Net Assets in Liquidation	6 Months Ended
Jun. 30, 2025
Text Block [Abstract]
Net Assets in Liquidation	Note 5 — Net Assets in Liquidation Net assets in liquidation are calculated based on estimates of future cash inflows and less estimates of future cash outflows. Net assets in liquidation decreased by $1.1 million during the three months ended June 30, 2025. The decrease was primarily due to legal fees being higher than originally estimated and a reduction in future estimated interest income to be earned on cash and cash equivalents. The decrease was offset by an increase of $0.2 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture. Net assets in liquidation decreased by $73.6 million during the six months ended June 30, 2025. The decrease was primarily due to $69.7 million of liquidating distributions to unitholders as well as legal fees being higher than originally estimated. The decrease was partially offset by an increase of $0.4 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture. Net assets in liquidation decreased by $1.5 million during the three months ended June 30, 2024. The decrease was primarily due to a $1.8 million net decrease due to a remeasurement of estimated receipts and costs primarily related to an increase of legal fees. The decrease was offset by an increase of $0.3 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture. Net assets in liquidation decreased by $4.3 million during the six months ended June 30, 2024. The decrease was primarily due to a $5.0 million net decrease due to a remeasurement of estimated receipts and costs primarily related to an increase of legal fees. The decrease was offset by an increase of $0.6 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture. The net assets in liquidation at June 30, 2025, presented on an undiscounted basis, include the Company’s proportionate share in Worldwide Plaza’s net assets which include a property value based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information. The estimated cash flow projections, which include minimal future capital investment, were negatively impacted by elevated interest rates which affected projections of terminal capitalization rates, inflation, uncertainty of the timing of market recovery and continued lack of transactions in the market for office buildings, especially in the New York City market, and result in a property value below Worldwide Plaza’s current debt balance. There were 16,791,769 Units outstanding at June 30, 2025. The net assets in liquidation as of June 30, 2025, if sold at their net asset value, would result in liquidating distributions of approximately $2.44 per Unit. The net assets in liquidation as of June 30, 2025 of $40.9 million, if sold at the net asset value, plus the cumulative liquidating distributions paid to stockholders of $1.1 billion ($65.98 per common share/Unit) prior to June 30, 2025 would result in cumulative liquidating distributions to stockholders/unitholders of $68.42 per Unit. There is inherent uncertainty with these estimates, and they could change materially based on the timing of the sale of the Company’s remaining asset, the performance of the underlying asset and any changes in the underlying assumptions of the estimated cash flows.

Net Assets in Liquidation

6 Months Ended

Jun. 30, 2025

Note 5 — Net Assets in Liquidation

Net assets in liquidation are calculated based on estimates of future cash inflows and less estimates of future cash outflows.

Net assets in liquidation decreased by $1.1 million during the three months ended June 30, 2025. The decrease was primarily due to legal fees being higher than originally estimated and a reduction in future estimated interest income to be earned on cash and cash equivalents. The decrease was offset by an increase of $0.2 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture.

Net assets in liquidation decreased by $73.6 million during the six months ended June 30, 2025. The decrease was primarily due to $69.7 million of liquidating distributions to unitholders as well as legal fees being higher than originally estimated. The decrease was partially offset by an increase of $0.4 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture.

Net assets in liquidation decreased by $1.5 million during the three months ended June 30, 2024. The decrease was primarily due to a $1.8 million net decrease due to a remeasurement of estimated receipts and costs primarily related to an increase of legal fees. The decrease was offset by an increase of $0.3 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture.

Net assets in liquidation decreased by $4.3 million during the six months ended June 30, 2024. The decrease was primarily due to a $5.0 million net decrease due to a remeasurement of estimated receipts and costs primarily related to an increase of legal fees. The decrease was offset by an increase of $0.6 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture.

The net assets in liquidation at June 30, 2025, presented on an undiscounted basis, include the Company’s proportionate share in Worldwide Plaza’s net assets which include a property value based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information. The estimated cash flow projections, which include minimal future capital investment, were negatively impacted by elevated interest rates which affected projections of terminal capitalization rates, inflation, uncertainty of the timing of market recovery and continued lack of transactions in the market for office buildings, especially in the New York City market, and result in a property value below Worldwide Plaza’s current debt balance.

There were 16,791,769 Units outstanding at June 30, 2025. The net assets in liquidation as of June 30, 2025, if sold at their net asset value, would result in liquidating distributions of approximately $2.44 per Unit. The net assets in liquidation as of June 30, 2025 of $40.9 million, if sold at the net asset value, plus the cumulative liquidating distributions paid to stockholders of $1.1 billion ($65.98 per common share/Unit) prior to June 30, 2025 would result in cumulative liquidating distributions to stockholders/unitholders of $68.42 per Unit. There is inherent uncertainty with these estimates, and they could change materially based on the timing of the sale of the Company’s remaining asset, the performance of the underlying asset and any changes in the underlying assumptions of the estimated cash flows.