Rel liquidating trust

Typically, the asset manager was a joint venture partner in the class A certificate holder.

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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.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.Net cash flow was first used to repay the CMBS debt, after which it was divided between the RTC and class A certificate holder at their respective equity percentages (51% RTC, 49% class A).The price was determined by the Derived Investment Value (DIV) of the assets (an estimate of the liquidation value of assets based on a valuation formula developed by the RTC), multiplied by a percentage of DIV based on the bid of the selected general partner.The general partner paid its equity share relating to each pool at the closing on the pool.By retaining an interest in asset portfolios, the RTC was able to participate in the extremely strong returns being realized by portfolio investors.Additionally, the equity partnerships enabled the RTC to benefit by the management and liquidation efforts of their private sector partners, and the structure helped assure an alignment of incentives superior to that which typically exists in a principal/contractor relationship.The N-Series and S-Series structure was different from that of the MIF in that the subject assets were pre-identified by the RTC (under the MIF, the specific assets had not been identified in advance of the bidding) and the interests in the asset portfolios were competitively bid on by pre-qualified investors with the highest bid winning (the RTC’s process for selecting MIF general partners, in contrast, took into account non-price factors). For the N-Series, the RTC would convey to a Delaware business trust a pre-identified portfolio of assets, mostly commercial non- and sub- performing mortgage loans.Pre-qualified investor teams competitively bid for a 49% interest in the trust, and the equity for this interest was payable to the RTC by the winning bidder when it closed on the acquisition of its interest.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.

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