1. Do I have to be a plaintiff in the Derivative Action to share in distributions under the Plan of liquidation?
No. Investors with beneficial interests in NP Skyloft, DST do NOT have to be a plaintiff or party to the Derivative Action or any other legal action to share in distributions.
2. What is the expected recovery to Investors?
Assuming the Nelson Parties funds the full amount of the agreed $50,000,000, the anticipated Liquidation Proceeds currently represent approximately a 65% recovery to Investors before attorney's fees and an approximately 55% recovery to Investors after attorney’s fees. The attorney’s fees were subject to Court review and approval. These recovery estimates are based on currently available information and may change over time.
3. When will the Plan Administrator issue distributions to Investors?
The Court has not yet set a distribution process or schedule. The Nelson Parties have until late 2023 to sell real estate and fully fund the Liquidation Proceeds that the Plan Administrator will use for distributions. Thus, distributions may not occur until early 2024. The Plan Administrator intends to issue distributions as soon as possible and will post updates on the timing of distributions on this website.
4. Will past dividends be paid?
No. Although the Court has not yet set the specific procedures for the determination of each Investor’s share of the pro rata distribution, it is not expected that dividends will be paid. The Plan Administrator will post distribution procedures to this website once they are available.
5. What if I transferred or have received the transfer of a beneficial interest in NP Skyloft, DST?
The Court has not yet set the specific procedures for the determination of each Investor’s share of the pro rata distribution or rules for the transfer of beneficial interests entitled to distributions. The Plan Administrator will post distribution procedures to this website once they are available, including guidance on the transfer or receipt of beneficial interests by Investors.
6. Who do I contact regarding tax related questions about NP Skyloft, DST interests, including, for example, K-1 or 1031 Exchange questions?
For questions regarding your specific tax treatment, you should consult your own tax advisor. The Plan Administrator cannot give you tax advice.
For questions regarding tax documents or reporting you received from or need from NP Skyloft, DST, you should contact a representative of NP Skyloft, DST directly. The Plan Administrator is NOT a representative of NP Skyloft, DST and does not have access to tax documents.
7. Are creditors of NP Skyloft, DST entitled to distributions from the Plan of Liquidation?
No. Only Investors with beneficial interests in NP Skyloft, DST are entitled to share in distributions under the Plan of Liquidation. Venders, creditors, or non-Investor parties should contact the Nelson Parties with payment inquiries.
8. Do the Plan Administrator’s fees and expenses reduce the funds available to pay Investors?
No. Fees and expenses paid to the Plan Administrator and his professionals do not reduce the amount of Liquidation Proceeds distributed to Investors. Pursuant to the Court’s order, the Plan Administrator’s and his professionals’ fees and expenses are paid from the Liquidation Proceeds and then taxed as costs of court against the Nelson Parties.
