Ha 2016 liquidating trust

02-Jul-2020 15:06

Kenosha Engine was one of Chrysler Group's Powertrain plants that scored at the top of their segment, according to the 2007 Harbour Report North America report, a broadly accepted measure of productivity in the automotive industry.Significantly, Chrysler excluded employees of the Kenosha plant from its February 2, 2009 buyout offer for hourly workers.BOSTON, June 30, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the “Trust”) announced today the sale of its Orlando, Florida property to an independent third party for a gross purchase price of approximately .8 million.After satisfying the debt encumbering this property and all closing costs associated with the sale, the Trust received an aggregate of approximately

Kenosha Engine was one of Chrysler Group's Powertrain plants that scored at the top of their segment, according to the 2007 Harbour Report North America report, a broadly accepted measure of productivity in the automotive industry.Significantly, Chrysler excluded employees of the Kenosha plant from its February 2, 2009 buyout offer for hourly workers.BOSTON, June 30, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the “Trust”) announced today the sale of its Orlando, Florida property to an independent third party for a gross purchase price of approximately $34.8 million.After satisfying the debt encumbering this property and all closing costs associated with the sale, the Trust received an aggregate of approximately $1.1 million from the sale.BOSTON, March 08, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the “Company” or “Winthrop”) which was formed to complete the liquidation of the assets previously held by Winthrop Realty Trust, announced today it has filed its Annual Report on Form 10-K for the year ended December 31, 2016.Liquidating Trust Shareholders are reminded that on August 5, 2016 Winthrop Realty Trust transferred all of its remaining assets into the Company.

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Kenosha Engine was one of Chrysler Group's Powertrain plants that scored at the top of their segment, according to the 2007 Harbour Report North America report, a broadly accepted measure of productivity in the automotive industry.

Significantly, Chrysler excluded employees of the Kenosha plant from its February 2, 2009 buyout offer for hourly workers.

BOSTON, June 30, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the “Trust”) announced today the sale of its Orlando, Florida property to an independent third party for a gross purchase price of approximately $34.8 million.

After satisfying the debt encumbering this property and all closing costs associated with the sale, the Trust received an aggregate of approximately $1.1 million from the sale.

BOSTON, March 08, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the “Company” or “Winthrop”) which was formed to complete the liquidation of the assets previously held by Winthrop Realty Trust, announced today it has filed its Annual Report on Form 10-K for the year ended December 31, 2016.

Liquidating Trust Shareholders are reminded that on August 5, 2016 Winthrop Realty Trust transferred all of its remaining assets into the Company.

The defect was potentially lethal: while in motion, a car's ignition could accidentally turn off, shutting down the engine, disabling power steering and braking, and deactivating the airbags. Various individuals nonetheless initiated class action lawsuits against New GM, asserting “successor liability” claims and seeking damages for losses and injuries arising from the ignition switch defect and other defects. Among those objections were arguments against the imposition of a “free and clear” provision to bar claims against New GM as the successor to Old GM made by consumer organizations, state attorneys general, and accident victims. See In re Trans World Airlines, Inc., 322 F.3d 283, 288 (3d Cir. But courts have permitted a “broader definition that encompasses other obligations that may flow from ownership of the property.” 3 Collier on Bankruptcy ¶ 363.06[1]. 2003) (“[T]he term ‘interest’ is a broad term no doubt selected by Congress to avoid ‘rigid and technical definitions drawn from other areas of the law.’ ” (quoting Russello v. See 3 Collier in Bankruptcy ¶¶ 363.06[1], [7]; Trans World Airlines, 322 F.3d at 289. § 363(f) (“free and clear of any interest in such property”), with § 1141(c) (“free and clear of all claims and interests”). A claim is (1) a right to payment (2) that arose before the filing of the petition. Those claims directly relate to the ownership of the GM automaker's business—Old GM built cars with ignition switch defects. If the ignition switch defect were revealed in the course of bankruptcy, plaintiffs could have petitioned the government, as the majority owner of New GM, to consider how millions of faultless individuals with defective Old GM cars could be affected. We do not know whether the proceedings would have been delayed, but some delay was certainly possible. Indeed, several provisions of the Code prohibit modification of bankruptcy orders unless those orders are stayed pending appeal. A controversy that is “appropriate for judicial determination ․ must be definite and concrete, touching the legal relations of parties having adverse legal interests.” Aetna Life Ins.

Many of the cars in question were built years before the GM bankruptcy, but individuals claiming harm from the ignition switch defect faced a potential barrier created by the bankruptcy process. New GM argued that, because of the “free and clear” provision, claims could only be brought against Old GM, and not New GM. Next, the bankruptcy court issued the Sale Order, which entered into effect the final sale agreement between Old GM and New GM (the “Sale Agreement”). 2001) (“[V]acatur eliminates an appellate precedent that would otherwise control decision on a contested question throughout the circuit.”). Sister courts have held that § 363(f) may be used to bar a variety of successor liability claims that relate to ownership of property: an “interest” might encompass Coal Act obligations otherwise placed upon a successor purchasing coal assets, In re Leckie Smokeless Coal Co., 99 F.3d 573, 581-82 (4th Cir. But successor liability claims must also still qualify as “claims” under Chapter 11. § 101(5), it makes sense to “harmonize” Chapter 11 reorganizations and § 363 sales “to the extent permited by the statutory language.” Chrysler, 576 F.3d at 125; see Lionel, 722 F.2d at 1071 (“[S]ome play for the operation of both § 363(b) and Chapter 11 must be allowed for.”). We thus consider what claims may be barred under Chapter 11 generally. And those plaintiffs' claims are properly thought of as tort claims that arose before the filing of the petition; indeed, the claims arise from accidents that occurred pre-closing involving Old GM cars. Once due process is triggered, the question becomes what process is due. Indeed, during the later congressional hearings, Representatives and Senators questioned New GM's CEO on her invocation of the liability shield when the government guided the process. Senator Richard Blumenthal, for instance, indicated that he would have objected in bankruptcy had he known, because he “opposed it at the time, as Attorney General for the state of Connecticut, not [foreseeing] that the material adverse fact being concealed was as gigantic as this one.” April 2, 2014 Senate Hearing, supra note 13, at 22-23 (statement of Sen. For instance, Congress called the GM CEO to testify over the course of four days.

.1 million from the sale.BOSTON, March 08, 2017 (GLOBE NEWSWIRE) -- Winthrop Realty Liquidating Trust (the “Company” or “Winthrop”) which was formed to complete the liquidation of the assets previously held by Winthrop Realty Trust, announced today it has filed its Annual Report on Form 10-K for the year ended December 31, 2016.Liquidating Trust Shareholders are reminded that on August 5, 2016 Winthrop Realty Trust transferred all of its remaining assets into the Company.

The contract price for both properties is expected to generate net proceeds to the Trust consistent with the Trust’s estimated net assets in liquidation attributable to these assets at December 31, 2016.The last year in which the plant produced cars was in 1988.These were the subcompact Dodge Omni and Plymouth Horizon FWD models, as well as the M-body RWD sedans, but the facility continued to manufacture engines .This estimate of future liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation.There is inherent uncertainty with these projections and, accordingly, these projections could change materially based on a number of factors both within and outside of Winthrop’s control including market conditions, the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of projected cash flows.

The contract price for both properties is expected to generate net proceeds to the Trust consistent with the Trust’s estimated net assets in liquidation attributable to these assets at December 31, 2016.The last year in which the plant produced cars was in 1988.These were the subcompact Dodge Omni and Plymouth Horizon FWD models, as well as the M-body RWD sedans, but the facility continued to manufacture engines .This estimate of future liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation.There is inherent uncertainty with these projections and, accordingly, these projections could change materially based on a number of factors both within and outside of Winthrop’s control including market conditions, the timing of sales, the performance of underlying assets and any changes in the underlying assumptions of projected cash flows. Volk, on the brief), Hagens Berman Sobol Shapiro LLP, Seattle, Washington, and Elizabeth J. This Court has not decided, however, “the difficult case of pre-petition conduct that has not yet resulted in detectable injury, much less the extreme case of pre-petition conduct that has not yet resulted in any tortious consequence to a victim.” Id. Chateaugay I considered a hypothetical bankrupt bridge building company, which could predict that out of the 10,000 bridges it built, one would one day fail, causing deaths and other injuries. Recognizing these claims would engender “enormous practical and perhaps constitutional problems.” Id. To summarize, a bankruptcy court may approve a § 363 sale “free and clear” of successor liability claims if those claims flow from the debtor's ownership of the sold assets. Courts ask “whether the state acted reasonably in selecting means likely to inform persons affected, not whether each property owner actually received notice.” Weigner v. Citing no law, the objection was that New GM should assume these liabilities “[i]n light of the relationship between [Old GM] and [New GM] ․, as well as the statements by the United States government promising that all warranty obligations would be honored.” Bankr. First, it is well documented that one of the primary impetuses behind a quick § 363 sale was to “restore consumer confidence.” GM, 407 B. Cars are owned for years and form the cornerstones of quintessentially American activities: dropping off and picking up children from school, drive-ins and drive-thrus, family vacations and road trips. The safety and reliability of a car are central to these activities. § 362(b)(1) (exempting from usual automatic stay criminal actions against debtor). We ordinarily review “dismissal on grounds of equitable mootness for abuse of discretion, under which we examine conclusions of law de novo and findings of fact for clear error.” In re BGI, Inc., 772 F.3d 102, 107 (2d Cir. There were, however, no claims asserted against Old GM or GUC Trust in bankruptcy court or in the multi-district litigation. The equitable mootness doctrine has enigmatic origins, and the range of proceedings in which it applies is not well settled. 83, 95 (1968) ( “limit[ing] the business of federal courts to questions presented in an adversary context and in a form historically viewed as capable of resolution through the judicial process”).