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Motors Liquidation Company GUC Trust Message Board

  • wsmwho wsmwho Oct 19, 2012 6:29 PM Flag

    No new distribution

    There will not be any distribution this quarter. There is still $4B in claims and $1.5 in term loan claim that still has to be settled. About 20% of the GM securities are being held back until these claims are settled

    Sentiment: Hold

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    • h00ey@sbcglobal.net h00ey Nov 27, 2012 6:56 PM Flag

      And the maggots will have the carcass:

      "....However, the forecasts presented in the Reply Brief were provided in February
      2012, at a time prior to the initiation of the Nova Scotia Litigation in earnest, prior to the
      conclusion of discussions with the SEC related to the No-Action Relief, and prior to the
      setback associated with the Private Letter Ruling request. Since that time, the likely
      administrative costs and Reporting and Transfer Costs associated with the continued
      operation of the GUC Trust have come further into focus, and are estimated to materially
      exceed the forecasts presented in the Reply Brief. Attached hereto as Exhibit C and
      Exhibit D are updated versions of the Administrative Budget (the “Revised Administrative
      Budget”) and the Reporting and Transfer Budget (the “Revised Reporting and Transfer
      Budget,” and together with the Revised Administrative Budget, the “Revised GUC
      Budgets”), with line-by-line comparisons to the forecasts submitted with the Reply Brief."

      • 1 Reply to h00ey
      • h00ey@sbcglobal.net h00ey Jan 10, 2013 7:45 PM Flag

        The good news? GM et. al worried we're gonna get what's coming to us. The bad news? New GM is gonna get back what's coming to us. New GM filed an administrative claim, unconcerned about the bar date, for all that and, of course, more, back to them! "If relief is granted to the GUC Trust such that it affects,
        inter alia, the assets of GM Canada (including the release obtained from Nova Scotia Finance),
        or any other assets purchased by New GM under the Sale Order, New GM will not have received
        what it bargained for as a good faith purchaser of Old GM’s assets. In such an unlikely scenario,
        New GM should have an Administrative Expense Claim against Old GM and/or a claim against
        the GUC Trust for any damages arising therefrom."

        Hearing Jan 17

    • {:-(

 
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