Opinion ID: 718593
Heading Depth: 3
Heading Rank: 2

Heading: The Riders' Fund

Text: 6 The Riders' Fund was established pursuant to a compromise agreement, approved by this court's order of February 26, 1990, wherein D.C. Transit agreed to pay $9,200,000 in restitution into the Riders' Fund for the benefit of bus riders. See Democratic Cent. Comm. of the Dist. of Columbia v. Washington Metro. Area Transit Comm'n, 3 F.3d 1568, 1569 (D.C.Cir.1994). This court also adopted and executed a declaration of trust agreement, effective as of February 26, 1990, which, inter alia, appointed a trustee of the Riders' Fund to make all reasonable efforts to collect all amounts to which the Trust is or becomes entitled and to realize the fair value of the Trust Assets. Democratic Cent. Comm. of the Dist. of Columbia, 41 F.3d at 759. On March 30, 1993, the Riders' Fund obtained a judgment against D.C. Transit in the amount of $4,976,124.79, the balance of unpaid restitution. The Bank of New York is currently trustee of the Riders' Fund. As of April 30, 1996, the Riders' Fund contained $4,850,459.80. The nonliquidated assets of the Riders' Fund consist of various interests in real estate and the judgment against D.C. Transit that the trustee is currently seeking to enforce. 7 On November 30, 1995, this court issued an order to the trustee of the Riders' Fund to solicit, on behalf of the Riders' Fund and the Bebchick Fund, ... recommendations of the plaintiffs, the Washington Metropolitan Area Transit Commission [WMATA], the District of Columbia Government, and existing organizations representing users of mass transit services in the D.C. area as to the best disposition of these assets. In response to the trustee's solicitation, the court received sixteen recommendations.