On May 10, 2019, the Trustee served materials in connection with its motion returnable May 23, 2019, which provides, among other things, a comprehensive update on developments in these proceedings since the Second Report. In addition to providing updates on projects subject to significant developments, including enforcement proceedings, postponements and other significant events, the Seventh Report was filed in support of the Trustee’s request for a Court order, among other things:

approving the Trustee transaction process, as described in detail in the Seventh Report, which seeks to standardize the process for the negotiation of all refinancing, sale, payout and other restructuring proposals involving any consideration being provided to Fortress Real Developments Inc. (“Fortress”), its principals or any related party to Fortress;
directing the Trustee to distribute $372,650 to the Original Victoria Medical Investors and $301,086 to the Hybrid Victoria Medical Investors to equalize payments previously made to Victoria Medical Investors;
approving the execution of a Bayview Direction, related to a project administered by Derek Sorrenti (“Sorrenti”); the borrower requires a direction to pay be executed by BDMC before it will distribute funds to Sorrenti, because BDMC remains the named lender that is a party to the loan agreement (although Sorrenti has been and continues to be the administrator);
compelling the production of documents, records and information related to certain projects transferred by Sorrenti to BDMC and to otherwise comply with the Appointment Order;
compelling production of information by the borrower on the Treehouse Project and the borrower on the Lake and East Project, respectively, sufficient to satisfy their respective reporting obligations to the Trustee and to otherwise comply with the terms of the Appointment Order; and
approving the Trustee’s Fourth Report, Fifth Report, Sixth Report and Seventh Report, as well as the Trustee’s activities, fees and disbursements, including the fees and disbursements of its counsel, for the period from October 1, 2018 to March 31, 2019.

Copies of the materials filed on May 10, 2019, including the Trustee’s Seventh Report, are available below.