***27.1 Execution of Liquidating Trust Agreement***Many thanks to AZCOWBOY and Ron***Oh yes, WORDS DO MATTER in legal filings!
In dismissing the suit with prejudice, U.S. District Judge Rosemary M. Collyer said that under New York law, an actual breach of contract is required in order to pursue the sole remaining claim in the case — tortious interference with an...
"dismissing the sole remaining claim ... (in the case) ... with prejudice"
And ?...
27.1 Execution of Liquidating Trust Agreement
Class 17B – WMB ( Jr Bond Notes ) Subordinated Notes. On the Effective Date, and in consideration for the distribution to be made to the FDIC Receiver pursuant to the Global Settlement Agreement, all WMB Subordinated Notes Claims, to the extent that they are not Section 510(b) Subordinated WMB Notes Claims, shall be deemed disallowed, and holders thereof shall not receive any distribution from the Debtors
"all WMB Subordinated Notes Claims", ... (only) ... "to the extent that they are not Section 510(b)"
... except, now' they are considered' ... "Subordinated Debt" ... subordinated under Section 510(b)
as the approved plan verified, ... the juniors, (subordinated notes claims), were never going to receive or scheduled to receive a recovery from the debtors' ... the bonds were never the responsibility of JPM' or the debtors' ... ("pursuant to the GSA', the FDIC Receiver is responsible for the juniors")
The OTS / FDIC seized WMB' ... "it is what it is"
ADDED; ... "Subordinated Debt Rule 510(b)" = Tranche 5, ... according to the Approved Plans Attachment H' PayOut Matrix'
just sayin'
AZ
Reading what the documents actually state, is always very revealing, ...
[b]27.1 Execution of Liquidating Trust Agreement
Class 17B – WMB (Jr Bond Notes) Subordinated Notes. On the Effective Date, and in consideration for the distribution to be made to the FDIC Receiver pursuant to the Global Settlement Agreement, all WMB Subordinated Notes Claims, to the extent that they are not Section 510(b) Subordinated WMB Notes Claims, shall be deemed disallowed, and holders thereof shall not receive any distribution from the Debtors
According to the GSA, which was obviously settled between, WMI, the FDIC, & JPMorgan, ... the distribution is defined and stated as, ... to be made ... It looks like they' were quite sure' the distribution was ultimately going ... to be made' ... to the FDIC, and obviously made by JPMorgan as their receiving bank'
"Subordinated Debt Rule 510(b)" = Tranche 5, ... according to the Approved Plans Attachment H' PayOut Matrix'
What's remaining ? ...
Tranche 4 ... piers, is limited to receiving a Liquidating Trust Interest (LTI's) ... only'
Tranche 5 ... class 17 & 18 would be defined, limited and considered capped returns
Tranche 6 ... class 21 & 22 are not capped, and can receive unlimited returns 75% / 25%
Tranche 5 and Tranche 6' distributions are All ... to be made' ... with the GSA's described - eventual - distribution ... "to be made" ... to the FDIC, according to the GSA' ...
just sayin'
AZ
ADDED; ... As we all know, The GSA was settled between the FDIC, JPMorgan, and WMI ... So, when the document states the ... The' Distribution "to be made" to the FDIC, ... that text, is specifically referring to a distribution to eventually be made to the FDIC by JPMorgan, ...
as the document continues explaining that holders will not receive any distribution from the debtors, ... which of course actually refers to WMI, ... the third party to the GSA, ... leaving only the other two'
JPMorgan and the FDIC ... these, two' are the ones that will make return distributions to the owners of the original WMI estate, ... releasing marker holders'
AZ
Thanks goes to Ron for the following
IMO,
Yes, to be made
WMI owned all the assets, so the WMI estate needs to be paid for all the assets seized by OTS/FDIC.
JPM owes WMI money paid through the FDIC-R for the solvent Banks and other assets seized, WMB and WMBfsb pursuant to the Global Settlement Agreement.
WMB ~$26B "X"
WMB Bonds ~$13B JPMxxxxx
WMBfsb ~$29B
Other Assets $$
All paid to FDIC by JPM pursuant to the Global Settlement Agreement for WMI assets seized, 5AT.
510(b), Tranche-5 is the FDIC's designated 'pay-point', where the money is placed, just ahead of equity and for equity.
it's in the Plan,
HLCE
I really do LOVE my Escrow Shares more EVERYDAY and it just grows everyday!
