Liquidating company. Estate-A-Palooza Collection Culpeper, VA 22701.



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Chapter 7: Bankruptcy liquidation



Liquidating company

It is not intended to constitute tax advice. The Liquidating Trust does not provide tax advice to Unitholders. What are assets held in bailment? Assets that are held by the Debtor entities under these circumstances are referred to as assets held in bailment. Are the assets held in bailment consolidated in the Liquidating Trust financial statements? As of December 31, , all assets previously held in bailment have been transferred to the Trust. What is the reason for the reduction in the assets held in bailment following the effective date of the ResCap Chapter 11 plan? 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. Additional assets were transferred to the Trust as circumstances warranted. When and to whom did the Liquidating Trust make its initial cash distribution? The Liquidating Trust issued units beginning on December 17, and made an initial cash distribution to each person to whom units were issued. Where can I find information concerning lawsuits that have been brought by the Liquidating Trust, including the damages being sought in each case? What is Cap Re? 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, In which legal entity are mortgage servicing rights assets held? As of December 31, , the Trust no longer holds mortgage servicing rights. Previously, the Liquidating Trust held the mortgage servicing rights. Does the Liquidating Trust own any real property located in the United States? As of December 17, , the Effective Date of the Plan, the Liquidating Trust beneficially owned approximately 80 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. 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. 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. Does the Liquidating Trust earn any trade or business income? 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. Does the Liquidating Trust own any foreign subsidiaries? The foreign corporations have all been liquidated as of December 31, The Liquidating Trust did not directly own any stock of any foreign corporation. What state tax filing obligations will Unitholders have as a result of owning Units? 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 the 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. What do I do if I believe I am entitled to a distribution under the Plan? If your Claim is Allowed and you are entitled to a distribution under the Plan, your distribution may be subject to applicable tax withholding. If you are a U. If you are not a U. 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. Liquidating company

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8 Comments

  1. M The former Ameritox Lab has closed and is liquidating high-end toxicology lab equipment

  2. As of December 31, , all assets previously held in bailment have been transferred to the Trust.

  3. Are the assets held in bailment consolidated in the Liquidating Trust financial statements? Setting new standards, Diane Hudec has been an industry leader, remaining a constant force in the Chicagoland market.

  4. Gently Kept gives families peace of mind by coordinating the details of eliminating personal belongings and finding a Realtor.

  5. What is the reason for the reduction in the assets held in bailment following the effective date of the ResCap Chapter 11 plan?

  6. The Liquidating Trust does not provide tax advice. M The former Ameritox Lab has closed and is liquidating high-end toxicology lab equipment

  7. 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. As of December 31, , all assets previously held in bailment have been transferred to the Trust.

  8. When and to whom did the Liquidating Trust make its initial cash distribution? 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. 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.

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