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February 13, 2016 9:41 PM ET

Internet Software and Services

Company Overview of Solavei, LLC

Company Overview

Solavei, LLC operates a social commerce network/platform that enhances its members’ social connections and rewards them when they share the products and services they use every day. The company’s mobile sharing platform helps members to connect with friends and families to earn income by referring Solavei to others. It serves Fortune 100 telecommunication and retail executives and advisors worldwide. The company was founded in 2011 and is based in Bellevue, Washington. As of August 3, 2015, Solavei, LLC operates as a subsidiary of ASPIDER Solutions US, Inc.

10500 NE 8th Street

Suite 1300

Bellevue, WA 98004-4312

United States

Founded in 2011

Phone:

425-455-4000

Key Executives for Solavei, LLC

Co-Founder, Chairman and Chief Executive Officer
Founder and Head of Legal & Policy
Head of Finance
Head of Operations
Head of Human Resources
Compensation as of Fiscal Year 2015.

Solavei, LLC Key Developments

Amended Reorganization Plan Approved for Solavei, LLC

The US Bankruptcy Court approved the amended plan of reorganization of Solavei, LLC on April 17, 2015. The debtor had filed its amended plan in the Court on March 13, 2015. As per the amended plan, administrative claims of $1.4 million and T-Mobile Administrative Expense Claim of $1.15 million shall be paid in full in cash. professional fees in the range of $0.10 million and $0.20 million shall be paid in full in cash. Secured claim of Opus Bank, for the amount of $4.80 million will be paid $2.5 million in cash. Secured Claim of T-Mobile of $21.62 million will be paid $5 million in cash. Secured Claim of Noteholders will receive 40% of new equity amounting to $1.77 million against its claim of $14.77 million. Continuing employment claims shall be paid by newco in the ordinary course of business. Priority tax claims of $0.31 million shall be paid in full in cash. Priority Wage Claims of $0.03 million will be paid in full in cash. General Unsecured Claims of $19.76 million will be paid $1.25 million in cash on a pro rata basis. Prepetition interests shall be deemed cancelled as of effective date. The plan shall be funded through cash of $1.22 million, Aspider transaction proceeds, Newco sale proceeds, Opus Note of $0.75 million and T-Mobile Note of $4 million.

Amended Reorganization Plan and Disclosure Statement Filed by Solavei, LLC

Solavei, LLC filed an amended plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 17, 2015. As per the plan filed, Administrative Claims of $1.4 million and T-Mobile Administrative Expense Claim of $1.15 million will be paid in full in cash. Secured Claim of Opus Bank of $4.8 million will be paid $2.5 million and Secured Claim of T-Mobile of $21.62 million will be paid $5 million in cash. Secured Claim of Noteholders will receive 40% of new equity amounting to $1.77 million against its claim of $14.77 million. Priority Wage Claims of $0.03 million will be paid in full in cash. General Unsecured Claims of $19.76 million will be paid $1.25 million in cash on a pro rata basis. The treatment of other classes remains unchanged.

Reorganization Plan and Disclosure Statement Filed by Solavei, LLC

Solavei, LLC filed a plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 9, 2015. As per the plan filed, Administrative Claims of $4.40 million shall be paid in full in cash. Professional Fees in the range of $0.10 million and $0.20 million shall be paid in full in cash. Secured Claim of Opus Bank, for the amount of $4.80 million, shall be paid $1.75 million in cash on the effective date, promissory note of $0.75 million with an interest rate of 8.25% p.a. Secured Claim of T-Mobile, for the amount of $23.02 million, shall be paid cash of $1 million on the effective date and promissory note of $4 million payable in 21 monthly installments. Secured Claim of Noteholders, for the amount of $14.77 million, shall receive pro rata share of 40% of Newco Equity Interests for the amount of $1.77 million. Continuing Employment Claims shall be paid by Newco in the ordinary course of business. Priority Tax Claims of $0.31 million shall be paid in full in cash. Priority Wage Claims of $0.03 million shall be paid in full in cash on the effective date, promissory note in the amount lesser of $0.25 million or 5% of the allowed rejected contract claims and pro rata share of 80% of Trade Secret Lawsuit proceeds. General Unsecured Claims of $19.76 million shall receive pro rata share of 80% of the Trade Secret Lawsuit proceeds and cash of $1 million. Prepetition Interests shall be deemed cancelled as of effective date. The plan shall be funded through cash of $1.22 million, Aspider transaction proceeds, Newco sale proceeds, Opus Note pf $0.75 million and T-Mobile Note of $4 million. Solavei, LLC filed a revised disclosure statement with respect to plan of reorganization in the US Bankruptcy Court on March 13, 2015. As per the revised disclosure statement filed, there are no substantial changes under the plan.

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