The Receiver expects to begin closing on the eleven lots that are currently under contract in Mexico. Proceeds from these closings are anticipated to be received within approximately ninety days following closing. Once received, the Receiver anticipates presenting these proceeds, together with the recently-received $500,000 settlement from Ross Miles, to the Court for approval of a proposed distribution to investors.
The receiver has listed 12 additional lots for sale, and is evaluating options for the remaining development land in Mar de Plata. This land may be marketed as individual lots or as a single development parcel.
We appreciate the continued patience and will provide further updates as closings progress.