ICP Fair Fund
Frequently Asked Questions
1. What is this case about, what is the ICP Fair Fund, and who is RCB Fund Services, LLC?
In June, 2010, the United States Securities and Exchange Commission (“SEC”) filed a complaint in the U.S. District Court for the Southern District of New York (the “Court”) against ICP Asset Management LLC; ICP Securities, LLC; Institutional Credit Partners, LLC; and Thomas C. Priore (collectively “ICP” or the “Defendants”) alleging repeated violations of federal securities laws by, among other things, engaging in a range of improper transactions that defrauded the collateralized debt obligation (“CDO”) known as the Triaxx CDOs. The Defendants consented to the entry of a Final Judgment in 2012 that required the Defendants to pay disgorgement, civil penalties, and prejudgment interest.
The ICP Fair Fund (the “ICP Fair Fund”) was established by Court Order entered February 10, 2017 to distribute the collected disgorgement, prejudgment interest, and civil penalties to investors harmed by the misconduct. The ICP Fair Fund currently holds over $22 million. In August 2020, the Court appointed RCB Fund Services, LLC as the Distribution Agent for the ICP Fair Fund.
The ICP Fair Fund will be distributed pursuant to a distribution plan approved by the Court.
2. What are the Triaxx CDOs?
The Triaxx CDOs are: Triaxx Prime CDO 2006-1, Ltd.; Triaxx Prime CDO 2006-2, Ltd.; Triaxx Prime CDO 2007-1, Ltd.; and Triaxx Funding High Grade I, Ltd.
3. Who may be eligible to participate in the distribution of the Fair Fund?
The SEC has not yet proposed to the Court and the Court has not yet determined how the ICP Fair Fund will be distributed and/or what economic losses will be compensable under a distribution plan. However, investors potentially eligible for a recovery from the ICP Fair Fund may include any person (which shall include natural persons and entities) who purchased an interest in the Triaxx CDOs, and believes they have suffered an economic loss as a direct result of that investment. In order to be considered for eligibility for a recovery from the ICP Fair Fund, an investor must prove that he, she, or it suffered an economic loss as a result of the investment by providing documentation of the original investment(s), as well as all other cash flows relating to the investment in the Triaxx CDOs.
4. What securities must have I purchased to be eligible to participate in the recovery?
Investments in the following securities are potentially eligible for a recovery:
|Triaxx Prime CDO 2006-1 – Class A-1||896005AA3|
|Triaxx Prime CDO 2006-1 – Class A-2||896005AB1|
|Triaxx Prime CDO 2006-1 – Class B||896005AC9|
|Triaxx Prime CDO 2006-1 – Class X||G90641AA2|
|Triaxx Prime CDO 2006-1 – Class C||896003AB6|
|Triaxx Prime CDO 2006-2 – Class A-1A||896008AA7|
|Triaxx Prime CDO 2006-2 – Class A-1B1||896008AB5|
|Triaxx Prime CDO 2006-2 – Class A-1B2||896008AC3|
|Triaxx Prime CDO 2006-2 – Class A-1BV||896008AD1|
|Triaxx Prime CDO 2006-2 – Class-A2||896008AE9|
|Triaxx Prime CDO 2006-2 – Class X||896007AA9|
|Triaxx Prime CDO 2006-2 – Class C||896007AB7|
|Triaxx Prime CDO 2007-1 – Class A-1T||896006AA1|
|Triaxx Prime CDO 2007-1 – Class A-1D||896006AB9|
|Triaxx Prime CDO 2007-1 – Class A-2||896006AC7|
|Triaxx Prime CDO 2007-1 – Class B||896006AD5|
|Triaxx Prime CDO 2007-1 – Class X||89600PAA9|
|Triaxx Prime CDO 2007-1 – Class C||89600PAB7|
|Triaxx Funding High Grade I, Ltd. CDO||896001AA2|
|Triaxx Funding High Grade I, Ltd. CDO||896001AD6|
|Triaxx Funding High Grade I, Ltd. CDO||896001AB0|
|Triaxx Funding High Grade I, Ltd. CDO||896001AC8|
|Triaxx Funding High Grade I, Ltd. CDO||895899AA0|
|Triaxx Funding High Grade I, Ltd. CDO||895899AC6|
|Triaxx Funding High Grade I, Ltd. CDO||G90646AF0|
|Triaxx Funding High Grade I, Ltd. CDO||896001AE4|
Making a Submission
5. How do I apply to be considered for eligibility for recovery from the ICP Fair Fund?
In order to be considered for a recovery from the ICP Fair Fund, you must submit a Claim Form and supporting documentation and information before the submission deadline. A copy of the Claim Form is available on this website. The submission should be submitted electronically at the following e-mail address: [email protected]. If you wish to mail your submission, please direct it to the following address:
ICP Fair Fund
c/o RCB Fund Services LLC
17 Technology Place, Suite 1
Syracuse, NY 13057
You can also ask the Distribution Agent to mail you a Claim Form and Fair Fund Notice by calling (315) 251-6072, sending an email request to [email protected] or by writing to the address included above.
Please include as much of the information listed in the Claim Form and Fair Fund Notice as possible as part of your submission. An incomplete submission may result in delay in processing, or outright rejection of, your submission.
6. What is the deadline for making a submission?
The deadline for making a submission is March 12, 2021.
7. What should be included in my submission?
Your submission should include the following information and documentation:
1. A completed Claim Form, a copy of which is available on the ICP Fair Fund website at www.icpfairfund.com.
2. A detailed statement with supporting documentation, where relevant, pertaining to:
A. Background information about the investor entity, including information such as: the entity type (i.e., whether it is a bank, pension plan, insurance company, hedge fund, or other type of financial institution), the domicile of the entity, and the nature of the entity’s business;
B. An explanation of the investment in the Triaxx CDOs generally, including factors such as: when the initial investment was made and the tranche, the total amount of the investment, how long the investor held the investment, whether the assets purchased were incorporated into another CDO, and the investor’s strategy in connection with the Triaxx CDO investments; and
C. The investor’s role in the structured finance markets generally (e.g., investor’s percentage of total revenues earned from structured finance activities, investor’s activity in the market, whether the investor or any of its subsidiaries or affiliates acted as a collateral manager, issuer or arranger of structure finance products).
3. Disclosure of any cash flows relating to the Triaxx CDO investment received by the investor (including any parent entity, subsidiary or affiliate of the investor), and the dates and the amounts of such payments (e.g., interest payments, premium payments, principal repayments);
4. Disclosure of any lawsuits or other proceedings the investor pursued to recover losses from its investments in the Triaxx CDOs and any payments received by the investor (including any parent entity, subsidiary or affiliate of the investor) in connection with such lawsuits or proceedings; and
5. Disclosure of any other payments received by the investor (including any parent entity, subsidiary or affiliate of the investor) that constitute a recovery for the investor’s losses from its investments in the Triaxx CDOs (e.g., insurance recoveries).
You must provide all required documentation to support your claim of economic harm.
Your submission is made under statutory penalties of perjury under the laws of the United States of America.
8. Do I need to submit supporting documents with my submission?
Yes. You must submit information and documentation sufficient to enable a calculation of loss, which includes documentation of the original investment(s), interest payments received, principal repayments received, premium payments received, or any recoveries received as compensation for a loss suffered in connection with the misconduct alleged in the complaint.
Please be sure the documentation supports and confirms the details provided in your submission and includes adequate identifying information to link the transactions detailed in the documentation to the investor (i.e., entity name and/or account number must appear on all documentation submitted).
Handwritten modifications to the documentation or self-generated schedules or statements will not be accepted. Please do not send the originals of your supporting documentation; be sure to provide copies.
If you do not submit supporting documentation to verify the claimed transactions, we will be unable to determine whether you may be eligible for a recovery from the ICP Fair Fund. You should do your best to submit a complete and accurate claim form with supporting documentation. If we determine that we need additional information from you to determine whether or not you have demonstrated an economic loss, we may send to you a notice requesting such additional information. You should promptly respond to that notice. Unsupported transactions will not be eligible for a recovery from the ICP Fair Fund.
After Your Submission
9. Will I be notified whether my submission is accepted, rejected or deficient?
Yes. The Distribution Agent staff will work with each investor or its counsel to address any issues relating to their submission. After review of the submissions, the Distribution Agent staff will contact each investor that submitted information to identify and address any issues with the submission.
10. How much will I be paid if I am eligible?
Until all submissions have been fully processed and a plan approved by the court, it is not possible to determine if any particular claimant will be determined eligible for a distribution under a court-approved plan.
Getting More Information
11. I still have some questions. Who can I contact?
If you have additional questions, you may contact the Distribution Agent by:
• Call (315) 251-6072, Monday through Friday between 8:30am and 5:00pm, Eastern Standard Time;
• Send an email to us at [email protected]; or
• Write to:
ICP Fair Fund
c/o RCB Fund Services LLC
17 Technology Place, Suite 1
Syracuse, NY 13057
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