secwatch.observer — SEC 8-K summary
======================================

Issuer:     First Capital Real Estate Trust Inc (—)
CIK:        0001536256
Form:       8-K
Filed at:   2024-02-23T23:59:59+00:00
Accession:  0001731122-24-000299
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.01, 2.06, 3.01, 4.01, 5.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

First Capital Real Estate Trust loses only asset; board votes to wind up company
--------------------------------------------------------------------------------

- Arbor-Myrtle Beach PE LLC enforced preferred equity rights, taking control of medical office building in SC; company received no consideration.
- Company is functionally insolvent with no liquidity; financial statements rebuilt from minimal records after former CEO left.
- Board voted to wind up the company, satisfy creditors, and then distribute any remaining assets to shareholders.
- Former CEO Suneet Singal departed in 2019, was indicted by SEC, later settled, fined and banned from management in SEC-regulated entities.
- Company was delisted by SEC in Dec 2019; certifying accountant resigned in 2021 due to non-payment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1536256/000173112224000299/0001731122-24-000299-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1536256/000173112224000299/e5445_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001731122-24-000299

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer