What is a Receivership?
Receivership is a process in which a court-appointed neutral party – the receiver – acts as a custodian to marshal and preserve a company’s property.  A receiver can be authorized to investigate the financial and business affairs of the company under his control, and in certain circumstances, institute legal proceeding on behalf of the company’s estate. Additionally, a receiver is normally tasked with the duty of proposing a plan to distribute the property to investors, subject to approval by the Court.  It is common for receivers to retain professionals, including attorneys and financial advisors, to assist them in their duties.

Who does the Receiver work for?
The Receiver reports to the Court, which has oversight over the Receiver’s activities in administering the receivership. 
The Receiver is not your lawyer, and he cannot provide you with legal advice.  You have the right to hire or consult with your own lawyer, and the Receiver encourages you to speak with your own lawyer.

Can the Receiver provide an estimate of the expected timing and amount of distributions investors can expect?
The Receiver cannot speculate on the timing, nature or value of distributions given, among other things, the uncertainty of (i) the timing of future Liquidity Events; and (ii) the value of Receivership assets at the time of distribution.

How can I receive information about the Receivership?  
The Receiver encourages investors to regularly check the Receivership website for updates, including quarterly status reports. Periodic review of this website is the best way to stay up-to-date on developments in this Receivership. The website will be updated on a regular basis. You can register to receive email updates by clicking on the orange Subscribe button on this page.

You can subscribe to the Court docket through the receivership website to receive email notifications of documents as they are filed with the Court.  The Court docket page can be accessed by clicking here.

Who do I contact for additional information?
You may submit an inquiry by email to FirstLibertyInquiries@stretto.com.

How long does the receivership process take?
At this stage of the proceedings, we cannot predict how long it will take to complete this process.

Should I hire a lawyer?
You have the right to hire or consult with your own lawyer, and the Receiver encourages you to speak with your own lawyer if you have any legal questions. As noted, neither the Receiver nor his counsel represent investors.