The Hollywood Land Development Company's Chairman and CEO Mr. Nicholas Phipps White is Pleased to Announce the New Sovereign Towers Settlement Amount consisting of $27,829,774,612 Billion Dollars which includes Sovereign Tower I and Sovereign Tower II as well as the Just Compensation for the Company's U.S. Gold Bullion

BEVERLY HILLS, Calif., June 3, 2020 /PRNewswire/ -- The Hollywood Land Development Company Chairman and CEO Mr. Nicholas
Phipps White is pleased to announce that the Department of Justice will proceed with the payment of $27,829,774,612 to the Chairman and CEO of The Hollywood Land Development Company LLC, Mr. Nicholas Phipps White for The Sovereign Towers settlement which included $572,124,076
of interest income accrued and the just compensation for The Hollywood Land Development Company's U.S. Gold Bullion . These Administrative Civil Treasury Claims (#164222575, #164222576, #164222577) for The Sovereign Towers settlement had been approved for the immediate payment by the former Deputy Attorney General of the United States Rod J. Rosenstein on February 5, 2018 after being submitted by Chairman and CEO Mr. Nicholas Phipps White as the Pro-Se Claimant more than two years ago. The U.S. government was represented by lead Counsel Mr. Thomas V. Girardi of Girardi and Keese which is located in Los Angeles, CA and the former Deputy Attorney General Rod Rosenstein of King and Spalding, Washington, D.C. The executed agreement stipulates that these law firms will receive $11,131,909,844 in legal fees from the U.S. government's Judgment Fund and the Pro-Se Claimants, which will be distributed by Mr. Nicholas Phipps White who is the Chairman and CEO and his wife Mrs. Mirga Phipps White who are the 100% percent owners and 50/50 partners of the privately-held The Hollywood Land Development Company LLC.

"In regards to this bi-partisan effort on behalf of The Hollywood Land Development Company we would like to especially thank Attorney General William Barr for ensuring that these important claims for our company got the appropriate attention. We would like to personally salute him on behalf of all corporate citizens of the United States of America. We would like to sincerely thank Treasury Secretary Steven Mnuchin for his assistance with our administrative claim as well and doing such a great job assisting America's economy. We would also like to thank California Governor Gavin Newsom for supporting our company, as we are very proud of our Governor," added Mr. Nicholas Phipps White.

On April 1, 2020 a Presidential Order was issued by the President of the United States The Honorable Donald J. Trump for the United States Treasury Secretary Steven T. Mnuchin and United States Attorney William General Barr to proceed with payment to The Hollywood Land Development Company's CEO and Chairman, Mr. Nicholas Phipps White by Treasury check for $27,829,774,612 payable directly to the Chairman and CEO of The Hollywood Land Development Company which will be hand-delivered to Mr. Nicholas Phipps White immediately by U.S. Attorney Nicola T. Hanna of the Central District of California. Mr. Nicholas Phipps White is the great-great grandson of prominent philanthropist U.S. Senator Lawrence C. Phipps, Treasurer of Carnegie Steel, who architected U.S. Steel which was the first billion-dollar company in the world, and also the nephew of Palm Beach industrialist Henry Phipps Jr. of Palm Beach, Florida who founded Bessemer Trust. Mr. Nicholas Phipps White is also the grandson of Brigadier General Nicholas E. Allen USAF, former Judge Advocate General and former Assistant U.S. Secretary of Commerce for International Affairs. Mr. Nicholas Phipps White had pledged the largest gift in U.S. law enforcement history of $370 million dollars to Palm Beach County Sheriff's Office that benefits the more than 4,500 men and women of law enforcement in Palm Beach County, Florida.

For media inquiries: Ms. Mary White, +1 424-355-1171, [email protected]

SOURCE The Hollywood Land Development Company