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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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22-3495594
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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500 Delaware Avenue, #1112, Wilmington, DE 19801
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(Address of Principal Executive Offices, including Zip Code)
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(302) 888-7444
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(Registrant’s telephone number, including area code)
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None
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Investor Shares of Beneficial Interest
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(Title of Class)
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company þ
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(Do not check if a smaller reporting company)
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Page
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1
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2
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2
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3
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3
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3
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PART II
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3
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4
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4
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5
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5
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5
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5
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6
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PART III
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6
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8
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8
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9
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9
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PART IV
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10
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12
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·
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possible contingent liabilities and risks associated with the dissolution and liquidation of the Fund,
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·
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costs or liabilities of an unusual or nonrecurring nature during liquidation,
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·
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the actual timing of the completion of the liquidation process, including, without limitation, the timing of the resolution of the matters described in Item 3. “Legal Proceedings” of this report, and
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·
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the amount, likelihood and timing of liquidating distributions, if any.
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·
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with participation from the Managing Shareholder’s primary insurer, Twin City Fire Insurance Company, part of the Hartford Insurance Group, to cause a cash payment to be made to the Fund and Trust V, less attorneys’ fees awarded by the court to the plaintiffs’ attorneys and a reimbursement to the Managing Shareholder as partial reimbursement for operating expenses of the Fund and Trust V;
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·
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to assign to the derivative plaintiffs, on behalf of the Fund and Trust V, all of the defendants’ rights and claims for coverage from, and any claims for damages against, Liberty Mutual Insurance Company (“Liberty”), the Managing Shareholder’s excess insurance carrier;
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·
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for the Managing Shareholder and any affiliated entities to waive any rights to any future distributions by the Fund and Trust V; and
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·
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for the Managing Shareholder to waive the bulk of the Managing Shareholder’s management fees for 2011, as well as all management fees on a going-forward basis, and for the Managing Shareholder to pay the on-going normal and recurring operating expenses of the Fund and Trust V until the two funds are liquidated.
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Distributions to Investors
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$
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3,457
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Distributions per Investor Share
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5,270
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Distributions to Managing Shareholder
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-
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Name, Age and Position with Registrant
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Officer Since
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Robert E. Swanson, 65
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Chairman
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1997
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Jeffrey H. Strasberg, 55
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President and Chief Executive and Financial Officer
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2007
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Daniel V. Gulino, 52
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Senior Vice President, General Counsel and Secretary
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2000
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·
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each executive officer of the Fund (there are no directors); and
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·
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all of the executive officers of the Fund as a group.
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Name of beneficial owner
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Number
of shares (1)
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Percent
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Ridgewood Renewable Power LLC (Managing Shareholder)
Robert E. Swanson, controlling member
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2.25
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*
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Executive officers as a group
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2.25
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*
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(1)
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Does not include a management share in the Fund representing the beneficial interests and management rights of the Managing Shareholder in its capacity as the Managing Shareholder. The management share owned by the Managing Shareholder is the only issued and outstanding management share of the Fund. The material management rights and obligations of the Managing Shareholder are described in further detail in Item 1. “Business – Managing Shareholder”.
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2012
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2011
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Audit fees
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$
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27
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$
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46
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Tax fees
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10
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12
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Total
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$
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37
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$
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58
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Exhibit No.
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Description
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2.1
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Plan of Liquidation and Dissolution of The Ridgewood Power Growth Fund (incorporated by reference to Exhibit 2.1 to the Quarterly Report on Form 10-Q filed by the Registrant with the SEC on May 5, 2010)
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3 (i)(A)
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Certificate of Fund of the Registrant (incorporated by reference to Exhibit 3.A to the Registrant’s Registration Statement on Form 10 filed with the SEC on April 30, 1999)
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3 (i)(B)
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Amendment No. 1 to Certificate of Fund (incorporated by reference to Exhibit 3.B to the Registrant’s Registration Statement on Form 10 filed with the SEC on April 30, 1999)
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3 (i)(C)
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Certificate of Amendment to the Certificate of Fund of the Registrant filed with Delaware Secretary of State dated December 18, 2003 (incorporated by reference to Exhibit 3.(i)C to the Registrant’s Annual Report on Form 10-K filed with the SEC on August 17, 2007)
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3 (ii)(A)
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Declaration of Trust of the Registrant (incorporated by reference to Exhibit 3.C to the Registrant’s Registration Statement on Form 10 filed with the SEC on April 30, 1999)
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3 (ii)(B)
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First Amendment to the Declaration of Trust (incorporated by reference to Exhibit A to the Registrant’s Definitive Schedule 14A filed with the SEC on November 5, 2001, SEC File No. 000-25935)
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3 (ii)(C)
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Amendment of the Declaration of Trust of the Registrant effective January 1, 2005 (incorporated by reference to Exhibit 3(i)(F) to the Registrant’s Annual Report on Form 10-K filed with the SEC on August 17, 2007)
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10.1
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#
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Management Agreement between the Fund and Managing Shareholders, dated February 9, 1998 (incorporated by reference to Exhibit 10.F to the Registrant’s Registration Statement on Form 10 filed with the SEC on April 30, 1999)
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14
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Code of Ethics, adopted on March 1, 2004 (incorporated by reference to Exhibit 14 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 1, 2006)
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31
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*
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Certification of Jeffrey H. Strasberg, Chief Executive and Financial Officer of the Registrant, pursuant to Securities Exchange Act Rule 13a-14(a)
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32
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*
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Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by Jeffrey H. Strasberg, Chief Executive and Financial Officer of the Registrant
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99.1
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Charter of Special Litigation Committee (incorporated by reference to Exhibit 99.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 12, 2010)
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101.INS
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*^
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XBRL Instance Document
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101.SCH
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*^
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XBRL Taxonomy Extension Schema Document
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101.CAL
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*^
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB
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*^
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XBRL Taxonomy Extension Label Linkbase Document
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101.DEF
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*^
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XBRL Definition Linkbase Document
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101.PRE
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*^
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XBRL Taxonomy Extension Presentation Linkbase Document
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*
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Filed herewith.
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#
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A management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(a)(3) of Form 10-K.
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^
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Under Rule 406T of Regulation S-T, this exhibit is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Exchange Act, and otherwise is not subject to liability under those sections.
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THE RIDGEWOOD POWER GROWTH FUND
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Date: January 15, 2013
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By:
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/s/ Jeffrey H. Strasberg
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Jeffrey H. Strasberg
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Chief Executive and Financial Officer
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Signature
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Capacity
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Date
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/s/ Jeffrey H. Strasberg
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Chief Executive and Financial Officer
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January 15, 2013
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Jeffrey H. Strasberg
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(Principal Executive, Financial and Accounting Officer)
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RIDGEWOOD RENEWABLE POWER LLC
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(Managing Shareholder)
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By: /s/ Jeffrey H. Strasberg
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Chief Executive and Financial Officer of Managing Shareholder
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January 15, 2013
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Jeffrey H. Strasberg
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Page
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F-2
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F-3
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F-4
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F-8
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THE RIDGEWOOD POWER GROWTH FUND
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(Liquidation Basis)
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(in thousands)
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December 31,
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2012
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2011
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ASSETS
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Total assets – settlement receivable
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$
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-
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$
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3,457
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LIABILITIES AND NET ASSETS
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Total liabilities
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$
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-
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$
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-
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Net assets in liquidation
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$
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-
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$
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3,457
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THE RIDGEWOOD POWER GROWTH FUND
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(Liquidation Basis)
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(unaudited, in thousands)
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Year Ended December 31,
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2012
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2011
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Net assets in liquidation, beginning of year
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$
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3,457
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$
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768
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Litigation settlement
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-
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3,457
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Distribution to shareholders
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(3,457
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)
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-
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Estimated management fees to be incurred during liquidation
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-
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475
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Estimated liquidation accruals
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-
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89
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Estimated Special Litigation Committee expenses
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-
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(1,332
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)
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Net assets in liquidation, end of year
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$
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-
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$
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3,457
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·
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with participation from the Managing Shareholder’s primary insurer, Twin City Fire Insurance Company, part of the Hartford Insurance Group, to cause a cash payment to be made to the Fund and Trust V, less attorneys’ fees awarded by the court to the plaintiffs’ attorneys and a reimbursement to the Managing Shareholder as partial reimbursement for operating expenses of the Fund and Trust V;
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·
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to assign to the derivative plaintiffs, on behalf of the Fund and Trust V, all of the defendants’ rights and claims for coverage from, and any claims for damages against, Liberty Mutual Insurance Company (“Liberty”), the Managing Shareholder’s excess insurance carrier;
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·
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for the Managing Shareholder and any affiliated entities to waive any rights to any future distributions by the Fund and Trust V; and
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·
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for the Managing Shareholder to waive the bulk of the Managing Shareholder’s management fees for 2011, as well as all management fees on a going-forward basis, and for the Managing Shareholder to pay the on-going normal and recurring operating expenses of the Fund and Trust V until the two funds are liquidated.
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1.
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I have reviewed this annual report on Form 10-K of The Ridgewood Power Growth Fund;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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5.
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I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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/s/ Jeffrey H. Strasberg
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Name:
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Jeffrey H. Strasberg
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Title:
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Chief Executive and Financial Officer
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(Principal Executive Officer and Principal Financial Officer)
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Date:
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January 15, 2013
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/s/ Jeffrey H. Strasberg
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Name:
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Jeffrey H. Strasberg
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Title:
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Chief Executive and Financial Officer
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(Principal Executive Officer and Principal Financial Officer)
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Date:
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January 15, 2013
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DESCRIPTION OF BUSINESS (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | |
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Dec. 31, 2012
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Dec. 31, 2011
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DESCRIPTION OF BUSINESS [Abstract] | ||
Number of shares outstanding | 658.2067 | |
Distribution to shareholders | $ 3,457 | |
Distributions per Investor Share | $ 5,270 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)
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12 Months Ended |
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Dec. 31, 2012
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation |
a) Basis of Presentation The financial statements for the years ended December 31, 2012 and 2011 were prepared on the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the Fund is probable. Under this basis of accounting, assets are valued at their estimated net realizable values and liabilities are valued at their estimated settlement amounts. The valuation of assets and liabilities requires management to make significant estimates and assumptions. Upon conversion to the liquidation basis of accounting, the Fund accrued known estimated values of assets expected to be received and known estimated costs expected to be incurred in liquidation. On an ongoing basis, the Fund evaluates the estimates and assumptions that can have a significant impact on the Fund's reported net assets in liquidation. Actual amounts may differ materially and adversely from these estimates. |
Use of Estimates |
b) Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires the Fund to make estimates and assumptions that affect the reported amounts of the Fund's assets, liabilities, revenues and expenses, including the disclosure of contingent assets and liabilities, as well as the reported amounts of changes in net assets. The estimates also affect the reported estimated value of net realizable assets and settlement of liabilities. The Fund evaluates these estimates and assumptions on an on-going basis. The Fund evaluates its estimates of assets and recordable liabilities for litigation and other contingencies. The Fund bases its estimates and assumptions on historical experience, current and expected conditions and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different circumstances or conditions. |
Income Taxes |
c) Income Taxes No provision is made for income taxes in the accompanying financial statements as the net income or losses of the Fund are passed through and included in the income tax returns of the individual shareholders of the Fund. |
STATEMENTS OF NET ASSETS (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
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Dec. 31, 2011
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Assets | ||
Total assets - settlement receivable | $ 3,457 | |
LIABILITIES AND NET ASSETS | ||
Total liabilities | ||
Net assets in liquidation | $ 3,457 |
COMMITMENTS AND CONTINGENCIES
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12 Months Ended | ||||||||||||
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Dec. 31, 2012
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COMMITMENTS AND CONTINGENCIES[Abstract] | |||||||||||||
COMMITMENTS AND CONTINGENCIES |
3. COMMITMENTS AND CONTINGENCIES On March 20, 2007, the Paul Bergeron Trust ("Bergeron") commenced a derivative action on behalf of the Fund, in Suffolk County Superior Court, Commonwealth of Massachusetts. Bergeron joined the Fund and affiliated entities, including the Managing Shareholder and a person who is an officer of the Managing Shareholder, alleging that the allocation of the proceeds from the sale of certain assets of the Fund and affiliated entities was unfair. The derivative plaintiffs later amended the complaint to add a claim that the defendants breached fiduciary duties to the Fund and Ridgewood Electric Power Trust V ("Trust V") by forming affiliated funds to finance the expansion of underlying projects in which each of the Fund and Trust V had an interest, rather than using alternative financing, which allegedly resulted in a misallocation of sale proceeds. In December 2011, the defendants agreed to a settlement agreement with the derivative plaintiffs, subject to approval by the Court. The defendants disputed the allegations, asserted that the financing transactions were fair and denied all wrongdoing, but agreed:
In January 2012, the Court gave its final approval of the settlement. The Court did not determine the merits of the plaintiffs' allegations, rendered no verdict and the settlement agreement is not an admission of any of the facts alleged by the plaintiffs or of any wrongdoing by the defendants. In March 2012, the cash portion of the settlement was made to the two funds, allocated in accordance with the agreement, and distributions made to their respective shareholders. The amount of cash distributed to the Trust's shareholders totaled $3,457. The derivative plaintiffs are responsible for the managing, and ultimate disposition, of any claims against Liberty, and as a result, the Managing Shareholder is not able to predict when there will be a resolution of the claims, or if such resolution will include a payment to the Fund and Trust V. In June 2012, the derivative plaintiffs filed an amended claim in Suffolk County Superior Court, Commonwealth of Massachusetts, against Liberty, to pursue claims that were assigned as part of the above-mentioned settlement, including among other things, breach of contract. The plaintiffs are seeking the award of damages, interest, costs and attorney fees, as well as the authority to enforce the January 2012 settlement agreement against Liberty. |
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TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES [Abstract] | |
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES |
4. TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES The Fund operates pursuant to the terms of a management agreement with the Managing Shareholder ("Management Agreement"). Under the terms of the Management Agreement, the Managing Shareholder provides certain management, administrative and advisory services, and provides office space to the Fund. The Fund has historically been obligated to pay the Managing Shareholder an annual management fee of $1,645, an amount equal to 2.5% of the total contributed capital of the Fund, as compensation for the services the Managing Shareholder provides to the Fund. The management fee was to be paid in monthly installments and, to the extent that the Fund did not pay the management fee on a timely basis, the Fund accrued interest at an annual rate of 10% on the unpaid balance. For the years ended December 31, 2012 and 2011, the Fund paid management fees of $0 and $25, respectively and waived the balances of management fees otherwise due. Beginning in 2012, the Managing Shareholder agreed to cease charging management fees under the settlement agreement described in Note 3. Under the Fund's Declaration of Trust ("Declaration of Trust"), the Managing Shareholder has historically been entitled to receive, concurrently with the shareholders of the Fund, other than the Managing Shareholder, 1% of all distributions from operations made by the Fund in a year until the shareholders received distributions in that year equal to 12% per annum of their equity contribution. Thereafter, the Managing Shareholder was entitled to receive 25% of the distributions for the remainder of the year. The Managing Shareholder was entitled to receive 1% of the proceeds from dispositions of Fund property until the shareholders, other than the Managing Shareholder, received cumulative distributions equal to their original investment ("Payout"). After Payout, the Managing Shareholder was entitled to receive 25% of all remaining distributions of the Fund. The Managing Shareholder did not receive any distributions during 2012 and 2011, and, as part of the settlement agreement described in Note 3, has agreed to waive any further distributions it otherwise might be entitled to receive. The Fund has not reached Payout and is not expected to do so. RRP owns 2.25 Investor Shares of the Fund. Under the settlement agreement described in Note 3, RRP has waived its right to receive any future distributions that would otherwise be allocated to the Investor Shares. In addition, the Fund granted the Managing Shareholder a single Management Share representing the Managing Shareholder's management rights. |
STATEMENTS OF CHANGES IN NET ASSETS (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
STATEMENTS OF CHANGES IN NET ASSETS [Abstract] | ||
Net assets in liquidation, beginning of year | $ 3,457 | $ 768 |
Litigation settlement | 3,457 | |
Distributions to shareholders | (3,457) | |
Estimated management fees to be incurred during liquidation | 475 | |
Estimated liquidation accruals | 89 | |
Estimated Special Litigation Committee expenses | (1,332) | |
Net assets in liquidation, end of year | $ 3,457 |
Document and Entity Information (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Document and Entity Information [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2012 |
Entity Registrant Name | RIDGEWOOD POWER GROWTH FUND /NJ |
Entity Central Index Key | 0001057076 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2012 |
Entity Filer Category | Smaller Reporting Company |
Entity Units Outstanding | 658.2067 |
Entity Public Float | $ 0 |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
DESCRIPTION OF BUSINESS
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
DESCRIPTION OF BUSINESS [Abstract] | |
DESCRIPTION OF BUSINESS |
1. DESCRIPTION OF BUSINESS The Ridgewood Power Growth Fund (the "Fund") is a Delaware trust formed on February 18, 1997. The Fund began offering shares of beneficial interest ("Investor Shares") in February 1998 and concluded its offering in April 2000. The Fund has 658.2067 investor shares of beneficial interest ("Investor Shares") outstanding. Prior to the adoption of the Fund's Plan of Dissolution (described below), the objective of the Fund was to provide benefits to its shareholders through a combination of distributions of operating cash flow and capital appreciation. The Managing Shareholder of the Fund is Ridgewood Renewable Power LLC, a New Jersey limited liability company (the "Managing Shareholder" or "RRP"). Historically, the Fund focused primarily on independent power generation facilities, water desalinization plants and other infrastructure projects both in the US and abroad. On March 2, 2010, the Plan of Liquidation and Dissolution of The Ridgewood Power Growth Fund (the "Plan of Dissolution") became effective. Under the Plan of Dissolution, the business of the Fund shifted, and became limited to the disposal of its remaining assets and resolution of its remaining liabilities. Upon the completion of these activities, if successful, the Managing Shareholder expects to distribute any remaining cash to the Fund's shareholders and then proceed to terminate the Fund and its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Fund is required to make adequate provisions to satisfy its known and unknown liabilities, which could substantially delay or limit the Fund's ability to make future distributions to shareholders. The process of accounting for the Fund's liabilities, including those that are presently unknown, may involve difficult valuation decisions, which could adversely impact the amount or timing of any future distributions by the Fund. Under the Plan of Dissolution, the Managing Shareholder has sole authority to conduct the Fund's dissolution, liquidation and termination without additional shareholder approval. As of the date of issuance of these financial statements, the Fund has not been liquidated, primarily due to on-going matters discussed in Note 3. The Managing Shareholder is unable to estimate when these matters will be resolved and what financial impact the matters will have on the Fund's net assets or the timing, likelihood or amount of any future distributions to shareholders. In March 2012, the Fund made distributions to its shareholders of $3,457, or $5,270 per Investor Share as a result of the settlement agreement discussed in Note 3. The Managing Shareholder, and its affiliates, did not receive any portion of the distribution, including any distributions to Investor Shares. Other than the collection and distribution of the settlement proceeds, the Fund had no financial activity during 2012. It is possible that resolution of the matters discussed in Note 3 could result in a payment to the Fund; however, the Fund does not anticipate making additional distributions until the Fund has completed the liquidation process. At that time, the Fund's remaining cash, if any, will be distributed to holders of Investor Shares, other than any Investor Shares held by the Managing Shareholder and its affiliates. The Trust currently has no cash, and does not expect to have any cash with which to make further distributions to shareholders unless resolution of the matters discussed in Note 3 results in a payment to the Fund. The Fund believes that it currently has access to sufficient resources to meet its anticipated obligations, as the Managing Shareholder has agreed to pay the on-going normal and recurring operating expenses of the Fund and waive all future management fees. Additionally, the Fund is not paying any on-going expenses regarding the matters discussed in Note 3. As a result, no additional estimated expenses for liquidation have been reflected in the accompanying financial statements of the Fund. The Fund has evaluated subsequent events and transactions through the date of the issuance of its financial statements, and concluded that there were no such events or transactions that require adjustment to, or disclosure in the notes to, the financial statements. |
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES [Abstract] | ||
Annual management fee | $ 1,645 | |
Annual management fee, percentage | 2.50% | |
Annual interest rate on management fee balance | 10.00% | |
Management fees | $ 0 | $ 25 |
Percentage of distributions allocated to Managing Shareholder | 1.00% | |
Maximum percentage of shareholder distributions | 12.00% | |
Percentage of distributions allocated to Managing Shareholder after shareholders have received maximum distribution | 25.00% | |
Percentage of proceeds from dispositions allocated to Managing Shareholder | 1.00% | |
Percentage of proceeds from dispositions allocated to Managing Shareholder after shareholders have reached payout | 25.00% | |
Ridgewood Renewable Power LLC [Member]
|
||
Related Party Transaction [Line Items] | ||
Number of shares owned | 2.25 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Basis of Presentation The financial statements for the years ended December 31, 2012 and 2011 were prepared on the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the Fund is probable. Under this basis of accounting, assets are valued at their estimated net realizable values and liabilities are valued at their estimated settlement amounts. The valuation of assets and liabilities requires management to make significant estimates and assumptions. Upon conversion to the liquidation basis of accounting, the Fund accrued known estimated values of assets expected to be received and known estimated costs expected to be incurred in liquidation. On an ongoing basis, the Fund evaluates the estimates and assumptions that can have a significant impact on the Fund's reported net assets in liquidation. Actual amounts may differ materially and adversely from these estimates. b) Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires the Fund to make estimates and assumptions that affect the reported amounts of the Fund's assets, liabilities, revenues and expenses, including the disclosure of contingent assets and liabilities, as well as the reported amounts of changes in net assets. The estimates also affect the reported estimated value of net realizable assets and settlement of liabilities. The Fund evaluates these estimates and assumptions on an on-going basis. The Fund evaluates its estimates of assets and recordable liabilities for litigation and other contingencies. The Fund bases its estimates and assumptions on historical experience, current and expected conditions and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different circumstances or conditions. c) Income Taxes No provision is made for income taxes in the accompanying financial statements as the net income or losses of the Fund are passed through and included in the income tax returns of the individual shareholders of the Fund. |
COMMITMENTS AND CONTINGENCIES (DETAILS) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
COMMITMENTS AND CONTINGENCIES[Abstract] | ||
Distribution to shareholders | $ 3,457 |