Colonial management liquidating corporation fl
Between 1989 and mid-1995, the Resolution Trust Corporation closed or otherwise resolved 747 thrifts with total assets of 4 billion.
In 1995, the Resolution Trust Corporation's duties were transferred to the Savings Association Insurance Fund (SAIF) of the Federal Deposit Insurance Corporation (FDIC).
The trust, at its creation, issued a class A certificate to the private sector investor evidencing its ownership interest in the Trust, and a class B certificate to the RTC evidencing its ownership interest.
The class A certificate holder exercised those management powers typically associated with a general partner (that is, it controlled the operation of the trust), and the RTC, as the class B certificate holder, had a passive interest typical of a limited partner.
While a number of different structures were used, all of the equity partnerships involved a private sector partner acquiring a partial interest in a pool of assets, controlling the management and sale of the assets in the pool, and making distributions to the RTC based on the RTC's retained interest.
The equity partnerships allowed the RTC to participate in any gains from the portfolios.
The asset manager used trust funds to improve, maintain and liquidate trust assets, and had day-to-day management control.
The MIF general partner, on behalf of the MIF, engaged an asset manager (one or more entities of the MIF general partner team) to manage and liquidate the asset pool.
The asset manager was paid a servicing fee out of MIF funds, and used MIF funds to improve, manage and market the assets.
The RTC offered up to 75% seller financing, and one element of the bid was the amount of seller financing required by the bidder.
Because of the leverage, the amount required to be paid by the MIF general partner on account of its interest was less than it would have been if the MIF had been an all-equity transaction.
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Because of the leverage, the amount required to be paid by the class A certificate holder on account of its interest was less than it would have been if the N-Trust had been an all-equity transaction.