King Street Capital
King Street Capital Management, L.P.
65 East 55th St. 30th Floor
New York, NY 10022
Website: www.kingstreet.com
just spoke with king street and confirmed their redemption policy is as follows:
quarterly with 65 days notice - therefore deadline for 3.31.2016 withdrawal is january 26, 2016
can only redeem 25% per quarter - however if we want to fully withdraw we must put in all at once or 25% will reset with balance each quarter
example: 11-30-2015 Haze balance is 27,586,581
25% —> 6,896,645 (would be paid 3-31-2016) Balance in fund 20,869,936 If we only put in 25% on 1-26-2016 then maximum amount we can take out on 6-30-2016 is 20,869,936 x 25% or 5,172,484
Other facts
11-30-2015 book value 27,586,581 12-31-2014 tax basis (est) 24,200,000 capital gain on sale 3,386,581
just reviewed 12-31-2014 JEE form 1040 and you have a 32,593,747 capital loss carryfoward
suspended passive losses that will be freed up on sale are 4,105,105 (note there must be 100% disposition of King Street in 2016)
i believe this will create a huge tax advantage
capital gain will be negated by capital loss carry forward so no tax effect passive loss carry forward will all be treated as ordinary losses on schedule e (form 1040 line 17) which will be a dollar for dollar reduction of AGI (lets discuss ordinary vs EDC deduction)