Omagine, Inc., along with its affiliate, filed a joint plan of reorganization in the US Bankruptcy Court on June 7, 2020. As per the plan filed, unsecured priority tax claim of $5,194.83 of New York State regarding interest and penalties and $1,400 claim of the State of Delaware shall be paid in cash. No amount for penalties will be paid unless and until all other allowed unsecured claims are paid in full, and then only if the claim becomes an allowed claim. Debtors have no secured claims. Unsecured Omagine note claims of $1.94 million, unsecured Omagine pre-petition insider consulting fee claims of $1.13 million and unsecured Omagine vendor claims of $0.4 million shall be paid in full from pool 6 unless pool 6 is an insufficient funds pool, in which case, each holder will be paid the pro-rata amount of its claim. Unsecured JOL vendor claims of $0.09 million are disallowed and receive no payments. Equity interests shall be cancelled. The sole source of cash that may be available to fund distributions under this plan is a recovery at the conclusion of the Oman litigation. On or about the confirmation date, the reorganized Omagine common shares shall be issued to Frank Drohan at $3,500 for 0.35 million shares Charles Kuczynski at $1,200 for 0.12 million shares Sam Hamdan at $350 for 0.035 million shares. Omagine, Inc., along with its affiliate, filed modified joint plan of reorganization and related disclosure statement in the US Bankruptcy Court on December 19, 2021. As per the plan filed, there is no change in the treatment of any claim class.
Omagine, Inc. (Omagine) is a holding company. The Company is focused on entertainment, hospitality and real estate development opportunities in the Middle East and North Africa (the MENA Region), and on the design and development of tourism destinations. The Company conducts its operations through its subsidiary, Omagine LLC, an Omani limited liability corporation (LLC) and its subsidiary, Journey of Light, Inc. (JOL). Omagine organized Omagine LLC to design, develop, own and operate its initial project, a mixed-use tourism and real estate project named the Omagine Project. The Omagine Project is being developed on one million square meters (equal to 100 hectares or approximately 245 acres) of beachfront land facing the Gulf of Oman, west of Oman's capital city of Muscat and approximately six miles from Muscat International Airport.