Distribution of Assets to CVR Trust |
9 Months Ended |
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Sep. 30, 2025 | |
| Transfers and Servicing [Abstract] | |
| Distribution of Assets to CVR Trust | Note 5. Distribution of Assets to CVR Trust
As discussed above, the Company distributed a significant portion of its legacy assets to the CVR Trust in connection with the creation of CVRs for the benefit of the Company’s stockholders as of August 8, 2025. The CVR Trust is a Delaware statutory trust. The Management Committee of the CVR Trust will manage the liquidation and monetization of the CVR Trust’s assets, whether such assets are held directly by the CVR Trust or indirectly through the CVR Trust’s wholly-owned subsidiary, FG CVR SpinCo, LLC, a Delaware limited liability company (the “SpinCo”). The CVR Trust is the sole member and manager of the SpinCo.
The transferred assets included: (i) all interests in STS, (ii) the preferred shares of Saltire Capital Ltd. plus all accumulated dividends, (iii) all shares or other interests in FG Merchant Partners, (iv) all interests in Firefly Systems Inc., (v) all interests in GreenFirst Forest Products Ltd., (vi) all interests in FG Communities Inc., (vii) all interests in Craveworthy Brands, (viii) all interests in FG Merger II Corp., (ix) all interests in Aldel Financial II Inc., (x) all interests in Greenland Exploration Limited, (xi) all interests in Argo Holdings, (xii) all interests in Think Markets, (xiii) all interests in Pivotal Capital, (xiv) all interests in B-Scada Inc. and (xv) all current cash and cash equivalents of the Company as of the establishment of the CVR Trust. The book value of the assets transferred to the CVR Trust was approximately $48.9 million.
In September 2025, the CVR Trust made an initial cash distribution of $ per share for a total of approximately $13.3 million to CVR holders. The Management Committee will seek to monetize the remaining assets held by the CVR Trust, balancing near term liquidity and ultimate value realization from the assets for future distributions to the CVR holders.
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