The information contained on this web page pertains to the settlement being administered in the class action lawsuit captioned In re Kenbee Limited Partnerships Litigation, Master File No. 91-2174-GEB, pending in the United States District Court for the District of New Jersey (“Litigation”). This is only a summary of information presented in more detail in the Notice of Plan of Final Distribution of Residual Settlement Funds and Release of DVL and Other Parties, which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.

The settlement of the Litigation was approved by the Court in 1992 (“1992 Settlement”) and resolved the claims of a class of some 2,500 limited partners (“Limited Partners” or “Class Members”) who invested in 119 separate limited partnerships (“Partnerships”) sponsored by Kenbee Management, Inc. The primary benefit created by the 1992 Settlement was to increase the share of cash benefits paid directly to the Limited Partners from the ongoing operations of and eventual liquidation of the commercial real estate held by the Partnerships.

The Court has approved a Plan of Final Distribution of the residual Settlement fund so that the remaining funds may be distributed to qualifying Limited Partners in order to bring this Litigation to a final conclusion. The Plan of Final Distribution seeks to allocate the remaining Settlement funds on a proportionate basis based on overall recognized losses, as calculated by the Settlement Administrator, to those Limited Partners who meet the following criteria: (a) they are not one of the 14 original defendants or their successors or affiliates or interim mortgage lenders; (b) they held onto their Limited Partnership units when their respective Partnerships were closed and are not one of the 495 investors who transferred or bequeathed all of their Partnership investments; (c) they have cashed all prior distribution checks sent to them by DVL; (d) their post-card notice was not returned as undeliverable or the Settlement Administrator was able to locate a current address or recipient for the distribution; and (e) the individual Limited Partner has an overall loss on his, her or its investment in all of the Partnerships in which they invested.