Omtammot LLC filed second amended joint plan of reorganization for Industrial Enterprises of America, Inc. and its subsidiaries in the US Bankruptcy Court on March 4, 2013. Under the plan, Allowed Zyskind Claims will be $4.70 million will be paid in full in cash on the effective date. Subsidiary General Unsecured Claims will receive cash in an amount equal to its pro rata share of $1 million.

The recovery under such payment plan is expected to be 33%. New Secured Note will be issued in an amount of $6.25 million, carrying an interest of Prime plus 6%, with a maturity of three years from the effective date. Omtammot LLC filed supplement to second amended plan of reorganization for Industrial Enterprises of America, Inc. and its subsidiaries in the US Bankruptcy Court on March 21, 2013.

As per the filing, there were no quantifiable changes.