Former Fast Radius plan draws limited objection from U.S. trustee

By Sarah Lizee

Olympia, Wash., Feb. 14 – The plan of Legacy FSRD, Inc., formerly Fast Radius, Inc., drew a limited objection from Regions 3 and 9 U.S. trustee Andrew R. Vara, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

Vara said the plan shouldn’t be confirmed to the extent it proposes to exculpate parties that aren’t estate fiduciaries, or for activity prepetition or after the effective date of the plan.

At present, the plan seeks to extend the protection of the proposed exculpation, even if qualified as “solely to the extent such person or entity acted as a fiduciary of any of the estates and served in such capacities during these Chapter 11 cases” to a litany of persons and entities that can’t conceivably be estate fiduciaries and whose interactions with the cases necessarily occurred prepetition or after the effective date, the U.S. trustee said.

The plan proponents bear the burden of establishing that the relief sought in the plan is consistent with the bankruptcy code and applicable case law, and should revise the definition to eliminate inclusion of superfluous parties, Vara said.

The combined hearing on the plan and disclosure statement is set for Feb. 22.

The company has also used the name ECP Environmental Growth Opportunities Corp. The Chicago-based cloud manufacturing and digital supply chain company filed bankruptcy on Nov. 7 under case number 22-11051.

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