Rcc liquidating corp 2016 empathydating com

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TN 77 (08-17)Date: April 6, 2017 The Regional Chief Counsel (RCC) opinion examines the revocability of grantor trusts and the validity of spendthrift clauses in the six states that comprise Region VIII (Colorado, Montana, North Dakota, South Dakota, Utah, and Wyoming).

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Legacy CRE loans are loans originated prior to 2010. ("RSO") has monetized $100.3 million of the investments that were included in management's previously communicated strategic plan (the "Plan"), which includes $55.6 million during the three months ended March 31, 2017. reported results for the three months ended March 31, 2017.

First Quarter 2017 Results GAAP net income allocable to common shares for the three months ended March 31, 2017 was $2.7 million, or $0.09 per share-diluted, as compared to $9.7 million, or $0.31 per share-diluted, for the three months ended March 31, 2016.

In North Dakota, a spendthrift clause is valid in a special needs trust or a pooled trust meeting the criteria in POMS SI 01120.203. The opinion also discusses the important issue of examining whether the SSI beneficiary may sell his or her beneficial interest in the trust. § 72-38-502 (“A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision .

In South Dakota, Utah, and Wyoming, a spendthrift clause will be valid in a self-settled trust that meets specific and detailed requirements. In the states where a spendthrift clause would be viewed as invalid, thus allowing the beneficial interest to be sold, it is necessary to determine the value of that interest. 1991) (“The validity and enforceability of spendthrift provisions in this state is not disputed.”).

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The CRE whole loan portfolio had a weighted average spread of 4.91% and a weighted average London Interbank Offered Rate ("LIBOR") floor of 0.33% at March 31, 2017.

The following table summarizes RSO's CRE loan activities and fundings of previous commitments, at par, for the three and 12 months ended March 31, 2017 (in millions, except percentages): Three Months Ended 12 Months Ended March 31, 2017 March 31, 2017 New whole loans funded $ 114.0 $ 248.1 New unfunded loan commitments 14.9 28.4 Total whole loan fundings and commitments 128.9 276.5 Payoffs(1) (110.7 ) (441.9 ) Previous commitments funded 6.3 56.3 Principal paydowns -- (1.0 ) Unfunded loan commitments (14.9 ) (28.4 ) Loans, net funded/(repaid)(2) $ 9.6 $ (138.5 ) Weighted average LIBOR floor on new originations 0.61 % 0.53 % Weighted average spread above one-month LIBOR 4.59 % 4.91 % Weighted average unlevered yield, including amortization of origination fees 5.80 % 6.10 % (1) CRE loan payoffs and extensions resulted in 3,000 of exit and extension fees during the three months ended March 31, 2017.

In conclusion, the RCC recommended that trusts be referred to OGC for further review for Colorado, South Dakota, Utah, and Wyoming, if the trust provides for mandatory distributions (because the beneficial value of those distributions may or may not be countable).

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