4D Factory is a holding company formed to leverage the opportunities arising in this era of tech-driven media transformation, developing content for digital entertainment.

Events Leading to Bankruptcy: The founders and former senior management of 4D Factory commenced litigation following former management's departure to Neon Machine, Inc. (“Neon”). Unable to operate 4D in the normal course, the senior secured creditor MEP Capital Holdings III, LP commenced action that led to 4D voluntary subchapter V bankruptcy.

On February 14, 2025, Neon and debtor The 4D, among others, reached a settlement whereby Neon agreed to pay the following:

• Cash settlement of $4.25 million paid over four years

• Approximately 18% of the stock in Neon

• $150 million in SHRAP tokens, subject to unlock provisions

Valuation of Game Tokens: The most interesting challenge of this Report was valuing certain “Game Tokens” to be issued in a revolutionary first-person shooter AAA Blockchain-enabled game creating non-fungible tokens (“NFTs”) with its own cryptocurrency and user-generated content.  The full game launch is due in the second half of 2025.

Efficient Process: Amended report issued in March supported confirmation in early August 2025.

Manning spared the Debtors a conversion to Chapter 7 and he completed a transaction where time and cash were in short supply.