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Monday, May 15, 2023 9:29:56 PM
The Company evaluates subsequent events up until the date the unaudited consolidated financial statements are issued.
Sale of Real Estate Asset
During the period from April 1, 2023 through May 12, 2023, the Company sold one property located in the state of New York and received net proceeds of approximately $1,557,000.
Distributions
On May 10, 2023, a distribution in the amount of approximately $25,000,000 was declared which represented approximately $2.18 per Class A Interest. The distribution included (i) a cash distribution on account of then-allowed claims in the amount of approximately $24,880,000 which is payable on or about June 12, 2023 to holders of Class A Interests as of the close of business on May 31, 2023, and (ii) a deposit of approximately $120,000 into a restricted cash account, payable as (a) claims are resolved, (b) claims that were recently allowed, (c) addresses for holders of uncashed distribution checks are obtained, (d) pending avoidance actions are resolved and (e) further beneficiary information is received.
Causes of Action
In April 2023, the Trust reached a settlement in principal with Bailey Cavalieri LLC and Thomas Geyer that will resolve all litigation between them.
Forfeited Assets
During the period from April 1, 2023 through May 12, 2023, the Company realized net proceeds of approximately $21,000 from the sale of Forfeited Assets.
Other Refunds
During the period from April 1, 2023 through May 12, 2023, the Company received approximately $20,000 of escrow receivables relating to a sold single-family home.
Trust Accounts
During the period from April 1, 2023 through May 12, 2023, the Company transferred the balances in the Trust Accounts to one of the banking institutions with which it has a depositor relationship.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
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