Liquidating Distributions

12 Months Ended

Mar. 31, 2019

Text Block [Abstract]

Liquidating Distributions

5. Liquidating Distributions

Liquidating distributions (net reversal of liquidating distributions) in the years ended March 31, 2019, 2018 and 2017 consisted of the following:

(in thousands)	2019			2018			2017
Distributions during the year	$	40		$	433		$	112,382
Less: Liquidating distributions payable as of beginning of year		(1,825	)		(9,205	)		(6,213	)
Add: Liquidating distributions payable as of end of year		1,785			1,825			9,205
Total	$	—		$	(6,947	)	$	115,374

The distributions during the year ended March 31, 2019 consisted of distributions to holders of Allowed General Unsecured Claims who previously failed to fulfill information requirements for distribution established in accordance with the GUC Trust Agreement, but subsequently fulfilled such information requirements.

The distributions during the year ended March 31, 2018 consisted of distributions to (a) holders of Allowed General Unsecured Claims who previously failed to fulfill informational requirements for distribution established in accordance with the GUC Trust Agreement, but subsequently fulfilled such information requirements and (b) holders of certain Resolved Term Loan Avoidance Action Claims. The obligation to distribute Distributable Cash to holders of GUC Trust Units for excess distributions payable at March 31, 2018 decreased from such balances at March 31, 2017, resulting in a net reversal of liquidating distributions of $6.9 million during the year ended March 31, 2018.

The distributions during the year ended March 31, 2017 consisted of distributions to (a) holders of GUC Trust Units for excess distributions payable, (b) holders of Allowed General Unsecured Claims who previously failed to fulfill informational requirements for distribution established in accordance with the GUC Trust Agreement, but subsequently fulfilled such information requirements and (c) holders of certain Resolved Term Loan Avoidance Action Claims. The distributions to holders of GUC Trust Units during the year ended March 31, 2017 resulted primarily from the release of distributable assets of the GUC Trust that were previously set aside in respect of potential Taxes on Distribution.

The GUC Trust was obligated as of March 31, 2019 to distribute Distributable Cash of $1.8 million to certain holders of Allowed General Unsecured Claims who had not then satisfied certain informational requirements necessary to effect the distribution to which they are entitled.