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The Trust is a liquidating trust for federal and, if applicable, state income tax purposes. You may email the Trust at rescapliquidatingtrust rescapestate. Additional assets were transferred to the Trust as circumstances warranted.
What is Cap Re? The Liquidating Trust does not provide tax advice to Unitholders.
The Liquidating Trust files income tax returns in those states in which it determines it has a filing obligation. A company considering a liquidating trust needs to determine whether it will be required to comply with the registration and reporting requirements under the Securities Exchange Act of Are the assets held in bailment consolidated in the Liquidating Trust financial statements?
The Staff has generally noted the following characteristics with respect to liquidating trusts being granted no-action relief: CapRe was dissolved as of December 31, Does the Liquidating Trust earn any trade or business income? While the Staff has granted no-action relief from Exchange Act requirements if the above requirements are met, it has also expressly denied relief in circumstances where the company requesting relief was not current with its required filings under the Exchange Act.
What is the reason for the reduction in the assets held in bailment following the effective date of the ResCap Chapter 11 plan?
In order to establish certainty that the Staff will grant relief, a company contemplating creating a liquidating trust pursuant to a bankruptcy plan should submit its own letter to the Staff requesting no-action relief.
Where can I find information concerning lawsuits that have been brought by validating international addresses Liquidating Trust, including the damages being sought in each case?
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.
Previously, the Liquidating Trust held the mortgage servicing rights.
However, there can be no assurance that this will be the case. The Liquidating Trust did not directly own any stock of any foreign corporation. As of December 31,the Trust no longer holds mortgage servicing rights.
Liquidating trusts: a discussion of SEC reporting and registration requirements - Lexology
In bankruptcy proceedings, there are still securities laws considerations. What do I do if I believe I am entitled to a distribution under the Plan? While no-action relief granted by the Staff to other parties and with respect to certain facts and circumstances form all or part of a persuasive argument for like treatment in similar fact situations, the grant of no-action relief by the Staff does not represent an official action by or on behalf of the SEC Commissioners.
If your Claim is Allowed and you are entitled to a distribution under the Plan, your distribution may be subject to applicable tax withholding.
Between December 17, and January 15,the Trust sold four properties, on which no gain or loss was recognized for income tax purposes.
In addition, if you are entitled to receive Units, you must also provide broker information.
ResCap Liquidating Trust
No-action relief granted by the Staff may only be relied upon by the party that submitted the request, based on the particular facts and circumstances, and otherwise may only viewed as setting forth views of the Staff PDF. What are assets held in bailment? The foreign corporations have all been liquidated as of December 31, What state tax filing obligations will Unitholders have as a result of owning Units?
One possible component of a bankruptcy reorganization or liquidation is a liquidating trust. It is not intended to constitute tax advice.
When and to whom did the Liquidating Trust make its initial cash distribution? Assets that are held by the Debtor entities under these circumstances are referred to as assets held in bailment. In 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.
The Liquidating Trust issued units beginning on December 17, and made an initial cash distribution to each person to whom units were issued. In which legal entity are mortgage servicing rights assets held?
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.
Does the Liquidating Trust own any foreign subsidiaries?
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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.
If you are not a U. It is contemplated that the corporate subsidiary is a United States real property holding corporation within the meaning of section of the U.
As of December 17,the Effective Date of the Plan, the Liquidating Trust beneficially owned approximately 80 properties located in 34 states. The Worksheets reflect the income and deductions that the Trust determines should be allocated to each state in which it files an income tax return.
You must designate a broker, bank or other financial institution with which you maintain a securities account to receive your Units on your behalf.
The Liquidating Trust does not provide tax advice. The reduction in the assets held in bailment between 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.
Effective December 31,Cap Re ceased reinsuring new risk, placing the existing reinsurance agreements into run-off in accordance with their terms.
ResCap Liquidating Trust
As of December 31,all assets previously held in bailment have been transferred to the Trust. If you are a U.
The structure of liquidating trusts is just one example. Does the Liquidating Trust own any real property located in the United States?
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