Corporation liquidating trust
The termination was concluded in connection with the sale by auction of the portfolio of real estate and promissory notes secured by residential mortgages owned by the Soundview Trust. Beck, the sale of the portfolio was a highly unique transaction, which CFN Trust was able to accomplish because of the outstanding performance of its advisors: "Michelle Slater of Miller Nash and Gene Wetzold of Boston Portfolio Advisors were able to discover the approach, skillfully design the structure within the operative documents, and successfully negotiate that legal structure with the counter-parties to the Soundview Trust, the Soundview bondholders and the auction purchaser," said Beck.
"I am grateful for the hard work and cooperation of all the parties involved in the success of this transaction." CFN Trust owned the residual interest in the Soundview Trust, which (together with related distributions held in reserve) was encumbered by claims of Greenwich Capital Markets, Inc., Greenwich Capital Financial Products, Inc., and MBIA Insurance Corporation.
Beck, announced the termination of the Soundview Home Equity Loan Trust 1999-1 securitization.
A business trust is either treated as a corporation or partnership for federal income tax purposes.
Since the business assets are deemed to have been distributed to the owners and then transferred to the liquidating trust, there will be an immediate recognition of a gain or loss from liquidation of the former business by the owners.
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By its termination of the Soundview Trust and portfolio sale, CFN Trust was able to settle those claims, liquidate its assets, and realize a recovery of approximately $34 million. of Boca Raton, Florida has served as a trustee, examiner and receiver since 1984 and has brought successful resolution to a substantial number of complex corporate reorganizations and liquidations in the financial sector and, as well, in a broad range of other industries.
More information on CFN Trust., may be found at its Web site: Boston Portfolio Advisors is headquartered in Fort Lauderdale, Florida, and was founded in 1979.
A liquidating trust may also be an effective method for a fund manager to wind down a fund without having a significant role in the liquidation.
At the end of the fund's life cycle or term, the fund manager may have certain assets that are not easily liquidated and convertible into cash for distribution to the owners of the fund.
The trustee takes control of the newly formed liquidating trust.