The court finds (a) it was not legally possible for Plaintiffs to conduct a 1031 exchange; (b) it was legally possible for Defendants to make a nonmonetary distribution; (c) it was not legally impossible for Plaintiffs to conduct a 1031 exchange due to lack of notice. Defendants did not breach duties regarding theories (a) and (b). Breach regarding failure to make in-kind distribution is left for Phase II.

Aug 18, 2026

Aug 20, 2026

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