Revitalizing Auto Communities Environmental Response Trust
Company type
Trust
Industry
Environmental remediation and real estate
Predecessor
Motors Liquidation Company
Founded
March 31, 2011; 13 years ago (2011-03-31)
Headquarters
Detroit, Michigan
,
United States
Key people
Elliott P. Laws (Trustee)
Website
racertrust.org
The RACER Trust (Revitalizing Auto Communities Environmental Response Trust) was created in March 2011 by a consent decree in the United States Bankruptcy Court for the Southern District of New York to clean up and position for redevelopment certain real properties owned by the former General Motors Corporation (“GMC”) and various GMC affiliates at the time of GMC's bankruptcy in 2009.[1]
Through its bankruptcy proceeding, GMC became known as Motors Liquidation Company ("MLC") and has since been effectively dissolved. Before its dissolution, MLC was carved into five separate trusts; the first to settle the claims of unsecured creditors (General Unsecured Creditors Trust); the second (RACER) to manage, perform environmental activities at, and ultimately dispose of certain remaining MLC real and personal property assets; the third to manage asbestos-related claims (Asbestos Personal Injury Trust); the fourth for litigation claims (Action Avoidance Trust); and the fifth for general unresolved GMC matters (MLC Debtor In Possession Lenders Trust).[2]
At its inception, RACER's portfolio included properties at 89 locations in 14 states, comprising 358 individual parcels and more than 7,000 acres of primarily industrial land, making RACER one of the largest holders of industrial property in the United States. When it was formed, RACER was the largest environmental response and remediation trust in U.S. history.[3]
RACER is headquartered in Detroit, Michigan. Its administrative trustee is EPLET, LLC, the managing member of which is Elliott P. Laws, a former assistant administrator of the U.S. Environmental Protection Agency's Office of Solid Waste and Emergency Response and a partner in the law firm Crowell & Moring. The Bankruptcy Court appointed EPLET, LLC to a five-year term as administrative trustee when RACER was established in 2011; EPLET, LLC was then reappointed to a second term in 2016 and a third term in 2021.
The Settlement Agreement assigns RACER two general roles regarding the former GMC properties in the RACER portfolio. First, RACER manages these properties while under RACER ownership and performs certain environmental cleanup of them where needed, even in some cases after RACER is no longer the owner. Second, RACER seeks to sell or transfer the properties for productive or beneficial reuse.
RACER is not a government entity but rather an independent trust with the United States of America as its sole beneficiary.
^"RACER Trust Final Settlement Agreement" (PDF).
^"UPDATE 1-Old GM exits Chapter 11, carved into four trusts". Reuters. 2011-03-31. Retrieved 2022-12-30.
The RACERTrust (Revitalizing Auto Communities Environmental Response Trust) was created in March 2011 by a consent decree in the United States Bankruptcy...
Look up racer or racers in Wiktionary, the free dictionary. Racer or The Racer or Racers may refer to: Alsophis, endemic to the Lesser Antilles in the...
buy the former Powertrain plant from the RACERTrust. In April 2013, a redevelopment manager for the RACERTrust said unused portions of the powertrain...
Smithsonian Affiliate in July 2011. In April 2013, Yankee Air Museum and RACERTrust, owner of the former General Motors Willow Run plant, announced a plan...
Sierra GMT400 GMT800 GMT900 "Property Map Pontiac Assembly 11960". RACERTrust. RACERTrust. Retrieved 17 September 2018. "The First Century of GMC Truck History"...
part of the abandoned GM properties managed by the RACERTrust in March 2011; in April 2013, RACER sold the Company Vehicle Operations facility to International...
bus GM New Look bus "PCC Validation Industrial Land I" (PDF). RACERTrust. RACERTrust. Retrieved 15 September 2018. History of GM manufacturing in Pontiac...
four separate trusts; the first to settle the claims of unsecured creditors of MLC (General Unsecured Creditors Trust); the second (RACER) to manage, perform...
20 November 2021. "Pseudalsophis biserialis". "Galapagos racer - Galapagos Conservation Trust". Günther,A. 1860. On a new snake from the Galapagos islands...
Company, and transmission production ended on December 15, 2010. The RACERTrust, which was charged with cleaning up and discharging with old GM properties...
that property is planned for redevelopment after 2013 by its owner the RACERTrust. Since April 2013, there has been an effort underway by preservationists...
Rotary Racer is a Greenpower team which began in 2005 as an initiative within Chipping Sodbury School to try to get 'Lads and Dads' working together on...
ornatus, also known commonly as the ornate ground snake and the Saint Lucia racer, is a species of snake in the family Colubridae. The species is native to...
facility in Flint's former Buick City site purchasing the property from the RACERTrust. In early December 2013, a German-made micro-tunnel boring machine was...
"1400 Lebanon School Road". Google Maps. "Pittsburgh stamping plant". RacerTrust. Patrick Cloonan (November 21, 2013). "Fisher Body plant to remain vacant"...
meaning that if one racer jumps and the other racer follows, it is a legitimate race. Another example would be that once a racer leaves the line, even...
him that his actions made it inconvenient for the racists and not the "racers," thus removing the need of discrimination. 12 2 "Love" Scott Adsit Dino...
setlist of the concert. Setlist in Seoul Act 1 "Born to Be" (Extended intro) "Racer" "Kidding Me" "Mr. Vampire" "Swipe" "Wannabe" (Extended dance break intro)...
teach Granny a lesson by switching horses with Granny's champion harness racer, Ladybelle. Granny uses her tonic to put some life back into Lightnin' before...
improvement of his skills and challenges him to a rematch. 28 28 "Creek Cart Racers" Deena Beck & Angel Lorenzana Matt Burnett, Ben Levin, Shauna McGarry &...
Ali Haji and Javed Jaffrey. In the film, newly-successful professional racer Rajveer (Khan) faces success and tribulations within the U.S. stock car...