posted February 5, 2008): What is the precise extent of the bankruptcy estates interest in the Jacksonville Properties described in FAQ #24?
As indicated in FAQ #24, the SEBC bankruptcy estate indirectly owns a 70% interest in the Southwest Quadrant property through its wholly owned subsidiaries SWQ Properties, Inc. and Southeast Properties, Inc., and a 100% interest in the Belfort property through Second Pioneer Corporation, a second-tier subsidiary wholly owned by First Pioneer Corporation which, in turn, is owned by the SEBC estate. Neither of the properties is encumbered by any lien, mortgage or other interest of record, such that upon disposition of the properties the proceeds of sale, net of expenses of sale, will be divided in accordance with the ownership interests.
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