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Washington Mutual WAHUQ Trust Prf (fka WAHUQ)

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Last Post: 4/14/2019 2:05:27 PM - Followers: 94 - 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.

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#3648   Got finally news from my broker regarding my katekir1234 04/14/19 02:05:26 PM
#3647   POOP tanking bigtime day after day after announcing katekir1234 03/26/19 10:25:54 AM
#3646   Still problems getting my check and contacted the katekir1234 03/22/19 04:21:31 PM
#3645   Still waiting for my check for my last katekir1234 03/05/19 11:28:35 AM
#3644   You must be the only person I guess katekir1234 03/02/19 02:51:29 PM
#3643   katekir1234 You are wrong, I agree that my WAHUQ'S(PIERS) GO4AWILDRIDE 03/02/19 10:55:09 AM
#3642   That is not possible,WAHUQ or escrow for WAHUQ katekir1234 03/02/19 05:35:28 AM
#3641   A little disappointed. Enterprising Investor 03/01/19 02:49:56 PM
#3640   I have received my final payment today.This was castboy 03/01/19 02:28:10 PM
#3639   I believe those shares escrow where removed in ItsMyOption 02/28/19 09:04:19 PM
#3638   IMO The RUNOFF NOTES were paid off by WMIH GO4AWILDRIDE 02/28/19 08:59:22 PM
#3637   I am not at computer or my notes. ItsMyOption 02/28/19 08:47:44 PM
#3636   INO But the LT just finished paying off their GO4AWILDRIDE 02/28/19 08:42:57 PM
#3635   Got a check in mail and those escrow ItsMyOption 02/28/19 08:38:44 PM
#3634   IMO Now I am confused, did you get a GO4AWILDRIDE 02/28/19 08:35:17 PM
#3633   I have E*TRADE and I think the escrow ItsMyOption 02/28/19 08:31:59 PM
#3632   IMO Which broker do you use? GO4AWILDRIDE 02/28/19 08:27:39 PM
#3631   Yes! I agree, a good sign though Juschilln 02/28/19 07:31:00 PM
#3630   I only bought 1300 shares for voting purposes ItsMyOption 02/28/19 07:29:10 PM
#3629   So is it "fair" to say you are Juschilln 02/28/19 07:17:55 PM
#3628   Go4 my check came to non ira account ItsMyOption 02/28/19 06:17:25 PM
#3627   IMO Glad to hear you received your check, I GO4AWILDRIDE 02/28/19 05:26:41 PM
#3626   Class 16 final distribution check received today in ItsMyOption 02/28/19 03:23:02 PM
#3625   News: I believe we will receive in ItsMyOption 02/26/19 08:54:51 AM
#3624   yes I meant March ether 1st or 4th ItsMyOption 02/25/19 01:38:54 PM
#3623   IMOption I assume you meant MARCH 1st not Feb GO4AWILDRIDE 02/25/19 01:33:04 PM
#3622   Next distribution Friday Feb.1st?? With today's news we ItsMyOption 02/25/19 10:43:22 AM
#3621   Class 16 Liquidating Trust Balance: $2.60 (11/01/18) Enterprising Investor 11/22/18 12:59:36 PM
#3620   No money,just a few penny's added to the vics picks 11/18/18 07:49:54 PM
#3619   We should start getting statements in the mail ItsMyOption 11/13/18 10:09:11 AM
#3618   NO Piers Distribution November, 1st 2018. vics picks 10/30/18 11:44:41 PM
#3617   Probably...they would make more money not playing such games. Philborn27 08/15/18 04:40:34 AM
#3616   The people in charge are delaying in order Civil War General 07/31/18 06:27:42 PM
#3615   The plan documents has a projected payout for Philborn27 07/31/18 06:43:51 AM
#3614   This cannot be traded. Civil War General 07/30/18 01:57:36 PM
#3613   What are your accounts showing for the PIERS Philborn27 07/30/18 08:02:53 AM
#3612   I just read on the WMIN board that vics picks 07/26/18 09:05:22 AM
#3611   I got one too as though I received Civil War General 03/24/18 01:54:56 PM
#3610   No check just the 1099-B tax form. I ItsMyOption 03/23/18 05:51:45 PM
#3609   Did you actually get a check? Civil War General 03/23/18 05:05:24 PM
#3608   Today I received a 1099-B for taxes. It ItsMyOption 03/21/18 04:15:33 PM
#3607   Yes Civil War General 02/13/18 05:38:58 PM
#3606   I got a statement...wasnt sure if that’s their lockednready 02/13/18 04:12:10 PM
#3605   Can you imagine how much money the law vics picks 11/15/17 07:50:56 AM
#3604   They have the cash, but they are holding Civil War General 11/15/17 01:04:17 AM
#3603   Got my Nov. statement today. Usual crap.A few vics picks 11/14/17 08:21:36 PM
#3602   Thanks General. vics picks 11/03/17 11:20:20 PM
#3601   Piers will be "impaired" even when we receive Civil War General 11/03/17 11:19:08 AM
#3600   Hello, is anybody there ? vics picks 11/03/17 09:35:29 AM
#3599   Vanguard has delivered castboy 10/02/17 04:20:38 PM
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