ResCap Liquidating Trust Announces Fourth Distribution to Unitholders, Posting of 2014 Financial Statements, Posting of 2014 Beneficiary Tax Information

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Mar 06, 2015, 05:47 ET

MINNEAPOLIS, March 6, 2015 /PRNewswire/ -- The ResCap Liquidating Trust (the "Trust") announced today that its Board of Trustees has declared a cash distribution of $2.00 per unit to holders of units of beneficial interest in the Trust, totaling $200 million (including the distribution made on account of units in the Disputed Claims Reserve). The distribution will be paid on March 31, 2015 to unitholders of record as of the close of business on March 16, 2015.

Of the $2.00 distribution per unit, approximately $0.34 will consist of Trust income from litigation recoveries and similar items that the Trust believes is U.S. source income subject to U.S. federal withholding tax to the extent allocable to unitholders 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 unitholders, 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 approximately $0.34 of the per unit distribution as U.S. source income subject to federal withholding. As a result, the Trust anticipates that unitholders subject to withholding will receive a distribution net of the required withholding.

Unitholders should consult their tax advisors with respect to the tax treatment of the distribution.

The Trust also announced its unaudited Consolidated Financial Statements and Supplemental Schedules, as of and for the period ended December 31, 2014, along with its year end Beneficiary Letter have been posted to the Trust's website.

In addition, the 2014 Trust Beneficiary Information for U.S. Federal and State Income Tax Purposes Letter and 2014 Trust Beneficiary Tax Worksheet for U.S. Federal Income Tax Purposes for Beneficiaries of Trust Units for the calendar year 2014 have been posted to the Trust's website. The 2014 Trust Beneficiary Tax Worksheets for State Specific Income Tax Purposes for Beneficiaries of Trust Units for the calendar year 2014 will be posted at a later date after all Trust state tax returns have been completed. The Trust is targeting the posting of these worksheets on or before July 15, 2015.

The Trust's website is rescapliquidatingtrust.com.

SOURCE ResCap Liquidating Trust