The Hollywood Land Development Company Chairman and CEO Mr. Nicholas Phipps White Announces DOJ Sovereign Towers Settlement Will Assist Girardi Keese Bankruptcy Victims and U.S. Law Enforcement

BEVERLY HILLS, Calif., Aug. 9, 2021 /PRNewswire/ -- The Hollywood Land Development Company Chairman and CEO Mr. Nicholas Phipps White, is pleased to announce legal fees to Girardi & Keese from the Sovereign Towers settlement of $27,829,774,612 with the Department of Justice, will urgently assist Girardi & Keese Bankruptcy Victims and a portion of the settlement will assist U.S. law enforcement. The U.S. Bankruptcy Court Central District of California's The Honorable Judge Barry Russell earlier this year appointed Elissa D. Miller of Sulmeyer Kupetz of Los Angeles as the Interim U.S. Trustee for the Girardi & Keese Bankruptcy Case Number: 2:20-BK-21022.

"We are pleased to assist the Office of the U.S. Trustees in Los Angeles, California to ensure that The Department of Justice immediately meets its obligation from our past due $27.8 billion-dollar settlement which was negotiated on behalf of the United States government by lead Counsel, Mr. Thomas V. Girardi of Girardi & Keese and former Deputy Attorney General, Mr. Rod J. Rosenstein of King & Spalding, Washington, DC – making it the largest settlement in U.S. history," said Mr. Nicholas Phipps White the Pro-Se Claimant/Owner and the Chairman and CEO of the privately-held, The Hollywood Land Development Company LLC and the Developer of the Sovereign Towers project.

"The Department of Justice is aware that the legal fees from the Sovereign Towers settlement will go a long way towards paying off Girardi & Keese's debts to hundreds of victims, such as the Indonesian Lion Air 737 MAX flight crash that killed 189 people. Additionally, the settlement will allow The Hollywood Land Development Company to fulfill their $370 million-dollar gift to Palm Beach County Sheriff's Office in Florida to benefit the more than 4,500 men and women of law enforcement," Mr. Nicholas Phipps White added.

The executed Stipulation for Compromise Settlement and Release Agreement from May 2020 in the amount $27,829,774,612 for Administrative Claims (#164222575, #164222576, #164222577) stipulates that Girardi & Keese and King & Spalding will each receive $2,782,977,461 in legal fees respectively from the U.S. government; and, $2,782,977,461 from the Pro-Se Claimant/Owner which will be distributed by Mr. Nicholas Phipps White. The Sovereign Towers settlement had been approved for the immediate payment by the former Deputy Attorney General of the United States, Rod J. Rosenstein, after being submitted on February 5, 2018 by Chairman and CEO Mr. Nicholas Phipps White as the Pro-Se Claimant/Owner. The Sovereign Towers settlement includes $572,124,076 of interest income accrued, agreed late penalties, and just compensation for The Hollywood Land Development Company's Sovereign Tower I and Sovereign Tower II U.S. Gold Bullion.

The Department of Justice has confirmed that both U.S. President Joseph R. Biden, Jr., and U.S. Attorney General Merrick B. Garland are aware of the immediate past due obligation of $27,829,774,612 by the United States of America to the Claimant. The Claimant, Mr. Nicholas Phipps White, has requested a written confirmation from DOJ by August 13, 2021 for an August 20, 2021 delivery of the Treasury check and the return of the company's Sovereign Towers U.S. Gold Bullion to the U.S. Attorney's Offices of the Central District of California from the U.S. Attorney's Offices in Delaware, for just compensation.

The Sovereign Towers featured a planned Marriott-dual branded Ritz-Carlton/St. Regis, 32-story, 800-room luxury hotel sold to the Kingdom of Saudi Arabia's Public Investment Fund. Marriott International's former CEO and President Mr. Arne Sorenson, an American visionary responsible for a workforce of approximately 174,000 people and the architect of $13.6 billion dollar Marriott-Starwood merger, passed away earlier this year on February 15, 2021.

The Claimant Mr. Nicholas Phipps White is the 100% percent Owner of both the privately-held The Hollywood Land Development Company, LLC and the Developer of the Sovereign Towers project. Mr. Nicholas Phipps White is the great-great grandson of prominent philanthropist, U.S. Senator Lawrence C. Phipps of Colorado, Treasurer of Carnegie Steel, who architected U.S. Steel the first billion-dollar company in the world and the nephew of Palm Beach industrialist Henry Phipps Jr. of Palm Beach, Florida, who founded Bessemer Trust. Mr. Nicholas Phipps White is also the grandson of Brigadier General Nicholas E. Allen USAF, former Judge Advocate General and the former Assistant Secretary of Commerce for International Affairs for the United States of America.

For media inquiries: Ms. Mary White, +1 424-355-1171, [email protected]

SOURCE The Hollywood Land Development Company LLC

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