On September 22, 2006, Bankruptcy Judge Novalyn L. Winfield confirmed the Joint Plan of Orderly Liquidation proposed by Treasure Island, Inc. and its Official Committee of Unsecured Creditors.

Treasure Island, Inc., which filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey on January 20, 2006, was engaged in the retailing of outdoor furniture, home accents and crafts, as well as holiday decorations, and had operated 16 store locations in the New York/New Jersey metropolitan area.  Under the terms of the Plan, Bernard Katz of J.H. Cohn LLP will act as disbursing agent and liquidating trustee.  Dividends to holders of allowed general unsecured claims are expected to total approximately 15%.

The Official Committee of Unsecured Creditors was represented by Michael Sirota, Warren Usatine, Ilana Volkov, Mark Politan and Felice Yudkin of Cole Schotz.  Bernard Katz and Howard Konicov of J.H. Cohn LLP served as financial advisors to the Committee.