Just watched the webinar replay. Here's my summary with no opinions. It was about 20 minutes long with the rest of the time, an hour, Jorge answering questions and comments. I am summarizing all of this and may be missing details.
Extreme cost cutting mode is what Jorge opened up with. They had approximately 50 employees or so employees before all of this, they are down to about 15 employees with plans to go down to 5 employees in the next month.
AHP Servicing is down to 1 mil in debt owed, from 3 mil last month. They anticipate paying it all off by the next webinar. The plan is to pay the debt down (it is due at the end of the year), pay back vendors (I forgot about this on my last post. They owe their vendors money and are on a cash basis for the vendors for work going forward until debts are caught up), then catch up on distributions, then redemptions. Jorge did not give a timeline on when redemptions would start other than he doesn't think they'd be done by the end of the year. He feels very confident distributions would start before the end of the year. They have a few closings coming up they anticipate will pay off the 1 mil debt.
AHP Servicing is entering strategic partnerships with two companies. At a high level, this will let AHP run leaner, taking the entity from running in the red to black. Jorge vision of having AHP Servicing hasn't worked out the way he thought it would. One company will use AHP for all of their licenses. Once the partnership goes through, AHP will not be servicing loans. CMS is one of the companies they are partnering with. Privocorp is the other. Jorge went into details on both o these partnerships.
AHP2015 has no debt in regards to vendors, etc. Still trying to get through some sales to generate cash. Talked about the US Supreme court recent ruiling.
AHP Title is in a partnership with another company, which they bought around 40%. They want to exercise their option to buy a majority stake but have not done so yet.
PreREO is in talks with two companies for a partnership but he thinks will happen in the coming weeks.
Jorge is putting out a letter in a week or two with specific numbers people are asking about.
Jorge still feels confident they can pay all their obligations and move forward.
