The Staff has generally noted the following characteristics with respect to liquidating trusts being granted no-action relief: While the Staff has granted no-action relief from Exchange Act requirements if the above requirements are met, it has also expressly denied relief in circumstances where the company requesting relief was not current with its required filings under the Exchange Act.
The Staff’s underlying rationale in granting relief to liquidating trusts appears to be two-fold: (1) that compliance with the reporting obligations (including the cost of auditing annual financial statements and preparing and filing quarterly reports) of the Exchange Act would place an unreasonable financial and administrative burden on a liquidating trust and significantly reduce the amount of distributions to be made in respect of the beneficial interests; and (2) as the beneficial interests are not and will not be traded on the open market and the holders of the beneficial interests will receive at least annual financial reports from the trustee of the liquidating trust, there is no need for the general public to receive the type of information regarding the liquidating trust required under Sections 13 and 15(d) of the Exchange Act.
EPA’s previous response actions addressed contamination of surface water, soil, and sediments on the southern portion of the site and the demolition and removal of refinery structures, tanks, and chemicals from the northern portion of the site.
On June 17, 2013, EPA Region 6 and the Oklahoma Department of Environmental Quality issued a record of decision for Operable Unit 2.
This decision selected the remedy for the remaining contaminated soil, sediment, and light non-aqueous phase liquid on the north side of the site. When the necessary studies are completed, EPA and ODEQ will select a remedy for site ground water in a third and final record of decision.
KCC's Corporate Restructuring Court Documents Search provides access to thousands of historical court documents located on KCC public access websites.
Notwithstanding the broad scope of the United States Bankruptcy Code and the power of the Bankruptcy Courts, there are still securities issues to be considered.
One possible component of a bankruptcy reorganization or liquidation is a liquidating trust.
: In bankruptcy proceedings, there are still securities laws considerations.