Cornerstone ny funds liquidating trust
Res Cap Liquidating Trust’s mission is to maximize returns to Unitholders by vigorously pursuing and resolving the mortgage correspondent litigation, monetizing the Trust’s remaining assets in a timely and efficient manner and finalizing resolution of remaining claims.
The Res Cap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al.
The foreign corporations have all been liquidated as of December 31, 2017.
The Liquidating Trust did not directly own any stock of any foreign corporation.
The Fund may invest without limitation in other closed-end investment companies and ETFs, provided that the Fund limits its investment in securities issued by other investment companies so that not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund.
As a stockholder in any investment company, the Fund will bear its ratable share of the investment company's expenses and would remain subject to payment of the Fund's advisory and administrative fees with respect to the assets so invested.
(the “Fund”) is a diversified, closed-end management investment company.
Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested in securities consistent with the closed-end fund’s investment objectives and policies.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. The reduction in the assets held in bailment between December 17, 2013 and December 31, 2017 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.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. Additional assets were transferred to the Trust as circumstances warranted.The Fund’s shares of Common Stock are traded on the NYSE American Marketplace under the ticker symbol “CRF.” Although the Fund’s Common Stock has frequently traded at a premium to its net asset value during the past several years, shares of closed-end funds often trade at a discount from their net asset value.Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not redeem their shares at the option of the stockholder and generally list their shares for trading on a securities exchange.