On September 24, 2008 the Court substantively consolidated the estate of Dick Bruhn, Inc. ("DBI") into the estate of Richard L. Bruhn. This has the effect of treating the two cases as one. David Bradlow, trustee of the Richard L. Bruhn estate (the "Trustee"), will preside as trustee for the newly consolidated estate. The DBI estate will shortly be turning over its remaining funds to the Trustee. This is beneficial for the Richard L. Bruhn estate as these will enable the Trustee to service the existing loans (mortgages) on the real properties until they are sold.
A sale for any of the four (4) real properties has yet to occur. The Trustee has recently received Court approval to extend the brokers' agreements in order to continue to market the properties. In light of the current depressed real estate market, we are not overly optimistic that the properties will sell quickly. However, we will keep you apprised of any developments in this area.
