NEW YORK--(BUSINESS WIRE)--Gotham Motown Recovery, LLC (“GMR”), today announced that it sold $74,192,788 in current principal amount of City of Detroit, Michigan Financial Recovery Bonds, Series 2014(B)(1), at a price of $0.57 per $1.00 of current principal amount of such bonds, and $51,143,551 in current principal amount of City of Detroit, Michigan Financial Recovery Bonds, Series 2014(C), at a price of $0.88 per $1.00 of current principal amount of such bonds, in each case plus accrued interest. These sales covered all such bonds owned by GMR.
GMR intends to distribute the cash proceeds of these sales (net of related costs and expenses and amounts retained by GMR to establish and fund reserves for its business and operations) to its members in accordance with the terms of its limited liability company agreement.
GMR is a Delaware limited liability company formed to own, manage, administer, and otherwise deal with certain assets received in connection with the City of Detroit’s bankruptcy. Please visit www.gmrllc.net.
The information contained in this press release contains “forward-looking statements” – that is, statements related to possible future events. Forward-looking statements often address expectations and beliefs as to future performance, results and business plans. You should not place undue reliance on forward-looking statements because they speak only as of the date they are made and are necessarily subject to risks and uncertainties that could cause actual results and performance to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based upon management’s current expectations and beliefs concerning future events. GMR undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.