Estimated Costs and Estimated Receipts During Liquidation

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, the Company accrued the following net receipts/(costs) expected to be incurred during liquidation (in thousands):

	March 31, 2024			December 31, 2023
Interest income	$	4,750		$	4,750
General and administrative expenses		(4,346	)		(3,268	)
Assets for estimated receipts in excess of estimated costs during liquidation	$	404		$	1,482

The change in estimated costs and estimated receipts during liquidation for the three months ended March 31, 2024 and 2023 is as follows (in thousands):

	January 1, 2024			Net Change in Working Capital (1)			Remeasurement of Assets and Liabilities			March 31, 2024
Assets:
Estimated inflows of interest income	$	4,750		$	(1,183	)	$	1,183		$	4,750
Liabilities:
General and administrative expenses		(3,268	)		3,291			(4,369	)		(4,346	)
Total assets for estimated receipts in excess of estimated        costs during liquidation	$	1,482		$	2,108		$	(3,186	)	$	404

	January 1, 2023			Net Change in Working Capital (1)			Remeasurement of Assets and Liabilities			March 31, 2023
Assets:
Estimated inflows of interest income	$	2,040		$	(594	)	$	2,154		$	3,600
Liabilities:
General and administrative expenses		(3,460	)		1,196			(991	)		(3,255	)
Total assets for estimated receipts in excess of estimated     costs (liability for estimated costs in excess of     estimated receipts) during liquidation	$	(1,420	)	$	602		$	1,163		$	345

Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the three months ended March 31, 2024 and 2023.