FirstCity Liquidating Trust Announces Insurance Settlement
HOUSTON, March 18 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL FCFCZ) announced today that the Trust has settled its insurance claim with Fidelity Bond carriers. As a result of the settlement, the Trust has received approximately $22 million. With the execution of this settlement and previously executed settlements with other carriers there are no remaining claims.
The Trust had previously announced that the net asset value of the Trust, as reflected in the value of the Class B Certificates as of December 31, 1997, was $91.3 million. That amount was reduced on January 30, 1998 to $74.1 million when a $17.2 million cash distribution was made to Class B Certificate holders. The estimated projected value of the Class B Certificates at March 31, 1998, adjusted for receipt of insurance proceeds, is approximately $96 million.
Robert W. Brown, President of the Corporate General Partners, of the four limited partnerships which hold the Trust's assets stated that, "The Portfolio Committee of the Trust will immediately consider a second cash distribution to the Class B Certificate holders which could be paid out in mid-April."
The Trust reconfirmed that its value for the Class C Certificates is zero, and that it is unlikely that they will ever have any value. |
