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Recovered Property and the Successor Organization

Overview

Process

Asset Recovery
/Compensation/Sales

Goodwill Fund

Announcement of Amendment to Goodwill Fund Guidelines

Current Assets/
Pending Claims

Issues Regarding Future Income

The Wertheim Property

An Overview of the Future Needs of Survivors

Statement from Survivor Leaders Regarding the Claims Conference Goodwill Fund [PDF document]

Recoveries by Successor Organization for Which it has Received Funds

Recovered Property and the Successor Organization

Asset Recovery and Compensation/Sales

The Successor Organization generated revenue of approximately $150 million from sales, compensation, investment priority decisions, and other items in 2008. This revenue is net of certain payments and costs directly connected with these items.

This 2008 regular income came from the following major sources: sales produced approximately $45 million, and compensation cases, together with other smaller categories of recovery, produced approximately $104 million.

Furthermore, the Claims Conference received rental income prior to the sale of properties of approximately $6 million. Expenses relating to the maintenance of property pending sale were approximately $3 million.

As of May 1, 2010, the Claims Conference had filed 121,837 claims covering real estate and businesses as well as additional claims for smaller types of assets. These smaller claims are being handled separately from the real estate and business claims. For the real estate and business claims, the German restitution authorities have issued decisions on 91,719 claims. Therefore, decisions have been issued in 75 percent of the claims. Of the 91,719 decisions, 13,286 were approved for the Claims Conference (14 percent).

The German restitution agencies processed the claims on the largest and most valuable properties first. This means, that the properties to be recovered and sold in the future will generate less revenue than previously recovered properties. The income to date includes unique claims such as those relating to the Wertheim family.

Further, a large part of the processing by the German authorities for real estate claims has taken place and the processing of business assets is now under way. Recovery of a business asset usually generates a compensation payment that is far lower than the value of a recovered real estate claim.