Colonial management liquidating corporation fl

There were two MIF transactions involving more than 1,000 loans having an aggregate book value of slightly over billion and an aggregate DIV of 2 million.

The N-Series and S-Series mortgage trust programs were successor programs to the MIF program.

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The asset manager was responsible for day-to-day management of the MIF, but the general partner controlled major budgetary and liquidation decisions. After repayment of the RTC seller financing debt, net cash flow was divided between the RTC (as limited partner) and general partner in accordance with their respective percentage interests (the general partner had at least a 50% interest).

Each of the MIF general partners was a joint venture among an asset manager with experience in managing and liquidating distressed real estate assets, and a capital source.

The class A certificate holder exercised control over major budgetary and disposition decisions.

The trust, through a pre-determined placement agent designated by the RTC, leveraged its asset portfolio by issuing commercial mortgage-backed securities (CMBSs), the proceeds of which went to the RTC.

The RTC retained a limited partnership interest in the MIF.

The MIF asset portfolio was leveraged by RTC-provided seller financing.

By retaining an interest in asset portfolios, the RTC was able to participate in the extremely strong returns being realized by portfolio investors.

Additionally, the equity partnerships enabled the RTC to benefit by the management and liquidation efforts of their private sector partners, and the structure helped assure an alignment of incentives superior to that which typically exists in a principal/contractor relationship.

The class A certificate holder, on behalf of the trust, engaged an asset manager to manage and liquidate the asset pool.

The asset manager was paid a servicing fee out of trust funds.

Between 1989 and mid-1995, the Resolution Trust Corporation closed or otherwise resolved 747 thrifts with total assets of 4 billion.

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