Albert Whitman's Chapter 11 Subchapter V plan would use projected disposable income over five years to pay unsecured creditors - including authors owed royalties - a pro rata share; the Guild's update pegs projected recovery around half of allowed claims, though the real number depends on income and how claims shake out. Creditors vote on the plan, but the court can still confirm it if liquidation would leave people worse off.
The piece walks through ballots, how to dispute a claim if the publisher objects, and why undeliverable checks get forfeited after ninety days. If you're owed money, filing a proof of claim and keeping your address current through 2031 isn't paperwork busywork - it's how you stay in line for quarterly distributions.
(Shortened and summarised to avoid devaluing the source)