May 1, 2013
To All Beneficiaries,
You may be wondering about the status our last cause of action, the complaint filed against the Silicon Valley Law Group. This action had been set for trial beginning April 1, 2013 but given the Court’s calendar, the Court adjourned it to August 26, 2013, when there is more time in the Court’s calendar. The Court has allowed about 16 trial days, but we will only sit 4 days a week, usually Monday through Friday, except holidays. Opening statements will probably be the afternoon of August 26 or the following day. We will present our case first over 6-7 days. Our legal team continues preparations for trial as efficiently as possible. Until the trial runs its course and any appropriate appeal period has past, there is no way to estimate a timetable for conclusion of this cause of action. Like you, we would like to bring this action to a successful conclusion for all beneficiaries sooner rather than later.
The second item of business to update you on is the status of the Shreveport/Haynesville Shale activity. Price volatility and reductions in volume of production continue to be factors in this remaining asset. Average cash received continues at approximately $4,000 per month. At this time, it does not make sense to make any interim distribution.
Lastly, we know many of you have moved in the last few years and we would like to be sure the Trust has updated address records for all beneficiaries. If your address has changed please fill out the attached form and mail to our office, this will ensure we have the correct address for you on file.
Best Regards,
1031 Debtors Liquidation Trust
Gerard A. McHale, Jr.
Gerard A. McHale, Jr.
Liquidating Trustee
Attachments: Address Change Form (PDF)
