20241126

As you know, there was a court hearing scheduled to take place on November 21st, but it was unexpectedly canceled the day before.

We heard from attorneys representing the Prime Trust Wind Down entity that they were hoping to present their plan for reconciling the assets of Prime Trust account holders at the hearing, but the Court told them there would not be enough time at that hearing to hear the motion. The hearing was canceled since there were no other agenda items.

Representatives of the Prime Trust Wind Down entity have been trying to get the Court to give them another hearing date but the Court has not provided one so far.

Moreover, the Prime Trust Wind Down entity has now stated that they will file the reconciliation plan 30 days in advance of the rescheduled hearing date in order to allow parties time to review and respond. This is a substantial change. Prior to the November 21st hearing date, the plan was to be presented for the first time during the court hearing. Now, apparently it will be filed 30 days before any hearing takes place. The reason for the change is unknown.

Due to this 30-day lead time combined with the holiday season, it's likely that the next hearing will take place in January at the earliest.

We will keep you posted with any further developments.