Estate liquidating

09 Dec

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, 2008, Cap Re ceased reinsuring new risk, placing the existing reinsurance agreements into run-off in accordance with their terms. As of December 17, 2013, the Effective Date of the Plan, the Liquidating Trust beneficially owned approximately 80 properties located in 34 states. In addition, any real property acquired subsequent to that date in connection with foreclosure proceedings has been and will be conveyed directly to Res Cap Securities Holdings Co., rather than to the Liquidating Trust. Between December 17, 2013 and January 15, 2014, the Trust sold four properties, on which no gain or loss was recognized for income tax purposes.The Liquidating Trust files income tax returns in those states in which it determines it has a filing obligation.The Liquidating Trust provides Tax Worksheets for Beneficiaries for each of the states in which the Trust files an income tax return via postings on the Trust’s website at: 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 which Trust assets or liabilities 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.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, manufacturing, media and telecommunications, professional services, real estate, retail and wholesale distribution. David is a director of Terra Form Power and reorganized Lehman Brothers. is a Group Managing Director and heads the UBS Non-Core and Legacy division. He was promoted to chief financial officer in 1996 and held that title through 2008. Molinaro has also served as a director of the Securities Industry and Financial Markets Association (SIFMA). Sonkin has lectured and served on panels covering topics such as distressed debt trading, utility restructurings and life insurance company reorganizations. Sonkin is a cum laude graduate of the Temple University College of Liberal Arts where he earned a bachelor’s degree in political science and currently serves as a member of the Board of Visitors. Res Cap Liquidating Trust’s mission is to maximize returns to Unitholders by vigorously pursuing and resolving the mortgage correspondent litigation and monetizing the Trust’s remaining assets in a timely and efficient manner. Section 2.5(b) of the Liquidating Trust Agreement provides that if assets cannot be transferred to the Liquidating Trust by a Debtor entity, or it is impracticable or inadvisable to do so, the Debtor entity will continue to retain those assets until it is notified that the Liquidating Trust may receive the assets.

estate liquidating-64

The Liquidating Trust did not directly own any stock of any foreign corporation.Effective as of January 15, 2014, the Liquidating Trust contributed those properties (as well as certain interests in mineral rights that have only nominal value) to Res Cap Securities Holdings Co., a wholly-owned U. It is contemplated that the corporate subsidiary is a United States real property holding corporation within the meaning of section 897 of the U. As of March 31, 2018, Res Cap Securities Holdings Co owned approximately 7 properties in 7 states.The Trust is a liquidating trust for federal and, if applicable, state income tax purposes.A link to the Securities Account Information Form is provided under the section titled “Forms.” The completed forms should be returned promptly to the following email or address: Res Cap Liquidating [email protected] Cap or Res Cap Liquidating Trust P. Box 385220 Bloomington, Minnesota 55438 How could the basis of a Beneficiary’s Units that were not acquired from the Trust in the initial distribution as of December 17, 2013, differ from the basis in Units that a Beneficiary acquired from the Trust in the initial distribution as of December 17, 2013?A Beneficiary that did not acquire its Units from the Trust in the initial distribution as of December 17, 2013 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, 2013.However, there can be no assurance that this will be the case.The Liquidating Trust owns all of the stock of two US corporations – RFC Foreign Equity Holding Co. – that owned the stock of several foreign corporations.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 [email protected] request a form on which to provide your securities account information or access such form on the Trust’s website here.CAP RE of Vermont, LLC (“Cap Re” ) is a capt ive insurance company incorporated and licensed under the laws of the State of Vermont.Cap Re, which is taxed as a C corporation, was owned by GMAC Mortgage, LLC and is now owned by the Liquidating Trust.