Sorry for the confusion Toogood. the IRS rules for establishing a liquidating trust in BK make it clear that in order to maintain liquidating trust status you shall NOT be doing so as an on going concern or to start a new business. It is Afterall a liquidating trust. The former shareholders now have this one big share held in the liquidating trust for their benefit. My question is how do the former shareholders leave the liquidating trust- other than by receiving cash from any remaining assets after all classes 1-11 are satisfied in full? From what I read you can't just say ok bankruptcy is over and the liquidating trust has 15B remaining...let's start a new business. All the assets in the trust must be distributed then the trust shuts down. Again the question is, if the above is true, how can former shareholders ever receive shares in newco?
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