SHB confirms chapter 11 plan.
March 9, 2012
In re Boston Men’s Health Center, Inc. Boston Men’s Health Center, Inc. (the “Debtor”) is in the business of providing organizational development, billing and collection, funds and revenue, marketing and advertising, and other management services to erectile dysfunction medical practices/clinics pursuant to management agreements with multiple entities. The Debtor was forced to file a Chapter 11 bankruptcy on July 12, 2011 based largely in part on a judgment entered against it in Georgia, which judgment has since been overturned. Led by Leonard Shulman, SHB confirmed a Chapter 11 Plan of Reorganization for the Debtor on March 8, 2012, less than a year after the petition was filed, confirmed by the Honorable Erithe A. Smith in the Central District of California, Santa Ana Division. The Plan calls for payments to be made to unsecured creditors over a period of three years in the total amount of 20% of allowed claims through the Debtor’s continued service of its management agreements and collection of accounts receivable.