CIM Group
Hi
I tried to call on WGN but did not get through
I have about $65,000 in an account with CIM, some kind of account that the funds are not liquid and the person who did the initial investment says I have to wait to a liquidation to get the money to reinvest. It’s been years I have had this account each year I get an offer from some other company to buy them but it’s way below market value.
Just wondering if there are any options I can do or if i just need to wait it out? They thought there would be a liquidation in 2023 but now I am being told because of the poor 2022 market in my not happen.
I don’t really need the money right now but don’t like the fact I have no access to it.
Thank you really enjoy listening to your advice.
Terry Says
You invested in an illiquid real estate partnership. You are likely getting distributions that consist partly of income, and partly return of capital each year. The 1099 form you receive should specify which is which. BUT, while you seem to be getting generous income, you are at the mercy of the general partners as to when the fund is liqidated, and remaining assets are distributed to the limited partners (you). And surely there are some bids for your shares in the fund, but knowing you are locked up, those bids are below the reported net asset value. If you are desperate for the cash, you can sell at this reduced price. Or you’ll have to wait it out until the general partners liquidate.
