(a) Objection to Disclosure Statement. Unless otherwise ordered by the court, objections to a disclosure statement in a chapter 11 case shall be filed and served not later than 7 days before the hearing on the disclosure statement. The objection shall identify those portions of the disclosure statement that the objecting party asserts are incomplete, misleading, or erroneous, and the basis for such assertions.

(b) Conference of Attorneys. Not later than 5 days before the hearing on the disclosure statement, there shall be a conference of attorneys. It shall be the duty of counsel for the proponent of the disclosure statement ("proponent") to arrange for the conference. The attorney for each objecting party shall attend the conference, either in person or telephonically. At the conference, counsel shall attempt to reach agreement on changes to the disclosure statement.

(c) Summary of Objections to Disclosure Statement. Unless otherwise ordered by the court, the plan proponent's counsel shall file a summary of those objections to the disclosure statement that have not been resolved at the conference of attorneys. The summary shall be filed and served on the objecting parties at least 3 days prior to the hearing on such statement. If the disclosure statement hearing is continued, an amended summary of objections shall likewise be filed and served at least 3 days prior to the continued hearing.

(d) Notice of Hearing on Disclosure Statement. The proponent's notice of hearing on the disclosure statement shall include the time within which objections must be served under subsection (a) of this rule, and the date, time and place of the conference of attorneys required by subsection (b) of this rule.

(e) Hearing on Disclosure Statement. Failure by an objecting party or proponent to comply with the provisions of this rule may be deemed by the court to be an admission that the objection, or the opposition thereto, is without merit.

(f) Small Business Cases. Local Bankruptcy Rule 3017-2 applies.