Salient 3 communications liquidating trust

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THIS DISCLOSURE STATEMENT SHALL NOT BE ADMISSIBLE IN ANY NON- BANKRUPTCY PROCEEDING NOR SHALL IT BE CONSTRUED TO CONSTITUTE ADVICE ON THE TAX, SECURITIES OR OTHER LEGAL EFFECTS OF THE PLAN AS IT RELATES TO HOLDERS OF CLAIMS AGAINST OR INTERESTS IN THE DEBTORS.

PARTIES SHOULD CONSULT WITH THEIR OWN COUNSEL, ACCOUNTANTS, AND/OR TAX ADVISORS WITH RESPECT TO THE LEGAL EFFECTS AND OTHER CONSEQUENCES OF THE PLAN.

Treatment of Unclassified Claims under the Plan ..................................................29 1.

Administrative Expense Claims..........................................................................29 2. Priority Tax Claims .............................................................................................31 F. Treatment of Classified Claims and Interests under the Plan...............................31 1.

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: SSI LIQUIDATING, INC., et al.,1 Debtors. 10-12795 (KJC) (Jointly Administered) DISCLOSURE STATEMENT FOR JOINT CHAPTER 11 PLAN OF LIQUIDATION PROPOSED BY THE DEBTORS AND THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS GREENBERG TRAURIG, LLP Keith J. Peterman 77 West Wacker Drive, Suite 3100 Chicago, Illinois 60601 -and- Victoria W. THE FILING AND DISSEMINATION OF THIS DISCLOSURE STATEMENT SHOULD NOT BE CONSTRUED AS A SOLICITATION OF ACCEPTANCES OF THE PLAN. NO PERSON MAY GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS, OTHER THAN THE INFORMATION AND REPRESENTATIONS CONTAINED IN THIS DISCLOSURE STATEMENT, REGARDING THE PLAN OR THE SOLICITATION OF ACCEPTANCES OF THE PLAN.

Selzer The Nemours Building 1007 North Orange Street, Suite 1200 Wilmington, Delaware 19801 FEBRUARY 18, 2011 LOWENSTEIN SANDLER PC Kenneth A. Kortanek 222 Delaware Avenue, Suite 1501 Wilmington, DE 19801 Counsel for Official Committee of Unsecured Creditors THIS DISCLOSURE STATEMENT HAS NOT YET BEEN APPROVED BY THE BANKRUPTCY COURT. CHI 60,771,838v2 2-18-11 IMPORTANT DATES • Date and time by which Ballots must be received: [___________], 2011 at [ ] (Prevailing Eastern Time) • Date and time by which objections to Confirmation of the Plan must be Filed and served: [_____], 2011 at [ ] (Prevailing Eastern Time) • Hearing on Confirmation of the Plan: [_______], 2011 at [_______] (Prevailing Eastern Time) • Voting Record Date: [ ], 2011 • Date and time by which Estimation Motions must be Filed: [ ], 2011 at [ ] (Prevailing Eastern Time) CHI 60,771,838v2 2-18-11 -ii- DISCLAIMER THE INFORMATION SET FORTH IN THIS DISCLOSURE STATEMENT IS INCLUDED FOR PURPOSES OF SOLICITING ACCEPTANCES OF THE JOINT CHAPTER 11 PLAN OF LIQUIDATION FILED BY THE DEBTORS AND THE COMMITTEE, AS CO- PROPONENTS, AND MAY NOT BE RELIED UPON FOR ANY PURPOSE OTHER THAN TO DETERMINE HOW TO VOTE ON THE PLAN.

Riddell’s Qualified Objection .............................................................................23 4. Mediation ..............................................................................................................24 5. Settlement Motion ................................................................................................24 I. Exclusivity Motion .....................................................................................................26 J. Rejection Motion ........................................................................................................26 K. The Bar Date Order...................................................................................................26 V. SUMMARY OF THE PLAN OF LIQUIDATION ..........................................................27 A.

Overview of Chapter 11.............................................................................................27 B. Plan Objectives...........................................................................................................28 C. Overall Structure of the Plan....................................................................................28 D. Classification and Allowance of Claims and Interests Generally..........................29 E.

Class 2: Secured Claims ......................................................................................32 3. Class 3: General Unsecured Claims ...................................................................32 4.

THIS DISCLOSURE STATEMENT WAS PREPARED TO PROVIDE HOLDERS OF CLAIMS AGAINST AND INTERESTS IN THE DEBTORS WITH “ADEQUATE INFORMATION” WITHIN THE MEANING OF THE BANKRUPTCY CODE, SO THAT THEY CAN MAKE AN INFORMED JUDGMENT ABOUT THE PLAN.

PERSONS OR ENTITIES TRADING IN OR OTHERWISE PURCHASING, SELLING OR TRANSFERRING SECURITIES OR CLAIMS OF THE DEBTORS SHOULD NOT RELY UPON THIS DISCLOSURE STATEMENT FOR SUCH PURPOSES AND SHOULD EVALUATE THIS DISCLOSURE STATEMENT AND THE PLAN IN LIGHT OF THE PURPOSES FOR WHICH THEY WERE PREPARED.

Debtor-in-Possession Financing................................................................................18 D. The Committee’s Lien Review ..................................................................................18 E. The Debtors’ Schedules and the Statements of Financial Affairs .........................19 F.

Riddell Disputes .........................................................................................................20 G. Management Incentive Plan......................................................................................21 H. The Sale Motion .........................................................................................................22 1. The Auction ..........................................................................................................22 2. Sale Hearing and Closing of Sale........................................................................23 3.

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