Gierczyk alleges Olympus Peak is not fulfilling its promise to pay additional amounts for a bankruptcy claim after the payout exceeded expectations, violating their agreement.
The purchase agreement included an 'excess claim provision', ensuring Gierczyk would receive extra recovery if his claim was valued more than he sold it for.
Recent disclosures indicate that claims like Gierczyk's could yield distributions up to 146% of their value, raising concerns over Olympus Peak's refusal to honor the agreement.
Olympus Peak's communication to Gierczyk expressed disagreement over any retained economic interest in the claim despite contractual obligations to pay additional amounts.
Collection
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