NoWay
It's time to play the game
Ogni tanto una buona notizia...
Dear TRU Taj Trust Interest Holder:
Firstly, I am hopeful that you are all safe and healthy in these very challenging times.
We do have good news for you relating to our Administration. As reported in the TRU Taj Trust Semi-Annual Report #2 (January 23, 2020), the Trust was continuing to engage in litigation regarding the validity of security granted by Toys “R” Us Limited (the main UK operating company) in connection with the 2017 DIP Financing, was taking steps to challenge the UK Administrators’ fees, had reserved the Trust’s position regarding the removal of the UK Administrators from office as a result of their involvement in the sale of the intra-group debt in April 2018 and was in an ongoing dialogue with the UK administrators regarding the potential settlement of some or all of these issues.
The Trust is pleased to report that we have reached a confidential settlement with the UK Administrators. Pursuant to the settlement, we have negotiated to recover at least £28,270,077 (based on the Administrators anticipated realizations) of which amount we have already received £26,339,038.44 and, as a result, we plan to shortly make a further substantial distribution to Trust Interest Holders.
We anticipate that further realizations of approximately £1.93m will be received in the coming months per the settlement. The precise timing of these payments is uncertain – being linked to when they are realized in the UK estate.
Additionally, as part of the settlement, it is possible the Trust will recover incremental additional amounts over time, but the likelihood and amount of such payments, if any, is uncertain. The Trust has also taken certain rights to potential claims relating to the sub-debt transaction. We are in the process of reviewing and analyzing a large amount of documents relating to that transaction in order to assess the merits of any potential action.
On a separate note, we plan to send K1’s to Trust Interest Holders by email this week.
Dear TRU Taj Trust Interest Holder:
Firstly, I am hopeful that you are all safe and healthy in these very challenging times.
We do have good news for you relating to our Administration. As reported in the TRU Taj Trust Semi-Annual Report #2 (January 23, 2020), the Trust was continuing to engage in litigation regarding the validity of security granted by Toys “R” Us Limited (the main UK operating company) in connection with the 2017 DIP Financing, was taking steps to challenge the UK Administrators’ fees, had reserved the Trust’s position regarding the removal of the UK Administrators from office as a result of their involvement in the sale of the intra-group debt in April 2018 and was in an ongoing dialogue with the UK administrators regarding the potential settlement of some or all of these issues.
The Trust is pleased to report that we have reached a confidential settlement with the UK Administrators. Pursuant to the settlement, we have negotiated to recover at least £28,270,077 (based on the Administrators anticipated realizations) of which amount we have already received £26,339,038.44 and, as a result, we plan to shortly make a further substantial distribution to Trust Interest Holders.
We anticipate that further realizations of approximately £1.93m will be received in the coming months per the settlement. The precise timing of these payments is uncertain – being linked to when they are realized in the UK estate.
Additionally, as part of the settlement, it is possible the Trust will recover incremental additional amounts over time, but the likelihood and amount of such payments, if any, is uncertain. The Trust has also taken certain rights to potential claims relating to the sub-debt transaction. We are in the process of reviewing and analyzing a large amount of documents relating to that transaction in order to assess the merits of any potential action.
On a separate note, we plan to send K1’s to Trust Interest Holders by email this week.
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