In January 2022, we established a section of our website devoted to investor resources, as a way to strengthen our communication with our investment community. It is designed to give up-to-date information across all GPB Capital-sponsored Partnerships (“Partnerships”), and answer questions we have received from investors. We will update this website with new information as it becomes available. We encourage you to utilize the website to keep apprised of new developments.
We recognize that many investors have questions about distributions. Partnership distributions are a top priority for our team. For each Partnership, we will submit a distribution plan to the SEC-appointed Monitor for approval and communicate directly with investors with specific guidance. We will provide further information on distributions as soon as we are able to do so.
Over the last year, our new management team – led by CEO Rob Chmiel – has worked with GPB’s affiliate, Highline Management, Inc. (“Highline”), to strengthen our corporate governance by bolstering our internal controls. Highline has established an independent Board of Directors to oversee all activities of GPB Capital and the Partnerships.
As our work has progressed, we have provided updates regarding your investments, such as the filing of our Form 10 for GPB Automotive Portfolio, LP and subsequent sale of Prime Automotive to Group 1 Automotive; the completion of certain audits; and the securing of reputable independent firms to work on valuation and tax work.
Our former CEO, David Gentile, resigned from GPB Capital in early February 2021 and has no role in the operations of GPB Capital, Highline, any of the Partnerships we manage, or the Partnerships’ respective Portfolio Companies.
Also, in early 2021, our new leadership team agreed with the SEC to the appointment of an independent Monitor to provide oversight and to review all of our operations and the assets we manage. The Monitor will remain in place until further Order of the Court. We continue to work closely with the Monitor to achieve our shared goal of maximizing the value of our Partnerships’ assets for the benefit of our investors. Our ultimate goal is to distribute available value to investors.