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is a Group Managing Director and heads the UBS Non-Core and Legacy division. He was promoted to chief financial officer in 1996 and held that title through 2008. Molinaro has also served as a director of the Securities Industry and Financial Markets Association (SIFMA).

to liquidate and distribute assets of the debtors in the Res Cap bankruptcy case. Sonkin has lectured and served on panels covering topics such as distressed debt trading, utility restructurings and life insurance company reorganizations. Sonkin is a cum laude graduate of the Temple University College of Liberal Arts where he earned a bachelor’s degree in political science and currently serves as a member of the Board of Visitors. He is CEO of Dubel & Associates, LLC, a firm that provides restructuring services to boards and companies. Dubel is currently serving as Chief Executive Officer of Sun Edison, Inc., a renewable energy company, which he is leading through a chapter 11 proceeding. Dubel has previously been a Managing Director of Gradient Partners, L. Among others, he has served as Chief Executive Officer of Financial Guaranty Insurance Company, Chief Restructuring Officer of Anchor Glass Container Corporation and Acterna Corporation, President and Chief Operating Officer at RCN Corporation, Chief Executive Officer of Cable & Wireless America, and CFO at World Com, Inc. Dubel received a Bachelor in Business Administration degree from the College of William and Mary.

The Liquidating Trust, through its agents, shall wind down the affairs of and dissolve the Debtors and their subsidiaries including the Non-Debtor subsidiaries. Prior to his role as an advisor, he served as Executive Vice President and Chief Portfolio Officer for the company. Sonkin was responsible for the oversight of MBIA’s $778 billion global portfolio of insured municipal, corporate and structured finance credits, including, all workout, restructuring and litigation related remediation activities. and international workouts and restructurings, corporate reorganization and insolvency matters, and has served as a court appointed examiner. Sonkin has played a significant role in complex structured finance, corporate, infrastructure, utility, healthcare and insurance company reorganizations and served as chief counsel in the rehabilitations of Mutual Benefit Life and Confederation Life Insurance (U. The Res Cap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al.

The Liquidating Trust may withhold and pay to the appropriate Tax Authority all amounts required to be withheld pursuant to the Tax Code or any provision of any foreign, state or local tax law with respect to any payment or distribution to the Unitholders.

The Liquidating Trust may send to Unitholders a written communication requesting that they provide certain tax information and the specifics of their holdings to the extent the Liquidating Trust or any disbursing agent deems appropriate.

As of December 17, 2013, the Effective Date of the Plan, the Liquidating Trust beneficially owned approximately 80 properties located in 34 states. In addition, any real property acquired subsequent to that date in connection with foreclosure proceedings has been and will be conveyed directly to Res Cap Securities Holdings Co., rather than to the Liquidating Trust. Between December 17, 2013 and January 15, 2014, the Trust sold four properties, on which no gain or loss was recognized for income tax purposes.

Effective as of January 15, 2014, the Liquidating Trust contributed those properties (as well as certain interests in mineral rights that have only nominal value) to Res Cap Securities Holdings Co., a wholly-owned U. It is contemplated that the corporate subsidiary is a United States real property holding corporation within the meaning of section 897 of the U. The Trust is a liquidating trust for federal and, if applicable, state income tax purposes.

The income would pass through to Unitholders, since the Liquidating Trust is a grantor trust for federal income tax purposes.

As stated in A.9 above, the Liquidating Trust does not believe that any such proceeds would constitute trade or business income.

CAP RE of Vermont, LLC (“Cap Re” ) is a capt ive insurance company incorporated and licensed under the laws of the State of Vermont.

Cap Re, which is taxed as a C corporation, was owned by GMAC Mortgage, LLC and is now owned by the Liquidating Trust.

However, there can be no assurance that this will be the case.