The USFIA Receivership and IRS have reached a settlement concerning tax claims held by the IRS.
Pending courtroom approval, this paves the way in which for USFIA sufferer distribution funds to exit.
As per a stipulation submitting on June 1st, the Receiver advises;
The USA, on behalf of the IRS, the SEC and the Receiver have met and conferred with regard to the Movement and resolved their points by this Stipulation, whereby the US agrees that the claims of buyers with Allowed Claims and the Administrative Bills of the Receiver and the receivership shall have precedence over the current and future claims of the IRS.
The settlement renders the Receiver’s beforehand submitted Distribution Plan moot. Within the unique plan the Receivership supposed to put aside $15 million to settle potential IRS claims.
That cash is now freed up and can be put in the direction of the distribution course of.
As soon as the stipulation is accredited, the Receivership will transfer in the direction of sending accredited distribution funds out. There isn’t any timeline for this.
At time of publication the courtroom has but to approve the Receiver’s stipulation. I’ll proceed to observe the docket for updates.
Replace twenty second June 2022 – The Receiver has secured approval to ship out USFIA sufferer distribution funds.