What is the likelihood and contemplated timing of any future distributions to bondholders and other creditors?
The Trustee has no immediate plans to make any further distribution at this time. The likely source of any such distribution would be the proceeds from a sale of the remaining properties in Jacksonville. The ultimate value of those properties, which are owned by a non-debtor subsidiary of the bankruptcy estate, will depend upon finalizing a wetlands permit application which has been pending before the Army Corps of Engineers since August of 2005. Unfortunately the Corps is not subject to any regulation governing the time frame to act on such an application; however, the Trustee expects the application to be processed within the next few months, after which the properties can be marketed and sold, most likely in the last quarter of 2007 or first quarter of 2008. At that time, the Trustee may be in a position to make a further distribution of post-petition interest to creditors and bondholders in accordance with the Global Settlement Agreement described on this website. In addition, as r
