Nelson Partners' Liquidation Plan That Would Pay $50M to Skyloft Austin Investors Gets Final Court Approval

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Aug 11, 2022, 09:00 ET

Unfortunately, Property Management Firm May Not Be Able To Come Up With All of The Funds; Shepherd Smith Edwards & Kantas LLP Is Looking Into Claims of Losses Involving Nelson Partners' Skyloft Austin Investors

HOUSTON, Aug. 11, 2022 /PRNewswire/ -- According to attorneys for Greg Milligan, the Plan Administrator for liquidation proceedings involving luxury high rise student building Skyloft Austin, a court has approved on a final basis the liquidation plan that would require Nelson Partners Student Housing to pay investors $50M. Under the Stipulation and Plan of Liquidation, the real estate management firm will likely have to sell the majority of its almost 20 student housing real estate properties to come up with this money.

The property management company's website notes that Nelson Partners owns off-campus student housing properties in multiple US States, including buildings close to Utah State University, Dixie State University, Washington State University, Colorado University, University of Oregon, Purdue University, Western Washington University, Arizona State University, West Virginia University, Montana State University, University of Northern Colorado, and Utah Valley University.

Now, the property management company has 18 months to come up with the funds. $50M will be placed in a Trust and distributed to investors on a pro rata basis.

While this liquidation deal will hopefully hold Nelson Partners accountable to investors, it is highly likely they will only be able to raise half of the money. Not only that but the property management firm has been having financial problems for some time now. Its CEO Patrick Nelson has been accused of running a Ponzi-like scam.

This is why it is important that you consider filing your own Financial Industry Regulatory Authority (FINRA) arbitration claim against the broker-dealer that marketed and sold you this private placement real estate deal.

Representing Skyloft Austin Investors Against Broker-Dealers Who Unsuitably Marketed Real Estate Private Placement Deal

Our skilled real estate private placement attorneys have helped thousands of investors in Texas and around the US to recoup their losses caused by brokerage firm negligence or misconduct. If you are a Skyloft Austin investor and you would like to explore your legal options for pursuing a FINRA arbitration claim against your broker-dealer, contact SSEK Law Firm (inveastorlawyers.com) at (866) 901-3784.

You can also speak with one of our Texas investor lawyers in Houston at (866) 901-4162 or Dallas at (214) 613-5306.

SOURCE Shepherd Smith Edwards & Kantas LLP