IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: FASTSHIP, INC., et al., 1 Debtors.

) ) ) ) ) ) Chapter 11 Case No. 12-10968 (BLS) Jointly Administered

REPORT ON PLAN VOTING IN CONNECTION WITH THE JOINT LIQUIDATING AMENDED PLAN OF FASTSHIP INC. AND ITS SUBSIDIARIES PURSUANT TO CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE

The above-captioned debtors and debtors-in-possession (the Debtors), by and through their undersigned counsel, submit this report on the results of voting on the Joint Liquidating Amended Plan of FastShip Inc. and its Subsidiaries Pursuant to Chapter 11 of the United States Bankruptcy Code [Docket No. 95] (the Plan). In support thereof, the Debtors state as follows: 1. On May 30, 2012, the Debtors filed the Plan along with the Amended Disclosure

Statement for the Joint Liquidating Amended Plan of FastShip Inc. and its Subsidiaries Pursuant to Chapter 11 of the United States Bankruptcy Code [Docket No. 96] (the Disclosure Statement). 2. Order). The Court approved the Disclosure Statement by Order dated May 31, 2012 (the

The Debtors, along with the last four digits of each Debtors tax identification number, are as follows: FastShip, Inc. (8309) (Case No. 1210968-BLS), FastShip Atlantic, Inc. (0980) (Case No. 12-10970-BLS) and Thornycroft, Giles & Co., Inc. (1142) (Case No. 12-10971BLS). The mailing address for the Debtors is 1608 Walnut Street, Suite 501, Philadelphia, PA 19103.

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On June 4, 2012, the Debtors distributed Solicitation Packages,2 including ballots

in order to solicit votes to accept or reject the Plan, to all Holders of Claims and Equity Interests in Classes 1, 2, 3, 5 and 6. 4. The confirmation hearing (the Confirmation Hearing) in connection with the

Debtors Plan is scheduled for June 28, 2012 at 2:00 p.m. 5. Pursuant to the Order, the last date for Holders of Claims and Equity Interests in

Classes 1, 2, 3, 5 and 6 to vote to accept or reject the Plan was June 25, 2012 (the Voting Deadline).3 6. 7. Below is the report of the results of the voting on the Plan. Class 1 consists of Secured Creditor Claims. Class 1 is impaired under the Plan

and therefore is entitled to vote on the Plan. From the Claimants entitled to vote in Class 1, the Debtors claims agent received one hundred and thirty-three (133) valid ballots representing a total of $25,197,213.33 in Class 1 votes.4 One hundred percent (100%) of the Class 1 Claimants voted to accept the Plan. Accordingly, Class 1 is deemed to have accepted the Plan pursuant to 11 U.S.C. 1126(c). 8. Class 2 consists of Other Priority Claims. Class 2 is impaired under the Plan and

therefore is entitled to vote on the Plan. From the Claimants entitled to vote in Class 2, the Debtors claims agent received three (3) ballots representing a total of $23,450.00 in Class 2 votes. One hundred percent (100%) of the Class 2 Claimants voted to accept the Plan.

Accordingly, Class 2 is deemed to have accepted the Plan pursuant to 11 U.S.C. 1126(c).

2 Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan.

3 The Delaware River Port Authority was granted an extension of time to vote on the Plan through June 26, 2012.
4 One invalid ballot was received that failed to either accept or reject the Plan. The ballot was subsequently recast

and accepted the Plan.

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Class 3 consists of Allowed Unsecured Claims. Class 3 is impaired under the

Plan and therefore is entitled to vote on the Plan. From the Claimants entitled to vote in Class 3, the Debtors claims agent received twenty-four (24) valid ballots representing a total of $8,458,950.27 in Class 3 votes.5 Of the valid Class 3 ballots received, twenty-three (23)

claimants (or 96% of voting Class 3 Claimants), representing $8,253,116.27 (or 98% of the overall voting Class 3 dollars) voted to accept the Plan. Accordingly, Class 3 is deemed to have accepted the Plan pursuant to 11 U.S.C. 1126(c). 10. Class 4 consists of Intercompany Claims. Class 4 is impaired and deemed to

reject the Plan pursuant to 11 U.S.C. 1126(g). 11. Class 5 consists of Preferred Stock Equity Interests. Class 5 is impaired under the

Plan and therefore is entitled to vote on the Plan. From the Equity Interest Holders entitled to vote in Class 5, the Debtors claims agent received one (1) ballot representing a total of 70,000 shares in Class 5 votes. One hundred percent (100%) of the Class 5 Equity Interest Holders voted to accept the Plan. Accordingly, Class 5 is deemed to have accepted the Plan pursuant to 11 U.S.C. 1126(d). 12. Class 6 consists of Common Stock Equity Interests. Class 6 is impaired under the

Plan and therefore is entitled to vote on the Plan. From the Equity Interest Holders entitled to vote in Class 6, the Debtors claims agent received sixty-two (62) valid ballots representing a total of 8,607,825 shares in Class 6 votes.6 Of the valid Class 6 ballots received, sixty-one (61) Equity Interest Holders (or 98% of voting Class 6 Equity Interest Holders), representing

5 One invalid ballot was received that failed to either accept or reject the Plan. The total amount of the Claim for

such invalid ballot was $7,250.

6 Two invalid ballots were received that failed to either accept or reject the Plan. The first invalid ballot represented

9,408 shares. The second invalid ballot, representing 77,586 shares, was subsequently recast and accepted the Plan.

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7,107,686 shares (or 82% of the overall voting Class 6 shares) voted to accept the Plan. Accordingly, Class 6 is deemed to have accepted the Plan pursuant to 11 U.S.C. 1126(d). In light of the overwhelming support by the Holders of Claims and Equity Interests and the evidence to be presented in support of the Plan at the Confirmation Hearing, the Debtors respectfully request that the Court enter an Order confirming the Plan, as amended.

Dated: June 27, 2012 BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP By: /s/ Raymond H. Lemisch Raymond H. Lemisch, Esquire (No. 4204) Jennifer E. Smith, Esquire (No. 5278) 222 Delaware Ave., Suite 801 Wilmington, DE 19801 302-442-7010 (telephone) 302-442-7012 (facsimile) rlemisch@beneschlaw.com jsmith@beneschlaw.com - and Kari Coniglio, Esquire (OH 0081463) 200 Public Square, Suite 2300 Cleveland, OH 44114 (216) 363-4500 (telephone) (216) 363-4588 (facsimile) kconiglio@beneschlaw.com Counsel to the Debtors and Debtors-in-Possession

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