Opinion ID: 2444824
Heading Depth: 2
Heading Rank: 1

Heading: Initial restructuring of TPC's ownership of the Waterside Complex

Text: The Waterside Complex is a collection of apartment buildings located at 901-947 6th Street, Southwest. It consists of the Townhouses and the Towers, which sit on separately-deeded parcels of real estate. TPC owned both properties in fee simple from 1992 until 1998. On March 11, 1998, TPC restructured its ownership of the Towers. It created the Towers Trust and deeded the Towers to it. TPC then created the Towers Holding Company, wholly owned by TPC, and assigned all of its beneficial interest in the Towers Trust to that company to hold the Towers in trust for its benefit. In the end, the Towers Trust held absolute title to the Towers; the Towers Holding Company held the sole beneficial interest of the Towers Trust and therefore of the Towers themselves, and TPC wholly owned the Towers Holding Company. Thus, though it was restructured, the Towers' ownership changed in form but not in substance since TPC ultimately retained ownership and control of the property. At the same time, TPC retained title to the Townhouses in fee simple.