United Pipe & Supply Co., Inc. (“United”) is a wholesale distributor of water supply pipe, fittings, meters, agricultural, and related products with locations throughout Oregon and Washington. The company expanded into the mountain states and grew to 38 operating locations. When the 2008 housing crisis hit, United suffered significant reductions in sales and profitability and, by January 2012, 17 branches remained. From 2009 to 2011, United made several unsuccessful attempts to restructure and recapitalize. After several attempts to sell the company failed, the secured lender, First Capital Corporation (“FCC”) moved for appointment of a Receiver to liquidate the company.

On April 19, 2012, Myers & Co., Consultants, LLC (“Receiver”) was appointed receiver for United Pipe & Supply by the United States District Court, District of Oregon (the “Court”). (A copy of the court order (“Order”) appointing the receiver is available here.)

At the time of the appointment of the Receiver, United had an outstanding loan to First Capital Corporation (“FCC”), the secured creditor, of approximately $8 million and various unsecured creditors were owed another $10 million. In addition, there were several lawsuits pending against United.

Under the provisions of the Order, United ceased normal operations and the Receiver commenced an orderly liquidation of United’s assets to satisfy the secured loan payable to First Capital and then to accumulate funds for distribution after payment of liquidation expenses to the unsecured creditors in accordance with a Plan of Liquidation to be approved by the Court.

The Plan of Liquidation will distribute funds to all allowed claimants. Allowed claimants will be determined based on Claims Procedures Order approved by the Court on September 4, 2012. (A copy of the Procedures Order is available here.) Those Procedures provide that notice be given to all known creditors of United. Claimants that receive notices with a deemed claim amount need take no further action. Creditors who receive notice with a deemed allowed claim amount are required to file a Proof of Claim to be granted a claim. The Proof of Claim form is available here.

On February 11, 2013, a hearing to consider the Motion to Approve Joint Distribution Plan of the Receiver and the Committee was held, and is expected to be granted shortly. The Joint Distribution Plan of the Receiver and the Committee outlines the Plan of Liquidation.

Distributions in the case will be made as funds are collected and pursuant to a Plan of Liquidation approved by the Court. An initial distribution was made at the end of January, 2013 pursuant to the Unopposed Joint Motion for Order Authorizing Receiver toMake Interim Distribution. Additional distributions will be made pursuant to the Joint Distribution Plan of the Receiver and the Committee. The amount and timing of additional distributions are not yet known.

In order to assure you receive all notices and/or distributions in this case, please notify the Receiver of any change in address. A change of address form is available here.