George L. Miller, Trustee

Eight Penn Center, Suite 950

1628 John F. Kennedy Boulevard

Philadelphia, PA 19103

 

Phone: (215) 561-0950

Fax: (215) 561-0330

Email: [email protected]

 

 

April 28, 2015

 

STATUS UPDATE # 37

 

NOTE: The Status Updates are cumulative. Please read all thirty-six updates.

 

Bankruptcy Court Action

 

The only remaining Defendant in the Bankruptcy Court action is Greenwich Capital Financial Products, Inc. ("Greenwich"). The Trustee has a settlement in principal with Greenwich, subject to documenting the agreement, which the Trustee believe will be filed with the Bankruptcy Court soon.

 

Potential Tax Claim

 

The Trustee intends to request the Bankruptcy Court's approval to file on behalf of the Debtors' estate numerous income tax returns and/or amendments related to REMIC income taxes arising from residual interest in certain securitization trusts. The resolution of the aforesaid tax return issues is necessary to enable the amount of administrative tax liability, if any, to be quantified for various years and, in turn, to enable a determination of the amount of remaining funds available for interim distribution to holders of general unsecured claims of lesser priority.

 

Consolidation

 

On March 17, 2015, the Trustee obtained an Order of Substantive Consolidation.

 

Interim Distribution

 

The Trustee intends to make an Interim Distribution pursuant to the priorities of the Bankruptcy Code after the quantification of the tax liabilities is determined. No estimates on distributions to unsecured creditors can be determined at this time.

 

Future Reports

 

This Status Update will be the last update on this website. Future updates will be located at http://www.mctllp.com/trustee.html.