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| I. INTRODUCTION | 1 |
| II. ADVANTAGES OF THE LIQUIDATING TRUST | 1 |
| A. Increased Creditor Control | 2 |
| B. Less Expensive | 3 |
| C. Flexibility | 3 |
| D. Control of Asset Sales | 5 |
| E. Claims Administration - Identify the Denominator | 5 |
| F. Funding the Liquidating Trust | 6 |
| III. TAX CONSIDERATIONS | 7 |
| A. Safe-Harbor Conditions | 7 |
| IV. RETENTION OF CLAIMS AND CAUSES OF ACTION AND TRANSFER TO LIQUIDATING TRUST | 9 |
| V. RETENTION OF BANKRUPTCY COURT'S JURISDICTION TO HEAR POST-CONFIRMATION LITIGATION | 14 |
| A. Confirmation of the Liquidating Plan without a liquidating trust | 18 |
| B. Dismissal or Structured Dismissal | 18 |
