The Liquidator’s Tenth Status Report, Annual Accounting, and Sixth Report of Claims

STATE OF VERMONT
SUPERIOR COURT
WASHINGTON UNIT
)
COMMISSIONER OF THE )
DEPARTMENT OF FINANCIAL )
REGULATION )
PLAINTIFF, ) CIVIL DIVISION
) DOCKET NO. 196-5-20 Wncv
v. )
)
GLOBAL HAWK INSURANCE CO. )
RISK RETENTION GROUP, )
RESPONDENT. )
)
LIQUIDATOR’S TENTH STATUS REPORT, ANNUAL ACCOUNTING, AND SIXTH REPORT OF CLAIMS I, J. David Leslie, Special Deputy Liquidator, hereby submit this Tenth Status Report regarding the liquidation of Global Hawk Insurance Company Risk Retention Group (“Global Hawk” or the “Company”), Annual Accounting (attached as Exhibit A), and the Liquidator’s Sixth Report of Claims (attached as Exhibit B).

1. On May 15, 2020, the Commissioner of the Department of Financial Regulation
   (“Commissioner”) filed an ex parte Petition for Seizure Order pursuant to 8 V.S.A. § 7042(b), seeking, among other things, authorization to take possession and control of Global Hawk. The Court granted the Commissioner’s petition by entering the requested order (“Seizure Order”) on May 20, 2020. Following entry of the Seizure Order, the Commissioner further investigated the Company’s condition, concluded that rehabilitation would be futile, and filed a Petition for Order of Liquidation on June 5, 2020. The Company’s founding member – (an entity entitled by the bylaws to exercise more than half the Company’s membership votes) – assented to the proposed Order of Liquidation. On June 8, 2020, the Court entered its Order of Liquidation (“Liquidation Order”) that, among other things, appointed the Commissioner as Liquidator (“Liquidator”), FILED: 2/11/2026 10:50 AM Vermont Superior Court Washington Unit 196-5-20 Wncv

authorized him to appoint a special deputy liquidator, and approved the Plan of Liquidation. The Liquidator appointed me as Special Deputy Liquidator on June 9, 2020.
2. On November 12, 2020, the Liquidator filed his First Status Report that described,
among other things: the establishment of a claim filing deadline (December 8, 2021); the cancellation of active policies; the provision of notice to known and potential creditors of Global Hawk; the Company’s current and historical financial condition; and, the facts and circumstances that led the Liquidator to file a racketeer and corrupt organization act lawsuit (“RICO Lawsuit”) against the Company’s former president (Jasbir S. Thandi), managing general agent (Global Century Insurance Brokers, Inc., “GCIB”) and investment advisor (Jaspreet S. Padda and QuantBridge Capital, LLC, “QuantBridge”). The Court held a hearing regarding the First Status Report on December 17, 2020. The Liquidator filed his Second Status Report (and annual accounting) on July 21, 2021, which provided an update on the RICO lawsuit, the Company’s financial condition, and the filing of claims with the Liquidator. On February 2, 2022, the Liquidator filed his Third Status Report which offered further updates on Global Hawk’s financial condition, administrative issues, and the RICO Lawsuit while also advising that the Liquidator had filed a lawsuit against Crowe LLP (“Crowe”) alleging breach of the duty of professional care, negligence, negligent misrepresentation, and breach of contract (“Auditor Lawsuit”). On September 23, 2022, the Liquidator filed his Fourth Status Report and Annual Accounting noting the status of reinsurance recoverable, RICO Lawsuit, Auditor Lawsuit, and other collections actions. On June 19, 2023, the Liquidator filed his Fifth Status report which described progress in the determination of claims, the RICO Lawsuit, and the Auditor Lawsuit. On September 21, 2023, the Liquidator filed his First Report of Claims, providing the Court with an update on the amount of proofs of claim (“POCs”) received, and the number of notices of

determination issued, as of that date, and informing the Court which claims were finally determined.
3. On November 21, 2023, the Liquidator filed his Sixth Status Report, Annual
Accounting, and Second Report of Claims (“Sixth Status Report”) which provided, among other things, financial reporting as of October 31, 2023. In that report, the Liquidator advised that he would endeavor to shift the status report and annual accounting periods to match the calendar year. On August 8, 2024, the Liquidator filed his Seventh Status Report and Third Report of Claims (“Seventh Status Report”) presenting a simplified balance sheet as of June 30, 2024, (eight months after the Sixth Status Report) such that, going forward, six month reporting periods would match the calendar year. On February 28, 2025, the Liquidator filed his Eighth Status Report, Annual Accounting, and Fourth Report of Claims which carried financial reporting through to December 31, 2024. On August 21, 2025, the Liquidator filed his Ninth Status Report and Fifth Report of claims which presented information as of June 30, 2025.
4. The Liquidator has posted all Status Reports, along with other key liquidation
documents, on the website of the Vermont Department of Financial Regulation – www.dfr.vermont.gov/global-hawk. STATUS UPDATE
5. Balance Sheet. A simplified balance sheet reflecting Global Hawk’s financial
condition as of December 31, 2025, is presented in Table 1 on the following page.
6. Assets. The Company’s cash, cash equivalents, and other liquid assets have been
marshalled and consolidated in the Vermont branch of a national banking institution or an investment account at Wilmington Trust. In addition to these assets, the Liquidator anticipates that reinsurance receivable may also be a material estate asset but one reinsurer has taken steps that may impair its value (see, infra, ¶ 19) and, in any event, the asset is too contingent to

quantify at this time. Similarly, though the Liquidator believes causes of action against Thandi, GCIB, Crowe, and others may be a significant asset of the Global Hawk estate they remain speculative and uncertain (see, infra, ¶¶ 21-26). Finally, the Liquidator is hopeful that the Company’s estate may receive significant restitution payments from its former officers, directors, and others pursuant to the federal Crime Victims Rights Act (“CVRA”, 18 U.S.C.A § 3771) and Mandatory Victim’s Restitution Act (“MVRA”, 18 U.S.C.A. § 3663A). See, infra, ¶¶ 16-18. There are, however, no binding orders and the amount and timing of any such receipts are uncertain such that they are too speculative to include in the Company’s balance sheet.
Table 1 – Simplified Balance Sheet (12/31/25)
ASSETS
Cash $ 913,042
Cash Equivalents 584,833
Accrued Income 2,162
Total Assets 1,500,036
LIABILITIES
Priority Class 1 $ 328,981
Priority Class 3
Allowed/Reported $ 20,242,059
Determined 25,294
Reserved
Unearned Premium 15,632,384
Loss/LAE1
350,000
Bulk Reserve 9,289,443
Class 3 subtotal $ 45,539,180
Priority Class 6
Allowed/Reported 567,762
Determined 32,037
Reserved 150,000
Class 6 subtotal $ 749,799
Total Liabilities $ 46,617,960
7. Estate Liabilities. Vermont law requires that payments on claims against
insolvent insurers be made in accordance with statutorily established priorities and that all claims 1 LAE is the commonly used industry acronym for loss adjustment expense, primarily the cost of defending policyholders from third-party claims.

in a priority class be paid in full (or adequate reserves established for such payment) before claims in subsequent classes receive any distribution. 8 V.S.A. § 7081. Accordingly, in Table 1 the Liquidator presents the Company’s estimated liabilities in terms of priority classification rather than the standard format applicable to an insurer operating as a going concern. a. Priority Class 1 (Administrative Expense) – For priority class 1, the Liquidator established an administrative expense reserve of $2 million which -- while subject to significant variability due to the cost of the Auditor Lawsuit -- reflected his best estimate as to the remaining costs necessary to preserve/recover the assets of the insurer and compensation for services rendered in the liquidation process. See 8 V.S.A. § 7081. The Liquidator has since incurred $1.67 million of administrative expenses, leaving an administrative expense reserve balance of $328,981. b. Priority Class 3 (Claims Arising Under Policies) – The $45.7 million figure presented in Table 1 reflects a continuation of the projections contained in the Seventh Status Report and is broken into three pieces. First, the Liquidator reports the total amount of claims ($20,242,059) that either have been allowed by the Court pursuant to 8 V.S.A. § 7082 or will be allowed if the Court approves the Liquidator’s Sixth Report of Claims (attached as Exhibit B). Second, the Liquidator reports the value of claims ($25,294) for which a notice of determination has been issued but for which that determination is not yet “final”. (See, infra, ¶ 13). Third, the Liquidator reports reserves -- a best estimate of the remaining policy-related claim obligations – which is subdivided into three components:
i. An estimate ($350,000) as to the value of claims for return premium that
have not yet been determined;

ii. An estimate ($15,632,384) as to the loss/LAE value of certain claims for
which the Liquidator has completed an initial investigation and established an incident-specific reserve but not yet issued a determination; and,
iii. A “bulk reserve” ($9,289,443) reflecting a best estimate of loss/LAE
obligations for claims that have not yet been determined or for which an individual case reserve has not been set.2
c. Priority Class 6 (General Unsecured Obligations) – Priority class 6 consists of all
claims “except those specifically classified elsewhere”. 8 V.S.A. § 7081(6). Through June 30, 2024, the Liquidator had issued notices of determination totaling $599,799 of which $567,762 are “finally determined”. These claims consist primarily of pre￾liquidation defense expenses (LAE) for which counsel seeks reimbursement under the terms of engagement letters with Global Hawk. The Liquidator has also established a reserve which reflects a best estimate of the remaining priority class 6 claim obligations and has been increased to $150,000.
8. Notice of Liquidation and Provision of Proof of Claim Forms. The Plan of
Liquidation directed the Liquidator to furnish notice of the Liquidation Order as provided in 8 V.S.A. § 7061 and to include with that notice a copy of a POC form. See Plan of Liquidation, ¶ 2.c. As described in the Liquidator’s First Status Report (filed on November 12, 2020), the Liquidator established December 8, 2021, as the claim filing deadline and issued notices of liquidation to the various individuals and entities entitled to receive such notice. See id., ¶ 7. 2 As discussed in the Seventh Status Report (see note 2 therein) the “bulk reserve” is calculated by beginning with the $34,239,062 million estimate of overall loss/LAE exposure developed by the Liquidator’s expert in the Auditor Lawsuit and subtracting from it the total value of loss/LAE claims that have been reported to the Court ($9,109,904), determined but not yet reported to the Court ($57,331), or reserved ($15,782,384). It should be noted that the figures for reported, determined, and reserved loss/LAE claims include some amounts that fall in priority class 3 (e.g. claims under policies for indemnity or reimbursement of post-liquidation defense expenses) and other amounts that fall in priority class 6 (e.g. claims of defense counsel under pre-liquidation engagement letters).

9. Receipt of POCs. As of December 31, 2025, the Liquidator had received a total
   of 653 POCs. Many of these forms contain “nested” claims (e.g. a single form is submitted with multiple attachments) such that the Liquidator has, to date, assigned a total of 754 claim numbers. Preliminary review indicates that 185 of these claims seek return of unearned premium, 429 seek defense/indemnity payments, 132 seek payment of pre-liquidation loss adjustment expenses, and six either do not fall in the preceding categories or do not contain sufficient information to be classified. (Two have been determined to either be a duplicate claim or a claim submitted in error.) This analysis suggests that more than 80% of the POCs received are likely to constitute policy-related claims falling in priority class 3. See 8 V.S.A. § 7081.
10. The Liquidator has attempted to correlate all POCs with Global Hawk policy
    numbers. This process was necessary to respond to data requests from one of the Company’s reinsurers and has helped the Liquidator to better understand the Company’s potential liabilities. Notably, it initially appeared that at least 5% of the POCs received to-date were submitted in error (e.g. the referenced policy appeared to have been issued by another carrier). As the Liquidator has investigated further, however, it has become clear that Global Hawk’s policy naming/numbering conventions became confused and that names/numbers typically associated with an affiliate were also used on policies that may have ultimately been issued by Global Hawk. Further, it appears that approximately 16% of the POCs received to date relate to “ghost policies” – that is, policies that were issued by GCIB for the Company (and for which GCIB collected premium) but which GCIB and management did not record in the Company’s books and records. See First Status Report ¶¶ 11-13. There has been no material change to these figures since the Liquidator’s prior status report.
11. The raw counts of POCs and claim numbers may provide helpful information
    regarding claim volume. It is an imperfect measure, however, as multiple POCs may all relate to

the same incident and may be partially or completely overlapping. For example, a single automobile accident could give rise to claims from the Global Hawk insured (for defense/indemnity under the policy), defense counsel (for pre-liquidation services rendered), one or more third-party claimants (authorized to file direct claims pursuant to 8 V.S.A. § 7077), and insurers seeking subrogation. The Liquidator has, therefore, attempted to group claims by incident. This is an ongoing process (new POCs may lead to new “incidents” while additional information may lead to grouping of previously separate POCs) and, as of June 30, 2025, there were 387 incidents requiring investigation/determination.
12. Investigation and Determination of POCs. Early in the proceeding, the Liquidator
determined that the interests of members, policyholders, other creditors, and the public generally would be best served by focusing efforts and resources on collections efforts with the objective of increasing the assets available for distribution. Accordingly, in most instances investigation of claims was deferred unless there was a matter of particular urgency or investigation would further asset collection activity (e.g. recovery of reinsurance). The Liquidator has, however, now marshalled assets sufficient to undertake further collections activity -- in particular, the cost of seeking recovery in the Auditor Lawsuit and resolving any disputes with one of the Company’s reinsurers (see, infra, ¶¶ 19 and 25) -- and permit the investigation of claims which is now proceeding steadily subject to the imperative that the estate retain assets sufficient to see collections activity through to conclusion.
13. Claim Determinations and Sixth Report of Claims. The Liquidator is charged
with receiving claims, making such further investigations as he deems necessary, and (if he finds it is a valid claim) issuing a determination as to the value and priority class in which it should be recommended for allowance. See 8 V.S.A. §§ 7078 and 7082; but see Plan of Liquidation, ¶ 2.d (“If [a] claim falls within priority classes 4 through 10, the Liquidator may decline to make a

determination as to the amount of such claim and instead issue a determination solely as to priority.”). A claim is “finally determined” if it has been withdrawn or if the Liquidator has completed his investigation, issued a notice of determination, and the claimant has either agreed or failed to object within the allotted time. See 8 V.S.A. § 7078 (“Within 60 days from the mailing of the notice [of determination], the claimant may file an objection with the liquidator. If no such objection is made, the claimant may not further object to the determination.”)
14. As of the date of this report, the Liquidator has issued notices of determination
regarding 347 claims of which 336 were finally determined. Those claims which became finally determined subsequent to the Eighth Status Report are reported in the Liquidator’s Sixth Report of Claims, attached hereto as Exhibit B, together with the Liquidator’s recommendations.3 See 8 V.S.A. § 7082(a) (“As soon as practicable, the liquidator shall present to the Court a report of the claims against the insurer with recommendations.”) By his Motion for Order Approving Liquidator’s Sixth Report of Claims (filed herewith), the Liquidator requests that the Court enter an order approving the Sixth Report of Claims. See 8 V.S.A. § 7082(b). (“The court may approve, disapprove, or modify the report on claims [filed] by the liquidator.”)
15. Coordination with Other Public Officials. Global Hawk affiliates controlled by
Thandi are domiciled in California (GCIB), Delaware (Global Hawk Property Casualty Insurance Company), and Texas (Houston General Insurance Exchange, “HGIE”). The California Insurance Department has terminated the authority of GCIB to do business and the Delaware Insurance Commissioner has been appointed liquidator of Global Hawk Property 3 The Sixth Report of Claims also includes one claim that was finally determined in 2024, was eligible for inclusion in the Liquidator’s Third Report of Claims, but was omitted from that report as a result of scrivening error. That claim is now presented in the Sixth Report of Claims.

Casualty Insurance Company. The Liquidator is coordinating with other insurance regulatory officials, rehabilitators/liquidators, and others in these jurisdictions.4
16. In addition to coordinating with regulatory officials, the Liquidator has also
monitored the progress of federal prosecutions brought against Mr. Thandi, Mr. Padda, and two of their associates (Sandeep Sahota, Global Hawk’s Vice President/Secretary and Gunjan Aggarwal, an accountant for Mr. Thandi, Global Hawk, and certain affiliates) in the United States District Court for the Northern District of California (Case No. 4:23-cr-00428-JST) (“Federal Criminal Action”) for certain actions respecting the operations of Global Hawk and HGIE. All four defendants have now pled guilty to at least one charge and are awaiting sentencing.
17. In connection with sentencing, the United States has sought restitution from the
defendants pursuant to the CVRA and MVRA and investigated their assets and it appears that the defendants may ultimately pay more than $9 million. The United States has agreed that the Global Hawk and HGIE estates (and/or their creditors) should be considered “crime victims” within the meaning of the federal statutes and that restitution should be collected by the United States and remitted to the Liquidator and HGIE for distribution in this proceeding. The United States has filed a Motion for Order of Restitution in the Federal Criminal Action that would divide any restitution funds received between the Global Hawk estate (77.8%) and the HGIE estate (22.2%) with disbursement to be conducted pursuant to the insurance insolvency laws. That motion is presently pending in the Federal Criminal Action.
18. If an order in conformity with the United States’ motion were entered, the
Liquidator projects that the Global Hawk estate might receive $7 million and that an interim 4 The Texas Insurance Commissioner was appointed liquidator of HGIE. That proceeding closed in December of 2023 with the conclusion that the costs of administration would exceed available assets and the transfer of residual funds to the Texas Property & Casualty Insurance Guaranty Association.

distribution of 10% might be possible. See 8 V.S.A. § 7083 (“Under the direction of the Court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims…”).
19. Reinsurance. Global Hawk had two separate reinsurance programs. One program
(with a Lloyd’s syndicate) provided excess of loss coverage while a second program (with Maiden Reinsurance North America, now known as Fletcher Reinsurance Company, “FletcherRe”) provides 50% quota share coverage. The Liquidator has collected return premium of approximately $3.7 million from the Lloyd’s program and, in view of the high aggregate threshold for loss before any recovery, does not anticipate additional collections from Lloyd’s.
20. In prior reports, the Liquidator has expressed concern that FletcherRe (and its
successors in interest) may have taken steps to impair the value of the quota share reinsurance program. Under that quota share program, FletcherRe may be called upon to reimburse Global Hawk for 50% of the value of certain claims if they are allowed in this proceeding. Following entry of the Liquidation Order, an entity that may be an agent and/or affiliate of FletcherRe’s successor in interest has advised that Liquidator that it purchased a number of POCs potentially giving rise to such reimbursement obligations. The Liquidator recently issued a notice of determination, approving one of these purchased claims in the amount sought by the original claimant. The purchaser then advised that it wished to withdraw the claim rather than have it presented to the Court for allowance. While withdrawal of the claim would reduce total estate liabilities (if that withdrawal were effective), because the applicable distribution rate on the claim is likely to be substantially less than the 50% reinsurance recoverable, withdrawal would reduce the estate’s ability to make distributions on allowed claims. There would be a significant benefit to the reinsurer, however, which would avoid paying 50% of the claim value to the Global Hawk

estate. The Liquidator is considering the options available to protect the estate and avoid waste/diminution of the reinsurance asset. COLLECTION ACTIONS
21. RICO Lawsuit Update. As discussed in the First Status Report, the Liquidator
filed a complaint against Thandi, GCIB, Padda, and QuantBridge in the United States District Court for the District of Vermont on October 30, 2020 (Docket No. 2:20-cv-173). Allegations in the complaint include violation of the RICO statute, breach of fiduciary duties, conversion, fraud, and breach of contract. The Liquidator also requested that GCIB be required to provide an accounting.
22. Though his sole proprietorship, Quantbridge, defaulted, Mr. Padda responded to
the Complaint in his personal capacity and filed an answer. The Liquidator has since entered into a settlement agreement with Mr. Padda and Quantbridge, which was approved by the Court.
23. GCIB defaulted, but Mr. Thandi responded to the Complaint in his personal
capacity, broadly invoked the right against self-incrimination under the Fifth Amendment, but failed to comply with the Federal District Court’s order compelling production of certain responsive records, including GCIB records. The Liquidator then filed a motion for sanctions against Mr. Thandi, seeking entry of a default. Mr. Thandi did not oppose the motion which was granted by the Federal District Court on June 30, 2022. On August 24, 2022, the Liquidator made a filing in support of damages against GCIB and Mr. Thandi. The Federal District Court acted on that filing in July of 2023, entering an Opinion and Order Awarding Default Judgment Damages to Global Hawk and, on July 24, 2023, a judgment in the amount of $66,703,744 plus interest. Mr. Thandi’s counsel sought a 30-day extension of the period to file a notice of appeal but no appeal was ultimately filed.

24. The Liquidator is considering options for the collection or disposition of the
    judgment. However, restitution in the Federal Criminal Action now appears the most cost￾effective source of recovery from Mr. Thandi (see, supra, ¶¶ 16-18) and Mr. Thandi may have few if any material assets remaining after payment of restitution such that the judgment in the RICO Lawsuit may be uncollectable.
25. Auditor Lawsuit. During his investigation of Global Hawk’s condition following
    entry of the Liquidation Order, the Liquidator discovered irregularities that should have been uncovered by the former auditors, Crowe LLP (“Crowe”). The Liquidator brought these concerns to Crowe’s attention and the parties entered into a tolling agreement to facilitate discussions and mediation. Mediation was unsuccessful so on October 26, 2021, the Liquidator filed a lawsuit in the Vermont Superior Court against Crowe, alleging breach of the duty of professional care, negligence, negligent misrepresentation, and breach of contract (Docket no. 21-cv-03350). Crowe removed the action to the United States District Court for the District of Vermont on November 22, 2021 (Docket no. 5:21-cv-273).
26. Following removal, Crowe filed a motion to dismiss that was denied by the
    Federal District Court on October 17, 2022. Subsequent motion practice (e.g. motions to strike and quash) has been significant and discovery was intensive and wide-ranging. Discovery is now complete and all dispositive motions were filed as of May 28, 2024. Responses to those motions were filed on June 27, 2024, and replies to the responses were filed on July 18, 2024, by both Crowe and the Liquidator. The case was reassigned to a new judge in September of 2024 and a hearing was held on January 15, 2025, regarding all of the outstanding motions. The Federal District Court took the motions under advisement but has not yet issued a decision.

Exhibit A
Estate Collections/Disbursements – Inception to December 31, 2025 Date Payee/Payor Description Transaction 6/23/20 Western Alliance Bank Consolidation of Estate Assets $ 299,241.77 6/25/20 Interactive Brokers Consolidation of Estate Assets 353,233.76 6/26/20 Rackemann, Sawyer & Brewster PC Administrative Expense (21,650.00) 7/15/20 Enstar/Fletcher Re Assets Collected 133,409.00 7/16/20 People's United Bank Administrative Expense (30.00) 7/21/20 Rackemann, Sawyer & Brewster PC Administrative Expense (89,916.50) 7/24/20 Primmer Piper Eggleston & Cramer Administrative Expense (5,857.50) 8/7/20 Mechanics Bank Consolidation of Estate Assets 21,148.65 8/7/20 Rackemann, Sawyer & Brewster PC Administrative Expense (75,359.58) 8/18/20 People's United Bank Administrative Expense (30.00) 8/21/20 Interactive Brokers Consolidation of Estate Assets 65,275.53 8/21/20 Interactive Brokers Consolidation of Estate Assets 147,851.53 9/2/20 Harland Clarke Checks Administrative Expense (141.50) 9/10/20 Primmer Piper Eggleston & Cramer Administrative Expense (945.00) 9/15/20 Rackemann, Sawyer & Brewster PC Administrative Expense (64,192.50) 9/16/20 People's United Bank Administrative Expense (45.00) 10/13/20 Plunkett, Griesenbeck & Mimari IOLTA Account Assets Collected 1,000.00 10/14/20 Rackemann, Sawyer & Brewster PC Administrative Expense (39,928.50) 10/20/20 Oregon Department of Revenue Assets Collected 5,383.00 11/6/2020 United States District Court -- D. Vt. Administrative Expense (400.00) 11/10/2020 Rackemann, Sawyer & Brewster PC Administrative Expense (50,313.73) 12/11/2020 Rackemann, Sawyer & Brewster PC Administrative Expense (30,742.00) 2020 Receipts 1,026,543.24 2020 Disbursements (379,551.81) 1/15/2021 Veris Consulting Litigation Support (11,825.00) 1/15/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (29,120.50) 2/11/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (24,157.35) 2/17/2021 People's United Bank Administrative Expense (15.00) 2/25/2021 Veris Consulting Litigation Support (14,800.00) 3/11/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (19,784.08) 4/1/2021 Veris Consulting Litigation Support (49,547.50) 4/22/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (25,379.08) 5/18/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (38,698.50) 6/16/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (20,241.00) 6/21/2021 Veris Consulting Litigation Support (35,150.00)

ii
Date Payee/Payor Description Transaction
7/6/2021 JAMS, Inc. Litigation Expense $ (7,500) 7/13/2021 JAMS, Inc. Litigation Expense (275.00) 7/14/2021 Hudson Intelligence Litigation Expense (5,000.00) 7/14/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (35,698.57) 7/15/2021 USCIPP Ins. Services Assets Collected 2,852.26 8/12/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (54,475.88) 8/30/2021 Bank of the West Litigation Expense (24.00) 8/31/2021 Mechanics Bank Litigation Expense (95.20) 9/2/2021 Hudson Intelligence Litigation Expense (1,000.00) 9/14/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (50,984.23) 10/7/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (53,940.19) 11/9/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (30,314.50) 11/23/2021 Jaspreet Singh Padda Assets Collected 25,000.00 11/24/2021 Jaspreet Singh Padda Assets Collected 25,000.00 11/26/2021 Jaspreet Singh Padda Assets Collected 5,000.00 12/15/2021 Rackemann, Sawyer & Brewster PC Administrative Expense (11,646.65) 12/16/2021 People's United Bank Administrative Expense (45.00) 2021 Receipts 57,852.26 2021 Disbursements (519,717.23) 1/20/2022 Rackemann, Sawyer & Brewster PC Administrative Expense (11,584.50) 2/14/2022 Rackemann, Sawyer & Brewster PC Administrative Expense1 885.00 2/15/2022 Verrill Dana, LLP Administrative Expense (52,623.14) 3/15/2022 Verrill Dana, LLP Administrative Expense (20,154.71) 4/12/2022 Verrill Dana, LLP Administrative Expense (18,982.00) 5/6/2022 Endeavour Insurance Services Assets Collected 1,023,920.80 5/13/2022 Verrill Dana, LLP Administrative Expense (8,020.42) 6/8/2022 Verrill Dana, LLP Administrative Expense (22,447.42) 6/16/2022 People's United Bank Administrative Expense (15.00) 7/11/2022 Endeavour Insurance Services Assets Collected 2,313,775.85 7/19/2022 Verrill Dana, LLP Administrative Expense (21,477.42) 8/12/2022 Verrill Dana, LLP Administrative Expense (36,041.91) 8/16/2022 People's United Bank Administrative Expense (15.00) 8/17/2022 Veris Consulting Litigation Expense (8,075.00) 9/6/2022 Endeavour Insurance Services Assets Collected 408,313.38 9/23/2022 Veris Consulting Litigation Expense (57,206.25) 9/26/2022 Verrill Dana, LLP Administrative Expense (31,782.21) 10/14/2022 J.S. Held, LLC Litigation Expense (34,912.50) 1 This payment reflects return of the unused portion of a deposit paid to the mediator in Global Hawk RRG’s dispute with Crowe LLP.

iii
Date Payee/Payor Description Transaction
10/17/2022 Verrill Dana, LLP Administrative Expense (6,988.21) 11/10/2022 Verrill Dana, LLP Administrative Expense (13,693.71) 11/23/2022 J.S. Held, LLC Litigation Expense (5,900.00) 12/8/2022 M&T Bank Administrative Expense (2.00) 12/15/2022 Verrill Dana, LLP Administrative Expense (19,994.00) 2022 Receipts 3,746,010.03 2022 Disbursements (369,030.40) 1/10/2023 M&T Bank Administrative Expense (2.00) 1/18/2023 Verrill Dana, LLP Administrative Expense (29,571.00) 2/8/2023 M&T Bank Administrative Expense (2.00) 2/9/2023 Wilmington Trust Administrative Expense (1,250.00) 2/16/2023 Verrill Dana, LLP Administrative Expense (38,696.50) 3/8/2023 M&T Bank Administrative Expense (2.00) 3/13/2023 Verrill Dana, LLP Administrative Expense (43,536.50) 3/28/2023 JohnsonLambert LLP Tax Preparation (4,500.00) 4/10/2023 M&T Bank Administrative Expense (2.00) 4/14/2023 Verrill Dana, LLP Administrative Expense (54,393.84) 5/8/2023 M&T Bank Administrative Expense (2.00) 5/22/2023 Verrill Dana, LLP Administrative Expense (72,411.50) 6/20/2023 Verrill Dana, LLP Administrative Expense (46,189.19) 8/7/2023 Verrill Dana, LLP Administrative Expense (80,323.00) 8/24/2023 Verrill Dana, LLP Administrative Expense (84,112.50) 9/21/2023 Verrill Dana, LLP Administrative Expense (75,287.50) 9/25/2023 Magna Legal Services, LLC Litigation Expense (5,905.85) 9/28/2023 Marks Powers, LLP Litigation Expense (1,919.00) 10/18/2023 Magna Legal Services, LLC Litigation Expense (2,807.15) 10/30/2023 Magna Legal Services, LLC Administrative Expense (3,751.20) 10/30/2023 Verrill Dana, LLP Administrative Expense (107,193.92) 11/20/2023 Verrill Dana, LLP Professional Services (112,899.17) 11/21/2023 J.S. Held, LLC Litigation Expense (2,200.00) 11/27/2023 Hudson Intelligence Litigation Expense (10,000.00) 11/28/2023 Magna Legal Services, LLC Litigation Expense (1,989.70) 11/28/2023 Magna Legal Services, LLC Litigation Expense (1,305.00) 11/29/2023 State of Oregon Assets Collected 648.00 12/6/2023 Esquire Deposition Solutions, LLC Litigation Expense (14,803.68) 12/13/2023 Magna Legal Services, LLC Litigation Expense (3,896.15) 12/19/2023 Verrill Dana, LLP Professional Services (75,699.48) 2023 Receipts 648.00 2023 Disbursements (874,651.83) 1/24/2024 Magna Legal Services, LLC Litigation Expense (1,857.55) 1/25/2024 Verrill Dana, LLP Professional Services (91,558.00) 1/26/2024 J.S. Held, LLC Litigation Expense (5,395.00)

iv
Date Payee/Payor Description Transaction
2/12/2024 Verrill Dana, LLP Professional Services (106,677.03) 2/27/2024 J.S. Held, LLC Litigation Expense (17,305.00) 2/27/2024 Court Reporters Associates Litigation Expense (60.70) 3/6/2024 J.S. Held, LLC Litigation Expense (98,447.50) 3/8/2024 United States Treasury Assets Collected 655.64 3/21/2024 Verrill Dana, LLP Professional Services (102,764.98) 3/25/2024 Esquire Deposition Solutions, LLC Litigation Expense (4,534.15) 4/15/2024 Verrill Dana, LLP Professional Services (90,279.48) 4/15/2024 J.S. Held, LLC Litigation Expense (37,750.00) 4/29/2024 J.S. Held, LLC Litigation Expense (17,925.00) 5/20/2024 Verrill Dana, LLP Professional Services (109,126.36) 5/22/2024 Marks Powers, LLP Litigation Expense (1,083.00) 6/17/2024 Verrill Dana, LLP Professional Services (104,360.00) 6/24/2024 J.S. Held, LLC Litigation Expense (29,750.00) 7/1/2024 J.S. Held, LLC Litigation Expense (11,000.00) 7/9/2024 Crowe, LLP Litigation Expense (37,000.00) 7/23/2024 Verrill Dana, LLP Professional Services (91,892.09) 8/5/2024 J.S. Held, LLC Litigation Expense (6,900.00) 8/14/2024 Verrill Dana, LLP Professional Services (68,030.48) 9/19/2024 Esquire Deposition Solutions, LLC Litigation Expense (4,937.25) 9/20/2024 Verrill Dana, LLP Professional Services (36,166.48) 10/1/2024 Verrill Dana, LLP Professional Services (29,973.48) 12/3/2024 JohnsonLambert, LLP Tax Preparation (22,500.00) 12/4/2024 Verrill Dana, LLP Professional Services (41,087.91) 12/9/2024 Verrill Dana, LLP Professional Services (28,342.44) 2024 Receipts 655.64 2024 Disbursements (1,196,703.88) 1/8/2025 State of Oregon Assets Collected 260.00 1/23/2025 Verrill Dana, LLP Professional Services (35,861.30) 2/10/2025 M&T Bank Bank Charges (2.00) 2/21/2025 Davis, Malm & D'Agostine, P.C. Professional Services (13,678.00) 3/10/2025 M&T Bank Bank Charges (2.00) 3/21/2025 Davis, Malm & D'Agostine, P.C. Professional Services (19,204.69) 4/8/2025 M&T Bank Bank Charges (2.00) 4/29/2025 Davis, Malm & D'Agostine, P.C. Professional Services (24,496.27) 5/8/2025 M&T Bank Bank Charges (2.00) 5/16/2025 Davis, Malm & D'Agostine, P.C. Professional Services (14,569.57) 5/28/2025 JohnsonLambert LLP Tax Preparation (5,175.00) 6/9/2025 M&T Bank Bank Charges (2.00) 6/17/2025 Davis, Malm & D'Agostine, P.C. Professional Services (16,746.07) 7/9/2025 M&T Bank Bank Charges (2.00) 7/9/2025 Davis, Malm & D'Agostine, P.C. Professional Services (9,468.08) 8/8/2025 M&T Bank Bank Charges (2.00)

v
Date Payee/Payor Description Transaction
8/14/2025 Davis, Malm & D'Agostine, P.C. Professional Services (13,871.57) 9/9/2025 M&T Bank Bank Charges (2.00) 9/19/2025 Davis, Malm & D'Agostine, P.C. Professional Services (25,523.57) 10/8/2025 M&T Bank Bank Charges (2.00) 10/20/2025 Davis, Malm & D'Agostine, P.C. Professional Services (24,888.57) 11/10/2025 M&T Bank Bank Charges (2.00) 11/21/2025 Davis, Malm & D'Agostine, P.C. Professional Services (32,222.57) 11/24/2025 JohnsonLambert LLP Tax Preparation (983.25) 12/8/2025 M&T Bank Bank Charges (2.00) 12/18/2025 Davis, Malm & D'Agostine, P.C. Professional Services (14,811.00) 2025 Receipts 260.00 2025 Disbursements (251,521.51)

EXHIBIT B
Liquidator’s Sixth Report of Claims for Global Hawk RRG February 9, 2026 Claims Recommended for Allowance in Priority Class 3 POC No. Claimant Name Claimant Address Priority Class Amount Allowed POC 043 Jason McGuire 1637 Highland Road, Bullhead City, AZ 86442 3 17,000.00 POC 202 State Compensation Insurance Fund P.O. Box 28917, Fresno, CA 93729-8917 3 131,911.16 POC 438 Joyce R. Spino P.O. Box 322, Lyle, WA 98635 3 15,000.00 POC 525 Elizabeth Spellman 3400 Cabrillo Court, Tracy, CA 95376 3 444,282.88* POC 540 Admira Hujdurovic 123 Davidson Ave NE, Saint Petersburg, FL 33703 3 315,399.62 POC 564 Admir Hujdurovic 123 Davidson Ave NE, Saint Petersburg, FL 33703 3 22,250.00 POC 578 Jason T. Noel 8330 LBJ Freeway, Suite 585, Dallas, TX 75243 3 120,000.00 POC 584 Cesar Perez 16160 Rosemary Dr., Fontana, CA 92335 3 575,000.00 Recommended for Allowance in Sixth Report of Claims $ 1,640,843.66 Previously Allowed $ 18,601,215.81* Total if Sixth Report of Claims is Allowed $ 20,242,059.47

• POC 525 was eligible for inclusion in the Liquidator’s Third Report of Claims and its recommended value was included in the total for that claims report
  and as “Previously Allowed” in subsequent reports. Due to scrivening error, however, the POC was omitted from the text of the Third Report of Claims. The claim is now included in the Sixth Claims report and the “Previously Allowed” figure is adjusted to reflect inclusion of POC 525 in this report. Claims Recommended for Allowance in Priority Class 6 POC No. Claimant Name Claimant Address Priority Class Amount Allowed POC 376 Lee, Landru & Carlson, APC 7575 Vegas Drive #150, Las Vegas, NV 89128 6 2,844.26 Recommended for Allowance in Sixth Report of Claims $ 2,844.26 Previously Allowed $ 564,917.25 Total if Sixth Report of Claims is Allowed $ 567,761.51

ii
Claims Denied or Withdrawn
POC 090 Samuel Alcantar 6006 Zellman Court, Riverbank, CA 95367 n/a -- POC 092 Pedro A. Suastegui 13059 San Miguel Street, Victorville, CA 92392 n/a -- The Liquidator is in receipt of a request to withdraw POC 338. For the reasons discussed in the Liquidator’s Tenth Status Report (see, ¶ 20), the Liquidator is evaluating the permissibility of that request and the Global Hawk estate’s options. Accordingly, the claim is not reported as withdrawn at this time.