The US Bankruptcy Court approved the second amended joint plan of reorganization of Star Buffet, Inc. on December 17, 2012. The debtor filed its second amended plan in the Court on October 17, 2012. The creditors will be paid as per the plan treatment.

The entire claimant will be paid in full in cash. Administrative claims, priority tax claims, professional fee claims will be paid in full in cash. Wells Fargo claims and Stockman Bank claims will be paid in full in cash.

Naisbitt secured claims will be retained. Convenience claims will be paid 50% of the claims. General unsecured claims will be paid in full in cash. Robert Wheaton will not share in any distributions to holders of allowed Class 8(A) claims. Following the effective date, the debtor will sell the restaurant properties located in Kissimmee, Florida; Hudson, Florida and Scottsdale, Arizona.

Also, will Pay Wells Fargo at least $1.58 million, in addition to the scheduled payments required by the plan, and pay general unsecured creditors at least $0.68 million, in addition to the scheduled payments required by the plan.