Liquidating Distributions

6 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Liquidating Distributions

4. Liquidating Distributions

Liquidating distributions in the three months ended September 30, 2019 consisted of the following:

(in thousands)	Fair Value
Distributions during the three months ended September 30, 2019	$	52,475
Less: Liquidating distributions payable as of June 30, 2019		(1,785	)
Add: Liquidating distributions payable as of September 30, 2019		343,874
Total	$	394,564

Liquidating distributions in the six months ended September 30, 2019 consisted of the following:

(in thousands)	Fair Value
Distributions during the six months ended September 30, 2019	$	52,475
Less: Liquidating distributions payable as of March 31, 2019		(1,785	)
Add: Liquidating distributions payable as of September 30, 2019		343,874
Total	$	394,564

Distributions during the three and six months ended September 30, 2019 consist of distributions to holders of Resolved Term Loan Avoidance Action Claims. As of September 30, 2019, liquidating distributions payable consists of (a) remaining distributions payable of $16.0 million to holders of Resolved Term Loan Avoidance Action Claims, (b) distributions payable of $1.8 million to holders of Allowed General Unsecured Claims that were allowed in prior fiscal periods, but for which, the holders of such claims had not yet supplied information required by the GUC Trust in order to effect the distribution to which they are entitled and (c) distributions payable of $326.1 million to holders of GUC Trust Units. Due to the uncertainty regarding potential alleged Disputed General Unsecured Claims related to the General Motors recall litigation, and the pending Motion of Wilmington Trust Company, as GUC Trust Administrator, For An Order (A) Authorizing the Expedited Payment of Excess GUC Distributable Assets Pursuant to Section 5.4 of the GUC Trust Agreement, and (B) Approving Such Distribution as an Appropriate Exercise of the GUC Trust Administrator’s Rights, Powers, and/or Privileges Pursuant to Section 8.1(e) of the GUC Trust Agreement (the “Excess Distribution Motion”), the GUC Trust does not currently plan on making a distribution to holders of GUC Trust Units at this time.