Mon, Mar 24, 2:45 PM (34 days ago)
**LUB Liquidating Trust (LUB) 10-K Summary** **Company Overview:** LUB Liquidating Trust (LUB) is the successor to Luby's, Inc., which dissolved on May 31, 2022. LUB holds all assets and liabilities of Luby's and issues units of beneficial interest to former Luby's shareholders. LUB is in the process of liquidating its assets and distributing proceeds to unitholders. **Financial Performance (in thousands):** - **Revenue:** Not applicable as LUB is in liquidation. - **Net Income:** Not applicable as LUB is in liquidation. - **Operating Expenses:** $3,968 (2024), $6,852 (2023) primarily for general and administrative expenses, interest, and sales costs. - **Earnings per Share:** Not applicable as LUB has no public float. - **Net Assets in Liquidation:** $29,320 (2024), $27,876 (2023). **Strategic Overview:** LUB's primary goal is to monetize its assets, satisfy liabilities, and distribute remaining proceeds to unitholders. As of March 21, 2025, LUB has one remaining property and unresolved obligations at four former leased locations. **Future Outlook:** LUB expects to complete liquidation by May 31, 2026, or earlier if all assets are distributed. The timing and amount of distributions are uncertain due to various risk factors, including market conditions, legal proceedings, and operational costs. **Risk Factors:** - **Market Risks:** Economic conditions, inflation, and interest rates may affect asset sales and distribution timing. - **Legal Risks:** Ongoing lawsuits and claims could impact liquidation proceeds. - **Operational Risks:** Costs related to asset sales, administrative expenses, and insurance may reduce distributions. **Financial Condition:** LUB has no debt and adequate cash on hand to meet obligations. However, its ability to meet obligations is contingent upon successful asset monetization. **Market Position Changes:** LUB's units are not listed on any exchange and have no public market. Units are generally not transferable except by will, intestate succession, or operation of law. **Key Financial Data (in thousands):** - **Cash and Cash Equivalents:** $11,684 (2024), $11,282 (2023). - **Accounts and Notes Receivable:** $4,028 (2024), $13,498 (2023). - **Properties for Sale:** $6,856 (2024), $10,391 (2023). - **Liabilities:** $5,459 (2024), $8,258 (2023). **Distributions:** LUB made cash liquidating distributions of $0.10 per share in September 2024 and $0.44 per share in January 2025. The estimated future liquidating distribution is $0.50 per unit. **Trustees:** - Gerald W. Bodzy - John Garilli - Joe C. McKinney **Trustee Compensation (2024):** - Gerald W. Bodzy: $100,000 - John Garilli: $80,000 - Joe C. McKinney: $80,000 **Note:** LUB's financial statements are prepared on a liquidation basis, focusing on the estimated net realizable value of assets and liabilities. The actual values and costs may differ from the estimates presented.