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Washington Mutual WAHUQ Trust Prf (fka WAHUQ)

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Last Post: 4/1/2017 4:52:37 PM - Followers: 99 - Board type: Free - Posts Today: 0

Washington Mutual Capital Trust 2001, 5.375% PIERS Units due 7/1/2041
Ticker Symbol: WAHUQ     CUSIP: 939322848     Exchange: OTCBB
Security Type: Trust Preferred Security
Issued: 23,000,000 

 

PIERS (Class 16) Treatment under Seventh Amended Joint Plan 

Pro Rata Share of (i) Runoff Notes, (ii) Creditor Cash and (iii) Liquidating Trust Interests, in an aggregate amount equal to (a) such holder’s Allowed PIERS Claim and (b) in the event that all Allowed Claims (other than Subordinated Claims) are paid in full, such holder’s Postpetition Interest Claim; provided, however, that, notwithstanding the foregoing, the contractual subordination and subrogation rights of Entities who hold PIERS Preferred Securities shall be preserved and enforced hereunder pursuant to section 510(a) of the Bankruptcy Code and any proposed distribution on account of the PIERS Common Securities of (i) Runoff Notes, (ii) Creditor Cash and (iii) Cash on account of Liquidating Trust Interests shall be recalculated and then distributed, subject to Bankruptcy Rule 3021 and subject to the Lien and priority rights of the PIERS Trustee, to Entities who hold PIERS Preferred Securities, or Liquidating Trust Interests on account thereof, until such time as such Entities’ Allowed PIERS Claims and Postpetition Interest Claims have been satisfied in accordance with the terms and provisions of the PIERS Trust Agreement; and, provided, further, that, following such distributions to holders of the PIERS Preferred Securities, WMI shall not retain any distribution on account of the PIERS Common Securities, including, without limitation, the Runoff Notes; and, provided, further, that, following the distribution to PIERS Preferred Securities referred to above, any remaining distribution of (a) Creditor Cash, (b) Cash received on account of Liquidating Trust Interests, and (c) Runoff Notes, shall be distributed, subject to Bankruptcy Rule 3021 and subject to the Lien or priority rights of the PIERS Trustee, in accordance with the priorities set forth in the Subordination Model attached hereto as Exhibit “H”. The relative priorities among holders of Allowed Senior Notes Claims, Allowed Senior Subordinated Notes Claims, Allowed General Unsecured Claims, Allowed CCB-1 Guarantees Claims, Allowed CCB-2 Guarantees Claims, Allowed PIERS Claims, and Allowed Late-Filed Claims, and the order in which such holders are entitled to receive payment of their Allowed Claims, Intercreditor Interest Claims, Remaining Postpetition Interest Claims and Postpetition Interest Claims, including, without limitation, on account of contractual subordination and subrogation provisions, are set forth in more detail in the Subordination Model attached hereto as Exhibit “H”. 

Reorganized Common Stock Election: On the Ballot, each holder of an Allowed PIERS Claim shall be provided the right to elect, in its sole and absolute discretion, to receive such holder’s Pro Rata Share of the Common Stock Allotment in lieu of (i) fifty percent (50%) of such holder’s Litigation Proceeds Interest (solely in its capacity as a holder of an Allowed PIERS Claim) and (ii) subject to the provisions of Section 31.14 of the Plan, some or all of the Runoff Notes that such holder otherwise is entitled to receive pursuant to Section 20.1 of the Plan. To the extent a holder of an Allowed PIERS Claim receives Reorganized Common Stock pursuant to the foregoing election, such holder’s share of the Runoff Notes to which the election was effective shall not be issued and Reorganized WMI shall retain an economic interest in the Litigation Proceeds equal to fifty percent (50%) of the Litigation Proceeds (and such interest shall not constitute a component of the Liquidating Trust Assets) such holder otherwise would have received (solely in its capacity as a holder of an Allowed PIERS Claim) (and the holder’s rights in respect of distributions from the Liquidating Trust shall be adjusted to the extent such proceeds are received by Reorganized WMI). Failure by any holder of an Allowed PIERS Claim to elect to exercise rights provided in this Section 20.2 on or before the Ballot Date shall constitute a deemed waiver and relinquishment of such rights by such holder. Any election made after the Ballot Date shall not be binding upon the Debtors unless the Ballot Date is waived, in writing, by the Debtors; provided, however, that under no circumstance may such waiver by the Debtors occur on or after the Effective Date.

Definition of Runoff Proceeds

Runoff Proceeds ” means (a)(i) all net premiums, reinsurance recoverables, net revenue resulting from commutation of insurance contracts, net interest income, reserve releases and other revenues derived from the reinsurance contracts, investments and other assets of the Trusts less, without duplication, (ii)(A) the reasonable and necessary costs and expenses of the Trusts and the Owner (including, but not limited to, general and administrative expenses, audit fees, required regulatory capital contributions (which capital contributions will be added back to the Runoff Proceeds if applicable regulations permit such distributions thereof), expenses of regulatory compliance, including all costs associated with the Insurance Book Closing, expenses of administering this Indenture and taxes) attributable to the administration of the Trusts or the assets thereof and the collection of premiums and/or management of investments in connection therewith (which expenses shall include reasonable and customary expenses attributable to the foregoing paid under any administrative services agreement, investment management agreement or similar agreement), and (B) claims paid for covered losses and (b) the proceeds from the foregoing received by the Owner or the Issuer in cash, securities and/or other property from any sale, liquidation, merger or other disposition in respect of the Owner or its interests in the Trusts or the assets thereof. The inclusion of clause (b) of this definition shall not be construed as a consent to any sale, liquidation, merger or other disposition or waiver of compliance with any covenant related thereto. For the avoidance of doubt, to the extent that Issuer or WMMRC pays any such cost, capital contribution or expense described in clause (ii)(A), payment by Issuer or WMMRC will be deemed a cost or expense of the Trusts.

PostSubject
#3562   My A8s were gone a long time ago robigus 04/01/17 04:52:37 PM
#3561   Thanks Go4, but still confused as I had ItsMyOption 04/01/17 01:14:15 PM
#3560   Option The bonds (both initial and second lien) are GO4AWILDRIDE 04/01/17 12:21:19 PM
#3559   I called Etrade about my class 16: As ItsMyOption 04/01/17 11:06:45 AM
#3558   92936PAB6 has been redeemed for cash. ItsMyOption 04/01/17 09:40:43 AM
#3557   Looks like they called only 13 shares out ItsMyOption 03/03/17 09:54:44 AM
#3556   Partial call lottery ItsMyOption 03/02/17 02:18:43 PM
#3555   New interest deposit today. Note: I had 1300 shares. ItsMyOption 03/02/17 09:48:18 AM
#3554   You are lucky. I have not seen anything vics picks 02/22/17 09:48:15 AM
#3553   Scottrade deposited it directly into my ROTH. GO4AWILDRIDE 02/20/17 01:45:25 PM
#3552   How did the payment reach your Roth ? vics picks 02/20/17 01:33:33 PM
#3551   Well today the money found it's way into GO4AWILDRIDE 02/14/17 02:39:48 PM
#3550   It will be good to get paid in ItsMyOption 02/13/17 03:59:07 PM
#3549   I finally received my check. robigus 02/13/17 03:30:56 PM
#3548   Thats pretty funny. If something like that MasterBlastr 02/12/17 04:38:05 AM
#3547   I got my statement today as well. robigus 02/11/17 11:39:30 PM
#3546   The name on each check in my opinion GO4AWILDRIDE 02/11/17 10:33:00 PM
#3545   Who would write or send a blank check ItsMyOption 02/11/17 05:44:52 PM
#3544   Per Scottrade:"THEY RECEIVED A BATCH OF CHECKS WITH GO4AWILDRIDE 02/11/17 05:41:00 PM
#3543   I received a new WMI Liquidating Trust Periodic ItsMyOption 02/11/17 05:20:24 PM
#3542   Thanks again! robigus 02/10/17 07:59:23 PM
#3541   I would find it hard to believe the ItsMyOption 02/10/17 05:44:57 PM
#3540   Yeah I know. GO4AWILDRIDE 02/10/17 04:35:18 PM
#3539   Yikes. We have not had that problem before. LexTrader 02/10/17 04:30:47 PM
#3538   Received my call back and the responce was: GO4AWILDRIDE 02/10/17 04:29:16 PM
#3537   Thanks G4WR LexTrader 02/10/17 04:27:45 PM
#3536   If I get a call back from SCOTTRADE GO4AWILDRIDE 02/10/17 04:09:50 PM
#3535   ST here. Got checks from non IRA accts, LexTrader 02/10/17 03:44:32 PM
#3534   If you have ira or Roth account then ItsMyOption 02/10/17 02:39:39 PM
#3533   I will give you the dates I received ItsMyOption 02/10/17 02:32:23 PM
#3532   When I get home I will give you ItsMyOption 02/10/17 02:31:06 PM
#3531   Thank you! robigus 02/10/17 02:19:47 PM
#3530   I have not received any check. GO4AWILDRIDE 02/10/17 02:17:09 PM
#3529   If you had class 16 piers, then you ItsMyOption 02/10/17 02:15:51 PM
#3528   IMO and EI, the last check I got robigus 02/10/17 02:13:17 PM
#3527   Yes, got check in the mail from LT ItsMyOption 02/10/17 11:30:26 AM
#3526   Payments reflect a distribution from the trust, not Enterprising Investor 02/10/17 11:28:12 AM
#3525   People are posting that they are receiving checks robigus 02/10/17 11:23:58 AM
#3524   WMI Liquidating Trust Announces Cash Distribution of Approximately Enterprising Investor 02/06/17 08:52:20 PM
#3523   I got a check for$1302 my third payout.The castboy 02/06/17 07:23:44 PM
#3522   I got a check in the hundreds. What lockednready 02/06/17 05:13:46 PM
#3521   Looks like PIERS could be completely paid because Civil War General 01/30/17 08:19:24 PM
#3520   I sold all mine Civil War General 01/08/17 10:55:30 AM
#3519   I got another tiny payout this week. robigus 01/07/17 06:36:39 PM
#3518   I received another partial lottery call today. From ItsMyOption 12/01/16 11:37:26 AM
#3517   Without pulling up the latest quarterly statement I'm Rumble 11/10/16 12:55:00 PM
#3516   When is next payment, thought we would have ItsMyOption 11/09/16 08:44:38 PM
#3515   Class 16 Liquidating Trust Balance: $2.32 (11/01/16) Enterprising Investor 11/09/16 07:51:38 PM
#3514   Right now the WMILT balance is $61 million, Civil War General 11/09/16 06:25:35 PM
#3513   And right not the LTI Balance is $61 Civil War General 11/09/16 06:22:25 PM
PostSubject