In May, 2010, 93 percent of investors approved a liquidation plan for Provident Royalties, LLC. Bankruptcy Court for the Northern District of Texas then confirmed the plan and the Court established the PR Liquidating Trust with Milo Segner as liquidating trustee. On December 27, 2012 Maxfield & Oberton Holdings, LLC (the "Company") stopped doing business and filed a Certificate of Cancellation with the Secretary of State of Delaware, thereby ceasing to exist pursuant to applicable Delaware law.
If you believe you have a claim against the Company, please click on link below to obtain the Proof of Claim form which you must complete and submit to the Trustee of the MOH Liquidating Trust.
If the Trustee determines that a claim is valid, the Trustee will pay that claim, to the extent assets are available, in accordance with the terms of the MOH Liquidating Trust.
On May 14, 2012, Residential Capital, LLC (“Res Cap”) and certain of its domestic subsidiaries (together with Res Cap, “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.
The second liquidating trust and escrow agreement is made between a company that goes into liquidation and escrow by a third party that handles financial transactions.
There are a lot of legal issues that arise when a company liquidates.
The money that is got from the liquidation is deposited with escrow i.e money held by a third party company.
The agreement should clearly define the terms and conditions for holding the funds got from liquidation.
The second liquidating trust and escrow agreement is drafted to ensure that the financial interest of all companies involved is kept safe at all times.
The agreement regulates the distribution of escrow funds to investors in a calendar year.