Firstplus status report as of 2018 03-20

1. Doug Skierski
Texas Bar No. 24008046
Kristin H. Jain
Texas Bar No. 24010128
SKIERSKI JAIN PLLC
400 N. St. Paul, Suite 510
Dallas, Texas 75201
(214) 446-0332 (tel.)
(214) 446-0322 (facsimile)
DSkierski@SkiJain.com
Counsel for Matthew D. Orwig,
Chapter 11 Trustee
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
In re: §
§
FIRSTPLUS FINANCIAL GROUP, INC., § Case No. 09-33918-hdh-11
Debtor, § Chapter 11
§
TRUSTEE’S STATUS REPORT
Matthew D. Orwig, the duly-appointed Chapter 11 trustee (the “Trustee”), file this Status
Report in response to the Court’s March 5, 2018 correspondence requesting such a report [Dckt.
No. 1082]. In response to the Court’s request, the Trustee reports as follows:
SUMMARY
The Trustee has resolved all claim objections and has distributed the majority of the funds
in the Trust. The only adversary proceeding in the case has been resolved and closed. The case
remains open for two matters: (i) the resolution of past income and Franchise taxes; and (ii)
distributing the final amounts and filing final tax returns. It is the Trustee’s intent to complete these
steps during 2018, but the timing of certain elements is beyond the Trustee’s control.
Case 09-33918-hdh11 Doc 1083 Filed 03/20/18 Entered 03/20/18 11:13:13 Page 1 of 4

2. STATUS REPORT PAGE 2 OF 4
MATTERS REQUIRING RESOLUTION
The Debtor failed to file income taxes for several pre-petition years. The Trustee has filed
returns for each of those years and up through 2017. All of the returns, except 2017, have been
accepted by the IRS and the statutorily-required periods for the IRS to determine whether to accept
the returns has passed without comment. The statutorily-required date for 2017 income tax return
is on or about April 27, 2018.
In addition, FPFG owed Texas franchise taxes for the same periods during which federal
tax returns were not filed. The Trustee has filed these returns and paid the calculated taxes owed
as well and the period for the State to object to the returns has passed without comment.
The Trustee has also determined that, as a Nevada corporation, the Debtor is required to
pay Nevada franchise taxes as well. The Trustee is preparing and will file returns for the years
2012-2017. The Trustee anticipates filing those returns within the next 60 days. Once the 60 day
period for objecting to the Nevada franchise tax returns runs, the Trustee will have brought the
Trust fully up to date on all taxes.
One matter that remains outstanding is the distribution of forfeited funds held by the
Department of Justice. The DOJ is determining whether to distribute the funds they have collected
through the Trust. The Trustee continues to press the DOJ for a decision so that he might move
forward with the closing of the Trust. The timing of this matter is not within the Trustee’s control.
If no decision is timely made, the Trustee may move forward with making a final distribution and
winding down the Trust.
As the period for objection to the Nevada returns runs, the Trustee will likely sell any
remaining assets and rights in the Trust to a liquidation company in order to monetize any
Case 09-33918-hdh11 Doc 1083 Filed 03/20/18 Entered 03/20/18 11:13:13 Page 2 of 4

3. STATUS REPORT PAGE 3 OF 4
payments that might arrive in the future. After the sale is made, the Trustee will make his final
distribution.
Once the Trustee makes his final distribution, he will direct his professionals to prepare
final corporate tax returns, franchise tax returns, payroll reports, and Forms 1099 as well as his
Final Quarterly Operating and US Trustee Reports. The Trustee anticipates that this can be
completed by the end of 2018. The major variables that will determine whether this schedule is
met are the State of Nevada and its determination regarding the returns and the decision and
timing of the DOJ regarding distribution of forfeited funds.
DISTRIBUTIONS AND BALANCES
The Trustee has made two distributions to general unsecured creditors, totaling $3,429,540.
All of the checks issued in the first two distributions were negotiated. As of January 31, 2018, the
Trustee had bank balances in the amount of $1,112,629. These funds will be used to satisfy any
remaining taxes owed, remaining administrative expenses, unpaid Priority Claims, and to make a
final distribution to general unsecured creditors. All of the Trustee’s professionals have been paid
for their services through January 2018; however, the Trustee has not yet received any
compensation.
OTHER MATTERS
There are no other matters pending or expected other than as described above.
DATED: March 20, 2018.
Case 09-33918-hdh11 Doc 1083 Filed 03/20/18 Entered 03/20/18 11:13:13 Page 3 of 4

4. STATUS REPORT PAGE 4 OF 4
Respectfully submitted,
/s/ Doug Skierski
Doug Skierski
Texas Bar No. 24008046
Kristin H. Jain
Texas Bar No. 24010128
SKIERSKI JAIN PLLC
400 N. St. Paul, Suite 510
Dallas, Texas 75201
(214) 446-0332 (tel.)
(214) 446-0322 (facsimile)
DSkierski@SkiJain.com
Counsel for Matthew D. Orwig,
Chapter 11 Trustee
CERTIFICATE OF SERVICE
I hereby certify that a true and correct copy of the foregoing was sent electronically by the
Clerk of Court to all parties receiving notice in the above-captioned bankruptcy case on March 16,
2018.
By: /s/ Doug Skierski
Case 09-33918-hdh11 Doc 1083 Filed 03/20/18 Entered 03/20/18 11:13:13 Page 4 of 4