Thursday, December 10, 2015 7:20:26 AM
He uses the balance sheet as of 2/29/12 which is irrelevant in the sense that the elimination of the intercompany notes took place at closing after February. Page 10 shows the balance sheet at the date of reorganization, which clearly shows the intercompany notes are no longer a liability of the newly consolidated entity. Moreover it shows how they were reclassified to the retained earnings post petition account. That account improved from a negative 1,043,405,792 to a negative 645,627,000. Immediately below the latter financial that states
(a) Consolidated Debtors, WMI and WMI Investment. Investments in subsidiaries other
than WMI Investment are not eliminated and are still reflected as Investment in WMMRC
investment in Other Subsidiaries (based on their book values).
So it clearly states what was not eliminated and that WMI Investment was at consolidation. This filing was made after the consolidation and filed March 30, 2012, which affirms that this is how things went down at closing.
The Liquidating Trust filing is authoritative. His post is mere conjecture and clearly wrong.
To understand how intercompany debt is eliminated by reclassifying it as equity see my post 441729.
To understand what the reason is for consolidation see my post 441730.
To see my other arguments showing why it is absurd to argue that intercompany debt still exists see my post at 441679.
GLTA
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