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Syncora Holdings Ltd
The remaining remaining assets of Syncora Holdings Ltd (In Liquidation) consists of cash and other liquid assets as well as its interest in Swap Financial Group, LLC, its interest in Crown Global Insurance Group, LLC, real property and an option on real property in Detroit, Michigan, and a certificate that can be presented to the City of Detroit for value when purchasing certain city-owned property in Detroit, Michigan (the “Retained Assets”).
Syncora is currently involved in disputes related to certain of these assets, which may not be resolved favorably or at all, and which may have a negative impact on the value of these assets.
The real property option includes certain requirements; including that the real property option be exercised before December 10, 2021 and that construction begin on such property within 15 months of exercising the option (3/10/23). In addition, the real property interest owned by the Company requires that construction begin on such property within 15 months of December 10, 2019, the date when the Company took ownership or 3/10/21. This condition may make this real property option and this real property less marketable and less valuable, and subjects them to the risk of repossession by the City of Detroit. As a result, the Company may not realize fair market value, or any value, on some or any of these Retained Assets, which could result in a limited or no Subsequent Distribution.
