Estimated Costs and Estimated Receipts During Liquidation

12 Months Ended

Dec. 31, 2023

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

	December 31, 2023			December 31, 2022
Interest income	$	4,750		$	2,040
General and administrative expenses		(3,268	)		(3,460	)
Assets for estimated receipts in excess of estimated costs (liability for     estimated costs in excess of estimated receipts) during liquidation	$	1,482		$	(1,420	)

The change in estimated costs and estimated receipts during liquidation as of December 31, 2023 and 2022 is as follows (in thousands):

	January 1, 2023			Net Change in Working Capital (1)			Remeasurement of Assets and Liabilities			December 31, 2023
Assets:
Estimated inflows of interest income	$	2,040		$	(3,972	)	$	6,682		$	4,750
Liabilities:
General and administrative expenses		(3,460	)		5,590			(5,398	)		(3,268	)
Total assets for estimated receipts in   excess of estimated costs   (liability for estimated costs in   excess of estimated receipts)     during liquidation	$	(1,420	)	$	1,618		$	1,284		$	1,482

(1)Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2023.

	January 1, 2022			Net Change in Working Capital (1)			Remeasurement of Assets and Liabilities			December 31, 2022
Assets:
Estimated inflows of interest income	$	27		$	(623	)	$	2,636		$	2,040
Liabilities:
General and administrative expenses		(2,411	)		3,277			(4,326	)		(3,460	)
Total assets for estimated receipts in   excess of estimated costs   (liability for estimated costs in   excess of estimated receipts)     during liquidation	$	(2,384	)	$	2,654		$	(1,690	)	$	(1,420	)

(1)Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2022.