Friday, April 22, 2011
News Brief: Westridge Update
Court-appointed Receiver Distributes $40 Million to UniversityCarnegie Mellon University has received more than $40 million in two separate payments from the court-appointed receiver in the Westridge case. Today, the receiver distributed $32.7 million to the university, as part of the distribution of the main pool of recovered funds available to investors. In December, the receiver distributed nearly $8 million to Carnegie Mellon when the receiver and court determined these funds were distinct from the main pool of Westridge assets.
We are pleased with the court's decision and appreciate the work of the receiver and the court in returning funds to the university. The $40 million constitutes the return of roughly 83 percent of the investment's last recorded value of approximately $49 million. We will aggressively continue to pursue recovery of the remaining funds.