In August 2001, Mr. Turoff was elected Chapter 7 Trustee of the estates of Precept Business Services, Inc. and its 12 subsidiaries (the “Precept Debtors”). The Precept Debtors’ operations were being funded by a Bank Group with little prospect of any return to unsecured creditors. Indeed, at the time of Mr. Turoff’s election, the Precept Debtors were administratively insolvent. The estates of the Precept Debtors have been substantively consolidated and Renaissance successfully implemented a liquidation plan that required no further funding by the Bank Group. The liquidation plan included the prosecution of over 165 preference and fraudulent transfer actions as well as claims against former officers and directors, attorneys and accountants for the debtors. The liquidation plan has resulted in the recovery of more than $20 million, which has paid all administrative and priority claims, with enough proceeds remaining to pay unsecured creditors approximately 23 percent of their allowed claims.