Disputed ownership funds liquidating trust

24-Dec-2014 17:43 by 3 Comments

Disputed ownership funds liquidating trust

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.

CURRENT CUMULATIVE DISTRIBUTIONS RELATED TO ALLOWED CLAIMS: The chart below indicates the current cumulative distributions, per ,000 in Allowed General Unsecured Claims, of shares of New GM Common Stock and New GM Warrants.

(back to top) Claims held by Bondholder Claimants (as defined in "How will I receive my distribution under the Plan?

") (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)? 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. Pursuant to Section 5.1 of the Debtors' Second Amended Joint Chapter 11 Plan, dated March 18, 2011 (the "Plan"), the transfer registers for each of the classes of claims or equity interests maintained by Motors Liquidation Company ("Old GM") and its affiliated post-effective date debtors (collectively, the "Debtors") were deemed closed as of the close of business on March 29, 2011.

The Plan further provides that there shall be no further changes in the record holders of any of such claims or equity interests.

However, if your claim becomes an Allowed General Unsecured Claim and Trust units (as defined in "What will I receive for my Allowed General Unsecured Claim? (back to top) Pursuant to the Amended and Restated Master Sale and Purchase Agreement, dated as of June 26, 2009 (as amended, the "Master Agreement"), New GM issued to the Debtors 150 million shares of New GM Common Stock and an aggregate of 272,727,270 warrants in two series (each Warrant exercisable for one share of New GM Common Stock) (collectively, the "New GM Warrants") as partial consideration for the sale of the Debtors' assets to New GM.

") are issued to you, such Trust units will be transferable. Pursuant to the Plan, the New GM Common Stock and New GM Warrants received by the Debtors are to be distributed to holders of Class 3 General Unsecured Claims.

In addition, if the total value of the Allowed General Unsecured Claims exceed the thresholds set forth in the Plan, then under the Master Agreement, New GM is required to transfer up to a further 30 million additional shares of New GM Common Stock (subject to certain anti-dilution provisions set forth in the Master Agreement), or 2% of the total New GM Common Stock outstanding as of the closing of the sale of the Debtors' assets.The New GM Common Stock and each Series of the New GM Warrants trade on the New York Stock Exchange.See "What are the CUSIP numbers and NYSE Symbols for each of the New GM Securities?" (back to top) Under the terms of the Plan and based on the assets available for the Initial Distribution, each claimant will receive (upon delivery of any information required by the Trust), for each ,000 in amount of Allowed General Unsecured Claims, 3.98 shares of New GM Common Stock and 3.62 series A warrants ("Warrant A") and 3.62 series B warrants ("Warrant B") to purchase New GM Common Stock; provided that, in certain circumstances, the claimants may receive cash in lieu of fractional shares and warrants.In addition, each claimant will retain a contingent right to receive, on a pro rata basis, additional shares of New GM Common Stock and New GM Warrants (if and to the extent such New GM Common Stock and New GM Warrants are not required for the satisfaction of previously Disputed General Unsecured Claims) and cash, if any, remaining at the dissolution of the Trust.In respect of each Allowed General Unsecured Claim, the Trust issues units representing such contingent rights (the "Trust units").

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