MINNEAPOLIS, Aug. 7, 2017 /PRNewswire/ -- The ResCap Liquidating Trust (the "Trust") announced its unaudited Consolidated Financial Statements, as of and for the period ended June 30, 2017, along with its quarterly Beneficiary Letter has been posted to the Trust's website, rescapliquidatingtrust.com.
The Trust also announced that its Board of Trustees has declared a cash distribution of $1.50 per unit to holders of units of beneficial interest in the Trust, totaling $150 million (including the distribution made on account of units in the Disputed Claims Reserve). The distribution will be paid on September 1, 2017 to unit holders of record as of the close of business on August 17, 2017.
The entire distribution of $1.50 per unit will consist of Trust income that the Trust believes is U.S. source income subject to U.S. federal withholding tax to the extent allocable to unit holders that are not U.S persons (or in certain circumstances do not otherwise establish their status as U.S. persons under applicable rules). Because the Trust does not have the necessary information concerning the identity and tax status of its unit holders, the Trust will distribute the gross amount of the distribution to brokers (through DTC) and anticipates that the required tax withholding will be effected by U.S. brokers (or other nominees), who should treat the entire distribution of $1.50 per unit as U.S. source income subject to federal withholding. As a result, the Trust anticipates that unit holders subject to withholding will receive a distribution net of the required withholding.
Unit holders should consult their tax advisors with respect to the tax treatment of the distribution.
SOURCE ResCap Liquidating Trust