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Thats pretty funny. If something like that happened with Schwab you better believe it gets straightened out immediately.
I got my statement today as well. So now I know that they do have my current address. It says that I got paid about $990 this month. Now all I have to do is find where they sent my check.
The name on each check in my opinion was SCOTTRADE, they cash them for us and deposit the money into the correct accounts.
What Scottrade is saying is that there was no indication on each check as to what account the money goes in.
GO4AWILDRIDE
Who would write or send a blank check with no name on it. I would bet there is names on checks
Per Scottrade:"THEY RECEIVED A BATCH OF CHECKS WITH NO NAME OR ACCOUNT NUMBERS ON THEM"
Scottrade claims they are sorting this out with the "COMPANY" that sent the checks.
Will post update when I see the money in my account.
GO4AWILDRIDE
I received a new WMI Liquidating Trust Periodic Statement ending
02/01/2017.
It shows my ending LTI Balance as of 02/01/2017 as $2,177.65
Note: I had 1300 shares So my fuzzy math shows we have been paid 85% of total due and 15% remaining
I would find it hard to believe the mailed checks without name on it if so contact WMI LT. Plus usually when it goes to IRA account it will have account number.
For the record that check was the 4th I received with close dates of:
5/02/2014
8/01/2014
8/06/2015
2/01/2017
Yeah I know.
My guess is that what I was told was a bunch of BS.
I think what happened is that Scottrade got the money and just ignored it until someone would complain like me.
Wonder how long it will take.
Will post when the money shows up in my account.
I check it daily.
GO4AWILDRIDE
Yikes. We have not had that problem before.
Received my call back and the responce was:
Scottrade received a stack of checks with no receiptant name nor account numbers.
Scottrade is sorting out this mess with the "company" which sent the checks per Scottrade rep.
I informed them that all they needed to do was look for any IRA/ROTH that had the tracking marker in that account.
Her reply was that did not help them as they could not match up account with which check should be deposited into that account.
So Scottrade is indeed working on it and we should see the money deposited when ever the mess is sorted out.
No time frame as to how long that would take, just they are working on it.
GO4AWILDRIDE
If I get a call back from SCOTTRADE I will update board on responce.
GO4AWILDRIDE
ST here. Got checks from non IRA accts, but not in retirement acct yet.
If you have ira or Roth account then it would get sent directly to that broker account. I don't have ira so my last 3 checks sent to home address on file.
I will give you the dates I received checks when I get home, but they need correct address if you moved.
When I get home I will give you the details of check received last week. It was not an interest payout but a pay down of what they owe. I think this is my third check paid directly to my home address.
Thank you!
One more question, if I may: After the August 2015 check, should I have received any other checks up until this latest check?
I have not received any check.
In the past my disbursments have always gone to my broker which deposited it into my ROTH account.
I have SCOTTRADE and I am currently on the phone with them(on hold) to find out why I have not received my money.
Answer from SCOTTRADE is that they don't know, they are going to find out where the money is and give me a call back.
Anyone else using SCOTTRADE that received their money in their account?
GO4AWILDRIDE
If you had class 16 piers, then you should have received a check. If you moved you need to update your address with the LT.
IMO and EI, the last check I got was from August 2015. But that was only after I found out that they had sent the check to my old address. Should I have received a current check? If yes, then I will contact the same website that one of you suggested I contact back in 2015.
Yes, got check in the mail from LT had 1300 shares and received about $850 last week.
Payments reflect a distribution from the trust, not principal or interest on the notes.
People are posting that they are receiving checks in the mail. Does everyone who owned piers get a check? I have been getting the 13% payments to my TDAmeritrade account but I didn't get a check.
WMI Liquidating Trust Announces Cash Distribution of Approximately $19 million (1/31/17)
SEATTLE, January 30, 2017 – WMI Liquidating Trust (the “Liquidating Trust”), formed pursuant to the confirmed Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code (as modified, the “Plan”) of Washington Mutual, Inc., today announced that it will make a cash distribution (the “Distribution”) of approximately $19 million to certain beneficiaries.
The principal source of the funds for distribution is tax related collections from a settlement with the Internal Revenue Service and related refunds from the State of California. The Trust also received proceeds from its previously announced settlement with former Directors and Officers.
In accordance with the priority of payments described in Exhibit H to the Plan, the Distribution will be allocated to claimants in “Tranche 4” in the following amounts: $3.8 million to holders of Senior Floating Rate Note Claims; $14.6 million to holders of PIERS Claims; and $0.4 million to holders of General Unsecured Claims. Additionally, LTI holders who made elections to receive common stock in Reorganized WMI to settle their claims will have their LTI balances further adjusted for funds distributed to Reorganized WMI, pursuant to the Plan of Reorganization’s treatment of litigation proceeds.
The Liquidating Trust intends to initiate the $19 million Distribution on Wednesday, February 1, 2017. Additional information regarding the Distribution will be included in the next Quarterly Summary Report for the period ended December 31, 2016, which will be filed by the Liquidating Trust with the United States Bankruptcy Court for the District of Delaware on or about January 30, 2017.
Further information about WMI Liquidating Trust can be found at www.wmitrust.com.
http://www.wmitrust.com/wmitrust/document/8817600170130000000000002
I got a check for$1302 my third payout.The first was 5200 then about 4400 on the second.I had 2000 shares at $6.I am due about $3000 more.I also received about $10,000 in notes which only about $1400 have not been redeemed.
I got a check in the hundreds. What a surprise. Anymore due to us?
Looks like PIERS could be completely paid because there is more than enough available cash, but they want to dribble only about 25% and keep 49 million so they can collect more fees.
I sold all mine
I got another tiny payout this week. This is going to take forever at this rate.
I received another partial lottery call today. From Etrade account
Without pulling up the latest quarterly statement I'm pretty sure that most if not all of that current cash is restricted, held for employee claims (likely to be disallowed or paid at much lower rate) but still must legally hold that amount until resolved. And other amount is held for administrative costs.
We can't really expect a further payout (at least of substance) until the tax refunds are received hopefully early to mid 2017 or until the employee claims are settled resolved - expect at least another year I'd guess on that part.
When is next payment, thought we would have it in Nov.?
Class 16 Liquidating Trust Balance: $2.32 (11/01/16)
Period LTI Beginning Balance: $2.30
8/01/16 - 9/30/16 Post-effective Accretion: $.0073
9/30/16 - 11/01/16 Post-effective Accretion: $.0039
Right now the WMILT balance is $61 million, more than PIERS are owed in total. This is well above the $25 million threshold, but they won't pay us again?
And right not the LTI Balance is $61
Remember that these are notes that were a partial payment of your liquidating trust interest (LTI).
We still have about $2.30 owed to us per LTI (accumulating interest at what 1% or some insubstantial amount) by the trust - this is the amount we want paid back sooner than later and for those with other share classes waiting for equity payment you want this amount paid in full. This will be paid by tax refunds, released funds held for employee claims or any other source not currently accounted for on trust quarterly statement.
The tiny payment we just received a week or two ago was a partial redemption of the notes held by WMIH. These notes pay us 13% interest and WMIH has been slowly working on redeeming them as the reinsurance business generates enough free cash. These are an obligation of the reinsurance business only - sub of WMIH - and since it is non-recourse to WMIH will only be redeemed via the free cash generated from run-off reinsurance business.
Interesting, thank you.
My guess is they did not have the money to pay in full. Looks like they will have money from IRS settlement and I expect possible all shares may be called November.
Why did they only redeem a tiny percentage of mine? What are they waiting for?
payment today! Note: This is not a total payment as I still have shares remaining in my account.
E*TRADE Account Alert
Tue Oct 04 00:20:05 2016 92936PAB6 has been redeemed for cash.
Account Number: xxxxx. Your Position in 92936PAB6 has been redeemed for cash. Your portfolio,position and tax records have been updated. Your account positions have been updated to reflect this change. This notice is for your information only and no action is required by you.
No PIERS payment for July Quarter paid in August.
Will there be an October payment for the Quarter ending in September?
But not mine his time? Because I didn't receive any notice. ?
WMIH is buying back a portion of your holdings.
help to understand - Mon Aug 29 13:34:35 2016 - Attention Brokerage Customer
Name of Security: WMI HLDGS CORP SR 2LIEN
CUSIP: 92936PAB6
Re: Partial call lottery
Is this a dividend payment or will they remove some or all of my WAHUQ?
My account shows:
92936PAB6 $95.00 last trade 997 Qty
I started out with 1300 shares and have this 997 remaining. I believe I had shares removed in two other Partial call Lottery. I would love to see they buy all so the rest of the waterfall goes to equity, which I have a lot of.
Anyone understand this? TIA
Mon Aug 29 13:34:35 2016 - Attention Brokerage Customer
Name of Security: WMI HLDGS CORP SR 2LIEN
CUSIP: 92936PAB6
Re: Partial call lottery
The bond position you are currently holding is subject to an upcoming partial call lottery.
If your position is sold before the lottery is completed,
The account holder will be responsible for any losses due to this corporate action event.
Typically, the lottery will be completed within two business days.
Called bonds will be segregated from your original position.
Class 16 Liquidating Trust Balance: $2.30 (8/01/16)
Period LTI Beginning Balance: $2.29
5/01/16 - 6/30/16 Post-effective Accretion: $.0073
6/30/16 - 8/01/16 Post-effective Accretion: $.0039
They redeemed 2 half-shares. One was .52 of a share and one was .53 of a share.
Looks to me that all my WAHUQ trust Prf shares have been removed.
I have not seen the cash they received yet?
E*TRADE Account Alert Unsubscribe
Sat Jun 18 00:13:19 2016 92936PAB6 has been redeemed for cash.
Account Number: xxxxxx. Your Position in 92936PAB6 has been redeemed for cash. Your portfolio,position and tax records have been updated. Your account positions have been updated to reflect this change. This notice is for your information only and no action is required by you.
________________________________________
Replaces earlier call notice.
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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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