Investment liquidating trust
Now, investors may have an opportunity to literally make them pay for their mistakes.
A security called Rescap Liquidating Trust, which isn't technically a stock but can be bought through a regular brokerage account, was created precisely for the purpose of suing banks that originated poorly performing mortgages in the years leading up to the crisis.
With certain limitations, we will invest in real estate asset categories as well as most positions throughout the capital structure.
Currently, we own a diverse group of properties, loans, securities and other real estate related assets.
A 5% distribution (5% of allowed claim) to the General Fund (all 7,786 investors) participants in November, 2012.
A 7% distribution to the Assigned participants in November, 2013 and the second distribution of 3% to the Assigned participants in April, 2016.
It is anticipated that there will be at least one more distribution to General Fund participants once all remaining litigation has been concluded.
Our management team is composed of individuals whose careers have been devoted to a value oriented opportunistic real estate investment strategy.The Liquidating Trust, through its agents, shall wind down the affairs of and dissolve the Debtors and their subsidiaries including the Non-Debtor subsidiaries.The most current financial information can be found in the Consolidated Financial Statements section of this website. Ray III was appointed Liquidation Trust Manager (“LTM”) on November 18, 2016. Ray served as Chief Counsel to the Trust from September 2015. Ray is Senior Managing Director of Greylock Partners, LLC. Ray has served in various capacities with respect to Chapter 11 bankruptcy estates. Ray served as Chief Restructuring Officer of Overseas Shipping Group and from 2014 to 2015, Chairman of the Board of Overseas Shipping Group. Ray has served as the principal officer of Nortel Networks, Inc. Ray served as the Chairman of the Restructuring Committee of the Board of GT Technologies. Ray was Chairman of the post confirmation Board of Enron Corporation and, from 2005 to 2009, President of post confirmation Enron Corporation.Many of those residential-mortgage backed securities, or RMBS, plummeted in value during the financial crisis.Holders of the RMBS sued Rescap's predecessor, Residential Capital, which filed for bankruptcy in 2012.