In November 2001, Mr. Turoff became Plan Trustee of The Empire Creditor Trust (the “Trust”), a liquidating trust formed in connection with the confirmed Empire Funding Corp. (“Empire”) bankruptcy plan. Empire was a multibillion dollar originator and servicer of mortgage loans at the time of its Chapter 11 filing. The life of the Trust was to be five years, terminating in December 2006, but was completed during 2005—well ahead of schedule. As a result of Mr. Turoff’s efforts, filed claims were reduced from approximately $1.2 billion to just under $13 million, significantly enhancing returns to creditors holding legitimate allowed claims. The total return to creditors is approximately 53 percent of the amount of allowed claims—more than double the original expectations.