The Note is earning interest at a rate of 5% and the obligor under the Note has paid fees to the G REIT in order to extend the Note maturity date.
The purpose of a liquidating trust is liquidation as soon as the circumstances will permit.
UPDATE FOR ALL G REIT INVESTORS – JUNE 2018 In 2017 a distribution check was delivered to all investors following receipt of a $1,000,000 partial payment from the obligor under the single remaining asset of G REIT, a promissory note in the principal amount of $12,000,000 (the “Note”).
Section 1123(b) (3) of the Bankruptcy Code facilitates the use of a liquidating trust for prompt administration of the estate by providing post-confirmation standing to an appointed representative of the estate to enforce claims and interests.
By establishing a liquidating trust pursuant to section 1123(b)(3) in a confirmed plan of reorganization or liquidation, a debtor can transfer causes of action and other assets to a trust, for future liquidation and distribution to the debtor’s creditors, and avoid delaying plan confirmation.
Though the Trustees initially anticipated issuing additional partial distribution payments, it has been determined that a single final distribution will be made upon repayment of the balance due under the Note.
To address anticipated questions and in order to provide important information to investors, please see below: A final distribution will be issued once the full amount due on the Note is collected.
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