C corp liquidating distribution

In December 2008, the world learned about Bernard Madoff’s unprecedented fraud, a Ponzi scheme that spanned decades and defrauded customers of approximately billion.

On the day the news broke, I received a call from the Securities Investor Protection Corporation (SIPC) and was asked to serve as SIPA Trustee for the liquidation of Bernard L. Madoff Recovery Initiative’s Distributions Exceed All Prior Ponzi Recovery Efforts Just a few months ago – within days of the eighth anniversary of the revelation that Bernard Madoff’s vaunted investment prowess was, in fact, the largest Ponzi scheme in history – we announced our plans for the eighth interim distribution of recovered funds to the victims of the Madoff fraud.

As of June 23, 2017: In the SIPA Liquidation of BLMIS, unresolved matters remain that require court determination. In addition, 55 claims have been “deemed determined pending litigation” and the SIPA Trustee must establish sufficient reserves to ensure that he would be able to make all pro rata distributions to date to all potentially eligible claimants, whether or not their claims are allowed at the time of distribution.

Required reserve for deemed determined claims: Approximately

In December 2008, the world learned about Bernard Madoff’s unprecedented fraud, a Ponzi scheme that spanned decades and defrauded customers of approximately $20 billion.On the day the news broke, I received a call from the Securities Investor Protection Corporation (SIPC) and was asked to serve as SIPA Trustee for the liquidation of Bernard L. Madoff Recovery Initiative’s Distributions Exceed All Prior Ponzi Recovery Efforts Just a few months ago – within days of the eighth anniversary of the revelation that Bernard Madoff’s vaunted investment prowess was, in fact, the largest Ponzi scheme in history – we announced our plans for the eighth interim distribution of recovered funds to the victims of the Madoff fraud.As of June 23, 2017: In the SIPA Liquidation of BLMIS, unresolved matters remain that require court determination. In addition, 55 claims have been “deemed determined pending litigation” and the SIPA Trustee must establish sufficient reserves to ensure that he would be able to make all pro rata distributions to date to all potentially eligible claimants, whether or not their claims are allowed at the time of distribution.Required reserve for deemed determined claims: Approximately $1.988 billion General reserve: Approximately $200 million Other reserves, including reserve for deferred payments and unallocated funds: Approximately $109.7 million As of June 23, 2017: Eighth pro rata interim distribution of 1.729%: $251.6M Seventh pro rata interim distribution of 1.305%: $190.3M Sixth pro rata interim distribution of 8.262%: $1.209BFifth pro rata interim distribution of 2.743%: $403.5M Fourth pro rata interim distribution of 3.180%: $468.4MThird pro rata interim distribution of 4.721%: $696.5MSecond pro rata interim distribution of 33.556%: $4.980BFirst pro rata interim distribution of 4.602%: $685.5MAmount of SIPC advances reimbursed to SIPC on fully satisfied accounts: $181.2MIn the Bernard L.") (solely in their capacity as such) were deemed Allowed General Unsecured Claims prior to or by the Plan (as defined in "Can I trade my claim against Motors Liquidation Company (or its affiliate debtors) pursuant to Bankruptcy Rule 3001(e)?"), or, with respect to claims of holders of Nova Scotia Notes, upon the effective date of the Nova Scotia Settlement Agreement (each as defined in "What impact has the Nova Scotia Settlement Agreement had on distributions? Holders of other general unsecured claims which have been or are deemed "allowed" on or before the dissolution of the Trust (an "Allowed General Unsecured Claim") should have received or will receive a letter from Wilmington Trust Company, acting in its capacity as trustee and Trust Administrator (in such capacity, the "Trust Administrator") for the Trust, acknowledging their claim and the amount thereof.'Claims held by Bondholder Claimants (as defined in "How will I receive my distribution under the Plan?In addition, the Motors Liquidation Company GUC Trust Agreement (the “Trust Agreement”) further provides that the Trust Administrator shall not, among other actions, "collect or publish information about prices at which Units have been or may be transferred." A copy of the Trust Agreement is available here.As a result of the restrictions set forth in the No Action Letter and the Trust Agreement, the Trust, the Trust Administrator and the Trust Monitor are each prohibited from providing any information, to holders of Trust units or otherwise, regarding the ability to transfer Trust units, the availability of market participants to sell or purchase Trust units, or the trading prices of Trust units."How will I receive my distribution under the Plan?

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In December 2008, the world learned about Bernard Madoff’s unprecedented fraud, a Ponzi scheme that spanned decades and defrauded customers of approximately $20 billion.

On the day the news broke, I received a call from the Securities Investor Protection Corporation (SIPC) and was asked to serve as SIPA Trustee for the liquidation of Bernard L. Madoff Recovery Initiative’s Distributions Exceed All Prior Ponzi Recovery Efforts Just a few months ago – within days of the eighth anniversary of the revelation that Bernard Madoff’s vaunted investment prowess was, in fact, the largest Ponzi scheme in history – we announced our plans for the eighth interim distribution of recovered funds to the victims of the Madoff fraud.

As of June 23, 2017: In the SIPA Liquidation of BLMIS, unresolved matters remain that require court determination. In addition, 55 claims have been “deemed determined pending litigation” and the SIPA Trustee must establish sufficient reserves to ensure that he would be able to make all pro rata distributions to date to all potentially eligible claimants, whether or not their claims are allowed at the time of distribution.

Required reserve for deemed determined claims: Approximately $1.988 billion General reserve: Approximately $200 million Other reserves, including reserve for deferred payments and unallocated funds: Approximately $109.7 million As of June 23, 2017: Eighth pro rata interim distribution of 1.729%: $251.6M Seventh pro rata interim distribution of 1.305%: $190.3M Sixth pro rata interim distribution of 8.262%: $1.209BFifth pro rata interim distribution of 2.743%: $403.5M Fourth pro rata interim distribution of 3.180%: $468.4MThird pro rata interim distribution of 4.721%: $696.5MSecond pro rata interim distribution of 33.556%: $4.980BFirst pro rata interim distribution of 4.602%: $685.5MAmount of SIPC advances reimbursed to SIPC on fully satisfied accounts: $181.2MIn the Bernard L.

") (solely in their capacity as such) were deemed Allowed General Unsecured Claims prior to or by the Plan (as defined in "Can I trade my claim against Motors Liquidation Company (or its affiliate debtors) pursuant to Bankruptcy Rule 3001(e)?

"), or, with respect to claims of holders of Nova Scotia Notes, upon the effective date of the Nova Scotia Settlement Agreement (each as defined in "What impact has the Nova Scotia Settlement Agreement had on distributions? Holders of other general unsecured claims which have been or are deemed "allowed" on or before the dissolution of the Trust (an "Allowed General Unsecured Claim") should have received or will receive a letter from Wilmington Trust Company, acting in its capacity as trustee and Trust Administrator (in such capacity, the "Trust Administrator") for the Trust, acknowledging their claim and the amount thereof.'Claims held by Bondholder Claimants (as defined in "How will I receive my distribution under the Plan?

.988 billion General reserve: Approximately 0 million Other reserves, including reserve for deferred payments and unallocated funds: Approximately 9.7 million As of June 23, 2017: Eighth pro rata interim distribution of 1.729%: 1.6M Seventh pro rata interim distribution of 1.305%: 0.3M Sixth pro rata interim distribution of 8.262%:

In December 2008, the world learned about Bernard Madoff’s unprecedented fraud, a Ponzi scheme that spanned decades and defrauded customers of approximately $20 billion.On the day the news broke, I received a call from the Securities Investor Protection Corporation (SIPC) and was asked to serve as SIPA Trustee for the liquidation of Bernard L. Madoff Recovery Initiative’s Distributions Exceed All Prior Ponzi Recovery Efforts Just a few months ago – within days of the eighth anniversary of the revelation that Bernard Madoff’s vaunted investment prowess was, in fact, the largest Ponzi scheme in history – we announced our plans for the eighth interim distribution of recovered funds to the victims of the Madoff fraud.As of June 23, 2017: In the SIPA Liquidation of BLMIS, unresolved matters remain that require court determination. In addition, 55 claims have been “deemed determined pending litigation” and the SIPA Trustee must establish sufficient reserves to ensure that he would be able to make all pro rata distributions to date to all potentially eligible claimants, whether or not their claims are allowed at the time of distribution.Required reserve for deemed determined claims: Approximately $1.988 billion General reserve: Approximately $200 million Other reserves, including reserve for deferred payments and unallocated funds: Approximately $109.7 million As of June 23, 2017: Eighth pro rata interim distribution of 1.729%: $251.6M Seventh pro rata interim distribution of 1.305%: $190.3M Sixth pro rata interim distribution of 8.262%: $1.209BFifth pro rata interim distribution of 2.743%: $403.5M Fourth pro rata interim distribution of 3.180%: $468.4MThird pro rata interim distribution of 4.721%: $696.5MSecond pro rata interim distribution of 33.556%: $4.980BFirst pro rata interim distribution of 4.602%: $685.5MAmount of SIPC advances reimbursed to SIPC on fully satisfied accounts: $181.2MIn the Bernard L.") (solely in their capacity as such) were deemed Allowed General Unsecured Claims prior to or by the Plan (as defined in "Can I trade my claim against Motors Liquidation Company (or its affiliate debtors) pursuant to Bankruptcy Rule 3001(e)?"), or, with respect to claims of holders of Nova Scotia Notes, upon the effective date of the Nova Scotia Settlement Agreement (each as defined in "What impact has the Nova Scotia Settlement Agreement had on distributions? Holders of other general unsecured claims which have been or are deemed "allowed" on or before the dissolution of the Trust (an "Allowed General Unsecured Claim") should have received or will receive a letter from Wilmington Trust Company, acting in its capacity as trustee and Trust Administrator (in such capacity, the "Trust Administrator") for the Trust, acknowledging their claim and the amount thereof.'Claims held by Bondholder Claimants (as defined in "How will I receive my distribution under the Plan?In addition, the Motors Liquidation Company GUC Trust Agreement (the “Trust Agreement”) further provides that the Trust Administrator shall not, among other actions, "collect or publish information about prices at which Units have been or may be transferred." A copy of the Trust Agreement is available here.As a result of the restrictions set forth in the No Action Letter and the Trust Agreement, the Trust, the Trust Administrator and the Trust Monitor are each prohibited from providing any information, to holders of Trust units or otherwise, regarding the ability to transfer Trust units, the availability of market participants to sell or purchase Trust units, or the trading prices of Trust units."How will I receive my distribution under the Plan?

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In December 2008, the world learned about Bernard Madoff’s unprecedented fraud, a Ponzi scheme that spanned decades and defrauded customers of approximately $20 billion.

On the day the news broke, I received a call from the Securities Investor Protection Corporation (SIPC) and was asked to serve as SIPA Trustee for the liquidation of Bernard L. Madoff Recovery Initiative’s Distributions Exceed All Prior Ponzi Recovery Efforts Just a few months ago – within days of the eighth anniversary of the revelation that Bernard Madoff’s vaunted investment prowess was, in fact, the largest Ponzi scheme in history – we announced our plans for the eighth interim distribution of recovered funds to the victims of the Madoff fraud.

As of June 23, 2017: In the SIPA Liquidation of BLMIS, unresolved matters remain that require court determination. In addition, 55 claims have been “deemed determined pending litigation” and the SIPA Trustee must establish sufficient reserves to ensure that he would be able to make all pro rata distributions to date to all potentially eligible claimants, whether or not their claims are allowed at the time of distribution.

Required reserve for deemed determined claims: Approximately $1.988 billion General reserve: Approximately $200 million Other reserves, including reserve for deferred payments and unallocated funds: Approximately $109.7 million As of June 23, 2017: Eighth pro rata interim distribution of 1.729%: $251.6M Seventh pro rata interim distribution of 1.305%: $190.3M Sixth pro rata interim distribution of 8.262%: $1.209BFifth pro rata interim distribution of 2.743%: $403.5M Fourth pro rata interim distribution of 3.180%: $468.4MThird pro rata interim distribution of 4.721%: $696.5MSecond pro rata interim distribution of 33.556%: $4.980BFirst pro rata interim distribution of 4.602%: $685.5MAmount of SIPC advances reimbursed to SIPC on fully satisfied accounts: $181.2MIn the Bernard L.

") (solely in their capacity as such) were deemed Allowed General Unsecured Claims prior to or by the Plan (as defined in "Can I trade my claim against Motors Liquidation Company (or its affiliate debtors) pursuant to Bankruptcy Rule 3001(e)?

"), or, with respect to claims of holders of Nova Scotia Notes, upon the effective date of the Nova Scotia Settlement Agreement (each as defined in "What impact has the Nova Scotia Settlement Agreement had on distributions? Holders of other general unsecured claims which have been or are deemed "allowed" on or before the dissolution of the Trust (an "Allowed General Unsecured Claim") should have received or will receive a letter from Wilmington Trust Company, acting in its capacity as trustee and Trust Administrator (in such capacity, the "Trust Administrator") for the Trust, acknowledging their claim and the amount thereof.'Claims held by Bondholder Claimants (as defined in "How will I receive my distribution under the Plan?

.209BFifth pro rata interim distribution of 2.743%: 3.5M Fourth pro rata interim distribution of 3.180%: 8.4MThird pro rata interim distribution of 4.721%: 6.5MSecond pro rata interim distribution of 33.556%: .980BFirst pro rata interim distribution of 4.602%: 5.5MAmount of SIPC advances reimbursed to SIPC on fully satisfied accounts: 1.2MIn the Bernard L.

") (solely in their capacity as such) were deemed Allowed General Unsecured Claims prior to or by the Plan (as defined in "Can I trade my claim against Motors Liquidation Company (or its affiliate debtors) pursuant to Bankruptcy Rule 3001(e)?

"), or, with respect to claims of holders of Nova Scotia Notes, upon the effective date of the Nova Scotia Settlement Agreement (each as defined in "What impact has the Nova Scotia Settlement Agreement had on distributions? Holders of other general unsecured claims which have been or are deemed "allowed" on or before the dissolution of the Trust (an "Allowed General Unsecured Claim") should have received or will receive a letter from Wilmington Trust Company, acting in its capacity as trustee and Trust Administrator (in such capacity, the "Trust Administrator") for the Trust, acknowledging their claim and the amount thereof.'Claims held by Bondholder Claimants (as defined in "How will I receive my distribution under the Plan?

A shareholder's basis in the stock of the S corporation initially depends on the amount of capital contributed by the shareholder.

(d) A limited liability company agreement shall be entered into or otherwise existing either before, after or at the time of the filing of a certificate of formation and, whether entered into or otherwise existing before, after or at the time of such filing, may be made effective as of the effective time of such filing or at such other time or date as provided in or reflected by the limited liability company agreement. Upon the filing of a certificate of revival, the limited liability company is revived with the effect provided in § 18-1109 of this title. (f) An agreement of merger or consolidation or a plan of merger approved in accordance with subsection (b) of this section may: (1) Effect any amendment to the limited liability company agreement; or (2) Effect the adoption of a new limited liability company agreement, for a limited liability company if it is the surviving or resulting limited liability company in the merger or consolidation.

(b) A manager or, if there is no manager, then any member who becomes aware that any statement in a certificate of formation was false when made, or that any matter described has changed making the certificate of formation false in any material respect, shall promptly amend the certificate of formation. (a) A certificate of formation shall be canceled upon the dissolution and the completion of winding up of a limited liability company, or as provided in § 18-104(d) or (i)(4) or § 18-1108 of this title, or upon the filing of a certificate of merger or consolidation or a certificate of ownership and merger if the limited liability company is not the surviving or resulting entity in a merger or consolidation or upon the future effective date or time of a certificate of merger or consolidation or a certificate of ownership and merger if the limited liability company is not the surviving or resulting entity in a merger or consolidation, or upon the filing of a certificate of transfer or upon the future effective date or time of a certificate of transfer, or upon the filing of a certificate of conversion to non-Delaware entity or upon the future effective date or time of a certificate of conversion to non-Delaware entity. Such filed certificate shall be effective as of the date and time established as the date and time of filing by the Secretary of State pursuant to this subsection, except as to those persons who are substantially and adversely affected by such establishment and, as to those persons, the certificate shall be effective from the date and time endorsed on the affidavit of extraordinary condition or written waiver attached thereto. The Secretary of State is authorized to issue such rules and regulations with respect to such service as the Secretary of State deems necessary or appropriate. Unless otherwise agreed, for all purposes of the laws of the State of Delaware, the domesticating non-United States entity shall not be required to wind up its affairs or pay its liabilities and distribute its assets, and the domestication shall not be deemed to constitute a dissolution of such non-United States entity. When any transfer or domestication or continuance of a limited liability company out of the State of Delaware shall have become effective under this section, for all purposes of the laws of the State of Delaware, all of the rights, privileges and powers of the limited liability company that has transferred or domesticated or continued, and all property, real, personal and mixed, and all debts due to such limited liability company, as well as all other things and causes of action belonging to such limited liability company, shall remain vested in the transferred or domesticated or continued entity or business form (and also in the limited liability company that has transferred, domesticated or continued, if and for so long as such limited liability company continues its existence as a domestic limited liability company) and shall be the property of such transferred or domesticated or continued entity or business form (and also of the limited liability company that has transferred, domesticated or continued, if and for so long as such limited liability company continues its existence as a domestic limited liability company), and the title to any real property vested by deed or otherwise in such limited liability company shall not revert or be in any way impaired by reason of this chapter; but all rights of creditors and all liens upon any property of such limited liability company shall be preserved unimpaired, and all debts, liabilities and duties of the limited liability company that has transferred or domesticated or continued shall remain attached to the transferred or domesticated or continued entity or business form (and also to the limited liability company that has transferred, domesticated or continued, if and for so long as such limited liability company continues its existence as a domestic limited liability company), and may be enforced against it to the same extent as if said debts, liabilities and duties had originally been incurred or contracted by it in its capacity as the transferred or domesticated or continued entity or business form. The persons winding up the affairs of a series shall provide for the claims and obligations of the series and distribute the assets of the series as provided in 18-804 of this title, which section shall apply to the winding up and distribution of assets of a series. (g) The conversion of a limited liability company out of the State of Delaware in accordance with this section and the resulting cessation of its existence as a limited liability company of the State of Delaware pursuant to a certificate of conversion to non-Delaware entity shall not be deemed to affect any obligations or liabilities of the limited liability company incurred prior to such conversion or the personal liability of any person incurred prior to such conversion, nor shall it be deemed to affect the choice of law applicable to the limited liability company with respect to matters arising prior to such conversion.

If the stock was received as a gift, then the basis is the carryover basis of the donor; if the stock was inherited, then it receives a stepped-up basis.

On May 23, 2012, the Trust received a favorable ruling from the Division of Corporation Finance of the Securities and Exchange Commission dated May 23, 2012 (the "No Action Letter") which allowed the Trust units to be issued in transferable form. However, pursuant to the No Action Letter, the Trust, the Trust Administrator, the Trust Monitor and each of the affiliates of the foregoing are prohibited from (1) taking any action to facilitate or promote a trading market in the Trust units; or (2) taking any action to facilitate or otherwise encourage any trading in the Trust units or any instrument or interest tied to the value of the Trust units, such as trading in due bills for the Units.

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