Related Party Transactions |
6 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
10) Related Party Transactions
The Liquidation Trustee of the Trust is entitled to receive 5% of the total gross amount recovered by the Trust from the pursuit of the Causes of Action. During the three and six months ended December 31, 2024, approximately $5,000 and $261,000, respectively, were accrued as amounts due to the Liquidation Trustee. During the three and six months ended December 31, 2025, no amounts were accrued as amounts due to the Liquidation Trustee. As of December 31, 2025 and June 30, 2025, approximately $30,000 and $31,000, respectively, were payable to the Liquidation Trustee. These amounts are included in accounts payable and accrued liabilities in the accompanying consolidated statements of net assets in liquidation. During the three and six months ended December 31, 2024, approximately $257,000 was paid to the Liquidation Trustee. No amounts were paid to the Liquidation Trustee during the three and six months ended December 31, 2025. Akerman LLP, a law firm based in Miami, Florida, of which the Liquidation Trustee is a partner, provides legal services to the Trust. The Liquidation Trustee of the Trust is entitled to base compensation at an hourly rate of $598.95 for calendar years 2025 and 2024 (these rates are net of a discount from his customary rates). In addition, Akerman LLP is paid for the time other professionals at the firm spend working on matters for the Company and is reimbursed for out-of-pocket expenses incurred. During the three months ended December 31, 2025 and 2024, the amounts paid to Akerman LLP for these services were approximately $43,000 and $31,000, respectively, and during the six months ended December 31, 2025 and 2024, the amounts paid to Akerman LLP for these services were approximately $91,000 and $74,000, respectively. There were no amounts payable to Akerman LLP as of December 31, 2025 or June 30, 2025 relating to these services. On May 12, 2025, the Company entered into an arrangement with Akerman LLP for the provision of legal services related to the Trust requesting a private letter ruling from the IRS concerning the Trust’s status as a liquidating trust under §301.7701.4(d) of the U.S. Treasury Regulations, which could be needed if the Trust requests an extension of the termination date beyond February 15, 2027. During the three and six months ended December 31, 2025, the amounts paid to Akerman LLP for these services were approximately $27,000 and $87,000, respectively. There was approximately $43,000 payable to Akerman LLP as of December 31, 2025 relating to these services. There were no amounts payable as of June 30, 2025 relating to these services.
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