MLC General Unsecured Creditors Trust
Wilmington Trust
 
 
 

  Hotline
  (866) 521-0079

  
Frequently Asked Questions
On May 23, 2012, the Trust received a favorable ruling from the Division of Corporation Finance of the Securities and Exchange Commission dated May 23, 2012 (the "No Action Letter") which allowed the Trust units to be issued in transferable form. A copy of the No Action Letter is available here. However, pursuant to the No Action Letter, the Trust, the Trust Administrator, the Trust Monitor and each of the affiliates of the foregoing are prohibited from (1) taking any action to facilitate or promote a trading market in the Trust units; or (2) taking any action to facilitate or otherwise encourage any trading in the Trust units or any instrument or interest tied to the value of the Trust units, such as trading in due bills for the Units. In addition, the Motors Liquidation Company GUC Trust Agreement (the “Trust Agreement”) further provides that the Trust Administrator shall not, among other actions, "collect or publish information about prices at which Units have been or may be transferred." A copy of the Trust Agreement is available here.

As a result of the restrictions set forth in the No Action Letter and the Trust Agreement, the Trust, the Trust Administrator and the Trust Monitor are each prohibited from providing any information, to holders of Trust units or otherwise, regarding the ability to transfer Trust units, the availability of market participants to sell or purchase Trust units, or the trading prices of Trust units.

CURRENT CUMULATIVE DISTRIBUTIONS RELATED TO ALLOWED CLAIMS:
The chart below indicates the current cumulative distributions, per $1,000 in Allowed General Unsecured Claims, of shares of New GM Common Stock, New GM Warrants and cash.

Shares of New GM Common Stock A Warrants B Warrants Cash
Initial Distribution 3.802020 3.456383 3.456383 0
1st Excess Distribution (July 2011) 0.103837 0.094397 0.094397 0
2nd Excess Distribution (October 2011) 0.077212 0.070192 0.070192 0
3rd Excess Distribution (December 2013) 0.211507 0.192279 0.192279 0
4th Excess Distribution (November 2014) 0.116561 0.105964 0.105964 $0.104905
5th Excess Distribution (November 2015) 0 0 0 $4.072425
6th Excess Distribution (November 2016) 0 0 0 $3.523040
Cumulative Total: 4.311137 3.919215 3.919215 $7.70037

Below, we address the following FAQs:

Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Motors Liquidation Company GUC Trust Agreement (as amended, the “Trust Agreement”). The Trust Agreement is available here.
General FAQs
      I am filing a proof of claim on or after February 8, 2012. Will I get a distribution? Do I have a valid claim?  
      How do I know my claim has been allowed?  
      Can I trade my claim against Motors Liquidation Company (or its affiliate debtors) pursuant to Bankruptcy Rule 3001(e)?  
      What consideration has been made available pursuant to the Plan for the settlement of Class 3 General Unsecured Claims?  
      What will I receive for my Allowed General Unsecured Claim?  
      Why was the Trust Agreement amended?  
      How will I receive my distribution under the Plan?  
      What is a book-entry security?  
      What is a brokerage account?  
      What is a “Free Delivery”?  
      How do I obtain a brokerage account if I do not have one?  
      What is a warrant?  
      What are the terms of the New GM Warrants?  
      What are the cusip numbers and NYSE symbols for each of the securities in the distribution?  
      What are the Trust units?  
      Are the Trust units transferable?  
      How will I be notified of subsequent distributions?  
      Will there be any tax consequences relating to my receipt of stock, warrants, units or other assets?  
      How are Trust cash distributions taxed and reported?  
FAQs relating to first time distributions
      I received a notice in the mail from Wilmington Trust Company. What do I need to do?  
      Does the Broker Letter need to be signed and if so, by whom?  
      Do I need to review the amounts on the initial notice to ensure it is accurate to my records?  
      I am receiving my first distribution from the Trust on account of my Allowed General Unsecured Claim. What will I receive and when will I receive it?  
      When is the next scheduled distribution from the Trust?  
      How will I be notified of subsequent distributions?  
FAQs relating to subsequent distributions
      I previously received a distribution in respect of my Allowed General Unsecured Claim, and I understand that New GM has recently announced a cash dividend. When can I expect to receive my dividend?  
      I received my initial distribution of New GM Securities in a previous fiscal quarter. Will I receive future distributions from the Trust?  
      How will I be notified of subsequent distributions?  
      When will the next distribution in respect of my Trust units take place (if any)?  
      What amount of New GM Securities has been distributed to holders of Allowed General Unsecured Claims so far?  
      [CONTINUED FROM PREVIOUS FAQ ITEM]What amount of New GM Securities has been distributed to holders of Allowed General Unsecured Claims so far?  
      I Have an Allowed General Unsecured Claim and Have Previously Received a Distribution. Why Didn’t I Receive Quarterly Distributions in Certain Subsequent Fiscal Quarters?  
      How are "holdbacks" for administrative costs calculated, and will the New GM Securities ever be released from the holdbacks to Holders of Units?  
      What impact has the Nova Scotia Settlement Agreement had on distributions?  
FAQs relating to Old GM debt securities
      What happened to my position in the Old GM debt securities issued by Motors Liquidation Company (formerly known as General Motors Company)?  
FAQs relating to taxes
      Can the Trust qualify for preferred tax status based on the capital gains rate of 15%?  
Tax Loss Succession Rules FAQs
      What is the tax treatment of an individual holder of GUC Trust Units on the final distribution date who was: (A) immediately before the Effective Date (March 31, 2011), a holder of a general unsecured claim against the Debtors; and (B) on and after March 31, 2011, a holder of either (i) an Allowed General Unsecured Claim or (ii) a Disputed Unsecured Claim?  
      What are the amounts of unused net operating and capital loss carryovers to which an individual unit holder described in question 1 will succeed?  
      Because the GUC Trust can only carry over its capital losses for five years after they were incurred, does that mean an individual cannot succeed to the capital losses that are more than five years old?  
      What is the tax treatment of a holder of GUC Trust Units that is a corporation on the final distribution date that was: (A) immediately before the Effective Date (March 31, 2011), a holder of a general unsecured claim against the Debtors; and (B) on and after March 31, 2011, a holder of either (i) an Allowed General Unsecured Claim or (ii) a Disputed Unsecured Claim?  
      What is the amount of unused loss carryovers to which a corporate holder described in Question 4 will succeed?  
      What is the tax treatment of a person (i.e., individual, corporation, etc.) that does not hold GUC Trust Units on the final distribution date but was: (A) immediately before the Effective Date (March 31, 2011), a holder of a general unsecured claim against the Debtors; and (B) on and after the Effective Date, was a holder of either (i) an Allowed General Unsecured Claim or (ii) a Disputed Unsecured Claim?  
      What is the tax treatment of a unitholder that holds GUC Trust Units on the final distribution date and that: (A) immediately before the Effective Date (March 31, 2011), was a holder of a general unsecured claim against the Debtors; (B) on and after the Effective Date, was a holder of either (i) an Allowed General Unsecured Claim or (ii) a Disputed Unsecured Claim; and (C) received GUC Trust Units from the GUC Trust but did not hold such Units continuously between the date such GUC Trust Units were originally received and the final distribution date (e.g., the unitholder transferred GUC Trust Units and reacquired GUC Trust Units prior to the final distribution date)?  
      What is the tax treatment of a unitholder that holds GUC Trust Units on the final distribution date but that: (A) was not a holder of a general unsecured claim against the Debtors immediately before the Effective Date (March 31, 2011); or (B) on and after the Effective Date, did not hold either (i) an Allowed General Unsecured Claim or (ii) a Disputed Unsecured Claim?  
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