| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Motors Liquidation Co. GUC Trust > News item |
Motors Liquidation trust to distribute $129.72 million; stay expires
By Caroline Salls
Pittsburgh, Oct. 29 – Motors Liquidation Co. GUC Trust will make a $129.72 million distribution of excess assets to trust unitholders on Nov. 16 after a temporary stay of distributions expired, according to an 8-K filed Thursday with the Securities and Exchange Commission.
As previously reported, some plaintiffs in recall-related litigation requested a suspension of all interim trust distributions while appeals and cross-appeals of a June 1 judgment and Aug. 15 order are pending.
On Oct. 14, the U.S. Bankruptcy Court for the Southern District of New York imposed a temporary 14-day stay on trust distributions, but conditioned any further stay on the posting of a $10.6 million bond by the plaintiffs. The plaintiffs failed to post the bond by the Oct. 28 due date, so the stay expired, according to the 8-K.
As a result, a distribution will be made on Nov. 16 to unitholders of record as of Nov. 9. The distribution amount will represent $4.072425 per trust unit.
According to the 8-K, the distribution will be comprised of $126.12 million in cash held by the trust in connection with the liquidated proceeds of shares of common stock of General Motors Corp. and warrants to purchase New GM common stock previously held by the trust, as well as $3.6 million in cash held by the trust in connection with dividends received on account of New GM common stock.
Motors Liquidation, formerly General Motors, is a Detroit-based automaker that filed for bankruptcy on June 1, 2009. The new General Motors Corp. emerged from Chapter 11 on July 10, 2009. Motors Liquidation’s Chapter 11 case number is 09-50026.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.