Issue link: https://mbozikis.ufcontent.com/i/1422521
20 group or committee was formed must be named. Additionally, the circumstances surrounding the employment of an entity, including the name of each creditor or equity security holder at whose instance the employment was arranged, must be disclosed. F ED. R. BANKR. P. 2019(c)(1). Each entity and member of a group or committee must provide its name and address as well as the nature and amount of each disclosable economic interest held by such entity or member in relation to the debtor as of the date the entity was employed or the group or committee was formed. F ED. R. BANKR. P. 2019(c)(2). A "disclosable economic interest" is broadly defined as "any claim, interest, pledge, lien, option, participation, derivative instrument, or any other right or derivative right granting the holder an economic interest that is affected by the value, acquisition, or disposition of a claim or interest." F ED. R. BANKR. P. 2019(a)(1). Additionally, each member of a group or committee, other than an official committee, must disclose the date of acquisition of each disclosable economic interest by quarter and year, unless such economic interest was acquired more than one year before the petition date. F ED. R. BANKR. P. 2019(c)(2)(C). The statement of information must also include a copy of the instrument, if any, by which the entity, committee or group is empowered to act on behalf of the creditors or equity security holders and supplemental statements must be filed promptly upon any material changes in the facts previously disclosed pursuant to Bankruptcy Rule 2019. F ED. R. BANKR. P. 2019(c)–(d). Parties who fail to file a so-called "2019 Statement" can be subject to certain penalties, including being barred from further appearances in the bankruptcy case or having any acceptances, rejections or objections given, procured or received by them held invalid. F ED. R. BANKR. P. 2019(e). As currently written, Bankruptcy Rule 2019 reflects amendments adopted in order to clarify, in the midst of disagreement among courts, that ad hoc committees are indeed subject to the Rule 2019 disclosure obligations. See In re Phila.