November 14, 2018

Notice of Settlement

(This notice is posted regarding the settlement of a legal action, said settlement resulting in Tau Epsilon Phi Fraternity, Inc. resuming normal operation.)

NOTICE TO ALL CHAPTERS, MEMBERS AND ALUMNI OF THE TAU EPSILON PHI FRATERNITY

A settlement of all claims between Nathaniel Broughty on behalf of himself and in his representative capacity and the Officers and Directors of Tau Epsilon Phi Fraternity, Inc., in the Chapter 7 Bankruptcy Case of Tau Epsilon Phi Fraternity, Inc., Case No. 11-11844-GMB, as well as in the New York State Supreme Court Case entitled Nathaniel Broughty, et al. v. George Hassenberg, et al., Index No.: 651430/10 (the “New York Action”) has been finalized.

The settlement approved by the United States Bankruptcy Court on May 17th, 2011 provides for the dismissal of all claims against the Directors and Officers of Tau Epsilon Phi Fraternity, Inc. in the New York Action, the dismissal of the Chapter 7 Bankruptcy Case and the scheduling of elections of new officers and directors pursuant to a Plan to be provided by the Receiver in the New York Action. The Settling Parties have expressed satisfaction with the settlement, thank each other for the cooperative spirit of the settlement, and look forward to the future of the Fraternity.


Enclosures: Court Order Approving Settlement

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