If you are having problems viewing the website, please make sure that you are using Internet Explorer 11, Chrome 49, Safari 10, or Firefox 51, or newer. The Liquidating Trust, through its agents, shall wind down the affairs of and dissolve the Debtors and their subsidiaries including the Rescap liquidating trust bankruptcy subsidiaries.
The most current financial information can be found in the Consolidated Financial Statements section of this website. Prior to his appointment as LTM, Mr. Ray served as Chief Counsel to the Trust from September Ray has served in various capacities with respect to Chapter 11 bankruptcy estates. From toMr. Ray has served as the principal officer of Nortel Networks, Inc. Ray was Chairman of the post confirmation Board of Enron Corporation and, from toPresident of post confirmation Enron Corporation.
Matt Doheny has over twenty years of experience in the distressed investing, turnaround and restructuring industry. He
Rescap liquidating trust bankruptcy the Rescap liquidating trust bankruptcy of North Country Capital, an investment and advisory firm where he currently serves as President.
Doheny was a portfolio manager at "Rescap liquidating trust bankruptcy" Advisory Inc. Prior to Fintech, Mr. Prior to Deutsche Bank, he was a bankruptcy attorney in the corporate reorganization groups of Orrick and Kelley Drye. David Pauker is a turnaround manager and restructuring advisor with more than 25 years of experience advising underperforming companies and their investors. He was CRO of Refco, a diversified financial services company that was one of the largest-ever US bankruptcies, and has acted as CRO, CEO, turnaround manager or financial advisor for companies in diverse industries, including apparel and textile, energy and natural resources, financial services, food and consumer products, information technology, Rescap liquidating trust bankruptcy, media and telecommunications, professional services, real estate, retail and wholesale distribution.
Prior thereto, he spent 22 years at Bear Stearns, where he was executive vice president, chief operating officer and chief financial officer of The Bear Stearns Companies Inc. Molinaro was appointed to the executive committee in and served as executive vice president of The Bear Stearns Companies Inc. He was promoted to chief operating officer in He was promoted to chief financial officer in and held that title through In his capacity as Chief Portfolio Officer, Mr.
Prior to this position, Mr. He has over 30 years of experience in U. Sonkin has played a significant role in complex structured finance, corporate, infrastructure, utility, healthcare and insurance company reorganizations and served as chief counsel in the rehabilitations of Mutual Benefit Life and Confederation Life Insurance U.
Sonkin has lectured and served on panels covering topics such as distressed debt trading, utility restructurings and life insurance company reorganizations.
He received his J. Sonkin is also admitted to practice before the U. Weber has over 35 years of experience in litigation support and expert witness work, restructuring consulting both debtor and creditor and auditing.
Weber began his career at Price Waterhouse and served in a variety of positions and practices including a 2-year foreign tourleaving as a partner after 22 years. After retiring inMr. The Trust maintains a website at www. The current Trust Manager is John J. Ray has extensive experience as a chief restructuring officer and plan administrator in notable bankruptcy cases and situations Rescap liquidating trust bankruptcy Overseas Shipholding Group Inc.
The Trust continues to pursue strategies to maximize the recoveries of the Mortgage Asset portfolio for the benefit of the Unitholders. Please refer to the Liquidating Trust website section entitled Litigation Activity "Rescap liquidating trust bankruptcy" information on legal claims.
Assets that are held by the Debtor entities under these circumstances are referred to as assets held in bailment. As of December 31,all assets previously held in bailment have been transferred to the Trust. The reduction in the assets held in bailment "Rescap liquidating trust bankruptcy" December 17, and December 31, is primarily attributable to the initial distribution and the bank accounts of the Debtors being novated to the Liquidating Trust following the plan effective date.
Additional assets were transferred
Rescap liquidating trust bankruptcy the Trust as circumstances warranted. The Liquidating Trust issued units beginning on December 17, and made an initial cash distribution to each person to whom units were issued. Cap Re provided reinsurance on mortgage loans originated by GMAC Mortgage LLC and its affiliates and correspondent lenders through entering into reinsurance agreements with various primary mortgage insurers in which the company assumed the risk of loss in excess of various loss percentages.
Effective December 31,Cap Re ceased reinsuring new risk, placing the existing reinsurance agreements into run-off in accordance with their terms.
CapRe was dissolved as of December 31, As of December 31,the Trust no longer holds mortgage servicing rights. Previously, the Liquidating Trust held the mortgage servicing rights. As of December 17,the Effective Date of the Plan, the Liquidating Trust beneficially owned approximately
Rescap liquidating trust bankruptcy properties located in 34 states.
Effective as of January 15,the Liquidating Trust contributed those properties as well as certain interests in mineral rights that have only nominal value to ResCap Securities Holdings Co. Rescap liquidating trust bankruptcy addition, any real property acquired subsequent to that date in connection with foreclosure proceedings has been and will be conveyed directly to ResCap Securities Holdings Co.
It is contemplated that the corporate subsidiary is a United States real property holding corporation within the meaning of section of the U. Between December 17, and January 15,the Trust sold four properties, on which no gain or loss was recognized for income tax purposes.
The Trust is a liquidating trust for federal and, if applicable, state income tax purposes. However, there can be no assurance that this will be the case. The foreign corporations have all been liquidated as of December 31, The Liquidating Trust did not directly own Rescap liquidating trust bankruptcy stock of any foreign corporation. The Liquidating Trust files income tax returns in those states in which it determines it has a filing obligation. The Worksheets reflect the income and deductions that Rescap liquidating trust bankruptcy Trust determines should be allocated to each state in which it files an income tax return.
The Liquidating Trust does not provide tax advice. Each Unitholder should seek advice from its own tax advisor as to which state income tax returns, if any, it is required to file as a result of owning Units or otherwise and its share of Trust income and deductions, if any, that must be reported on any such state income tax return.
In addition, if you are entitled to receive Units, you must also provide broker information. You must designate a broker, bank or other financial institution with which you maintain a securities account to receive your Units on your behalf.
You may email the Trust at rescapliquidatingtrust rescapestate. Box Bloomington, Minnesota Copies of the W-9 form can also be found at ww.
A Beneficiary that did not acquire its Units from the Trust in the initial distribution as of December 17, may have an adjusted tax basis per Unit and therefore an adjusted tax basis in the underlying Trust assets attributable to such Units that differs from the adjusted basis of a Unit acquired from the Trust as of December 17, A Beneficiary with a basis difference should consult its tax advisor as to whether and how any adjustments should be made as a result of such differing basis to the per Unit Trust items of taxable income and loss as reported by the Trust for the periods that such Beneficiary holds its Units.
In general, that may depend, in part, on the determination as to Rescap liquidating trust bankruptcy Trust assets or "Rescap liquidating trust bankruptcy" the basis differential is attributable and how to calculate the recovery of basis that is allocable to multiple assets of the same class, such as the litigation claims. In accordance with Sections 5. In such a case, the cash will be distributed on a subsequent distribution date.
Distributions are made to Unitholders as of a distribution record date established by the Board which will be between 15 to 30 days before the distribution date. The Trust will announce and post to the website the record date and distribution amount for an upcoming distribution at least 5 business days each record date. The Trust does not have the necessary information concerning the identity and tax status of its unit holders to complete any required tax withholding.
Thus, the Trust will distribute the gross amount of the distribution to brokers through DTC and anticipates that any required tax withholding will be effected by U. Unit holders should refer to the Liquidating Trust website and consult with their tax advisors with respect to the tax treatment of any distribution. Any completed forms should be returned to the following email or address: A list of all active and resolved cases is provided below with links to the docket activity.
For more information related to LoanCare, please click on the links below to visit their website:. For general inquiries, please contact ResCapLiquidatingTrust rescapestate.
Kravitzas representative of the Borrower Claims Trust created under the Plan. Pursuant to the Plan, the ResCap Liquidating Trust has been released from liability for Rescap liquidating trust bankruptcy claims. A copy of the confirmation order can be found here.
The Procedures Order i bars parties from continuing to prosecute actions against the Debtors that violate the injunction provisions of the Plan and Confirmation Order, and ii permits the Liquidating Trust to seek further relief from the Bankruptcy Court in the event a party refuses to dismiss such an action with respect to the Debtors.
The procedures order can be found here. In light of these court-approved orders, the ResCap Liquidating Trust is unable to assist with your request for a lien release or corrected assignment. However, the ResCap Liquidating Trust will not seek to enforce the Plan Injunction or the Procedures Order where a
Rescap liquidating trust bankruptcy seeks only equitable relief relating to a property in which the Trust does not hold a current interest and where that party does not seek any monetary damages against any of the Debtors or the ResCap Liquidating Trust.
ResCap Liquidating Trust If you are having problems viewing the website, please make sure that you are using Internet Explorer 11, Chrome 49, Safari 10, or Firefox 51, or newer.
What is the ResCap Liquidating Trust? Since its creation, and as of November 2,the Liquidating Trust has, among other things: Who is responsible for administrating the ResCap Liquidating Trust? What are Rescap liquidating trust bankruptcy tax implications Rescap liquidating trust bankruptcy being a ResCap unitholder?
Federal Income Tax Information. It is not intended to constitute tax advice. The Liquidating Trust does not provide tax advice to Unitholders. What are assets held in bailment? Are the assets held in bailment consolidated in the Liquidating Trust financial statements? What is the reason for the reduction in the assets held in bailment following the effective date of the ResCap Chapter 11 plan?
When and to whom did the Liquidating Trust make its initial cash distribution? Where can I find information concerning lawsuits that have been brought by the Liquidating Trust, including the damages being sought in each case?
In which legal entity are mortgage servicing rights assets held? Does the Liquidating Trust own any real property located in the United States?