Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 28, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2022 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 000-56115 | ||
Entity Registrant Name | Woodbridge Liquidation Trust | ||
Entity Central Index Key | 0001785494 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-7730868 | ||
Entity Address, Address Line One | 201 N. Brand Blvd. | ||
Entity Address, Address Line Two | Suite M | ||
Entity Address, City or Town | Glendale | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91203 | ||
City Area Code | 310 | ||
Local Phone Number | 765-1550 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 104,760 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Auditor Firm ID | 23 | ||
Auditor Name | Baker Tilly US, LLP | ||
Auditor Location | Irvine, California |
Consolidated Statements of Net
Consolidated Statements of Net Assets in Liquidation - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Assets | ||
Real estate assets held for sale, net (Note 3) | $ 29,062 | $ 140,855 |
Cash and cash equivalents | 96,810 | 45,369 |
Restricted cash (Note 4) | 6,121 | 8,273 |
Other assets (Note 5) | 5,825 | 5,473 |
Total assets | 137,818 | 199,970 |
Liabilities | ||
Accounts payable and accrued liabilities | 119 | 160 |
Distributions payable | 68,767 | 4,687 |
Accrued liquidation costs (Note 6) | 34,537 | 65,583 |
Total liabilities | 103,423 | 70,430 |
Commitments and Contingencies (Note 14) | ||
Net Assets in Liquidation | ||
Restricted for Qualifying Victims (Note 7) | 3,485 | 3,167 |
All Interestholders | 30,910 | 126,373 |
Net Assets in Liquidation | $ 34,395 | $ 129,540 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets in Liquidation - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in Net Assets in Liquidation [Roll Forward] | ||
Net Assets in Liquidation as of beginning of year | $ 129,540 | $ 264,517 |
Restricted for Qualifying Victims - | ||
Change in carrying value of assets and liabilities, net | 318 | 3,167 |
All Interestholders - | ||
Change in carrying value of assets and liabilities, net | 47,602 | 644 |
Distributions (declared) reversed, net | (143,065) | (138,788) |
Net change in assets and liabilities | (95,463) | (138,144) |
Net Assets in Liquidation as of end of year | 34,395 | 129,540 |
Restricted for Qualifying Victims [Member] | ||
Increase (Decrease) in Net Assets in Liquidation [Roll Forward] | ||
Net Assets in Liquidation as of beginning of year | 3,167 | 0 |
Restricted for Qualifying Victims - | ||
Change in carrying value of assets and liabilities, net | 318 | 3,167 |
All Interestholders - | ||
Change in carrying value of assets and liabilities, net | 0 | 0 |
Distributions (declared) reversed, net | 0 | 0 |
Net change in assets and liabilities | 0 | 0 |
Net Assets in Liquidation as of end of year | 3,485 | 3,167 |
All Interestholders [Member] | ||
Increase (Decrease) in Net Assets in Liquidation [Roll Forward] | ||
Net Assets in Liquidation as of beginning of year | 126,373 | 264,517 |
Restricted for Qualifying Victims - | ||
Change in carrying value of assets and liabilities, net | 0 | 0 |
All Interestholders - | ||
Change in carrying value of assets and liabilities, net | 47,602 | 644 |
Distributions (declared) reversed, net | (143,065) | (138,788) |
Net change in assets and liabilities | (95,463) | (138,144) |
Net Assets in Liquidation as of end of year | $ 30,910 | $ 126,373 |
Formation, Organization and Des
Formation, Organization and Description of Business | 12 Months Ended |
Jun. 30, 2022 | |
Formation, Organization and Description of Business [Abstract] | |
Formation, Organization and Description of Business | 1) Formation, Organization and Description of Business Formation Woodbridge Liquidation Trust (Trust) was established (i) for the purpose of collecting, administering, distributing and liquidating the Trust assets for the benefit of the Trust beneficiaries in accordance with the Liquidation Trust Agreement and the First Amended Joint Chapter 11 Plan of Liquidation of Woodbridge Group of Companies, LLC and Its Affiliated Debtors dated August 22, 2018 (as amended, modified, supplemented or restated from time to time; the (Plan)); (ii) to resolve disputed claims asserted against the Debtors; (iii) to litigate and/or settle causes of action (Causes of Action); and (iv) to pay certain allowed claims and statutory fees, as required by the Plan. Woodbridge Group of Companies, LLC and its affiliated debtors are individually referred to herein as a Debtor and collectively as Debtors. The Trust was formed on February 15, 2019 (Plan Effective Date) as a statutory trust under Delaware law. On the Plan Effective Date, in accordance with the Plan, (a) the following assets automatically vested in the Trust: (i) an aggregate $5,000,000 in cash from the Debtors for the purpose of funding the Trust’s initial expenses of operation; (ii) certain claims and Causes of Action; (iii) all of the outstanding equity interests of the Wind-Down Entity (as defined below); and (iv) certain other non-real estate related assets, (b) the equity interests of Woodbridge Group of Companies, LLC and Woodbridge Mortgage Investment Fund 1, LLC (together, the Remaining Debtors) were cancelled and new equity interests representing all of the newly issued and outstanding equity interests in the Remaining Debtors were issued to the Trust, (c) all of the other Debtors other than the Remaining Debtors were dissolved and (d) the real estate-related assets of the Debtors were automatically vested in the Trust’s wholly-owned subsidiary, Woodbridge Wind-Down Entity LLC (Wind-Down Entity) or one of the Wind-Down Entity’s 43 wholly-owned single member LLCs (Wind-Down Subsidiaries) formed to own the respective real estate assets. The Trust, the Remaining Debtors, the Wind-Down Entity and the Wind-Down Subsidiaries are collectively referred to herein as the Company. As further discussed in Note 10, the Trust has two classes of liquidation trust interests, Class A Liquidation Trust Interests (Class A Interests) and Class B Liquidation Trust Interests (Class B Interests). The holders of Class A Interests and Class B Interests are collectively referred to as All Interestholders. On December 24, 2019, the Trust’s Registration Statement on Form 10 became effective under the Securities Exchange Act of 1934 (Exchange Act). The trading symbol for the Trust’s Class A Interests is WBQNL. Bid and ask prices for the Trust’s Class A Interests are quoted on the OTC Link ATS, the SEC-registered alternative trading system. The Class A Interests are eligible for the Depository Trust Company’s Direct Registration (DRS) services. The Class B Interests are not registered with the SEC. Organization The Trust does not have directors or executive officers. All of the management and executive authority of the Trust resides with the Liquidation Trustee, subject to the supervision of a six-member supervisory board. The Wind-Down Entity is separately managed by its three-member board of managers, one of whom is the chief executive officer. The Liquidation Trust Interests are non-voting. The holders of the Class A Interests and the Class B Interests have the same rights, except with respect to certification, transferability and payment of distributions. See Note 11 regarding the priority and manner of distribution of available cash. The Wind-Down Entity, from time to time, will make distributions to the Trust, as available. The Trust will in turn make distributions, from time to time, to the Trust beneficiaries, as available. The Trust will be terminated upon the first to occur of (i) the making of all distributions required to be made and a determination by the Liquidation Trustee that the pursuit of additional causes of action held by the Trust is not justified or (ii) February 15, 2024. However, the bankruptcy court may approve an extension of the term if deemed necessary to facilitate or complete the recovery on, and liquidation of, the Trust assets. Pursuant to the Wind-Down Entity’s Limited Liability Company Agreement, the Wind-Down Entity shall dissolve upon the first to occur of the following: (i) the written consent of the Trust, (ii) the entry of a decree of judicial dissolution under Section 18-802 of the Delaware LLC Act and (iii) the sale or other disposition of all of the Wind-Down Assets. Description of Business The Trust is prosecuting various Causes of Action acquired by the Trust pursuant to the Plan and is resolving claims asserted against the Debtors. As of June 30, 2022, the Company is the plaintiff in several pending lawsuits. During the years ended June 30, 2022 and 2021, the Company recorded settlement recoveries of approximately $26,922,000 and $9,839,000, respectively, from the settlement of Causes of Action of which approximately $24,815,000 and $0, respectively, was from Comerica Bank (see Note 13 for additional information). The Company also recorded liabilities of 5% of the settlement recoveries as amounts payable to the Liquidation Trustee. The Company has accrued an estimate of the amount of legal costs to be incurred to pursue this litigation, excluding contingent fees. As more fully discussed in Note 2, the Company’s consolidated financial statements do not include any estimate of future net recoveries from litigation and settlement, since the Company cannot reasonably estimate them. As of June 30, 2022, the Wind-Down Subsidiaries owned one single-family home, located in Los Angeles, California. Construction of this single-family home was substantially complete, and it was listed for sale. The Wind-Down Subsidiaries are completing the punch list items on three single-family homes they constructed. The Wind-Down Subsidiaries also own secured loans (performing and non-performing) and other properties located in other states. The Company is required to liquidate its assets and distribute available cash to the Trust beneficiaries. The liquidation activities are carried out by the Trust, the Wind-Down Entity and the Wind-Down Subsidiaries. As of June 30, 2022, the Company estimates that the liquidation activities will be completed by February 15, 2024. As discussed in Note 2, the Company uses the Liquidation Basis of Accounting. The Company currently operates as one reportable segment with activities comprised primarily of real estate assets held for sale. Net assets in liquidation represent the remaining estimated aggregate value available to Trust beneficiaries upon liquidation, with no discount for the timing of proceeds (undiscounted). Due to the unpredictability of real estate selling prices, the impact of the COVID-19 virus and other global health crises (see below), as well as the uncertainty in the timing of liquidation of the real estate and other assets, net liquidation proceeds, other recoveries and actual liquidation costs may differ materially from the estimated amounts. The Trust’s expectations about the amount of any additional distributions and when they will be paid are subject to risks and uncertainties and are based on certain estimates and assumptions, one or more of which may prove to be incorrect. As a result, the actual amount of any additional distributions may differ materially, perhaps in adverse ways, from the Trust estimates. Furthermore, it is not possible to predict the timing of any additional distributions and such distributions may not be made within the timing referenced in the consolidated financial statements. No assurance can be given that total distributions will equal or exceed the estimate of net assets in liquidation presented in the consolidated statements of net assets in liquidation. The Company observes health and safety guidelines, including allowing its employees to work remotely. The Company will continue to evaluate the impact of the COVID-19 virus and other global health crises on its activities, including the cost of construction, the timing of completion of the single-family homes that are under construction, the time needed to market and sell its remaining real estate assets and the price at which these real estate assets will be sold. The ultimate impact of the COVID-19 virus and other global health crises will depend on many factors, some of which cannot be foreseen, including the duration, severity, and geographic concentrations of the pandemic. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2) Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These consolidated financial statements have been presented in accordance with Accounting Standards Codification (ASC) Subtopic 205-30, “Liquidation Basis of Accounting,” as amended by, Accounting Standards Update (ASU) No. 2013-07, “Presentation of Financial Statements (Topic 205), Liquidation Basis of Accounting.” All material intercompany accounts and transactions have been eliminated. Use of Estimates U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and for the period then ended. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the carrying amounts of assets and liabilities are revised in the period that available information supports a change in the carrying amount. Liquidation Basis of Accounting Under the Liquidation Basis of Accounting, all assets are recorded at their estimated net realizable value or liquidation value, which represents the estimated amount of net cash that will be received upon the disposition of the assets (on an undiscounted basis). The measurement of real estate assets held for sale is based on current contracts (if any), estimates and other indications of sales value, net of estimated selling costs. To determine the value of real estate assets held for sale, the Company considered the three traditional approaches to value (cost, income and sales comparison) commonly used by the real estate appraisal community. The applicability and relevancy of each valuation approach as applied may differ by asset. In most cases, the sales comparison approach was accorded the greatest weight. This approach compares a property to other properties with similar characteristics that have recently sold. To validate management’s estimate, the Company also considers opinions from qualified real estate professionals and local real estate brokers and, in some cases, obtained third party appraisals. The estimated selling costs range from 5.0% to 6.5%. Liabilities, including estimated costs associated with implementing and completing the Plan, are measured in accordance with U.S. GAAP that otherwise applies to those liabilities. The Company has also recorded the estimated development costs to be incurred to prepare the assets for sale as well as the estimated holding costs to be incurred until the projected sale date and the estimated general and administrative costs to be incurred until the completion of the liquidation of the Company. When estimating development costs, the Company considered third party construction contracts and estimates of costs to complete based on construction status, progress and projected completion timing. Estimated development costs also include the costs of design and furnishings necessary to prepare and stage the homes for marketing as well as an accrual for warranty claims. Holding cost estimates consider property taxes, insurance, utilities, maintenance and other costs to be incurred until the sale of the property is closed. Projected general and administrative cost estimates take into account operating costs through the completion of the liquidation of the Company. These estimated amounts are presented in the accompanying consolidated statements of net assets in liquidation. All changes in the estimated liquidation value of the Company’s real estate held for sale, other assets and liabilities are reflected as a change to the Company’s net assets in liquidation. The Company has not recorded any amount from the future settlement of Unresolved Causes of Action or recoveries from Fair Fund or Forfeited Assets in the accompanying consolidated financial statements since they cannot be reasonably estimated. The amount recovered may be material to the Company’s net assets in liquidation. On a quarterly basis, the Company reviews the estimated net realizable values, liquidation costs and the estimated date of the completion of the liquidation of the Company and records any significant changes. The Company will also revalue an asset when it is under contract for sale and the buyer’s contingencies have been removed. During the period when this occurs, the carrying value of the asset and the estimated closing and other costs will be adjusted, if necessary. If the Company has a change in its plan for the disposition of an asset, the carrying value will be adjusted to reflect this change in the period that the change is approved. The change in value may include the accrued liquidation costs related to the asset. Other Assets The Company recognizes recoveries from the settlement of Unresolved Causes of Action when an agreement is executed, and collectability is reasonably assured. An allowance for uncollectible settlement installment receivables is recorded when there is doubt about the collectability of the receivable. Insurance claims are recognized when the insurance company accepts the claim or if a claim is pending and the recoverable amount can be estimated. The Company records escrow receivables at the amount that is expected to be received when the escrow receivable is released. The Forfeited Assets (Note 7) received from the United States Department of Justice (DOJ), other than cash, have been recorded at their estimated net realizable value. In addition, the Company recognizes other amounts to be received based on contractual terms or when the amounts to be received are certain. Accrued Liquidation Costs The Company accrues for estimated liquidation costs to the extent they are reasonably determinable. These costs consist of (a) estimated development costs of the single-family homes, including construction and other project-related costs, architectural and engineering, project management, city fees, bond payments (net of refunds), furnishings, marketing and other costs; (b) estimated holding costs, including property taxes, insurance, maintenance, utilities and other; and (c) estimated general and administrative costs including payroll, legal and other professional fees, trustee and board fees, rent and other office related expenses and other general and administrative costs to operate the Company. Cash Equivalents The Company considers short-term investments that have a maturity date of ninety days or less at the time of investment to be a cash equivalent. The Company’s cash equivalents include money market savings deposits and money market funds. Restricted Cash Restricted cash includes cash that can only be used for certain specified purposes. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and restricted cash. At times, balances in any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by depositing its cash, cash equivalents and restricted cash in high-credit quality financial institutions. In addition, the Company uses strategies to reduce deposits balances at any one financial institution consistent with FDIC insurance limits. Income Taxes The Trust is intended to be treated as a grantor trust for income tax purposes and, accordingly, is not subject to federal or state income tax on any income earned or gain recognized by the Trust. The Trust’s beneficiaries will be treated as the owner of a pro-rata portion of each asset, including cash and each liability received by and held by the Trust. Each beneficiary will be required to report on his or her federal and state income tax return his or her pro-rata share of taxable income, including gains and losses recognized by the Trust. Accordingly, there is no provision for federal or state income taxes recorded in the accompanying consolidated financial statements. The Company regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in the consolidated financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provision for uncertain income tax positions has been recorded in the consolidated financial statements. Net Assets in Liquidation - Restricted for Qualifying Victims The Company separately presents the portion of net assets in liquidation that are restricted for Qualifying Victims (Note 7) from the net assets in liquidation that are available to All Interestholders. |
Real Estate Assets Held for Sal
Real Estate Assets Held for Sale, Net | 12 Months Ended |
Jun. 30, 2022 | |
Real Estate Assets Held for Sale, Net [Abstract] | |
Real Estate Assets Held for Sale, Net | 3) Real Estate Assets Held for Sale, Net The Company’s real estate assets held for sale as of June 30, 2022 and 2021, are as follows ($ in thousands): June 30, 2022 June 30, 2021 Number of Assets Gross Value Closing and Other Costs Net Value Number of Assets Gross Value Closing and Other Costs Net Value Single-family homes 1 $ 28,000 $ (1,680 ) $ 26,320 7 $ 146,750 $ (8,805 ) $ 137,945 Other real estate assets: Secured loans 2 972 (40 ) 932 4 1,945 (87 ) 1,858 Other properties 2 2,000 (190 ) 1,810 2 1,107 (55 ) 1,052 Subtotal 4 2,972 (230 ) 2,742 6 3,052 (142 ) 2,910 Total 5 $ 30,972 $ (1,910 ) $ 29,062 13 $ 149,802 $ (8,947 ) $ 140,855 As of June 30, 2022, the single-family home was listed for sale and is located in the Los Angeles, California area. The loans are secured by properties located primarily in the eastern United States. The other properties are located in the states of Hawaii and New York. During the year ended June 30, 2022, the Company sold six single-family homes and settled two secured loans for net proceeds of approximately $131,716,000. During the year ended June 30, 2021, the Company sold six single-family homes, two lots and eleven other properties for net proceeds of approximately $134,159,000. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Jun. 30, 2022 | |
Restricted Cash [Abstract] | |
Restricted Cash | 4) Restricted Cash The Company’s restricted cash as of June 30, 2022 and 2021, is as follows ($ in thousands): June 30, 2022 June 30, 2021 Distributions restricted by the Company related to unresolved claims, distributions for recently allowed claims, uncashed distribution checks, distributions withheld due to pending avoidance actions and distributions that the Trust is waiting for further beneficiary information $ 3,726 $ 4,687 Forfeited Assets (Note 7) 2,395 1,836 Interest reserve (Note 9) - 1,750 Total restricted cash $ 6,121 $ 8,273 |
Other Assets
Other Assets | 12 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
Other Assets | 5) Other Assets The Company’s other assets as of June 30, 2022 and 2021, are as follows ($ in thousands): June 30, 2022 June 30, 2021 Escrow receivables (a) $ 3,420 $ 2,500 Forfeited Assets (Note 7) 1,258 1,549 Settlement installment receivables, net (b) 756 1,014 Other 391 410 Total other assets $ 5,825 $ 5,473 (a) Escrow receivables as of June 30, 2022 relate to two single-family homes that were sold during the year ended June 30, 2022 and one single-family home sold prior to June 30, 2021. Escrow receivables as of June 30, 2021 relates to one single-family home that was sold prior to June 30, 2021. Amounts are to be released upon completion of punch list items and/or obtaining a certificate of occupancy. See Note 15 for additional information. (b) The allowance for uncollectible settlement installment receivables was approximately $7,000 and $9,000 as of June 30, 2022 and 2021, respectively. |
Accrued Liquidation Costs
Accrued Liquidation Costs | 12 Months Ended |
Jun. 30, 2022 | |
Accrued Liquidation Costs [Abstract] | |
Accrued Liquidation Costs | 6) Accrued Liquidation Costs The following is a summary of accrued liquidation costs as of June 30, 2022 and 2021 ($ in thousands): June 30, 2022 June 30, 2021 Development costs: Construction costs $ 4,331 $ 23,480 Construction warranty 4,184 2,870 Indirect costs 170 712 Bond refunds (506 ) (1,134 ) Total development costs 8,179 25,928 Holding costs: Property tax 771 1,901 Insurance 388 1,291 Maintenance, utilities and other 428 1,000 Total holding costs 1,587 4,192 General and administrative costs: Legal and other professional fees 12,377 17,697 Payroll and payroll-related 7,989 10,432 Directors and officers insurance 2,508 2,576 Board fees and expenses 630 1,558 State, local and other taxes 331 2,217 Other 936 983 Total general and administrative costs 24,771 35,463 Total accrued liquidation costs $ 34,537 $ 65,583 As of June 30, 2022, the Company estimates that its liquidation activities will be completed by February 15, 2024. In the fourth quarter of the year ended June 30, 2021, the Company determined that additional time may be needed to resolve its various Unresolved Causes of Action. An analysis was completed and the Company concluded that an additional year would be needed to carry out the Company’s liquidating activities. As a result, the Company accrued approximately $12,952,000 of additional general and administrative costs. The costs are primarily legal and other professional fees, payroll and payroll-related, directors’ and officers’ insurance and board fees and expenses. |
Forfeited Assets - Restricted f
Forfeited Assets - Restricted for Qualifying Victims | 12 Months Ended |
Jun. 30, 2022 | |
Forfeited Assets - Restricted for Qualifying Victims [Abstract] | |
Forfeited Assets - Restricted for Qualifying Victims | 7) Forfeited Assets - Restricted for Qualifying Victims The Trust entered into a resolution agreement with the DOJ which provided that the Trust would receive the assets forfeited (Forfeited Assets) by Robert and Jeri Shapiro. The Bankruptcy Court approved the settlement on September 17, 2020 and the District Court approved the settlement on October 1, 2020. The agreement provided for the release of specified Forfeited Assets by the DOJ to the Trust and for the Trust to liquidate those assets and distribute the net sale proceeds to Qualifying Victims. Qualifying Victims include the vast majority of Trust beneficiaries (specifically, all former holders of allowed Class 3 and 5 claims and their permitted assigns), but do not include former holders of Class 4 claims. Distributions to Qualifying Victims are allocated pro-rata based on their net allowed claims without considering the (i) 5% enhancement for contributing their causes of action and (ii) 72.5% Class 5 coefficient. In March 2021, the Trust received certain Forfeited Assets from the DOJ, including cash, wine, jewelry, handbags, clothing, shoes, art, gold, and other assets. The Company recorded the total estimated net realizable value of the Forfeited Assets of approximately $3,459,000. During the year ended June 30, 2022, the Company sold the wine and gold and some of the handbags, clothing and shoes. The Forfeited Assets included in the Company’s June 30, 2022 and 2021 consolidated financial statements are as follows ($ in thousands): June 30, 2022 June 30, 2021 Restricted cash (Note 4) $ 2,395 $ 1,836 Other assets (Note 5) 1,258 1,549 Accrued liquidation costs - primarily legal and other professional fees (168 ) (218 ) Net assets in liquidation - restricted for Qualifying Victims $ 3,485 $ 3,167 |
Net Change in Assets and Liabil
Net Change in Assets and Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Net Change in Assets and Liabilities [Abstract] | |
Net Change in Assets and Liabilities | 8) Net Change in Assets and Liabilities Restricted for Qualifying Victims The following is a summary of the change in the carrying value of assets and liabilities, net during the year ended June 30, 2022 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ - $ - $ - Cash and cash equivalents - - - Restricted cash 559 - 559 Other assets (609 ) 318 (291 ) Total assets $ (50 ) $ 318 $ 268 Accounts payable and accrued liabilities $ - $ - $ - Accrued liquidation costs (50 ) - (50 ) Total liabilities $ (50 ) $ - $ (50 ) Change in carrying value of assets and liabilities, net $ - $ 318 $ 318 The following is a summary of the change in the carrying value of assets and liabilities, net during the year ended June 30, 2021 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ - $ - $ - Cash and cash equivalents - - - Restricted cash 1,836 - 1,836 Other assets - 1,549 1,549 Total assets $ 1,836 $ 1,549 $ 3,385 Accounts payable and accrued liabilities $ - $ - $ - Accrued liquidation costs - 218 218 Total liabilities $ - $ 218 $ 218 Change in carrying value of assets and liabilities, net $ 1,836 $ 1,331 $ 3,167 All Interestholders The following provides details of the change in carrying value of assets and liabilities, net during the year ended June 30, 2022 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ (131,761 ) $ 19,968 $ (111,793 ) Cash and cash equivalents 129,465 - 129,465 Restricted cash (1,750 ) - (1,750 ) Other assets (26,535 ) 27,178 643 Total assets $ (30,581 ) $ 47,146 $ 16,565 Accounts payable and accrued liabilities $ (1,425 ) $ 1,384 $ (41 ) Accrued liquidation costs (30,856 ) (140) (30,996 ) Total liabilities $ (32,281 ) $ 1,244 $ (31,037 ) Change in carrying value of assets and liabilities, net $ 1,700 $ 45,902 $ 47,602 The following provides details of the distributions declared, net during the year ended June 30, 2022 ($ in thousands): Distributions declared $ (145,040 ) Distributions reversed 1,975 Distributions declared, net $ (143,065 ) Distributions payable increased by approximately $64,080,000 during the year ended June 30, 2022. The following provides details of the change in carrying value of assets and liabilities, net during the year ended June 30, 2021 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ (134,196 ) $ (14,286 ) $ (148,482 ) Cash and cash equivalents 95,105 - 95,105 Restricted cash 1,680 - 1,680 Other assets (2,898 ) 2,698 (200 ) Total assets $ (40,309 ) $ (11,588 ) $ (51,897 ) Accounts payable and accrued liabilities $ (615 ) $ 160 $ (455 ) Accrued liquidation costs (49,760 ) (2,326 ) (52,086 ) Total liabilities $ (50,375 ) $ (2,166 ) $ (52,541 ) Change in carrying value of assets and liabilities, net $ 10,066 $ (9,422 ) $ 644 The following provides details of the distributions declared, net during the year ended June 30, 2021 ($ in thousands): Distributions declared $ (139,956 ) Distributions reversed 1,168 Distributions declared, net $ (138,788 ) Distributions payable increased by approximately $2,319,000 during the year ended June 30, 2021. |
Credit Agreements
Credit Agreements | 12 Months Ended |
Jun. 30, 2022 | |
Credit Agreements [Abstract] | |
Credit Agreements | 9) Credit Agreements Revolving Line of Credit On June 19, 2020, two wholly-owned subsidiaries of the Wind-Down Entity entered into a $25,000,000 revolving line of credit (LOC) with a financial institution. The LOC matured on June 19, 2022, but may be extended for one The property that was collateral for the LOC was sold in December 2020. The LOC agreement provided that the borrower had 60 days after the sale of the collateral to add borrower(s) and additional property(ies) as collateral. During the 60-day period, the available borrowings under the LOC were reduced to $100,000. On February 11, 2021, the LOC was amended. Two additional wholly-owned subsidiaries of the Wind-Down Entity were joined to the LOC as co-borrowers and two properties were added as replacement collateral as allowed for in the original agreement. As a result of this amendment, the available borrowing commitment was adjusted back up to $25,000,000. The maturity date of the LOC was changed to January 31, 2023 with an option to extend for one On May 16, 2022, the LOC was terminated by the Wind-Down Entity through its two wholly-owned subsidiaries. PPP Loan On April 20, 2020, the Wind-Down Entity obtained unsecured credit in the form of a loan under the federal government’s Paycheck Protection Program (PPP) in the amount of $324,700. The loan accrued interest at a rate of 1.00% per annum. The loan had a maturity date of April 20, 2022. The Company expected to have 100% of the loan balance forgiven and therefore no amounts were accrued under the liquidation basis of accounting as of June 30, 2020. On February 16, 2021, the PPP loan and the related interest were forgiven. |
Beneficial Interests
Beneficial Interests | 12 Months Ended |
Jun. 30, 2022 | |
Beneficial Interests [Abstract] | |
Beneficial Interests | 10) Beneficial Interests The following table summarizes the Liquidation Trust Interests (rounded) for the years ended June 30, 2022 and 2021: Year ended June 30, 2022 Year ended June 30, 2021 Liquidation Trust Interests Class A Class B Class A Class B Outstanding at beginning of year 11,512,855 675,784 11,518,232 675,558 Allowed claims 4,976 - 11,967 1,133 5 - - 182 56 Settlement of claims by cancelling Liquidation Trust Interests (4,296 ) (167) (17,526 ) (963 ) Outstanding at end of year 11,513,535 675,617 11,512,855 675,784 Of the 11,513,535 Class A Interests outstanding as of June 30, 2022, 11,433,802 are held by Qualifying Victims (Note 7). At the Plan Effective Date, certain claims were disputed. As the claims are resolved, additional Class A Interests and (if applicable) Class B Interests are issued on account of allowed claims and no Class A Interests or (if applicable) Class B Interests are issued on account of disallowed claims. The following table summarizes the Trust’s unresolved claims against the Debtors as they relate to Liquidation Trust Interests (rounded) for the years ended June 30, 2022 and 2021: Year ended June 30, 2022 Year ended June 30, 2021 Liquidation Trust Interests Class A Class B Class A Class B Reserved for unresolved claims at beginning of year 124,609 5,011 193,559 7,118 Allowed claims (4,976 ) - (11,967 ) (1,133 ) 5% enhancement for certain allowed claims - - (32 ) - Disallowed claims (28,840 ) (4,678 ) (56,951 ) (974 ) Reserved for unresolved claims at end of year 90,793 333 124,609 5,011 Of the 90,793 Class A Interests relating to unresolved claims as of June 30, 2021, 3,601 would be held by Qualifying Victims (Note 7). |
Distributions
Distributions | 12 Months Ended |
Jun. 30, 2022 | |
Distributions [Abstract] | |
Distributions | 11) Distributions The Plan provides for a distribution waterfall that specifies the priority and manner of distribution of available cash to all Interestholders, excluding distributions of the net sales proceeds from Forfeited Assets (Note 7). Distributions are to be made (a) to the Class A Interests until they have received distributions of $75.00 per Class A Interest; thereafter (b) to the Class B Interests until they have received distributions of $75.00 per Class B Interest; thereafter (c) to each Liquidation Trust Interest (whether a Class A Interest or Class B Interest) until the aggregate of all distributions made pursuant to this clause equals an amount equivalent to interest, at a per annum fixed rate of 10%, compounded annually, accrued on the aggregate principal amount of all Net Note Claims, Allowed General Unsecured Claims and Net Unit Claims, all as defined, treating each distribution pursuant to (a) and (b) above as reductions of such principal amount; and thereafter (d) to the holders of Allowed Subordinated Claims, as defined, until such claims are paid in full, including interest, at a per annum fixed rate of 10% or such higher rate as may be agreed to, as provided for in the Plan, compounded annually, accrued on the principal amount of each Allowed Subordinated Claim, as defined. The following distributions were declared and paid during the years ended June 30, 2022 and 2021 ($ in millions, except for $ per Class A Interest): Year ended June 30, 2022 Year ended June 30, 2021 Deposits Into Deposits Into $ per Restricted Restricted Date Class A Total Cash Total Cash Declared Interest Declared Paid Account Declared Paid Account Tenth 6/15/2022 $ 5.63 $ 65,040.00 $ - $ - $ - $ - $ - Ninth 2/4/2022 3.44 39,980.00 39,150.00 830.00 - - - Eighth 10/8/2021 3.44 40,020.00 39,140.00 880.00 - - - Seventh 5/13/2021 2.58 - - - 30,020.00 29,330.00 690.00 Sixth 1/7/2021 4.28 - - - 50,010.00 48,670.00 1,340.00 Fifth 10/19/2020 2.56 - - - 29,950.00 29,200.00 750.00 Fourth 7/13/2020 2.56 - - - 29,970.00 29,240.00 730.00 Total $ 145,040.00 $ 78,290.00 $ 1,710.00 $ 139,950.00 $ 136,440.00 $ 3,510.00 (a) Paid on July 15, 2022. See Note 15 for additional information. (b) The seventh distribution included the cash the Trust received from Fair Funds. For each distribution, a deposit was made into a restricted cash account for amounts (a) payable for Class A Interests that may be issued in the future upon the allowance of unresolved claims, (b) in respect of Class A Interests issued on account of recently allowed claims (c) for holders of Class A Interests who failed to cash distribution checks mailed in respect of prior distributions (d) for distributions that were withheld due to pending avoidance actions and (e) for holders of Class A Interests for which the Trust is waiting for further beneficiary information. During the years ended June 30, 2022 and 2021, as (a) claims were resolved, (b) claims were recently allowed, (c) addresses for holders of uncashed distribution checks were obtained, (d) pending avoidance actions were resolved and (e) further beneficiary information was received, distributions of approximately $700,000 and $660,000, respectively, were paid to holders of Class A Interests that were issued on account of claims that became allowed during such periods. During the years ended June 30, 2022 and 2021, as a result of claims being disallowed or Class A Interests being cancelled, approximately $815,000 and $1,168,000 were released from the restricted cash account and distributions payable were reduced by the same amount. During the years ended June 30, 2022 and 2021, approximately $0 and $590,000 were received from the Company’s transfer agent and others relating to Claass A Interest distribution checks that were returned or not cashed. This amount was deposited into the restricted cash account and distributions payable were increased by the same amount. As a result of distribution checks that had not been cashed within 180 days of their issuance Interestholders were deemed to have forfeited their rights to reserved and future Class A Interest distributions, therefore during the fourth quarter and the year ended June 30, 2022 approximately $1,159,000 was released from the restricted cash account and distributions payable were reduced by the same amount. During the year ended June 30, 2021, no distributions were deemed to have been forfeited. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12) Related Party Transactions Terry Goebel, a member of the Trust Supervisory Board, is president and a principal owner of G3 Group LA, a construction firm specializing in the development of high-end luxury residences. G3 Group LA is owned by Terry Goebel and his son Kelly Goebel. As of June 30, 2022, the Company was under contract with G3 Group LA for the development of one single-family home in the Los Angeles area. As of June 30, 2022 and 2021, the remaining amounts payable under these contracts was approximately $438,000 and $4,391,000, respectively. During the years ended June 30, 2022 and 2021, approximately $6,050,000 and $7,341,000, respectively, were paid by the Company to G3 Group LA related to these contracts. The Liquidation Trustee of the Trust is entitled to receive 5% of the total gross amount recovered by the Trust from the pursuit of Causes of Action. During the years ended June 30, 2022 and 2021, approximately $1,346,000 and $532,000 were accrued as amounts due to the Liquidation Trustee, respectively. As of June 30, 2022 and 2021, approximately $81,000 and $160,000, respectively, were payable to the Liquidation Trustee. These amounts are included in accounts payable and accrued expenses in the accompanying consolidated statement of net assets in liquidation. During the years ended June 30, 2022 and 2021, approximately $1,425,000 and $491,000, respectively, were paid to the Liquidation Trustee. In November 2019, the Trust entered into an arrangement with Akerman LLP, a law firm based in Miami, Florida of which the Liquidation Trustee is a partner, for the provision, at the option of the Trust on an as-needed basis, of e-discovery and related litigation support services in connection with the Trust’s prosecution of the Causes of Action. Under the arrangement, the Trust is charged for the services at scheduled rates per task which, depending on specific task, include flat rates, rates based on volume of data processed, rates based on the number of data users, the hourly rates of Akerman LLP personnel, or other rates. During the years ended June 30, 2022 and 2021, approximately $420,000 and $385,000, respectively, were paid related to these services and there were no outstanding payables as of June 30, 2022 or 2021. The executive officers of the Wind-Down Entity are entitled to a bonus based on the Wind-Down Entity achieving certain specified cumulative amounts of distributions to the Trust. Based on the carrying amounts of the net assets in liquidation included in the accompanying consolidated statement of net assets in liquidation, approximately $3,000,000 and $3,040,000 were accrued as of June 30, 2022 and 2021, respectively, as the estimated amount of the bonus (including associated payroll taxes). During the years ended June 30, 2022 and 2021, approximately $652,000 and $0 were accrued as amounts due to the Liquidation Trustee, respectively. |
Causes of Action
Causes of Action | 12 Months Ended |
Jun. 30, 2022 | |
Causes of Action [Abstract] | |
Causes of Action | 13) Causes of Action During the years ended June 30, 2022 and 2021, the Company recorded the following amounts from the settlement of Causes of Action ($ in thousands): For the Year Ended June 30, 2022 2021 Comerica Bank $ 24,815 $ - Other settlement recoveries 2,107 9,839 Total $ 26,922 $ 9,839 The Company also recorded liabilities of 5% of the above amounts payable to the Liquidation Trustee. On August 6, 2021, the Trust agreed to settle two pending actions against Comerica Bank. The terms of the settlement reached in a putative class action against Comerica Bank in the United States Court for the Central District of California (the “District Court”) were the subject of a Settlement Agreement among the plaintiffs, Comerica Bank, and the Trust (the “Settlement Agreement”). The Settlement Agreement resolved two actions. One of the actions, captioned In re Woodbridge Investments Litigation, Case No.2:18-cv-00103-DMG-MRW (C.D. Cal.), was a consolidated putative class action in the District Court brought on behalf of former noteholders and unitholders of the Debtors (the “California Class Action”). The California Class Action was comprised of five separate lawsuits filed between January 4, 2018 and April 26, 2018 and, as consolidated, asserted claims for aiding and abetting fraud, aiding and abetting breach of fiduciary duty, negligence, and violations of California’s unfair competition law. The Trust was the largest member of the putative class in the California Class Action, as holder of approximately 60.9% of all claims against Comerica Bank based on the claims contributed to the Trust by former investors of the Debtors The other action resolved by the settlement, captioned Michael I. Goldberg as trustee for the Woodbridge Liquidation Trust v. Comerica Bank, Adv. Pro. No. 20-ap-50452-BLS (Bankr. D. Del.), was an adversary proceeding pending in the United States Bankruptcy Court for the District of Delaware, in which the Trust asserted claims against Comerica Bank for fraudulent transfers under the California Civil Code (the “Delaware Adversary Action”). The Delaware Adversary Action also incorporated the claims asserted against Comerica Bank in the California Class Action to the extent that such claims may ultimately be determined to belong to the Debtors’ estates rather than the individual former noteholders and unitholders. Under the terms of the Settlement Agreement, the California Class Action was settled as a class action, on the basis of a class defined to consist of (i) the Trust and (ii) the holders of Net Claims (as defined in the Settlement Agreement) (the “Non-Contributing Claimants”). Under the terms of the Settlement Agreement, Comerica Bank paid (including through its insurers) an aggregate of $54.5 million, consisting of $54.2 million to settle the California Class Action (Class Payment) and $0.3 million to settle the Delaware Adversary Action (the “FT Payment”). The Class Payment was intended to provide recoveries to members of the plaintiff class and to fund, in amounts to be determined by the District Court, the legal fees of plaintiffs’ counsel in the California Class Action, totaling 25% of the California Class Action settlement payment, the costs of administering the settlement, and certain incentive awards for class representatives. Under the Settlement Agreement, Comerica Bank (and certain related parties) was released from all claims advanced, or that could have been advanced, related to the facts alleged in the California Class Action or the Delaware Adversary Action. The Net Class Consideration (defined in the Settlement Agreement as the Class Payment minus Court-awarded attorneys’ fees and costs) was distributed to class members as set forth in the Settlement Agreement, resulting in a distribution to the Trust of approximately 60.9% of the Net Class Consideration (corresponding to the Trust’s holding of approximately 60.9% of all claims against Comerica based on the claims contributed to the Trust by former investors of the Debtors). No costs of administration or incentive award were deducted from the Trust’s share of the Net Class Consideration. The FT Payment was made to the Trust. The FT Payment was not subject to reduction for any reason, including attorneys’ fees, costs of administration, or incentive awards. On September 3, 2021, the District Court entered an order granting preliminary approval to the settlement of the California Class Action. The District Court granted final approval on December 17, 2021. During the year ended June 30, 2022, the Company received proceeds of approximately $54,500,000 from the settlement. The allocation of the proceeds is as follows ($ in thousands): Trust’s net portion $ 24,815 Payable to non-contributing claimants 15,600 Payable for approved legal fees and litigation costs 13,960 Payable for incentive awards 100 Payable for administrative costs relating to non-contributing claimants 25 Total $ 54,500 The Settlement Agreement provides for the Trust to serve as administrator of the settlement. In that capacity, the Trust received the full settlement amount from the defendant (or its insurers), and, from such amount, paid the court-approved legal fees and litigation costs to plaintiffs’ class counsel, court-approved incentive awards for class representatives, and costs relating to notice and administration of the settlement. In addition, in its role as administrator of the settlement, the Trust paid the Non-Contributing Claimants their portion of the settlement, constituting approximately 39.1% of the Net Class Consideration, less incentive awards and costs of notice and administration. All of the proceeds have been distributed according to the settlement except for approximately $13,000 payable to non-contributing claimants and approximately $25,000 payable for court approved notice and administrative costs as the Company has not received all of the necessary documentation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 14) Commitments and Contingencies As of June 30, 2022, the Company had construction contracts of which approximately $1,500,000 was unpaid. The Company had a lease for its office space that expired on August 31, 2021. The Company also had one three-month option to extend the lease. The amount of rent paid, including common area maintenance and parking charges, during the year ended June 30, 2021 was approximately $291,000. On June 4, 2021, the Company opted not to extend its existing lease and entered into a new office lease at a different location. The new lease is for the period from August 1, 2021 through July 31, 2022. The annual rent is approximately $43,000 plus common area maintenance charges. On May 16, 2022, the Company extended its lease for six months. The Company is not presently the defendant in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its net assets in liquidation. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15) Subsequent Events The Company evaluates subsequent events up until the date the unaudited consolidated financial statements are issued. Distributions A cash distribution on account of then-allowed claims in the amount of approximately $64,194,000 was paid on July and a deposit into a restricted account of approximately was made on July During the period from July 1, through September as (a) claims were resolved, (b) claims were recently allowed, (c) addresses for holders of uncashed distribution checks were obtained, (d) pending avoidance actions were resolved and (e) further beneficiary information was received, distributions of approximately were paid to holders of Class A Interests from the restricted cash account and distributions payable were reduced by the same amount. During the period from July 1, through September as a result of claims being disallowed or Class A Interests being cancelled, approximately was released from the restricted cash account and distributions payable was reduced by the same amount. Beneficial Interests The following table summarizes the Liquidation Trust Interests for the period from July 1, 2022 through September 23, 2022: Liquidation Trust Interests Class A Class B Outstanding at June 30, 2022 11,513,535 675,617 Allowed during the period 1,348 - 5 67 - Settlement of claims by cancelling Liquidation Trust Interests (760 ) - Outstanding at September 23, 2022 11,514,190 675,617 Of the 11,514,190 Class A Interests outstanding as of September 23, 2022, 11,436,259 are held by Qualifying Victims (Note 7). The following table summarizes unresolved claims against the Debtors as they relate to Liquidation Trust Interests (rounded) for the period from July 1, 2022 through September 23, 2022: Liquidation Trust Interests Class A Class B Outstanding at June 30, 2022 90,793 333 Allowed during the period (1,348 ) - Disallowed during the period (75,570 ) - Outstanding at September 23, 2022 13,875 333 Of the 13,875 Class A Interests relating to unresolved claims as of September 23, 202 Employment Agreement On September 1, the Wind-Down Entity executed a part-time employment agreement with its Chief Executive Officer. On September Mr. Chin was paid approximately of unused and accrued vacation in accordance with this agreement. Escrow Receivable On August 8, the Company received the certificate of occupancy for Carla Ridge and on August the Company received its escrow receivable. On August 1, the Company received the certificate of occupancy for Stradella and on August the Company received its escrow receivable related to the receipt of certificate of occupancy. Causes of Action During the period from July 1, through September the Trust recorded approximately from the settlement of Causes of Action. The Company recorded approximately as the amount due to the Liquidation Trustee on account of such settlements. Forfeited Assets During the period from July 1, through September the Company realized net proceeds of approximately ,000 from the sale of Forfeited Assets. Bond Refunds During the period from July 1, 2022 through September 23, 2022, the Company received approximately $130,000 of bond refunds. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These consolidated financial statements have been presented in accordance with Accounting Standards Codification (ASC) Subtopic 205-30, “Liquidation Basis of Accounting,” as amended by, Accounting Standards Update (ASU) No. 2013-07, “Presentation of Financial Statements (Topic 205), Liquidation Basis of Accounting.” |
Consolidation | All material intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and for the period then ended. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the carrying amounts of assets and liabilities are revised in the period that available information supports a change in the carrying amount. |
Liquidation Basis of Accounting | Liquidation Basis of Accounting Under the Liquidation Basis of Accounting, all assets are recorded at their estimated net realizable value or liquidation value, which represents the estimated amount of net cash that will be received upon the disposition of the assets (on an undiscounted basis). The measurement of real estate assets held for sale is based on current contracts (if any), estimates and other indications of sales value, net of estimated selling costs. To determine the value of real estate assets held for sale, the Company considered the three traditional approaches to value (cost, income and sales comparison) commonly used by the real estate appraisal community. The applicability and relevancy of each valuation approach as applied may differ by asset. In most cases, the sales comparison approach was accorded the greatest weight. This approach compares a property to other properties with similar characteristics that have recently sold. To validate management’s estimate, the Company also considers opinions from qualified real estate professionals and local real estate brokers and, in some cases, obtained third party appraisals. The estimated selling costs range from 5.0% to 6.5%. Liabilities, including estimated costs associated with implementing and completing the Plan, are measured in accordance with U.S. GAAP that otherwise applies to those liabilities. The Company has also recorded the estimated development costs to be incurred to prepare the assets for sale as well as the estimated holding costs to be incurred until the projected sale date and the estimated general and administrative costs to be incurred until the completion of the liquidation of the Company. When estimating development costs, the Company considered third party construction contracts and estimates of costs to complete based on construction status, progress and projected completion timing. Estimated development costs also include the costs of design and furnishings necessary to prepare and stage the homes for marketing as well as an accrual for warranty claims. Holding cost estimates consider property taxes, insurance, utilities, maintenance and other costs to be incurred until the sale of the property is closed. Projected general and administrative cost estimates take into account operating costs through the completion of the liquidation of the Company. These estimated amounts are presented in the accompanying consolidated statements of net assets in liquidation. All changes in the estimated liquidation value of the Company’s real estate held for sale, other assets and liabilities are reflected as a change to the Company’s net assets in liquidation. The Company has not recorded any amount from the future settlement of Unresolved Causes of Action or recoveries from Fair Fund or Forfeited Assets in the accompanying consolidated financial statements since they cannot be reasonably estimated. The amount recovered may be material to the Company’s net assets in liquidation. On a quarterly basis, the Company reviews the estimated net realizable values, liquidation costs and the estimated date of the completion of the liquidation of the Company and records any significant changes. The Company will also revalue an asset when it is under contract for sale and the buyer’s contingencies have been removed. During the period when this occurs, the carrying value of the asset and the estimated closing and other costs will be adjusted, if necessary. If the Company has a change in its plan for the disposition of an asset, the carrying value will be adjusted to reflect this change in the period that the change is approved. The change in value may include the accrued liquidation costs related to the asset. |
Other Assets | Other Assets The Company recognizes recoveries from the settlement of Unresolved Causes of Action when an agreement is executed, and collectability is reasonably assured. An allowance for uncollectible settlement installment receivables is recorded when there is doubt about the collectability of the receivable. Insurance claims are recognized when the insurance company accepts the claim or if a claim is pending and the recoverable amount can be estimated. The Company records escrow receivables at the amount that is expected to be received when the escrow receivable is released. The Forfeited Assets (Note 7) received from the United States Department of Justice (DOJ), other than cash, have been recorded at their estimated net realizable value. In addition, the Company recognizes other amounts to be received based on contractual terms or when the amounts to be received are certain. |
Accrued Liquidation Costs | Accrued Liquidation Costs The Company accrues for estimated liquidation costs to the extent they are reasonably determinable. These costs consist of (a) estimated development costs of the single-family homes, including construction and other project-related costs, architectural and engineering, project management, city fees, bond payments (net of refunds), furnishings, marketing and other costs; (b) estimated holding costs, including property taxes, insurance, maintenance, utilities and other; and (c) estimated general and administrative costs including payroll, legal and other professional fees, trustee and board fees, rent and other office related expenses and other general and administrative costs to operate the Company. |
Cash Equivalents | Cash Equivalents The Company considers short-term investments that have a maturity date of ninety days or less at the time of investment to be a cash equivalent. The Company’s cash equivalents include money market savings deposits and money market funds. |
Restricted Cash | Restricted Cash Restricted cash includes cash that can only be used for certain specified purposes. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and restricted cash. At times, balances in any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by depositing its cash, cash equivalents and restricted cash in high-credit quality financial institutions. In addition, the Company uses strategies to reduce deposits balances at any one financial institution consistent with FDIC insurance limits. |
Income Taxes | Income Taxes The Trust is intended to be treated as a grantor trust for income tax purposes and, accordingly, is not subject to federal or state income tax on any income earned or gain recognized by the Trust. The Trust’s beneficiaries will be treated as the owner of a pro-rata portion of each asset, including cash and each liability received by and held by the Trust. Each beneficiary will be required to report on his or her federal and state income tax return his or her pro-rata share of taxable income, including gains and losses recognized by the Trust. Accordingly, there is no provision for federal or state income taxes recorded in the accompanying consolidated financial statements. The Company regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in the consolidated financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provision for uncertain income tax positions has been recorded in the consolidated financial statements. |
Net Assets in Liquidation - Restricted for Qualifying Victims | Net Assets in Liquidation - Restricted for Qualifying Victims The Company separately presents the portion of net assets in liquidation that are restricted for Qualifying Victims (Note 7) from the net assets in liquidation that are available to All Interestholders. |
Real Estate Assets Held for S_2
Real Estate Assets Held for Sale, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Real Estate Assets Held for Sale, Net [Abstract] | |
Real Estate Assets Held for Sale | The Company’s real estate assets held for sale as of June 30, 2022 and 2021, are as follows ($ in thousands): June 30, 2022 June 30, 2021 Number of Assets Gross Value Closing and Other Costs Net Value Number of Assets Gross Value Closing and Other Costs Net Value Single-family homes 1 $ 28,000 $ (1,680 ) $ 26,320 7 $ 146,750 $ (8,805 ) $ 137,945 Other real estate assets: Secured loans 2 972 (40 ) 932 4 1,945 (87 ) 1,858 Other properties 2 2,000 (190 ) 1,810 2 1,107 (55 ) 1,052 Subtotal 4 2,972 (230 ) 2,742 6 3,052 (142 ) 2,910 Total 5 $ 30,972 $ (1,910 ) $ 29,062 13 $ 149,802 $ (8,947 ) $ 140,855 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Restricted Cash [Abstract] | |
Restricted Cash | The Company’s restricted cash as of June 30, 2022 and 2021, is as follows ($ in thousands): June 30, 2022 June 30, 2021 Distributions restricted by the Company related to unresolved claims, distributions for recently allowed claims, uncashed distribution checks, distributions withheld due to pending avoidance actions and distributions that the Trust is waiting for further beneficiary information $ 3,726 $ 4,687 Forfeited Assets (Note 7) 2,395 1,836 Interest reserve (Note 9) - 1,750 Total restricted cash $ 6,121 $ 8,273 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
Other Assets | The Company’s other assets as of June 30, 2022 and 2021, are as follows ($ in thousands): June 30, 2022 June 30, 2021 Escrow receivables (a) $ 3,420 $ 2,500 Forfeited Assets (Note 7) 1,258 1,549 Settlement installment receivables, net (b) 756 1,014 Other 391 410 Total other assets $ 5,825 $ 5,473 (a) Escrow receivables as of June 30, 2022 relate to two single-family homes that were sold during the year ended June 30, 2022 and one single-family home sold prior to June 30, 2021. Escrow receivables as of June 30, 2021 relates to one single-family home that was sold prior to June 30, 2021. Amounts are to be released upon completion of punch list items and/or obtaining a certificate of occupancy. See Note 15 for additional information. (b) The allowance for uncollectible settlement installment receivables was approximately $7,000 and $9,000 as of June 30, 2022 and 2021, respectively. |
Accrued Liquidation Costs (Tabl
Accrued Liquidation Costs (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accrued Liquidation Costs [Abstract] | |
Summary of Accrued Liquidation Costs | The following is a summary of accrued liquidation costs as of June 30, 2022 and 2021 ($ in thousands): June 30, 2022 June 30, 2021 Development costs: Construction costs $ 4,331 $ 23,480 Construction warranty 4,184 2,870 Indirect costs 170 712 Bond refunds (506 ) (1,134 ) Total development costs 8,179 25,928 Holding costs: Property tax 771 1,901 Insurance 388 1,291 Maintenance, utilities and other 428 1,000 Total holding costs 1,587 4,192 General and administrative costs: Legal and other professional fees 12,377 17,697 Payroll and payroll-related 7,989 10,432 Directors and officers insurance 2,508 2,576 Board fees and expenses 630 1,558 State, local and other taxes 331 2,217 Other 936 983 Total general and administrative costs 24,771 35,463 Total accrued liquidation costs $ 34,537 $ 65,583 |
Forfeited Assets - Restricted_2
Forfeited Assets - Restricted for Qualifying Victims (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Forfeited Assets - Restricted for Qualifying Victims [Abstract] | |
Forfeited Assets Included in Consolidated Financial Statements | The Forfeited Assets included in the Company’s June 30, 2022 and 2021 consolidated financial statements are as follows ($ in thousands): June 30, 2022 June 30, 2021 Restricted cash (Note 4) $ 2,395 $ 1,836 Other assets (Note 5) 1,258 1,549 Accrued liquidation costs - primarily legal and other professional fees (168 ) (218 ) Net assets in liquidation - restricted for Qualifying Victims $ 3,485 $ 3,167 |
Net Change in Assets and Liab_2
Net Change in Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Net Change in Assets and Liabilities [Abstract] | |
Summary of Change in Carrying Value of Assets and Liabilities, Net | The following is a summary of the change in the carrying value of assets and liabilities, net during the year ended June 30, 2022 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ - $ - $ - Cash and cash equivalents - - - Restricted cash 559 - 559 Other assets (609 ) 318 (291 ) Total assets $ (50 ) $ 318 $ 268 Accounts payable and accrued liabilities $ - $ - $ - Accrued liquidation costs (50 ) - (50 ) Total liabilities $ (50 ) $ - $ (50 ) Change in carrying value of assets and liabilities, net $ - $ 318 $ 318 The following is a summary of the change in the carrying value of assets and liabilities, net during the year ended June 30, 2021 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ - $ - $ - Cash and cash equivalents - - - Restricted cash 1,836 - 1,836 Other assets - 1,549 1,549 Total assets $ 1,836 $ 1,549 $ 3,385 Accounts payable and accrued liabilities $ - $ - $ - Accrued liquidation costs - 218 218 Total liabilities $ - $ 218 $ 218 Change in carrying value of assets and liabilities, net $ 1,836 $ 1,331 $ 3,167 The following provides details of the change in carrying value of assets and liabilities, net during the year ended June 30, 2022 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ (131,761 ) $ 19,968 $ (111,793 ) Cash and cash equivalents 129,465 - 129,465 Restricted cash (1,750 ) - (1,750 ) Other assets (26,535 ) 27,178 643 Total assets $ (30,581 ) $ 47,146 $ 16,565 Accounts payable and accrued liabilities $ (1,425 ) $ 1,384 $ (41 ) Accrued liquidation costs (30,856 ) (140) (30,996 ) Total liabilities $ (32,281 ) $ 1,244 $ (31,037 ) Change in carrying value of assets and liabilities, net $ 1,700 $ 45,902 $ 47,602 The following provides details of the change in carrying value of assets and liabilities, net during the year ended June 30, 2021 ($ in thousands): Cash Remeasure- Activities ment Total Real estate assets, net $ (134,196 ) $ (14,286 ) $ (148,482 ) Cash and cash equivalents 95,105 - 95,105 Restricted cash 1,680 - 1,680 Other assets (2,898 ) 2,698 (200 ) Total assets $ (40,309 ) $ (11,588 ) $ (51,897 ) Accounts payable and accrued liabilities $ (615 ) $ 160 $ (455 ) Accrued liquidation costs (49,760 ) (2,326 ) (52,086 ) Total liabilities $ (50,375 ) $ (2,166 ) $ (52,541 ) Change in carrying value of assets and liabilities, net $ 10,066 $ (9,422 ) $ 644 |
Distributions Declared, Net | The following provides details of the distributions declared, net during the year ended June 30, 2022 ($ in thousands): Distributions declared $ (145,040 ) Distributions reversed 1,975 Distributions declared, net $ (143,065 ) The following provides details of the distributions declared, net during the year ended June 30, 2021 ($ in thousands): Distributions declared $ (139,956 ) Distributions reversed 1,168 Distributions declared, net $ (138,788 ) |
Beneficial Interests (Tables)
Beneficial Interests (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Beneficial Interests [Abstract] | |
Liquidation Trust Interests | The following table summarizes the Liquidation Trust Interests (rounded) for the years ended June 30, 2022 and 2021: Year ended June 30, 2022 Year ended June 30, 2021 Liquidation Trust Interests Class A Class B Class A Class B Outstanding at beginning of year 11,512,855 675,784 11,518,232 675,558 Allowed claims 4,976 - 11,967 1,133 5 - - 182 56 Settlement of claims by cancelling Liquidation Trust Interests (4,296 ) (167) (17,526 ) (963 ) Outstanding at end of year 11,513,535 675,617 11,512,855 675,784 |
Unresolved Claims Relating to Liquidation Trust Interests | The following table summarizes the Trust’s unresolved claims against the Debtors as they relate to Liquidation Trust Interests (rounded) for the years ended June 30, 2022 and 2021: Year ended June 30, 2022 Year ended June 30, 2021 Liquidation Trust Interests Class A Class B Class A Class B Reserved for unresolved claims at beginning of year 124,609 5,011 193,559 7,118 Allowed claims (4,976 ) - (11,967 ) (1,133 ) 5% enhancement for certain allowed claims - - (32 ) - Disallowed claims (28,840 ) (4,678 ) (56,951 ) (974 ) Reserved for unresolved claims at end of year 90,793 333 124,609 5,011 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Distributions [Abstract] | |
Distributions Declared and Paid | The following distributions were declared and paid during the years ended June 30, 2022 and 2021 ($ in millions, except for $ per Class A Interest): Year ended June 30, 2022 Year ended June 30, 2021 Deposits Into Deposits Into $ per Restricted Restricted Date Class A Total Cash Total Cash Declared Interest Declared Paid Account Declared Paid Account Tenth 6/15/2022 $ 5.63 $ 65,040.00 $ - $ - $ - $ - $ - Ninth 2/4/2022 3.44 39,980.00 39,150.00 830.00 - - - Eighth 10/8/2021 3.44 40,020.00 39,140.00 880.00 - - - Seventh 5/13/2021 2.58 - - - 30,020.00 29,330.00 690.00 Sixth 1/7/2021 4.28 - - - 50,010.00 48,670.00 1,340.00 Fifth 10/19/2020 2.56 - - - 29,950.00 29,200.00 750.00 Fourth 7/13/2020 2.56 - - - 29,970.00 29,240.00 730.00 Total $ 145,040.00 $ 78,290.00 $ 1,710.00 $ 139,950.00 $ 136,440.00 $ 3,510.00 (a) Paid on July 15, 2022. See Note 15 for additional information. (b) The seventh distribution included the cash the Trust received from Fair Funds. |
Causes of Action (Tables)
Causes of Action (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Causes of Action [Abstract] | |
Settlement of Causes of Action | During the years ended June 30, 2022 and 2021, the Company recorded the following amounts from the settlement of Causes of Action ($ in thousands): For the Year Ended June 30, 2022 2021 Comerica Bank $ 24,815 $ - Other settlement recoveries 2,107 9,839 Total $ 26,922 $ 9,839 |
Allocation of Proceeds | During the year ended June 30, 2022, the Company received proceeds of approximately $54,500,000 from the settlement. The allocation of the proceeds is as follows ($ in thousands): Trust’s net portion $ 24,815 Payable to non-contributing claimants 15,600 Payable for approved legal fees and litigation costs 13,960 Payable for incentive awards 100 Payable for administrative costs relating to non-contributing claimants 25 Total $ 54,500 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Liquidation Trust Interests Through Subsequent Period | The following table summarizes the Liquidation Trust Interests for the period from July 1, 2022 through September 23, 2022: Liquidation Trust Interests Class A Class B Outstanding at June 30, 2022 11,513,535 675,617 Allowed during the period 1,348 - 5 67 - Settlement of claims by cancelling Liquidation Trust Interests (760 ) - Outstanding at September 23, 2022 11,514,190 675,617 |
Unresolved Claim Related to Liquidation Trust Interests Through Subsequent Period | The following table summarizes unresolved claims against the Debtors as they relate to Liquidation Trust Interests (rounded) for the period from July 1, 2022 through September 23, 2022: Liquidation Trust Interests Class A Class B Outstanding at June 30, 2022 90,793 333 Allowed during the period (1,348 ) - Disallowed during the period (75,570 ) - Outstanding at September 23, 2022 13,875 333 |
Formation, Organization and D_2
Formation, Organization and Description of Business (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 USD ($) Segment Manager Officer Class Asset Member | Jun. 30, 2021 USD ($) | Feb. 15, 2019 USD ($) Subsidiary | |
Formation [Abstract] | |||
Cash received for funding initial expenses of operation | $ 5,000 | ||
Number of wind-down subsidiaries | Subsidiary | 43 | ||
Number of classes of liquidation trust interests | Class | 2 | ||
Organization [Abstract] | |||
Number of members in supervisory board | Member | 6 | ||
Number of board managers managing Wind-Down Entity | Manager | 3 | ||
Number of chief executive officers | Officer | 1 | ||
Description of Business [Abstract] | |||
Amount from settlement of causes of action | $ 26,922 | $ 9,839 | |
Percentage of settlement recoveries as amounts payable to liquidation trustee | 5% | ||
Number of reportable segments | Segment | 1 | ||
Comerica Bank [Member] | |||
Description of Business [Abstract] | |||
Amount from settlement of causes of action | $ 24,815 | $ 0 | |
Single-Family Homes [Member] | |||
Description of Business [Abstract] | |||
Number of single family homes for which punch list items are being completed by Wind-Down Subsidiaries | Asset | 3 | ||
Single-Family Homes [Member] | Los Angeles, California [Member] | |||
Description of Business [Abstract] | |||
Number of real estate assets owned by Wind-Down Subsidiaries | Asset | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - Estimated Selling Costs [Member] | Jun. 30, 2022 |
Minimum [Member] | |
Liquidation Basis of Accounting [Abstract] | |
Real estate assets held for sale, measurement input | 0.05 |
Maximum [Member] | |
Liquidation Basis of Accounting [Abstract] | |
Real estate assets held for sale, measurement input | 0.065 |
Real Estate Assets Held for S_3
Real Estate Assets Held for Sale, Net (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 USD ($) Asset Loan | Jun. 30, 2021 USD ($) Asset | |
Real Estate Investment Property, Net [Abstract] | ||
Single-family homes, number of assets | Asset | 1 | 7 |
Single-family homes, gross value | $ 28,000 | $ 146,750 |
Single-family homes, closing and other costs | (1,680) | (8,805) |
Single-family homes, net value | $ 26,320 | $ 137,945 |
Other real estate assets, number of assets | Asset | 4 | 6 |
Other real estate assets, gross value | $ 2,972 | $ 3,052 |
Other real estate assets, closing and other costs | (230) | (142) |
Other real estate assets, net value | $ 2,742 | $ 2,910 |
Real estate assets held for sale, number of assets | Asset | 5 | 13 |
Real estate assets held for sale, gross value | $ 30,972 | $ 149,802 |
Real estate assets held for sale, closing and other costs | (1,910) | (8,947) |
Real estate assets held for sale, net | 29,062 | 140,855 |
Net proceeds from sale of real estate | $ 131,716 | $ 134,159 |
Single-Family Homes [Member] | ||
Real Estate Investment Property, Net [Abstract] | ||
Number of assets sold | Asset | 6 | 6 |
Lots [Member] | ||
Real Estate Investment Property, Net [Abstract] | ||
Number of assets sold | Asset | 2 | |
Secured Loans [Member] | ||
Real Estate Investment Property, Net [Abstract] | ||
Other real estate assets, number of assets | Asset | 2 | 4 |
Other real estate assets, gross value | $ 972 | $ 1,945 |
Other real estate assets, closing and other costs | (40) | (87) |
Other real estate assets, net value | $ 932 | $ 1,858 |
Number of loans settled | Loan | 2 | |
Other Properties [Member] | ||
Real Estate Investment Property, Net [Abstract] | ||
Other real estate assets, number of assets | Asset | 2 | 2 |
Other real estate assets, gross value | $ 2,000 | $ 1,107 |
Other real estate assets, closing and other costs | (190) | (55) |
Other real estate assets, net value | $ 1,810 | $ 1,052 |
Number of assets sold | Asset | 11 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Restricted Cash [Abstract] | ||
Distributions restricted by the Company related to unresolved claims, distributions for recently allowed claims, uncashed distribution checks, distributions withheld due to pending avoidance actions and distributions that the Trust is waiting for further beneficiary information | $ 3,726 | $ 4,687 |
Forfeited Assets (Note 7) | 2,395 | 1,836 |
Interest reserve (Note 9) | 0 | 1,750 |
Total restricted cash | $ 6,121 | $ 8,273 |
Other Assets (Details)
Other Assets (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 USD ($) Property | Jun. 30, 2021 USD ($) Property | ||
Other Assets [Abstract] | |||
Escrow receivables | [1] | $ 3,420 | $ 2,500 |
Forfeited Assets (Note 7) | 1,258 | 1,549 | |
Settlement installment receivables, net | [2] | 756 | 1,014 |
Other | 391 | 410 | |
Total other assets | 5,825 | 5,473 | |
Allowance for uncollectible settlement installment receivables | $ 7 | $ 9 | |
Single-Family Homes [Member] | |||
Other Assets [Abstract] | |||
Number of properties with escrow receivables, which were sold in current year | Property | 2 | 1 | |
Number of properties with escrow receivables, which were sold in prior year | Property | 1 | ||
[1]Escrow receivables as of June 30, 2022 relate to two single-family homes that were sold during the year ended June 30, 2022 and one single-family home sold prior to June 30, 2021. Escrow receivables as of June 30, 2021 relates to one single-family home that was sold prior to June 30, 2021. Amounts are to be released upon completion of punch list items and/or obtaining a certificate of occupancy. See Note 15 for additional information.[2]The allowance for uncollectible settlement installment receivables was approximately $7,000 and $9,000 as of June 30, 2022 and 2021, respectively. |
Accrued Liquidation Costs (Deta
Accrued Liquidation Costs (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Development costs [Abstract] | ||
Construction costs | $ 4,331 | $ 23,480 |
Construction warranty | 4,184 | 2,870 |
Indirect costs | 170 | 712 |
Bond refunds | (506) | (1,134) |
Total development costs | 8,179 | 25,928 |
Holding costs [Abstract] | ||
Property tax | 771 | 1,901 |
Insurance | 388 | 1,291 |
Maintenance, utilities and other | 428 | 1,000 |
Total holding costs | 1,587 | 4,192 |
General and administrative costs [Abstract] | ||
Legal and other professional fees | 12,377 | 17,697 |
Payroll and payroll-related | 7,989 | 10,432 |
Directors and officers insurance | 2,508 | 2,576 |
Board fees and expenses | 630 | 1,558 |
State, local and other taxes | 331 | 2,217 |
Other | 936 | 983 |
Total general and administrative costs | 24,771 | 35,463 |
Total accrued liquidation costs | 34,537 | $ 65,583 |
Additional general and administrative costs | $ 12,952 |
Forfeited Assets - Restricted_3
Forfeited Assets - Restricted for Qualifying Victims (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Forfeited Assets - Restricted for Qualifying Victims [Abstract] | ||
Enhancement percentage for contributing causes of action | 5% | |
Class 5 coefficient percentage | 72.50% | |
Estimated net realizable value of forfeited assets | $ 3,459 | |
Forfeited Assets [Abstract] | ||
Restricted cash (Note 4) | 2,395 | $ 1,836 |
Other assets (Note 5) | 1,258 | 1,549 |
Accrued liquidation costs - primarily legal and other professional fees | (168) | (218) |
Net assets in liquidation - restricted for Qualifying Victims | $ 3,485 | $ 3,167 |
Net Change in Assets and Liab_3
Net Change in Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in Carrying Value of Assets and Liabilities, Net [Abstract] | ||
Change in carrying value of assets and liabilities, net | $ 318,000 | $ 3,167,000 |
Change in carrying value of assets and liabilities, net | 47,602,000 | 644,000 |
Distributions Declared, Net [Abstract] | ||
Distributions declared | (145,040,000) | (139,950,000) |
Distributions (declared) reversed, net | (143,065,000) | (138,788,000) |
Increase (decrease) in distributions payable | 64,080,000 | 2,319,000 |
Restricted for Qualifying Victims [Member] | ||
Changes in Carrying Value of Assets and Liabilities, Net [Abstract] | ||
Real estate assets, net | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 559,000 | 1,836,000 |
Other assets | (291,000) | 1,549,000 |
Total assets | 268,000 | 3,385,000 |
Accounts payable and accrued liabilities | 0 | 0 |
Accrued liquidation costs | (50,000) | 218,000 |
Total liabilities | (50,000) | 218,000 |
Change in carrying value of assets and liabilities, net | 318,000 | 3,167,000 |
Change in carrying value of assets and liabilities, net | 0 | 0 |
Distributions Declared, Net [Abstract] | ||
Distributions (declared) reversed, net | 0 | 0 |
All Interestholders [Member] | ||
Changes in Carrying Value of Assets and Liabilities, Net [Abstract] | ||
Real estate assets, net | (111,793,000) | (148,482,000) |
Cash and cash equivalents | 129,465,000 | 95,105,000 |
Restricted cash | (1,750,000) | 1,680,000 |
Other assets | 643,000 | (200,000) |
Total assets | 16,565,000 | (51,897,000) |
Accounts payable and accrued liabilities | (41,000) | (455,000) |
Accrued liquidation costs | (30,996,000) | (52,086,000) |
Total liabilities | (31,037,000) | (52,541,000) |
Change in carrying value of assets and liabilities, net | 0 | 0 |
Change in carrying value of assets and liabilities, net | 47,602,000 | 644,000 |
Distributions Declared, Net [Abstract] | ||
Distributions declared | (145,040,000) | (139,956,000) |
Distributions reversed | 1,975,000 | 1,168,000 |
Distributions (declared) reversed, net | (143,065,000) | (138,788,000) |
Cash Activities [Member] | Restricted for Qualifying Victims [Member] | ||
Changes in Carrying Value of Assets and Liabilities, Net [Abstract] | ||
Real estate assets, net | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 559,000 | 1,836,000 |
Other assets | (609,000) | 0 |
Total assets | (50,000) | 1,836,000 |
Accounts payable and accrued liabilities | 0 | 0 |
Accrued liquidation costs | (50,000) | 0 |
Total liabilities | (50,000) | 0 |
Change in carrying value of assets and liabilities, net | 0 | 1,836,000 |
Cash Activities [Member] | All Interestholders [Member] | ||
Changes in Carrying Value of Assets and Liabilities, Net [Abstract] | ||
Real estate assets, net | (131,761,000) | (134,196,000) |
Cash and cash equivalents | 129,465,000 | 95,105,000 |
Restricted cash | (1,750,000) | 1,680,000 |
Other assets | (26,535,000) | (2,898,000) |
Total assets | (30,581,000) | (40,309,000) |
Accounts payable and accrued liabilities | (1,425,000) | (615,000) |
Accrued liquidation costs | (30,856,000) | (49,760,000) |
Total liabilities | (32,281,000) | (50,375,000) |
Change in carrying value of assets and liabilities, net | 1,700,000 | 10,066,000 |
Remeasurement [Member] | Restricted for Qualifying Victims [Member] | ||
Changes in Carrying Value of Assets and Liabilities, Net [Abstract] | ||
Real estate assets, net | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Other assets | 318,000 | 1,549,000 |
Total assets | 318,000 | 1,549,000 |
Accounts payable and accrued liabilities | 0 | 0 |
Accrued liquidation costs | 0 | 218,000 |
Total liabilities | 0 | 218,000 |
Change in carrying value of assets and liabilities, net | 318,000 | 1,331,000 |
Remeasurement [Member] | All Interestholders [Member] | ||
Changes in Carrying Value of Assets and Liabilities, Net [Abstract] | ||
Real estate assets, net | 19,968,000 | (14,286,000) |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Other assets | 27,178,000 | 2,698,000 |
Total assets | 47,146,000 | (11,588,000) |
Accounts payable and accrued liabilities | 1,384,000 | 160,000 |
Accrued liquidation costs | (140,000) | (2,326,000) |
Total liabilities | 1,244,000 | (2,166,000) |
Change in carrying value of assets and liabilities, net | $ 45,902,000 | $ (9,422,000) |
Credit Agreements (Details)
Credit Agreements (Details) | 12 Months Ended | ||||||
May 16, 2022 Subsidiary | Feb. 11, 2021 USD ($) Property Subsidiary | Jun. 19, 2020 USD ($) Subsidiary | Apr. 20, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Feb. 10, 2021 USD ($) | |
Line of Credit [Abstract] | |||||||
Interest reserve | $ 0 | $ 1,750,000 | |||||
Paycheck Protection Program Loans [Member] | |||||||
Line of Credit [Abstract] | |||||||
Percentage of loan balance expected to be forgiven | 100% | ||||||
Accrued loan balance | $ 0 | ||||||
New Revolving Credit Facility [Member] | |||||||
Line of Credit [Abstract] | |||||||
Line of credit, maturity date | Jun. 19, 2022 | ||||||
Number of wholly-owned subsidiaries | Subsidiary | 2 | ||||||
Line of credit outstanding | $ 25,000,000 | ||||||
Interest reserve | 1,750,000 | ||||||
Line of credit, optional extension period | 1 year | ||||||
Cash deposit balance | $ 20,000,000 | ||||||
Period allowed for adding additional borrowers and properties as collateral | 60 days | ||||||
Line of credit availability | $ 100,000 | ||||||
Percentage of non-compliance fee | 2% | ||||||
Interest rate percentage | 3.50% | ||||||
Amended Revolving Credit Facility [Member] | |||||||
Line of Credit [Abstract] | |||||||
Line of credit, maturity date | Jan. 31, 2023 | ||||||
Line of credit, optional extension period | 1 year | ||||||
Line of credit availability | $ 25,000,000 | ||||||
Number of wholly-owned subsidiaries added as co-borrowers | Subsidiary | 2 | ||||||
Number of properties added as replacement collateral | Property | 2 | ||||||
Revolving Line of Credit [Member] | |||||||
Line of Credit [Abstract] | |||||||
Number of wholly-owned subsidiaries of the wind-down entity that terminated LOC | Subsidiary | 2 | ||||||
Wind-Down Entity [Member] | Paycheck Protection Program Loans [Member] | |||||||
Line of Credit [Abstract] | |||||||
Interest rate percentage | 1% | ||||||
Face amount of debt | $ 324,700 | ||||||
Debt instrument maturity date | Apr. 20, 2022 |
Beneficial Interests (Details)
Beneficial Interests (Details) - shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Liquidation Trust Interests [Abstract] | ||
Held by qualifying victims (in shares) | 11,433,802 | |
Unresolved Claims Relating to Liquidation Trust Interests [Abstract] | ||
Unresolved claims held by qualifying victims (in shares) | 3,601 | |
Class A [Member] | ||
Liquidation Trust Interests [Abstract] | ||
Outstanding at beginning of period (in shares) | 11,512,855 | 11,518,232 |
Allowed claims (in shares) | 4,976 | 11,967 |
5% enhancement for certain allowed claims (in shares) | 0 | 182 |
Settlement of claims by cancelling Liquidation Trust Interests (in shares) | (4,296) | (17,526) |
Outstanding at end of period (in shares) | 11,513,535 | 11,512,855 |
Percentage of enhancement for certain allowed claims | 5% | 5% |
Unresolved Claims Relating to Liquidation Trust Interests [Abstract] | ||
Outstanding at beginning of period (in shares) | 124,609 | 193,559 |
Allowed claims (in shares) | (4,976) | (11,967) |
5% enhancement for certain allowed claims (in shares) | 0 | (32) |
Disallowed claims (in shares) | (28,840) | (56,951) |
Outstanding at end of period (in shares) | 90,793 | 124,609 |
Class B [Member] | ||
Liquidation Trust Interests [Abstract] | ||
Outstanding at beginning of period (in shares) | 675,784 | 675,558 |
Allowed claims (in shares) | 0 | 1,133 |
5% enhancement for certain allowed claims (in shares) | 0 | 56 |
Settlement of claims by cancelling Liquidation Trust Interests (in shares) | (167) | (963) |
Outstanding at end of period (in shares) | 675,617 | 675,784 |
Percentage of enhancement for certain allowed claims | 5% | 5% |
Unresolved Claims Relating to Liquidation Trust Interests [Abstract] | ||
Outstanding at beginning of period (in shares) | 5,011 | 7,118 |
Allowed claims (in shares) | 0 | (1,133) |
5% enhancement for certain allowed claims (in shares) | 0 | 0 |
Disallowed claims (in shares) | (4,678) | (974) |
Outstanding at end of period (in shares) | 333 | 5,011 |
Distributions (Details)
Distributions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Distributions [Abstract] | ||||
Total declared | $ 145,040,000 | $ 139,950,000 | ||
Paid | 78,290,000 | 136,440,000 | ||
Deposits into restricted cash account | $ 1,710,000 | 1,710,000 | 3,510,000 | |
Subsequent distributions paid | 700,000 | 660,000 | ||
Amount received from distribution checks returned or not cashed | 590,000 | |||
Forfeited distributions, cash released from restricted cash account | 1,159,000 | 1,159,000 | ||
Distributions deemed to have been forfeited | $ 0 | 0 | ||
Tenth [Member] | ||||
Distributions [Abstract] | ||||
Date declared | [1] | Jun. 15, 2022 | ||
Total declared | $ 65,040,000 | 0 | ||
Paid | 0 | 0 | ||
Deposits into restricted cash account | 0 | $ 0 | 0 | |
Ninth [Member] | ||||
Distributions [Abstract] | ||||
Date declared | Feb. 04, 2022 | |||
Total declared | $ 39,980,000 | 0 | ||
Paid | 39,150,000 | 0 | ||
Deposits into restricted cash account | 830,000 | $ 830,000 | 0 | |
Eighth [Member] | ||||
Distributions [Abstract] | ||||
Date declared | Oct. 08, 2021 | |||
Total declared | $ 40,020,000 | 0 | ||
Paid | 39,140,000 | 0 | ||
Deposits into restricted cash account | 880,000 | $ 880,000 | 0 | |
Seventh [Member] | ||||
Distributions [Abstract] | ||||
Date declared | [2] | May 13, 2021 | ||
Total declared | $ 0 | 30,020,000 | ||
Paid | 0 | 29,330,000 | ||
Deposits into restricted cash account | 0 | $ 0 | 690,000 | |
Sixth [Member] | ||||
Distributions [Abstract] | ||||
Date declared | Jan. 07, 2021 | |||
Total declared | $ 0 | 50,010,000 | ||
Paid | 0 | 48,670,000 | ||
Deposits into restricted cash account | 0 | $ 0 | 1,340,000 | |
Fifth [Member] | ||||
Distributions [Abstract] | ||||
Date declared | Oct. 19, 2020 | |||
Total declared | $ 0 | 29,950,000 | ||
Paid | 0 | 29,200,000 | ||
Deposits into restricted cash account | 0 | $ 0 | 750,000 | |
Fourth [Member] | ||||
Distributions [Abstract] | ||||
Date declared | Jul. 13, 2020 | |||
Total declared | $ 0 | 29,970,000 | ||
Paid | 0 | 29,240,000 | ||
Deposits into restricted cash account | $ 0 | $ 0 | 730,000 | |
All Net Note Claims [Member] | ||||
Distributions [Abstract] | ||||
Interest, fixed rate | 10% | 10% | ||
Class A [Member] | ||||
Distributions [Abstract] | ||||
Preferential distributions payable per interest (in dollars per share) | $ 75 | $ 75 | ||
Disallowed or cancelled claims, cash released from restricted cash account | $ 815,000 | $ 1,168,000 | ||
Class A [Member] | Tenth [Member] | ||||
Distributions [Abstract] | ||||
$ per interest (in dollars per share) | $ 5.63 | |||
Class A [Member] | Ninth [Member] | ||||
Distributions [Abstract] | ||||
$ per interest (in dollars per share) | 3.44 | |||
Class A [Member] | Eighth [Member] | ||||
Distributions [Abstract] | ||||
$ per interest (in dollars per share) | 3.44 | |||
Class A [Member] | Seventh [Member] | ||||
Distributions [Abstract] | ||||
$ per interest (in dollars per share) | 2.58 | |||
Class A [Member] | Sixth [Member] | ||||
Distributions [Abstract] | ||||
$ per interest (in dollars per share) | 4.28 | |||
Class A [Member] | Fifth [Member] | ||||
Distributions [Abstract] | ||||
$ per interest (in dollars per share) | 2.56 | |||
Class A [Member] | Fourth [Member] | ||||
Distributions [Abstract] | ||||
$ per interest (in dollars per share) | 2.56 | |||
Class B [Member] | ||||
Distributions [Abstract] | ||||
Preferential distributions payable per interest (in dollars per share) | 75 | 75 | ||
Subordinated preferential distributions payable per interest (in dollars per share) | $ 75 | $ 75 | ||
[1]Paid on July 15, 2022. See Note 15 for additional information.[2]The seventh distribution included the cash the Trust received from Fair Funds. |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 USD ($) Asset | Jun. 30, 2021 USD ($) | |
G3 Group LA [Member] | Single-Family Homes [Member] | ||
Related Parties Transactions [Abstract] | ||
Number of real estate assets under contract for development | Asset | 1 | |
Amount payable to related party | $ 438 | $ 4,391 |
Amount paid under contract | 6,050 | 7,341 |
Liquidation Trustee [Member] | ||
Related Parties Transactions [Abstract] | ||
Amount payable to related party | 81 | 160 |
Amount paid under contract | $ 1,425 | 491 |
Percentage entitled to receive from total gross amount recovered | 5% | |
Liquidation Trustee [Member] | Recovery by Trust from Pursuit of Trust Causes of Action [Member] | ||
Related Parties Transactions [Abstract] | ||
Accrued amount due to related party | $ 1,346 | 532 |
Liquidation Trustee [Member] | Achievement of Certain Specified Cumulative Amounts of Distributions to Trust [Member] | ||
Related Parties Transactions [Abstract] | ||
Accrued amount due to related party | 652 | 0 |
Akerman LLP [Member] | ||
Related Parties Transactions [Abstract] | ||
Amount payable to related party | 0 | 0 |
Payments for legal services | 420 | 385 |
Executive Officers [Member] | ||
Related Parties Transactions [Abstract] | ||
Accrued amount due to officers | 3,000 | 3,040 |
Payments for bonuses | $ 692 | $ 1,083 |
Causes of Action (Details)
Causes of Action (Details) $ in Thousands | 12 Months Ended | ||
Aug. 06, 2021 USD ($) Lawsuits Settlement | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Causes of Action [Abstract] | |||
Amount from settlement of causes of action | $ 26,922 | $ 9,839 | |
Number of pending action | Lawsuits | 2 | ||
Number of separate claims consolidated in class action | Lawsuits | 5 | ||
Class payment | 54,500 | ||
Costs of administration or incentive award to be deducted from the Trust's share of the Net Class Consideration | $ 0 | ||
Allocation of Settlement Proceeds [Abstract] | |||
Trust's net portion | 24,815 | ||
Payable to non-contributing claimants | 15,600 | ||
Payable for approved legal fees and litigation costs | 13,960 | ||
Payable for incentive awards | 100 | ||
Payable for administrative costs relating to non-contributing claimants | 25 | ||
Proceeds from settlement | $ 54,500 | ||
Percentage of settlement amount payable to non-contributing claimants | 39.10% | ||
Amount payable to non-contributing claimants | $ 13 | ||
Amount payable for court approved notice and administrative costs | $ 25 | ||
Liquidation Trustee [Member] | |||
Causes of Action [Abstract] | |||
Percentage of liabilities payable to related party | 5% | ||
Comerica Bank [Member] | |||
Causes of Action [Abstract] | |||
Amount from settlement of causes of action | $ 24,815 | 0 | |
Number of pending actions settled | Settlement | 2 | ||
Other Settlement Recoveries [Member] | |||
Causes of Action [Abstract] | |||
Amount from settlement of causes of action | $ 2,107 | $ 9,839 | |
California Class Action [Member] | |||
Causes of Action [Abstract] | |||
Class payment | $ 54,200 | ||
Percentage of claims held by the Trust | 60.90% | ||
Percentage of settlement payment for legal fees of plaintiff's counsel | 25% | ||
Allocation of Settlement Proceeds [Abstract] | |||
Proceeds from settlement | $ 54,200 | ||
Delaware Adversary Action [Member] | |||
Causes of Action [Abstract] | |||
Class payment | 300 | ||
Allocation of Settlement Proceeds [Abstract] | |||
Proceeds from settlement | $ 300 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Jun. 04, 2021 USD ($) Option | Jun. 30, 2022 USD ($) Option | Jun. 30, 2021 USD ($) | |
Commitments and Contingencies [Abstract] | |||
Construction contracts unpaid | $ 1,500 | ||
Number of options to extend lease | Option | 1 | 1 | |
Option period to extend lease | 3 months | 6 months | |
Rent paid | $ 291 | ||
Annual rent | $ 43 | ||
Lease extension period | 6 months | ||
Payment relating to prepaid rent, common area maintenance charges and a security deposit | $ 55 | ||
Monthly rent | $ 4 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Sep. 09, 2022 | Aug. 31, 2022 | Aug. 10, 2022 | Jul. 15, 2022 | Sep. 23, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 26, 2022 | |
Distributions [Abstract] | ||||||||
Initial distributions paid | $ 78,290,000 | $ 136,440,000 | ||||||
Amount deposited into restricted account | $ 1,710,000 | 3,510,000 | ||||||
Liquidation Trust Interests [Abstract] | ||||||||
Held by qualifying victims (in shares) | 11,433,802 | |||||||
Unresolved Claims, Liquidation Trust Interests [Abstract] | ||||||||
Unresolved claims held by qualifying victims (in shares) | 3,601 | |||||||
Class A [Member] | ||||||||
Distributions [Abstract] | ||||||||
Disallowed or cancelled claims, cash released from restricted cash account | $ 815,000 | $ 1,168,000 | ||||||
Liquidation Trust Interests [Abstract] | ||||||||
Outstanding at beginning of period (in shares) | 11,513,535 | 11,512,855 | 11,518,232 | |||||
Allowed during the period (in shares) | 4,976 | 11,967 | ||||||
5% enhancement for certain allowed claims (in shares) | 0 | 32 | ||||||
Settlement of claims by cancelling Liquidation Trust Interests (in shares) | (4,296) | (17,526) | ||||||
Outstanding at end of period (in shares) | 11,513,535 | 11,512,855 | ||||||
Unresolved Claims, Liquidation Trust Interests [Abstract] | ||||||||
Outstanding at beginning of period (in shares) | 90,793 | 124,609 | 193,559 | |||||
Allowed during the period (in shares) | (4,976) | (11,967) | ||||||
Disallowed during the period (in shares) | (28,840) | (56,951) | ||||||
Outstanding at end of period (in shares) | 90,793 | 124,609 | ||||||
Class B [Member] | ||||||||
Liquidation Trust Interests [Abstract] | ||||||||
Outstanding at beginning of period (in shares) | 675,617 | 675,784 | 675,558 | |||||
Allowed during the period (in shares) | 0 | 1,133 | ||||||
5% enhancement for certain allowed claims (in shares) | 0 | 0 | ||||||
Settlement of claims by cancelling Liquidation Trust Interests (in shares) | (167) | (963) | ||||||
Outstanding at end of period (in shares) | 675,617 | 675,784 | ||||||
Unresolved Claims, Liquidation Trust Interests [Abstract] | ||||||||
Outstanding at beginning of period (in shares) | 333 | 5,011 | 7,118 | |||||
Allowed during the period (in shares) | 0 | (1,133) | ||||||
Disallowed during the period (in shares) | (4,678) | (974) | ||||||
Outstanding at end of period (in shares) | 333 | 5,011 | ||||||
Subsequent Event [Member] | ||||||||
Distributions [Abstract] | ||||||||
Initial distributions paid | $ 64,194,000 | |||||||
Amount deposited into restricted account | $ 825,000 | |||||||
Disallowed or cancelled claims, cash released from restricted cash account | $ 2,629,000 | |||||||
Escrow Receivable [Abstract] | ||||||||
Escrow receivable received | $ 400,000 | $ 2,500,000 | ||||||
Causes of Action [Abstract] | ||||||||
Settlement of causes of action | 190,000 | |||||||
Forfeited Assets [Abstract] | ||||||||
Proceeds from sale of forfeited assets | 154,000 | |||||||
Bond Refunds [Abstract] | ||||||||
Bond refunds received | 130,000 | |||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||||||
Employment Agreement [Abstract] | ||||||||
Payment for unused and accrued vacation | $ 24,000 | |||||||
Subsequent Event [Member] | Liquidation Trustee [Member] | ||||||||
Causes of Action [Abstract] | ||||||||
Amount due to related party | 9,000 | |||||||
Subsequent Event [Member] | Class A [Member] | ||||||||
Distributions [Abstract] | ||||||||
Allowed claims, distributions paid from restricted cash account | $ 698,000 | |||||||
Liquidation Trust Interests [Abstract] | ||||||||
Allowed during the period (in shares) | 1,348 | |||||||
5% enhancement for certain allowed claims (in shares) | 67 | |||||||
Settlement of claims by cancelling Liquidation Trust Interests (in shares) | (760) | |||||||
Outstanding at end of period (in shares) | 11,514,190 | |||||||
Percentage of enhancement for certain allowed claims | 5% | |||||||
Held by qualifying victims (in shares) | 11,436,259 | |||||||
Unresolved Claims, Liquidation Trust Interests [Abstract] | ||||||||
Allowed during the period (in shares) | (1,348) | |||||||
Disallowed during the period (in shares) | (75,570) | |||||||
Outstanding at end of period (in shares) | 13,875 | |||||||
Unresolved claims held by qualifying victims (in shares) | 1,880 | |||||||
Subsequent Event [Member] | Class B [Member] | ||||||||
Liquidation Trust Interests [Abstract] | ||||||||
Allowed during the period (in shares) | 0 | |||||||
5% enhancement for certain allowed claims (in shares) | 0 | |||||||
Settlement of claims by cancelling Liquidation Trust Interests (in shares) | 0 | |||||||
Outstanding at end of period (in shares) | 675,617 | |||||||
Percentage of enhancement for certain allowed claims | 5% | |||||||
Unresolved Claims, Liquidation Trust Interests [Abstract] | ||||||||
Allowed during the period (in shares) | 0 | |||||||
Disallowed during the period (in shares) | 0 | |||||||
Outstanding at end of period (in shares) | 333 |