CASH RECEIPTS AND DISBURSEMENTS

6 Months Ended

Jun. 30, 2016

CASH RECEIPTS AND DISBURSEMENTS [Abstract]

Cash Receipts And Disbursements [Text Block]

9. CASH RECEIPTS AND DISBURSEMENTS

On the Effective Date, the Trust received cash in the amount of $4,928,564 (which excludes monies held by Faith Bloom). On June 9, 2014, the Trust received $2,750,000 in proceeds related to the settlement with KPMG. On August 18, 2015, the Trust received $1,000,000 in proceeds related to the D&O Settlement. In addition, after signing a settlement agreement related to the sale of Faith Bloom’s equity interest in Shaanxi Haize on August 27, 2015, Faith Bloom received $2,333,507 from the buyer, representing the balance of the net sale proceeds received by Faith Bloom. As of June 30, 2016 all sale proceeds had been transferred from the escrow account to the Trust’s main operating account in the United States.

Conversely, between October 17, 2012 (inception) and June 30, 2016, the Trust paid out $8,533,799 to various Trust creditors, including $7,483,321 for Trust operating expenses and $1,050,478 for final fee applications of professionals retained in the Debtor’s Chapter 11 case and other opening Trust liabilities.

SHENGDATECH LIQUIDATING TRUST 10-Q