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.") (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)?
According to the provisions of SIPA, SIPC is reimbursed for its advances to customers once each respective customer claim is fully satisfied.
Earnings are accumulated in a retained earnings account, but they are not considered earnings and profits (), since the income is taxed on the individual returns of the shareholders.
Every share of stock gives the holder an equal right to the retained earnings as any other share.
"), 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."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. 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.