security agreement and promissory note with Joe Milanowski on behalf of USA Investment Partners, LLC (USAIP) to pledge USAIP's ownership interests in certain real estate projects as security for a set of receivables owed USACM.
USACM also said it will seek authority to pay investors on non-performing loans as USACM collects on these loans.
Allison added that he plans to file a reorganization plan for USACM in July.
In a letter dated July 19, 2001 to Secretary of Commerce Donald Evans, USACM prevails upon the Department to conduct a "careful and complete evaluation" before handing Dot-US over to a single private company for policy and technical administration.
Barbara Simons, Co-Chair of USACM and immediate past president of ACM, "Very few companies or organizations are aware the Department is accepting proposals for the management of Dot-US.
Added USACM Co-Chair Professor Eugene Spafford: "The Department's action seems to be based on a desire for administrative continuity rather than to build a secure policy foundation for the future use of Dot-US.
Co-Chair Eugene Spafford, "That the DMCA can be used to deny researchers their Constitutional freedom to exchange ideas - in print and in speech - shows what is wrong with overly broad legislation.
I'm really delighted that Jeff is joining us," said Barbara Simons, who co-chairs the USACM with Eugene Spafford of Purdue University.
Grove added, "With the policy experience of USACM and the significant technical expertise of ACM's 36 special interest groups, ACM is positioned to make a valuable contribution to the development of public policy.