Stewards, Inc. will not complete its $20,000,000 purchase of The Hawthorne after reaching a settlement with John E. Swenson Co., Inc. The agreement directs $100,000 of the $1,000,000 deposit to Swenson and returns $900,000 to Stewards Real Estate, while setting a path to dismiss the court action.

Key Highlights

  • The Escrow agent is to send $100,000 to Swenson and return $900,000 to Stewards Real Estate from the deposit.
  • Swenson is due $100,000 under the settlement, with $900,000 returning to Stewards Real Estate.
  • The parties agreed to seek dismissal with prejudice within three Business days after receiving their settlement amounts.

Stewards, Inc. (NASDAQ: SWRD) is a construction materials company. It will not complete the planned $20,000,000 ($20 million) cash purchase of The Hawthorne in Chatham, Massachusetts, after reaching a settlement that ends the transaction’s obligations.

$20M Hawthorne Purchase Ends

The agreement covered real property and related tangible assets at 196 Shore Road, with the original closing date set for July 1, 2026. Stewards Real Estate and John E. Swenson Co. Inc. became parties to a court action in Barnstable County, Massachusetts, over the transaction. On September 17, 2026, they agreed to terminate the purchase and sale obligations under their settlement agreement. Each side will bear its own attorneys’ fees and costs incurred to date, and neither party admits Liability or wrongdoing.

Deposit Distribution and Dismissal Terms

The escrow agent is to send $100,000 to Swenson and return $900,000 to Stewards Real Estate from the deposit. Swenson must file the executed dismissal stipulation within three business days after both parties receive their respective amounts. The mutual general releases take effect only after the escrow distribution, and the action is to be dismissed with prejudice.