GlassBridge reports $34.1M default by servicer on WAB loan; potential foreclosure on pledged collateral

GlassBridge Enterprises, Inc.

Third-party servicer defaulted on WAB Loan ($34.1M outstanding) due to liquidity, audit, and Fannie Mae suspension.
GlassBridge pledged collateral (mortgage servicing rights) with fair market value at least $61.9M to secure the loan.
WAB may foreclose on collateral; company states default will be cured promptly and no foreclosure anticipated.
No financial impact or acceleration of obligation quantified; company does not expect material adverse effect.

item 2.04

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