IRS Guidance for Investors

The Trustee has provided the following note:

"Investors are advised to follow the guidance provided by the IRS in Revenue Ruling 2009-9 and Revenue Procedure 2009-20. The IRS has guidance under the webpage: “Help for Victims of Ponzi Investment Schemes”. A link to this page is: https://www.irs.gov/newsroom/help-for-victims-of-ponzi-investment-schemes.

Revenue Ruling 2009-9 - provides guidance on determining the amount and timing of losses from these schemes, which is difficult and dependent on the prospect of recovering the lost money (which may not become known for several years). A copy of the revenue ruling is attached.

Revenue Procedure 2009-20 - simplifies compliance for taxpayers by providing a safe-harbor means of determining the year in which the loss is deemed to occur and a simplified means of computing the amount of the loss. A copy of the revenue ruling is attached."

Please note, this referral to IRS guidance is not tax advice, and investors should discuss their individual situations with a licensed financial professional or a tax attorney.

Texas Court Issues Order Preliminarily Certifying [PetroRock] Class for Settlement Purposes

On November 15, 2022, in the matter PetroRock Mineral Holdings, LLC v. Minerva Resources, LLC et al, the Dallas, Texas District Court issued an Amended Order Preliminarily Certifying Class for Settlement Purposes, Granting Preliminary Approval of Settlement, and Approving Class Notice.

A copy of that Order, the Notice that was mailed to all Funds investors ,the Addendum to the Notice, establishing certain opt-out procedures, and a copy of the PetroRock Settlement are in the Court Papers section of this website.