LP syndication investment 100% bust.

[Bruce Lynn]

So the project is 100% bust.  Sponsor is offering 2 options.  One is to get a K1 for the full amount of the investment loss.  Option 2 is to get a promissory note for the full investment amount, payable over five years, if they have profits from other projects.   They're making it sound like if you take the payout, you will not be able to take future losses, even if they don't pay out the full amount.   Does that sound right?