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Home Source documents Exhibit 5: Notice of Interim Order to Holders of Stock Issued by Kabbage, Inc. — In re Kabbage, Inc. d/b/a KServicing, Case 22-10951-CTG, Doc. 71-5 (Filed 10/06/22)

Exhibit 5: Notice of Interim Order to Holders of Stock Issued by Kabbage, Inc. — In re Kabbage, Inc. d/b/a KServicing, Case 22-10951-CTG, Doc. 71-5 (Filed 10/06/22)

Date
2022-10-06

Summary

Doc 71-5, filed October 6, 2022 in In re Kabbage, Inc. d/b/a KServicing, et al., No. 22-10951 (CTG), in the U.S. Bankruptcy Court for the District of Delaware, is Exhibit 5, a form of notice of interim order addressed to holders and prospective holders of the debtors' stock. It states that on October 3, 2022 the court entered an interim order establishing procedures for transfers of beneficial ownership of common stock and scheduling a final hearing. The notice defines a Substantial Stockholder as one owning at least 1,848,370 shares, about 4.75% of outstanding shares, and notes 38,913,048 shares outstanding as of the Petition Date. It states that prohibited transfers are void ab initio and gives notice that the final hearing on the motion will be held November 7, 2022, with objections due no later than October 31, 2022. The date under By Order of the Court is left blank.

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Cite this document

“Exhibit 5: Notice of Interim Order to Holders of Stock Issued by Kabbage, Inc. — In re Kabbage, Inc. d/b/a KServicing, Case 22-10951-CTG, Doc. 71-5 (Filed 10/06/22).” Original at archive.org, dated 2022-10-06. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-10-06-kservicing-bankruptcy-c39a8028-1/, SHA-256 c39a8028b6ef71967949f763269c93daf518640404be9768c6c98357243ca3db.

Full text

                   Case 22-10951-CTG   Doc 71-5   Filed 10/06/22   Page 1 of 3




                                          Exhibit 5

                                   Notice of Interim Order




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                   Case 22-10951-CTG            Doc 71-5       Filed 10/06/22        Page 2 of 3




ATTENTION DIRECT AND INDIRECT HOLDERS OF, AND PROSPECTIVE
HOLDERS OF STOCK ISSUED BY KABBAGE, INC. D/B/A KSERVICING:

Upon the motion (the “Motion”) of Kabbage, Inc. d/b/a KServicing and its debtor affiliates, as
debtors and debtors in possession in the above-captioned Chapter 11 Cases (collectively,
the “Debtors”), on October 3, 2022, the United States Bankruptcy Court for the District of
Delaware (the “Bankruptcy Court”), having jurisdiction over the chapter 11 cases of the Debtors,
captioned as In re Kabbage, Inc. d/b/a KServicing, et al., No. 22-10951 (CTG) (the “Chapter 11
Cases”), entered an interim order establishing procedures with respect to transfers in the beneficial
ownership (including directly or indirectly) of common stock of the Debtors (“Common Stock”)
and options to acquire beneficial ownership of Common Stock, and scheduling a hearing on a final
order with respect to such procedures.

In certain circumstances, the procedures restrict transactions involving, and require notices of the
holdings of and proposed transactions by, any person, group of persons, or entity that either (i) is
a Substantial Stockholder of the Common Stock or (ii) as a result of such a transaction, would
become a Substantial Stockholder of the Common Stock. For purposes of the procedures, a
“Substantial Stockholder” is any person or entity (within the meaning of applicable regulations
promulgated by the U.S. Department of the Treasury, including certain persons making a
coordinated acquisition of stock) that beneficially owns (including options to acquire and direct or
indirect ownership) at least 1,848,3701 shares of Common Stock (representing approximately
4.75% of all issued and outstanding shares of Common Stock as of the Petition Date). Any
prohibited acquisition or other transfer of Common Stock (including options to acquire
beneficial ownership of Common Stock) will be null and void ab initio and may lead to contempt,
compensatory damages, punitive damages, or sanctions being imposed by the Bankruptcy Court.

The procedures, as approved on an interim basis and as requested on a final basis, are available
on the website of Omni Agent Solutions, Inc., the Debtors’ Court-approved claims agent, located
at https://omniagentsolutions.com/kservicing, and on the docket of the Chapter 11 Cases,
Docket No. _____, which can be accessed via PACER at https://pacer.gov.

A direct or indirect holder of, or prospective holder of, Common Stock that may be or
become a Substantial Stockholder should consult the procedures.

        PLEASE TAKE NOTICE that the final hearing on the Motion shall be held on
November 7, 2022, at 1:00 p.m. (Prevailing Eastern Time), and any objections or responses to
the Motion shall be in writing, filed with the Court (with a copy delivered to Chambers), and served
upon (i) (x) Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York 10153 (Attn:
Natasha S. Hwangpo and Chase A. Bentley); and (ii) Richards, Layton & Finger, P.A., One
Rodney Square, 920 North King Street, Wilmington, DE 19801 (Attn: Amanda R. Steele
and Zachary I. Shapiro); (b) the Office of the United States Trustee for the District of Delaware,
844 N. King Street, Wilmington, Delaware 19801 (Attn: Richard L. Schepacarter and Rosa Sierra-
Fox); in each case so as to be received no later than 4:00 p.m. (Prevailing Eastern Time) on
October 31, 2022.


1
    As of the Petition Date, there were 38,913,048 shares of common stock outstanding.




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                   Case 22-10951-CTG   Doc 71-5     Filed 10/06/22     Page 3 of 3




        PLEASE TAKE FURTHER NOTICE that the requirements set forth in the procedures
are in addition to the requirements of and applicable securities, corporate, and other laws and do
not excuse non-compliance therewith.


Dated:       Wilmington, Delaware                   BY ORDER OF THE COURT
             ____________, 2022




                                                2
RLF1 28023190v.1


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