Sorry I am late getting this out … had lots of family stuff last week. Here are the basics.
Trustee declared an aggregate cash distribution of approximately $40 million on the Trust’s Class A Liquidation Trust Interests (the “Class A Interests”). This amount includes a reserve of approximately $900,000 for amounts that are or may become payable (a) in respect of Class A Interests that may be issued in the future upon the allowance of unresolved bankruptcy claims, (b) in respect of Class A Interests issued on account of recently allowed bankruptcy claims, (c) to holders of Class A Interests who failed to cash checks mailed in respect of previous distributions, (d) as distributions withheld due to pending avoidance actions, and (e) to holders of Class A Interests from whom the Trust is awaiting further beneficiary information.
The distribution amounts to $3.44 per Class A Interest, and will be paid on or about October 29, 2021 to holders of record of Class A Interests as of close of business on October 22, 2021.
Here’s a link to read more.
10 thoughts on “Distribution Coming”
How and when will the money from the lawsuits be distributed and will taxes be owed on that. Thanks for keeping us updated.
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nothing is close to coming in yet on those.
Taxation, the Trump tax law change made some changes to some aspects. I will research that and write a blog
From everything I’ve read, it does seem that we must claim the class action money as income on our taxes. It said the only time you don’t have to claim a lawsuit settlement is on personal injury. I have no idea how much they will tax us.
I agree. That (tax law) changed with the Trump law change.
Thanks Greg as always. So I have read this a few times, is this saying the $900,000 is including or not including the bank resolution that they just settled?
no this isn’t the bank money yet. that money will kick out later
Question we get our money thru a Provident Trust anyways we just received a small payment on November 10 wondering if this was the bank settlement or was this the money that was a cash distribution???
that would be the regular distribution
Any idea when the next distribution will be?
i’m trying to reach the lawyer of the TT to comment on that … no luck. you try (and let us know back if you learn anything)
Colin Robinson, Esq.
Bradford Sandler, Esq.
919 North Market Street
Wilmington DE 19801