A liquidating trust

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The Liquidating Trust provides Beneficiary Information for U. Federal and State Income Tax Purposes and a Tax Worksheet for Beneficiaries, via postings on the Trust’s website, which can be found here.

The Tax Worksheet for Beneficiaries provides the Trust’s taxable income and expense by category, on both a per Unit and an aggregate basis. Each Unitholder should seek advice from its own tax advisor as to the reporting of its portion of the Trust’s taxable income or loss on its income tax returns.

Prior to joining UBS, he was the chief executive officer of Braver Stern Securities from 2010-2011. Bonaventure University in 1980 and completed the Harvard Business School Advanced Management Program in 1992. He was also a member of the Board of MBIA Insurance Corporation and Capital Markets Assurance Corporation. Sonkin was Managing Director and Head of the Insured Portfolio Management Division. Sonkin was formerly senior partner and co-chair of the Financial Restructuring Department at the Wall Street law firm Cadwalader, Wickersham & Taft and a member of its Management Committee. Sonkin was a senior partner at the international law firm, King & Spalding, where he was co-chair of King & Spalding’s Financial Restructuring Group and a member of the firm’s Policy Committee. Section 2.5(b) of the Liquidating Trust Agreement provides that if assets cannot be transferred to the Liquidating Trust by a Debtor entity, or it is impracticable or inadvisable to do so, the Debtor entity will continue to retain those assets until it is notified that the Liquidating Trust may receive the assets.

Prior thereto, he spent 22 years at Bear Stearns, where he was executive vice president, chief operating officer and chief financial officer of The Bear Stearns Companies Inc. Assets that are held by the Debtor entities under these circumstances are referred to as assets held in bailment. The assets held in bailment are consolidated into the Liquidating Trust Financial Statements and are included in the appropriate line items on the Consolidated Statement of Net Assets in Liquidation, as follows: Res Cap Liquidating Trust 2014 Quarterly Summary Report – UNAUDITED Statement of Net Assets in Liquidation (Liquidation Basis) (in 000’s) The reduction in the assets held in bailment between December 17, 2013 and September 30, 2014 is primarily attributable to the initial distribution and the bank accounts of the Debtors being novated to the Liquidating Trust following the plan effective date.

Cap Re, which is taxed as a C corporation, was owned by GMAC Mortgage, LLC and is now owned by the Liquidating Trust.

Cap Re provided reinsurance on mortgage loans originated by GMAC Mortgage LLC and its affiliates and correspondent lenders through entering into reinsurance agreements with various primary mortgage insurers in which the company assumed the risk of loss in excess of various loss percentages.

used or disposed of in furtherance of any trade or business.” Consistent with these provisions, and in light of the nature of the Liquidating Trust’s assets, the Liquidating Trust does not believe that to date it has recognized any income that would constitute trade or business income (or unrelated business taxable income or income that is effectively connected to the conduct of a trade or business in the United States, though such characterizations may depend in part on each Unitholder’s unique tax position) , and it does not anticipate that it will do so in the future.

A basis difference as described above could affect the Beneficiary’s taxable income and loss from holding Trust Units, because the basis difference in Units generally will also result in the Beneficiary having a tax basis in its share of the underlying Trust assets that differs from the basis that the Trust uses in computing its taxable income and loss.

Additional assets were transferred to the Trust as circumstances warranted.

CAP RE of Vermont, LLC (“Cap Re” ) is a capt ive insurance company incorporated and licensed under the laws of the State of Vermont.

The Liquidating Trust likely would recognize ordinary income equal to the amount of any recoveries received (less any basis that the Liquidating Trust has in the lawsuits), though the character of the income would depend in part on the terms and structure of any sett lement or judgment.

The income would pass through to Unitholders, since the Liquidating Trust is a grantor trust for federal income tax purposes.

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