On October 8 we appeared in Court with respect to a variety of matters. On the day before the hearing, the Monitor filed an extensive and lengthy report detailing its findings to date. The Monitor continues to obtain and review additional information as it becomes available.
The Court granted numerous orders, summarized as follows:
1. Extended the stay of proceedings to December 8
2. Increased the debtor in possession financing (interim financing) by $1 million
3. Refused to lift the stay of proceedings with respect to two mortgagees seeking to foreclose
4. Appointed Ernst & Young as Receiver so that it can market and/or deal with individual properties
5. Directed that funding of $100,000 be paid out of the debtor in possession financing to legal counsel for some of the investors to cover legal costs and disbursements
6. Directed the establishment of a Management Committee to advise the receiver.
The next hearing is scheduled for December 8, 2009, but we expect progress in the next month as the Receiver establishes the Management Committee and begins a request for proposal process concerning the potential sale of some or all of the Shire group properties. In addition, we expect the Receiver/Monitor to continue to obtain additional information to complement its most recent report.
