Investing company liquidating trust

Exhibit 1 Action of Trustees Under City Investing Company Liquidating Trust Agreement the Undersigned, Trustees Under the City Investing Company Liquidating Trust Agreement (The "Trust Agreement") Dated September 25, 1985, by and Between City Investing Company and the Undersigned, Hereby Take the Following Action Pursuant to Section 6.2 (Q) of the Trust Agreement: Resolved That, Because Certain Contingent Liabilities May Not Be Resolved Prior to September 25, 2005 the Existence of the Trust Is Hereby Extended Until the Earlier of (A) the Complete Distribution of the Trust Estate or (B) September 25, 2006, Unless an Earlier Termination Is Required by the Applicable Laws of the State of Delaware or by the Action of the Beneficiaries as Provided in Section 4.2 of the Trust Agreement or a Later Termination Is Required by the Trustees Pursuant to Section 6.2 (Q) of the Trust Agreement. in Witness Whereof, the Undersigned Have Caused This Action to Be Taken as of the 29th Day of July of 2005. Carson Trustee _____________________________________ John J. Quirk Trustee _____________________________________ Lester J. Mantell Trustee" href="#" Exhibit 1 Action of Trustees Under City Investing Company Liquidating Trust Agreement the Undersigned, Trustees Under the City Investing Company Liquidating Trust Agreement (The "Trust Agreement") Dated September 25, 1985, by and Between City Investing Company and the Undersigned, Hereby Take the Following Action Pursuant to Section 6.2 (Q) of the Trust Agreement: Resolved That, Because Certain Contingent Liabilities May Not Be Resolved Prior to September 25, 2005 the Existence of the Trust Is Hereby Extended Until the Earlier of (A) the Complete Distribution of the Trust Estate or (B) September 25, 2006, Unless an Earlier Termination Is Required by the Applicable Laws of the State of Delaware or by the Action of the Beneficiaries as Provided in Section 4.2 of the Trust Agreement or a Later Termination Is Required by the Trustees Pursuant to Section 6.2 (Q) of the Trust Agreement. Angiolillo, Simpson, Thacher & Bartlett, New York, NY, James M. Richman, Herrick, Feinstein, Princeton, NJ, for Appellee Citicorp Real Estate. Adler, Cole, Schotz, Meisel, Forman & Leonard, Hackensack, NJ, for Appellee The First National Bank of Boston. Houlihan, Houlihan & Partners, Miami, FL, for Appellee Chase Federal Bank. Young, Carlton, Fields, Ward, Emmanuel, Smith & Cutler, Orlando, FL, for Appellee Harbor Federal Savings and Loan Association. Eames, Bodian & Eames, New York, NY, for Appellee Lloyds Bank, PLC. Deutsch, Mc Elroy, Deutsch & Mulvaney, Morristown, NJ, for Appellee Regions Bank LA, as Successor to SECOR Bank, FSB. Hart, Stark, & Stark, Princeton, NJ, for Federal Deposit Insurance Corporation, in its capacity as Receiver of Southeast Bank, NA and Federal Deposit Insurance Corporation, as Successor to Resolution Trust, in its capacity as Receiver of Carteret Savings Bank, FA. Denton, Connell, Foley & Geiser, Roseland, NJ, for Appellee Federal Deposit Insurance Corporation, as Successor to Resolution Trust, in its capacity as Receiver of Carteret Savings Bank, FA. Marbury Rainer, Parker, Hudson, Rainer & Dobbs, Atlanta, GA, for Appellee La Salle Business Credit, as Successor to Stanchart Business Credit, Inc.

is a limited liability company formed to complete the liquidation of New York REIT.

Perretti, Jr., Riker, Danzig, Scherer, Hyland & Perretti, Morristown, NJ, for Appellees Cravath, Swaine & Moore and David G. Plaintiffs assert that the district court erred in dismissing their RICO claims and abused its discretion by denying them leave to amend their complaint.

Boyle, Kelley, Drye & Warren, Parsippany, NJ, for Appellee Greyhound Financial Corporation. Schiavone, Budd, Larner, Gross, Rosenbaum, Greenberg & Sade, Short Hills, NJ, for Appellee Federal National Mortgage Association. Edwards, Davis, Scott, Weber & Edwards, New York, NY, for Appellees David F. Following a remand for reconsideration of plaintiffs' claims in light of our decision in Jaguar Cars, Inc. Royal Oaks Motor Car Co., The present appeal is from the district court's decision on remand.

CITY INVESTING COMPANY LIQUIDATING TRUST; Am Base Corporation; Carteret Bancorp, Inc.; Federal Deposit Insurance Corporation, as Successor to Resolution Trust Corporation, in its capacity as Receiver of Carteret Savings Bank, FA; The Home Insurance Company; George T. The City Defendants and Cravath arranged for City to sell 62% of GDC stock to the public and retain 38% in City Trust for later distribution. Their convictions were subsequently reversed on appeal. The Complaint alleges that the Inside Director Defendants along with the Director Defendants controlled the City Defendants and used them in furtherance of the fraudulent scheme.

With the assistance of Cravath, City Investing sought to disassociate itself from GDC by transferring itself into a liquidating trust, City Trust. Brinkerhoff, are persons who served as "outside directors" of GDC for various periods dating from September 1985. Both Brown and Ehrling were convicted of criminal charges in connection with their involvement in the fraudulent scheme.

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