I have spent the last 2 weeks trying to get someone from the office of the Trustee to comment or offer anything in writing to explain the dramatic share price reduction many saw the end of February. Some ‘adjustments’ I saw were towards 80% reduction.
Again, with the plethora of postings, records, announcements, etc. on the Trustee’s website, there is/was nothing offering a breath of context on why this was done, how it was figured, the math, etc., etc.
According to Colin Robinson, one of the lawyers for the Trustee, this ‘adjustment’ was part of an annual SEC filing they are required to make to offer the ‘cash liquidation value’ of the assets. I asked, “so this valuation you reported included ZERO values for the real estate holding of the Trust?”. His response was affirmative. None of the real estate values (or appraised value, or Zillow, or anything reflecting value) are included in the SEC ‘cash liquidation value.’ So, as I understand it, this share price is a bit of a technical SEC data point, not a valuation that would reasonably reflect the true value of the shares today (not to mention they value all of the pending lawsuits at zero value – I completely understand this is only prudent.).
Colin’s direct phone is 302.778.6426.
I include his telephone number because he offered no source other than himself to “offer feedback” to the Trustee on this matter. In other words, there is no direct way to visit with the Trustee’s office. So, if you have any ‘feedback’ for Colin to pass along to the Trustee management as to better communication on such dramatic changes with the share price … call him and offer that feedback.
Here’s hoping for some better communication on these matters going forward.