GUC trust administrtor is asking the court for permission to sell some GM securities to cover expenses [funding fees]. They also want to transfer the remaining GUC trust asssets to the avoidance action trust, to continue that battle. This will shut down the GUC trust. The Canadian and US governments have appealed the courts directed verdict. Therefore, I believe that this distribution will be the last GM securities we recieve.
So your thoughts are that bondholder distributions are done? Hard to believe we lost out on a potential 20 to 25% of of our total distribution. That's a lot more than a rounding error. This whole thing with the Obama team is totally corrupt.
It's a complicated tax issue (no longer a liquidating trust) but don't see why the tax liability can't "pass through" to us--or, be deferred to payment if Avoidance Trust is successful.
Worst case we take six months on appeal and onto litigation hell for another two years plus; while 25% shares just sit--and lawyering bills just pile up. And there'll be some sort of zinger at the end like WTrust is pulling now.
Gerber made an off-the-cuff remark at another hearing that there wasn't any money in these Hedge Funds anyway....so....not pretty. But we're lucky, we "won."
So what you are saying is that the distribution for bondholders has come and gone for the final quarter because other claims were paid. Second how much is left? I think we have received about 78% of the original shares that were available for distribution. Also originally if the claims topped 35 billion they were going to release additional shares to allow for excess claims that got paid. Last what do you think will be accomplished at the hearing on 2/9?