ON AUGUST 30, 2021 THE PROSPECT-WOODWARD HOME, A CONTINUING CARE RETIREMENT COMMUNITY, FILED FOR CHAPTER 11 BANKRUPTCY PROTECTION FOLLOWING A PERIOD OF FINANCIAL HARDSHIP. A PLAN OF LIQUIDATION WAS APPROVED BY THE BANKRUPTCY COURT AND BECAME EFFECTIVE ON MAY 23, 2022. DURING 2023 AS PART OF THE BANKRUPTCY COURT ORDER THE SECURED LINE OF CREDIT WAS SETTLED IN THE AMOUNT OF $375,000 AND IN 2024 FINAL DISTRIBUTIONS WERE MADE INCLUDING $5.375 MILLION TO A SECURED CREDITOR WHO WAS DETERMINED BY THE BANKRUPTCY COURTS TO BE IN FIRST POSITION FOR DISTRIBUTIONS, $6.729 MILLION TO BONDHOLDERS, AND THE REMAINDER OF THE AVAILABLE FUNDS PAID TO PROFESSIONALS FOR THEIR WORK IN CLOSING OUT THE BANKRUPTCY CASE AND WINDING DOWN THE COMPANY. FINAL DISSOLUTION OF THE ORGANIZATION WAS EFFECTIVE JULY 31, 2024.
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