Very Poor Acclivity West Management - FILING BANKRUPTCY!!
"As such, the LOF swap agreement included provisions to ensure the Fund and all of its clients are protected. For example, the agreement requires prior written notice, a minimum initial holding period, distributions being scheduled over the course of several quarters, and "potential reductions in or suspensions of permissible withdrawals to the extent there are excessive withdrawals and in various other circumstances." "The Fund must maintain sufficient cash on hand to cover premiums, and operating expenses before the Applicable Fund can honor any redemption request. "
"Pending withdrawal requests are being evaluated considering the limitations stated above. So, you see, the core issue on the question of timing for redemptions is more about timing on maturities and the liquidity in the Fund."
This statement (Mon, Oct 30, 2023 at 12:15 PM) by Shelly Hill Acclivity West COO states the problem for investors in this company. As of December 31, 2023 at 8:00P.M. no further response has been received from Shelly even though stating "We appreciate your patience and understanding at this time, and I will circle back with you in November with another update." in the same Mon, Oct 30, 2023 at 12:15 PM communication.
NEW NEWS:
"ACCLIVITY WEST, LLC Bankruptcy Filing
Basic Information on ACCLIVITY WEST, LLC Bankruptcy
ACCLIVITY WEST, LLC filed a 11 chapter bankruptcy in the Southern District of Texas bankruptcy court on January 05, 2024. This is a voluntary filing; it was assigned the bankruptcy case number #24-90002."
"The bankruptcy petition for ACCLIVITY WEST, LLC showed assets in the range of $10MM - $50MM with liabilities in the range of $10MM - $50MM. ACCLIVITY WEST, LLC reports that the number of creditors is in the range of 1,000-5,000."
"The debtor indicated their nature of business as 'None of the Above'. The options for nature of business in bankruptcies are rather limited and archaic. They include 'Health Care Business', 'Single Asset Real Estate', 'Railroad', 'Stockbroker', 'Commodity Broker', 'Clearing Bank', or 'None of the Above'."
"Unsecured Creditor Treatment in ACCLIVITY WEST, LLC Bankruptcy:
ACCLIVITY WEST, LLC indicated on its bankruptcy petition that it expects there will be sufficient assets in the estate to make a payment to the unsecured creditors."