Item 8.01. Other Events
As previously disclosed in filings with the Securities and Exchange Commission
("SEC"), Advanced BioEnergy, LLC (the Company"), ABE South Dakota, LLC and
Glacial Lakes Energy, LLC closed the previously described Asset Sale on December
19, 2019.
Upon the closing of the Asset Sale, the Company commenced its liquidation in
accordance with the Plan of Liquidation adopted by the Company's Members at a
Special Meeting of Members held on September 19, 2019.
In connection with the Company's liquidation, the Company's Board of Directors
determined that the Company's transfer records would be closed from and after
the close of business on December 19, 2019. Accordingly, as of December 19,
2019, the holders of units ceased to have any rights in respect of these units
except the right to receive distributions, if any, pursuant to and in accordance
with the Plan of Liquidation, the Company's Operating Agreement and Delaware
law. In addition, ABE is deemed dissolved under Delaware law and continues to
exist for the sole purpose of converting its assets into cash, paying or making
provision for the payment of its liabilities and after this is completed,
distributing its remaining assets to its Members.
At a Board meeting held on January 14, 2020, the Board of Directors adopted a
resolution providing that the following individuals will serve as Continuing
Directors of the Board of Directors to oversee the winding up process:
J.D. Schlieman
Troy Otte
Theodore Christianson
On January 21, 2020, the Company filed Amendment No. 1 ("Amendment") on Form
10-K/A to its Form 10-K for the year ended September 30, 2019 to disclose
information about the Company's fiscal 2019 (i) Executive Compensation; (ii)
Directors, Executive Officer and Corporate Governance, (iii) Equity ownership;
and (iv) other matters. The Amendment also disclosed additional information
about the actions taken by the Board of Directors on January 14, 2020, pursuant
to the Plan of Liquidation.
Initial Distribution
On January 14, 2020, the Board of Directors authorized an initial distribution
to Members of $7.88 million or $0.31 per unit, payable to Members of record as
of January 24, 2020. The Company intends to mail each Member the initial
distribution, with a brief summary of the Company's windup process, prior to
January 31, 2020.
2
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
ADVANCED BIOENERGY, LLC 
