Wells Fargo Bank N.A. on Tuesday notified investors holding the defaulted bonds of three Georgia charter schools that they will lose about 22.7% of their outstanding principal after selling the real estate that was collateral for the debt.

Of the $18.93 million in original principal outstanding, $4,295,689 will not be paid and the bonds will be cancelled, said Wells Fargo, the trustee. Funds from the sale of the land and funds held in the trust estate were to be distributed this week, and applied toward accrued interest.

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