PDS third member by arbitration

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PDS third member by arbitration

posted on Aug 19, 2014 04:40PM

PDS Management Committee Arbitration
In January 2014, our representative to the PDS management committee filed with the American Arbitration Association (“AAA”) a demand for arbitration
pursuant to the terms of the LLC Agreement. The demand seeks the appointment of a third member, referred to as the independent manager member, to the
PDS management committee. The AAA appointed an arbitrator who has determined that the parties in action need to be amended to reflect the PDS owners as
opposed to its managers. Therefore we are seeking a lifting of the Bankruptcy Court’s stay so that TPL can be made a party to the arbitration process, after
which the arbitrator will be responsible for selecting the independent manager from a listing of candidates supplied by TPL and PTSC. We believe the
appointment of the independent manager will facilitate decision-making in the best interests of PDS.