Impath bankruptcy liquidating trust
Norton Liquidating trusts are organized for the primary purpose of liquidating assets transferred to them for distribution to trust beneficiaries. The US Bankruptcy Code seeks to promote the effective administration and settlement of a debtor’s assets and liabilities within a limited frame of time.
Whether the trust is the product of a bankruptcy plan or a state law plan of dissolution, certain factors must be considered. Section 1123(b)(3)(B) of the Bankruptcy Code allows this prospect to be avoided.
Previously, he was a Managing Director and Co-Head of Special Situations Trading at HSBC Securities, where he headed up credit research. Doheny was a portfolio manager at Fintech Advisory Inc., a hedge fund focusing on undervalued securities and turnarounds in the U. He received a BA from Allegheny College and a Juris Doctor from Cornell Law School. The Res Cap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al.
David Pauker is a turnaround manager and restructuring advisor with more than 25 years of experience advising underperforming companies and their investors. to liquidate and distribute assets of the debtors in the Res Cap bankruptcy case. Ray has extensive experience as a chief restructuring officer and plan administrator in notable bankruptcy cases and situations involving Overseas Shipholding Group Inc., Nortel Networks Inc. The Trust’s mortgage assets include mortgage loans, servicer advances, interest income, real estate owned, trading securities, net of costs to sell the assets.
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In conjunction with the other provisions of the Bankruptcy Code that require a disclosure statement and plan to provide “adequate information” for a claim or interest holder to make an informed judgment about the plan, Section 1123(b)(3) effectively provides notice to creditors of retention and prospective enforcement of claims that may enlarge the estate’s assets for distribution.
A liquidating trust may be useful when the debtor has valuable assets such as real estate that can be sold to pay creditors but, because of the nature of the assets, they can be liquidated only over a period of time.
An escrow account may be utilized when the debtor has cash or other liquid assets that can be placed into an account, and the escrow agent becomes a stakeholder for the assets pending the resolution of disputes surrounding contested claims.
For example, in two chapter 11 mega-cases, one involving the Manville Corporation and the other involving A. Robins Company, trusts were established pursuant to the chapter 11 plan or reorganization to deal with the claims of creditors.
If a liquidating trust is established, the trust is normally funded with property which will be reduced ...
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