Thursday, May 26, 2022 6:38:54 PM
"UNASSOCIATED WITH REORG DEBTOR"
From WMI Disclosure Statement
https://www.sec.gov/Archives/edgar/data/933136/000090951812000087/jg02-2712_8ke22.htm
PAGE 16
For federal income tax purposes, this generally is treated no differently than if the plan distributed the assets directly to the creditors, and such assets were subsequently sold by the creditors themselves. (See Section VIII.C hereof.) Significantly, the tax treatment to each creditor with respect to the receipt of a Liquidating Trust Interest depends on the value of the Liquidating Trust Interest received and on the Creditor’s or equity holder’s individual circumstances. For example, the holders of Common Equity Interests, and the holders of Dime Warrants (if and to the extent they are determined pursuant to a Final Order or pursuant to a compromise and settlement approved by the Bankruptcy Court to hold Equity Interests that are pari passu with the Common Equity Interests, rather than Claims17), would be considered to receive a contingent right to distributions of Liquidating Trust Interests, which right is (presumably) of little or no current fair market value and, thus, would have no real risk of taxable income regardless of their individual circumstances. In contrast, as to more senior Creditors who receive a meaningful economic interest in the Liquidating Trust, such Creditors may have sufficient tax basis in their claims, such that the receipt of the Liquidating Trust Interest creates a tax loss. Others, however, may recognize income or gain, but have sufficient other tax losses to offset such income. Accordingly, whereas the receipt of a Liquidating Trust Interest may have negative tax consequences to some, it may have neutral or favorable tax consequences to others.
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