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How and why is a Trustee appointed to a Chapter 7 Bankruptcy case? How is a Panel Trustee appointed to a specific case? In those cases, the trustee files a report of no distribution with the Court to indicate there will be no payment to the creditors.

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The ten year treasury may currently be below 2%, but real estate debt markets as well as other credit markets have seen widening spreads.

CMBS debt markets have experienced more than a 30% decline year over year in new originations.

When and how are creditors paid by the Panel Trustee? Upon filing of the bankruptcy petition, the debtor turns over all non-exempt property to the court-appointed bankruptcy trustee, who then converts the property to cash to make a distribution to creditors.

Why are Panel Trustees necessary for the Bankruptcy System? Chapter 7 bankruptcy is a liquidation legal proceeding.

The debtor may not have been granted a Chapter 7 discharge within the previous 6 years.

The debtor must not have had a previous bankruptcy dismissed for cause within the last 180 days.To date, sales proceeds from closed transactions have yielded approximately 2.9M, as compared to an estimated range of net asset values for those assets of 6.2M to 2.9M on December 31, 2013.Cash generated from sales has permitted the company to redeem its bonds and satisfy in full the liquidation distribution preference required to be paid with respect to our preferred shares.This, our twelfth letter to shareholders is somewhat bittersweet as it will be our last formal letter to shareholders. If we include asset sales that occurred as well as those that are currently under contract, we are nearing our goal of full liquidation.At the end of 2013, the company had interests in 114 assets which should be reduced to 14 if we are successful with our current marketing efforts before we become a liquidating trust.All of us together with our Board of Trustees look forward to seeing you once again at our Annual Shareholders meeting on May 17th in New York City.

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