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Stable Value Fund Chapter 11 Case

We were retained by a client appointed to act as the independent fiduciary of the Trust Advisors Stable Value Plus Fund due to allegations of wrongful conduct regarding the Fund's assets, which total more than $260,000,000 in pension plan investments of approximately 1,500 pension plans, to represent it with regard to bankruptcy and employee benefits issues.  On September 30, 2005, the client filed a Chapter 11 case in the Connecticut Bankruptcy Court to preserve the assets of the Fund and ensure an orderly distribution of the Fund's assets to all investors. Following extensive negotiations with the Court-appointed Investor Committee and other parties-in-interest, the firm prepared and filed the Fund's Plan of Reorganization with the Court. After submitting the Plan to investors for approval, 99% of all voting investors voted in favor of the Plan. On July 28, 2006, the Plan was confirmed by the Connecticut Bankruptcy Court.  This case is one of only a handful of Chapter 11 cases filed in the Connecticut Bankruptcy Court to confirm a Plan of Reorganization in less than one year.

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