Orbanco, with about $1 billion in assets, has been operating under a liquidation plan.

Immediately after the liquidation plan was announced on May 6, the fund's discount narrowed to about 10 to 12 percent.

The liquidation plan of Hostess Brands was finalized by a federal bankruptcy judge on November 29, 2012.

He said the parent company planned to take legal steps to challenge the liquidation plan.

On April 22, 2013, receivers firm filed an updated liquidation plan.

And National Realty Advisors promptly proposed scrapping the liquidation plan.

"It's an effort to wring the high yield out of the system," Mr. Hoyle said of the liquidation plans.

The sale is part of Burnham's announced liquidation plan.

In announcing its liquidation plan today, Crazy Eddie did not disclose its assets or liabilities, but listed a net deficit of $26.7 million.

The committee said it would file a liquidation plan and would move to compel a liquidation.