Investors: As many of you are aware, the Court issued its order last Friday finding that the highest and best bid was that of Silverpoint Capital. This is a “cash only” bid in that the Receivership will receive a one time payment of $19,500,000.00 plus an amount equal to the premium payments for March and April. The result is approximately $20,000,000.00.
There are certain deductions that will be made which include the Jordan settlement, paying off lenders, fees and costs. Additional sums will be set aside to pursue the bank and broker litigation as well as other collection efforts like the frozen Canadian funds. It is hoped that this satellite litigation will result in additional distributions to you.
A fairness hearing has been set for May 9, 2006. Please contact me with questions or concerns.
Andrew Storar, Examiner