Estimated Costs and Estimated Receipts During Liquidation

9 Months Ended

Sep. 30, 2023

Text Block [Abstract]

Estimated Costs and Estimated Receipts During Liquidation

Note 4 —Estimated Costs and Estimated Receipts During Liquidation

The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will have receipts in excess of estimated costs during the liquidation. These amounts can vary significantly due to, among other things, the timing and

estimates for operating expenses, interest earned on reserves and the costs associated with the winding down of operations. These costs are estimated and are anticipated to be paid out over the liquidation period.

At September 30, 2023 and December 31, 2022, the Company had accrued the following net receipts/(costs) expected to be incurred during liquidation (in thousands):

	September 30, 2023			December 31, 2022
Interest Income	$	4,500		$	2,040
General and administrative expenses		(3,476	)		(3,460	)
Assets for estimated receipts in excess of estimated costs (liability for     estimated costs in excess of estimated receipts) during liquidation	$	1,024		$	(1,420	)

The change in the estimated costs and estimated receipts during liquidation for the nine months ended September 30, 2023 and 2022 are as follows (in thousands):

	January 1, 2023			Net Change in Working Capital (1)			Remeasurement of Assets and Liabilities			September 30, 2023
Assets:
Estimated inflows of interest income	$	2,040		$	(2,748	)	$	5,208		$	4,500
Liabilities:
General and administrative expenses		(3,460	)		3,737			(3,753	)		(3,476	)
Total assets for estimated receipts in excess of estimated     costs (liability for estimated costs in excess of     estimated receipts) during liquidation	$	(1,420	)	$	989		$	1,455		$	1,024

	January 1, 2022			Net Change in Working Capital (1)		Remeasurement of Assets and Liabilities			September 30, 2022
Assets:
Estimated inflows of interest income	$	27		$	88	$	510		$	625
Liabilities:
General and administrative expenses		(2,411	)		1,403		(1,026	)		(2,034	)
Total assets for estimated receipts in excess of estimated     costs (liability for estimated costs in excess of     estimated receipts) during liquidation	$	(2,384	)	$	1,491	$	(516	)	$	(1,409	)

Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the nine months ended September 30, 2023 and 2022.