Receivership Status Reports

The Court has ordered the Receiver to file Quarterly Status Reports with the Court within 30 days of the end of each calendar quarter. The Quarterly Status Reports will be posted on this page after filing. Highlights of the most recent status report are as follows:

Since his appointment in April 2014, the Receiver has taken control of assets of Wendell and Allen Jacobson and the approximately 200 entities in receivership. Because this is a liquidating receivership, the Receiver has spent significant time negotiating, contracting for, and finalizing the sale of the majority of the receivership’s multifamily apartment properties to Cortland Partners.

With respect to that sale, during the fourth quarter, the approved the sale of the Retreat at Stonebridge Ranch and City View properties. In addition, the Receiver obtained a favorable ruling from the Court clarifying the Receiver’s ownership of the entirety of the Madison Chase property. As a result, the Receiver anticipates that the Madison Chase property will be part of the Cortland Partners sale shortly. To date, the sale to Cortland Partners resulted in net sales proceeds to the receivership of $40,771,547.

Beyond the sale to Cortland Partners, the Receiver sold the following receivership properties during Q4 of 2014:

• Property at 285 North State Street, Fountain Green, Utah, for $128,000;
• Property at 56 West 100 North, Fountain Green, Utah, for $100,000; and
• Property at 210 West Center, Fountain Green, Utah, for $149,000 (pending Court approval).

The Receiver also sold the receivership’s interest in Goodfellow Housing Partnership, Ltd. and resolved the related dispute regarding ownership of S.A.L. Rentals, Inc. as part of a settlement whereby the Receiver received $2,950,000 and obtained the release of claims against the receivership estate totaling $1,549,656.95.

The remaining income properties are being operated and maintained. Some property taxes and assessments are intentionally not being paid by the Receiver, due primarily to lack of cash flow from those non-income producing properties. Cortland Partners is managing the unsold multi-family properties.

The claims deadline was September 2, 2014. The Receiver is now analyzing the 589 completed claims forms that were submitted. The Receiver has analyzed approximately 70-75% of the claims to date. When that analysis is complete, the Receiver will be in a position to recommend a fair and equitable plan of distribution for Court approval. The Receiver will then seek Court approval of validated claim amounts and seek approval to distribute proceeds.

As part of this process, the Receiver is attempting to resolve a number of concerns raised by claimants regarding the Receiver’s proposed plan of distribution. Whether or not the Receiver is able to resolve all those concerns, the Receiver plans to file and seek approval of a plan of distribution during the first quarter of 2015. If a plan is approved in the first quarter of 2015, the Receiver intends to seek Court approval for an initial interim distribution to creditors during the second quarter of 2015.

For previous status reports please see the following:

Receiver’s First Quarterly Status Report as of March 31, 2012      04-30-2012
Updated report of Receiver as of May 31, 2012      05-31-2012
Receiver’s Second Quarterly Status Report as of June 30, 2012      07-30-2012
Receiver’s Third Quarterly Status Report as of November 1, 2012      11-01-2012
Receiver’s Fourth Quarterly Status Report as of December 31, 2012      01-30-2013
Receiver’s Fifth Quarterly Status Report as of March 31, 2013      05-01-2013
Receiver’s Sixth Quarterly Status Report as of June 30, 2013      07-30-2013
Receiver’s Seventh Quarterly Status Report as of October 30, 2013      10-30-2013
Receiver’s Eighth Quarterly Status Report as of December 31, 2013      12-31-2013
Final Report and Accounting of Receiver John A. Beckstead      3-31-2014
Receiver’s Tenth Quarterly Status Report as of September 30, 2014      09-30-2014
Receiver’s Eleventh Quarterly Status Report as of December 31, 2014      12-31-2014
Receiver’s Twelfth Quarterly Status Report as of March 31, 2015      03-31-2015
Receiver’s Thirteenth Quarterly Status Report as of July 30, 2015      07-30-2015
Receiver’s Fourteenth Quarterly Status Report as of September 30, 2015      09-30-2015
Receiver’s Fifteenth Quarterly Status Report as of December 31, 2015     12-31-2015
Receiver’s Supplemental Status Report as of March 29, 2016    03-29-2016
Receiver’s Sixteenth Quarterly Status Report as of March 31, 2016   03-31-2016
Receiver’s Seventeenth Quarterly Status Report as of June 30, 2016   06-30-2016
Receiver’s Eighteenth Quarterly Status Report as of September 30, 2016   09-30-2016
Receiver’s Nineteenth Quarterly Status Report as of December 31, 2016   12-31-2016