Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
~ Yes, Everyone's Going To Be Just Fine' ~
... This ? ... of course is a product of my own due diligence, and conclusions, now reached, after years of scouring, sequencing, and studying the entire WaMu complex legal process' ...
Washington Mutual Mortgage Securities Corporation (WMMSC), WAS NOT' -
SOLD - to JPMC as many were originally lead to believe', ... (JPMC only received the rights to service')
WMMSC, as the "Master Servicer" was a subsidiary of WMI (the parent corp), ... and, in being a subsidiary of Washington Mutual Inc., (WMI), ... WMMSC' was NOT ABLE TO BE SOLD, to JPMC', ...
JPMC, was given the direction to continue the servicing of the massive WaMu' loan file', ... which entailed the management of the WMMSC SC. Location (JPMC moved the SC. Units' Location to Vernon Hills, IL) ... but that's all ...
The Vernon Hills, IL. Location, was originally one of the TWO' Locations, that T. Lehmann originally utilized to actually package WaMu's ABS-Certs into "Performing Trusts" for Washington Mutual Inc. ...
Again, JPMC merely moved WMMSC's operational location from South Carolina to Illinois' ... as the loan servicing operations needed to continue'
The Long Beach Unit, and WaMu Asset Acceptance Corp (WAAC), had already been moved to WMMSC as the Master Servicer' ...
Here's The Good News, as a result of my own conclusions' ...
Now that the "Globic Settlement" has been completed prior to 2017's year end, ... a few things begin to make sense, ...
WMIH-Corp, as the reorganized WMI' Parent Corp., is currently in a position to resume the operations of WMMSC (Washington Mutual Mortgage Securities Corporation), which is STILL Operating and is located in Illinois)
The RBS Greenwich original "underwriting" relationship's make the addition of W Gallagher begin to also make sense'
According to the current SEC Filings, ... The WAAC and the WMMSC units, are servicing roughly $73 Billion Dollars in Gross Loans', combined' ... the Long Beach Packaged Trusts are Not Listed in these Current SEC Filed Numbers' ...
... This also makes the "Dissolving" of the WaMu 1031 Exchange(s), (I believe there are TWO') ... and the "Dissolving" of WMI Investment Corp. make total sense' ...
Neither Class 17 or Class 18, are the forward moving responsibility of the Debtors' (WMB Notes', Class 17 is JPMC's Responsibility. and Class 18 has a WMI-LT managed DCR)
AZ
~ Denny, Yes I'm Just Not Sure ~
AZ
~ Oberthal, Sorry But I Don’t View Things That Way ~
... Everyone’ Gets Paid, ... Paid, aligned with what they actually Class Released and’ currently “chose” to own, Yes, at the exact very same time’, ... individual and institutions alike ...
Regarding the LT ?, ... it’s a Pass-Through
AZ
~ Yep’, An RMBS Trust’, Distributes On the 25th ~
... on the 25th day of the month’, ... It’s how an RMBS pooling / prospectus reads’, ...
AZ
~ JJ and Bo, Yes The Wording IS’ Specific ~
... ”prior to the” ... the’, of course being the specified operative word’, ...
Thanks for reviewing the DD’,
AZ
~ Something ? Needs To "Give" ~
WMIH-Corp, does not have the "Corporate Structure" currently necessary and, currently established and in place to handle anything of any financial operational relevance' ... (or, has yet to be revealed)
WMIH-Corp as an IRS Consolidated Filer, as well as an SEC - FINANCE SERVICES Coded; 6199 ... needs designated subsidiaries to perform specified operational functions, ... now, with WMIIC "dissolved" that would leave WMIH-Corp', per the SEC Filings, all that is left is the parent and WMMRC in runoff' ...
... Per Deutsche’s Bank Informational Notice, If one apply's the Process as prospectus revealed, a Residential Cert (Trust) distributes on the 25th of each month' ... the process used in RMBS Certs is reasonably the same, per numerous prospectus'
"The Trustee does not anticipate that distribution of the Received Funds will occur prior to the January 2018 distribution dates for the Trusts."
... January 2018’ ... ? ...
”Informational Notice Regarding the Trusts Listed on Exhibits 1-A and 1-B (“Trusts”) Procedures for Distributions of Settlement Proceeds”.
http://www.globic.com/wamurmbssettlement/pdfs/DB%20WaMu%20TIP%20Notice%20to%20Holders%20re%20Distribution%20Timing%2012.11.17.pdf
=============================
As I stated back a number of years ago now, ... ~ JPMC Only Received The Serving Rights To The Massive WaMu Loan File ~ ... or updated, was ever only ABLE TO receive the Loan Servicing Rights' ...
That view' ?, among many other considerations, was met with extreme controversy' ... ? ... (one can always depend on the "propaganda machine" ... LOL')
=============================
Maybe ?, WMIH-Corp DOESN'T ACTUALLY NEED ANY "Corporate Structure" to handle the process moving forward, now that the legal restraints (Globic') have all been lifted off of these numerous' "Trusts" ...
=============================
Again, This defined process is direct out of the Filings'
=============================
I. RECONCILIATIONS
A. Reconciliations shall be prepared on a monthly basis for all clearing accounts. These reconciliations shall:
1) Be mathematically accurate
2) Be prepared within forty-five (45) calendar days after each clearing account’s statement cutoff date
3) Be reviewed and approved by someone other than the person who prepared the reconciliation, and document explanations for reconciling items
B. Reconciling items shall be resolved within ninety (90) calendar days of their original identification.
II. SUBSERVICER REMITTANCES
A. Remittances for mortgage payments and payoffs received from subservicers shall be deposited into the applicable clearing account within one business day of receipt.
B. Remittances from subservicers shall be reconciled to applicable loan records maintained by Washington Mutual Mortgage Securities Corp. (“WMMSC”) during the appropriate accounting cycle.
C. Reconciliations shall be performed monthly for each subservicer remittance. These reconciliations shall:
1) Be mathematically accurate.
2) Be prepared within thirty (30) calendar days after the cutoff date.
III. DISBURSEMENTS
A. Disbursements to trustees, paying agents, and investors shall be made in accordance with the applicable pooling and servicing agreements and/or the prospectus indicating how cash flows are to be allocated.
B. Disbursements from the clearing accounts for amounts remitted to trustees, paying agents, and investors, per our monthly reports to those entities, shall agree with the bank statements for the clearing accounts.
C. Only permitted withdrawals shall be made from the clearing accounts.
D. Disbursements to trustees, paying agents, and investors from clearing accounts, made via wire transfer, shall be made only by authorized personnel.
IV. INVESTOR ACCOUNTING AND REPORTING
Statements to the trustees, paying agents, and investors shall be provided with each monthly distribution, in accordance with applicable pooling and servicing agreements, detailing the applicable distribution activity and effect on the unpaid principal balance of the mortgage loans.
V. MORTGAGOR LOAN ACCOUNTING
Loan records maintained by WMMSC shall agree with, or reconcile within material amounts to, the mortgage loan records maintained by the subservicer with respect to unpaid principal balance on a monthly basis.
VI. DELINQUENCIES
Reports from subservicers identifying delinquent loans shall be received and reviewed monthly. The number and aggregate principal balances of delinquent mortgage loans contained in these reports shall be included in our monthly statements to the trustees, paying agents, and investors.
VII. INSURANCE POLICIES
A fidelity bond and an errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented in management’s assertion.
~ Well ?, That’s How A Prospectus Reads’, ~
Yes, ... there are numerous types and varying time limits, ...
From, ... Residential option arms, to helocs, to 30 to 40 year fixed rate residential mortgage packages ... along with, credit cards, auto loans, etc etc ... and’, (any debt that could be packaged basically)
Some of the Larger Commercial Line’s Are For 99 years renewable’, ... The Entire State of Hawaii is on Commercial Lease Programs’, ...
Some ? have coooool color pictures, showing some of the Loan Association’s Trust Property, ... Home Depot’s, Malls, Sky Scrapers, Auto Dealership’s ... etc
just sayin’
AZ
~ Now, Per Deutsche Bank, Apply the Process Direct From The Filings ~
... Per Deutsche’s Bank Informational Notice, Apply the Process I just posted, Direct From The Filings ...
... January 2018’ ... ? ...
”Informational Notice Regarding the Trusts Listed on Exhibits 1-A and 1-B (“Trusts”) Procedures for Distributions of Settlement Proceeds”.
http://www.globic.com/wamurmbssettlement/pdfs/DB%20WaMu%20TIP%20Notice%20to%20Holders%20re%20Distribution%20Timing%2012.11.17.pdf
=======================
I. RECONCILIATIONS
A. Reconciliations shall be prepared on a monthly basis for all clearing accounts. These reconciliations shall:
1) Be mathematically accurate
2) Be prepared within forty-five (45) calendar days after each clearing account’s statement cutoff date
3) Be reviewed and approved by someone other than the person who prepared the reconciliation, and document explanations for reconciling items
B. Reconciling items shall be resolved within ninety (90) calendar days of their original identification.
II. SUBSERVICER REMITTANCES
A. Remittances for mortgage payments and payoffs received from subservicers shall be deposited into the applicable clearing account within one business day of receipt.
B. Remittances from subservicers shall be reconciled to applicable loan records maintained by Washington Mutual Mortgage Securities Corp. (“WMMSC”) during the appropriate accounting cycle.
C. Reconciliations shall be performed monthly for each subservicer remittance. These reconciliations shall:
1) Be mathematically accurate.
2) Be prepared within thirty (30) calendar days after the cutoff date.
III. DISBURSEMENTS
A. Disbursements to trustees, paying agents, and investors shall be made in accordance with the applicable pooling and servicing agreements and/or the prospectus indicating how cash flows are to be allocated.
B. Disbursements from the clearing accounts for amounts remitted to trustees, paying agents, and investors, per our monthly reports to those entities, shall agree with the bank statements for the clearing accounts.
C. Only permitted withdrawals shall be made from the clearing accounts.
D. Disbursements to trustees, paying agents, and investors from clearing accounts, made via wire transfer, shall be made only by authorized personnel.
IV. INVESTOR ACCOUNTING AND REPORTING
Statements to the trustees, paying agents, and investors shall be provided with each monthly distribution, in accordance with applicable pooling and servicing agreements, detailing the applicable distribution activity and effect on the unpaid principal balance of the mortgage loans.
V. MORTGAGOR LOAN ACCOUNTING
Loan records maintained by WMMSC shall agree with, or reconcile within material amounts to, the mortgage loan records maintained by the subservicer with respect to unpaid principal balance on a monthly basis.
VI. DELINQUENCIES
Reports from subservicers identifying delinquent loans shall be received and reviewed monthly. The number and aggregate principal balances of delinquent mortgage loans contained in these reports shall be included in our monthly statements to the trustees, paying agents, and investors.
VII. INSURANCE POLICIES
A fidelity bond and an errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented in management’s assertion.
~ Process, Direct From The Filings ~
I. RECONCILIATIONS
A. Reconciliations shall be prepared on a monthly basis for all clearing accounts. These reconciliations shall:
1) Be mathematically accurate
2) Be prepared within forty-five (45) calendar days after each clearing account’s statement cutoff date
3) Be reviewed and approved by someone other than the person who prepared the reconciliation, and document explanations for reconciling items
B. Reconciling items shall be resolved within ninety (90) calendar days of their original identification.
II. SUBSERVICER REMITTANCES
A. Remittances for mortgage payments and payoffs received from subservicers shall be deposited into the applicable clearing account within one business day of receipt.
B. Remittances from subservicers shall be reconciled to applicable loan records maintained by Washington Mutual Mortgage Securities Corp. (“WMMSC”) during the appropriate accounting cycle.
C. Reconciliations shall be performed monthly for each subservicer remittance. These reconciliations shall:
1) Be mathematically accurate.
2) Be prepared within thirty (30) calendar days after the cutoff date.
III. DISBURSEMENTS
A. Disbursements to trustees, paying agents, and investors shall be made in accordance with the applicable pooling and servicing agreements and/or the prospectus indicating how cash flows are to be allocated.
B. Disbursements from the clearing accounts for amounts remitted to trustees, paying agents, and investors, per our monthly reports to those entities, shall agree with the bank statements for the clearing accounts.
C. Only permitted withdrawals shall be made from the clearing accounts.
D. Disbursements to trustees, paying agents, and investors from clearing accounts, made via wire transfer, shall be made only by authorized personnel.
IV. INVESTOR ACCOUNTING AND REPORTING
Statements to the trustees, paying agents, and investors shall be provided with each monthly distribution, in accordance with applicable pooling and servicing agreements, detailing the applicable distribution activity and effect on the unpaid principal balance of the mortgage loans.
V. MORTGAGOR LOAN ACCOUNTING
Loan records maintained by WMMSC shall agree with, or reconcile within material amounts to, the mortgage loan records maintained by the subservicer with respect to unpaid principal balance on a monthly basis.
VI. DELINQUENCIES
Reports from subservicers identifying delinquent loans shall be received and reviewed monthly. The number and aggregate principal balances of delinquent mortgage loans contained in these reports shall be included in our monthly statements to the trustees, paying agents, and investors.
VII. INSURANCE POLICIES
A fidelity bond and an errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented in management’s assertion.
~ ItsMyOption, I Have Always Believed The Following ~
Was originally important, in that the following “paragraph”, which was scribbled out by the Judge prior to her approval when she signed, ... again, I always believed this was important ...
BOTH, for what the debtor was attempting to include ?, ... as well as for what Judge Walrath wasn’t going to allow’, ...
Filing # 0025 Filed 10/03/2008
The Courts Signed Approval for Joint Administration (notice the difference)
http://www.kccllc.net/wamu/document/0812229081003000000000002
Most of WMI’s Subs, ... were intertwined within the, ... “securitization process”, ... Trusts’
AZ
~ ItsMyOption, Thank You For Recognizing The Extensive Amount of Research Involved ~
Due to the immense amounts of money at stake’, (yes, much of my own included), I took very, very, seriously many of the WaMu segments into my encompassing DD and considerations, ... and I decided to share my DD, study, and conclusions, beginning in latter 2012’, ...
* S. Landefeld, The Original WMIIC / WMI Bankruptcy Filer, and, The Executive Vice President of Washington Mutual Inc.
* The actual Washington Mutual Inc., (s) Capital Structure
* T Lehmann, and the TWO ABS-Cert, into “Performing Trust” Packaging Units, One in Vernon Hills IL, and One In Seattle WA (300 WaMu employee members)
* The numerous, hundreds of Segregated Trusts’ themselves, each with its own prospectus
* My Study and Following of the D.C. Dual Tracking Litigation in Judge Collyer’s Court
* My Following and study of Both of Plan 6’s Two Failed attempts (1)
* the European WMB Bank Noteholders themselves (2)
* The ongoing D.C. Litigation, beyond Plan 7’s Implementation
and, much, much, more’, ...
(1) Plan 7’s Mediated and Approved Result, is truly not so very different than both of the original Plan 6 Failed submissions, ...
The Approved Plan 7’, ... mandated the need to rework the Tranche Payout Matrix (Attachment H), ... to accommodate and actually Force’ Proper Subordination (Rule 510(b)) ...
Plan 6’, did not include any accommodations for the issuing of any ... “tracking markers”, ... the markers, were part of the need to transition to Plan 7’, ... The WMI-LT has only promoted and presented unnecessary confusion regarding this tracking marker issue and the Plan 7’ actual defined results ... The massive financial results between what Plan 6 involved, and Plan 7’ ... remain the same
(2) The 120 Accredited Investors, the Original WMI, WMB Noteholders Group' (NKA; the "Globic Settling", referred to as the "ad-hoc Settling Steering Committee"),
Originally Filed their claim against the FDIC' on 12/31/2008' ...
The FDIC initially responded and said that the Barr Date had past, and that their claim would NOT BE Considered' ... The FDIC Lost That One'
The FDIC then told the WMB Noteholders to File against JPMC', ... and the WMB Noteholders said, ... "sorry bub"', ... it was you guys that took the Bank, WMB' ... who you gave it to ?, is none of our business, and obviously your (the FDIC's) ultimate problem' ... The FDIC Lost That One' as well, ...
The FDIC then tried to cry FIRREA', ... and the WMB Noteholders told the FDIC, that since WMI' was a multinational "holding company", and the WMI WMB Noteholder program (22 Billion in Euro's) was issued out of the UK (London), ... that FIRREA' didn't apply beyond the US' ... The FDIC Lost that One' also, ...
Then, ? It was under Judge Collyers direction, that attorney Clarke' from DLA Piper (part of the FDIC's legal), ... submitted and received verification from the FDIC Claims Department, that the WMB Noteholders were to receive a receivership certificate verifying their eventual return' once the bank transitioned' ... the letter from Clarke' was placed as an attachment in Judge Collyers Opinion Filed' ...
Again, ... This ?, and much, much, more was a part of my own original DD' prior to getting involved with my own accumulation of the WMB Fixed income Securities', after the Plan 7 Implementation ...
AZ
~ The WMIH-Corp / WMIIC Connection' ~
I just ONCE AGAIN', Presented the Linked Filings in Support of this', ...
On 09/25/2008, The OTS / FDIC seized WaMu, ... or, ... to be factually correct, seized WMB', the banking subsidiary of the massive Washington Mutual, Inc. Estate, a Holding Company ... Not' a Bank Holding Company'
Immediately, and on the very next day, 09/26/2008, the WaMu Estate, filed for two distinct and separate Chapter 11 Reorganization Bankruptcy Filings with the Delaware Court System' ... (initially KCC' listed as Filing # 0001 & Filing # 0002)
The first bankruptcy filing was submitted for WMI Investment, recording no debt and no creditors, Filed at 10:15pm on 09/26/2008 ... and ... the second filing was for WMI, Filed at 10:16pm on 09/26/2008, which recorded assets at $32 billion dollars, with its liabilities recorded at $8 billion dollars' ...
The first of the TWO bankruptcy filings, entered for WMI Investment, was designed to maintain operations, move toward a future reorganization for the company, while the second of the TWO bankruptcy filings, entered for WMI, was designed to address debt, and pay with interest, all outstanding creditors' ... Washington Mutual Inc., Actual Paid Its Own Actual Debt', ... Tranche 1 through Tranche 4'
Since these TWO bankruptcy's were quickly Court Ruled and Approved' to be procedurally joined, and for administrative purposes only, ... both' ... of the company progressions within the legal confines of the Delaware Court System were able to be accomplished ...
As the documents reveal, ... the first filing for WMIIC's chapter 11 reorganization, was never designed to allow creditor claims against it' ... again, ... as it initially filed with zero creditors and zero debt' ... and, as a subsidiary of the Parent Corporation, WMI ... WMIIC was allowed and destined to maintain its re-organizational operations throughout the entire Chapter 11 process, ultimately planning to exit bankruptcy as a reorganized entity' ... again, allowed by the Court to be financially separated from the WMI bankruptcy ...
... However, ... for WMIIC to maintain its operations, throughout the reorganization process, it needed a Court Approved functioning staff ...
William Kosturos, as the 10/02/2008 Court approved and named President and Chief Executive Officer of WMIIC ... along with A&M and it's national staffing and resources, were Court authorized to maintain and continue WMIIC's operations while it remained under Bankruptcy Protection, ... and merely joined procedurally only, (KCC Filing # 0025 - 10/03/2008) ... and for Administrative Purposes, (The Disclosure Statement - 01/09/2012 - [DN 9365]) along with document expedition to accommodate the WMI Bankruptcy ...
William Kosturos and the extensive staffing and resources available of Alvarez and Marsal, were Court approved, at the very onset of the 2008 process' to be placed appropriately, and be able to continue the seamless operation of WMIIC throughout the entire Bankruptcy and Reorganization Process' ... and ... again, Federal Court approved, being allowed to back date' - "nunc pro tunc" - to October 2nd, 2008, as Filing # 0246 reveals'
... Not only do all of the billing statements support this, but so does the sequence of events placed within the filings acknowledge this ... The procedural joining of the TWO BK's caused a tremendous amount of controversy during the Court Hearings and revealed within the relevant documents Filed' ...
Mike W and Esopus Creek' ... understood that' Pandora's Box had been carefully tucked away within WMIIC back in the early days and requested a discovery process' to openly review the joining of the Two' bankruptcy's ... their requests, were consolidated within their (equity's) request for a shareholders meeting, ... and ... a review and discovery, regarding the procedural and administrative only, joining of the Two Bankruptcy Filings'
The end of 2009 and into early 2010 were tumultuous times, as the Court Hearings moved forward', equity's requests for depositions, a shareholder meeting, discovery of the BK joining, ... etc, etc' ... the links to the process are numerous, so I will spare everyone for now, ... what is ultimately important though is Filing # 0013' ...... Filed on 08/23/2010' ... The filing number, like many others was rolled back to the original issue being discussed'
This final Court Ruling on, 08/23/2010 lead to the beginnings of the four standing motions being filed, with the last Standing Motion' ... Filing # 8179 ... being filed on the eve of the Plan 6's Court Hearing to begin' ... July, 2011 ... Plan 6 obviously failed' ... and here we all are' ...
There are serious reasons, as revealed here, that the NASDAQ' saw value in WMIH-Corp and allowed it to be up listed' ... and ... also there was a reason that WMIIC was able to be listed as the Guarantor for the current and in place provided, Citi and KKR Rights Offering' ... Yep' ... the original WMI Debtors Estate Value that had been secured and separated from the WMI bankruptcy within the other WaMu Bankruptcy' ... WMI's own subsidiary, WMI Investment' = WMIIC
==================================================
And Again, The Documented Support'
Filing # 0001 Filed 09/26/2008
The First of TWO' - WaMu Bankruptcy Filings, WMIIC(s) Filing for Bankruptcy Protection
http://www.kccllc.net/wamu/document/0812228080926000000000001
Filing # 0012 Filed 10/02/2008
The Request for Joint Bankruptcy Administration
http://www.kccllc.net/wamu/document/0812229081002000000000001
Filing # 0025 Filed 10/03/2008
The Courts Signed Approval for Joint Administration (notice the difference)
http://www.kccllc.net/wamu/document/0812229081003000000000002
Filing # 0013 Filed 10/02/2008
The Declaration of - Stewart Landefeld - ... "in support of" ... the administrative BK combining'
http://www.kccllc.net/wamu/document/0812229081002000000000002
Filing # 0065 Filed 10/13/2008
A&M and William Kosturos Request to be the Chief Restructuring Component (William Kosturos is currently the WMILT Trustee) - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081011000000000003
Filing # 0152 Filed 10/24/2008
Supplemental Declaration of William Kosturos - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081024000000000016
Filing # 0246 Filed 11/07/2008
The Request to backdate the naming of A&M and William Kosturos of designated CRO to be backdated to 10/02/2008
http://www.kccllc.net/wamu/document/0812229081107000000000004
Filing # 0013 Filed 08/23/2010
The Final Signed Order' (upon equity's request for discovery of the joining of the BK's) stipulating to "Procedural Purposes Only"
ORDERED: that consolidation of the above-captioned adversary proceedings is for procedural purposes only and shall not affect the parties substantive rights ... again' ... signed 08/23/2010 ...
http://www.kccllc.net/wamu/document/0812229100907000000000005
... I don't believe that anyone wanted a light placed on this WMILT's 03/29/2012 SEC 8-K ... filed a mere 10 days beyond the 03/19/2012 Implementation Date ... which actually named William Kosturos as the President and Chief Executive Officer of Investment ... dating back to Oct 2008 thru to the Reorganization ? ...
WMI Liquidating Trust ... Form 8-K ... Filed March 29, 2012
http://www.sec.gov/Archives/edgar/containers/fix067/933136/000090951812000138/mm03-2712_8k.htm
read, ... ITEM 5.02(c) ... and the reference to ... INVESTMENT ... "this'' ... is in direct reference to WMIIC" ...
Effective 10/11/2008 William Kosturos was named the CRO (Chief Restructuring Officer) of WMI' ... and between 10/20/2008 and the effective date' he was the President and Chief Executive Officer of Investment (WMIIC) ...
(c) Pursuant to the Agreement, William C. Kosturos, age 50, was appointed as the liquidating trustee of the Trust on March 6, 2012. Between October 11, 2008 and the Effective Date, Mr. Kosturos was the Chief Restructuring Officer of WMI, and between October 20, 2008 and the Effective Date, Mr. Kosturos was the President and Chief Executive Officer of Investment.
AZ
~ Facts And Process ? I Posted THIS' In 2015 ~
I began presenting relevant and linked information regarding WMI Investment Corp, ... Back In 2015', ...
... The Following is a Portion of what was creating some anxiety ? ...
Filing # 0001 Filed 09/26/2008
The First of TWO' - WaMu Bankruptcy Filings, WMIIC(s) Filing for Bankruptcy Protection
http://www.kccllc.net/wamu/document/0812228080926000000000001
Filing # 0012 Filed 10/02/2008
The Request for Joint Bankruptcy Administration
http://www.kccllc.net/wamu/document/0812229081002000000000001
Filing # 0025 Filed 10/03/2008
The Courts Signed Approval for Joint Administration (notice the difference)
http://www.kccllc.net/wamu/document/0812229081003000000000002
Filing # 0013 Filed 10/02/2008
The Declaration of - Stewart Landefeld - ... "in support of" ... the administrative BK combining'
http://www.kccllc.net/wamu/document/0812229081002000000000002
Filing # 0065 Filed 10/13/2008
A&M and William Kosturos Request to be the Chief Restructuring Component (William Kosturos is currently the WMILT Trustee) - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081011000000000003
Filing # 0152 Filed 10/24/2008
Supplemental Declaration of William Kosturos - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081024000000000016
Filing # 0246 Filed 11/07/2008
The Request to backdate the naming of A&M and William Kosturos of designated CRO to be backdated to 10/02/2008
http://www.kccllc.net/wamu/document/0812229081107000000000004
Filing # 0013 Filed 08/23/2010
The Final Signed Order' (upon equity's request for discovery of the joining of the BK's) stipulating to "Procedural Purposes Only"
ORDERED: that consolidation of the above-captioned adversary proceedings is for procedural purposes only and shall not affect the parties substantive rights ... again' ... signed 08/23/2010 ...
http://www.kccllc.net/wamu/document/0812229100907000000000005
... I don't believe that anyone wanted a light placed on this WMILT's 03/29/2012 SEC 8-K ... filed a mere 10 days beyond the 03/19/2012 Implementation Date ... which actually named William Kosturos as the President and Chief Executive Officer of Investment ... dating back to Oct 2008 thru to the Reorganization ? ...
WMI Liquidating Trust ... Form 8-K ... Filed March 29, 2012
http://www.sec.gov/Archives/edgar/containers/fix067/933136/000090951812000138/mm03-2712_8k.htm
read, ... ITEM 5.02(c) ... and the reference to ... INVESTMENT ... "this'' ... is in direct reference to WMIIC" ...
Effective 10/11/2008 William Kosturos was named the CRO (Chief Restructuring Officer) of WMI' ... and between 10/20/2008 and the effective date' he was the President and Chief Executive Officer of Investment (WMIIC) ...
(c) Pursuant to the Agreement, William C. Kosturos, age 50, was appointed as the liquidating trustee of the Trust on March 6, 2012. Between October 11, 2008 and the Effective Date, Mr. Kosturos was the Chief Restructuring Officer of WMI, and between October 20, 2008 and the Effective Date, Mr. Kosturos was the President and Chief Executive Officer of Investment.
AZ
~ Johnny, Because YOU' Were Supposed To Believe ~
First That, ... JPMC' Bought the Great WaMu' "lock stock and barrel" for $1.8 billion,' ... Nope Not Hardly'
Then Second, You were supposed to believe that the March 2012' Plan 7 Reorganization ?, ... Was the End of Everything,' Investor Relevant ... Nope Not Hardly'
Then Third, You were supposed to believe that the exiting reorganized newco' (WMIH-Corp) was nothing more than an empty shell with the possible use of some NOL Tax advantages,' ... Nope Not Hardly'
Then Fourth, You were supposed to believe that the Fronted Cash provided in the replacement Credit Facility KKR provided, was to be used for a third party' merger or an acquisition,' ... Nope Not Hardly'
Basically, I can continue, ... BUT', ... You were supposed to be discouraged, mislead, and no longer continue to be interested'
I followed the "Entire Case(s)"
AZ
~ Banging’, On the People or the Presented Process ? ~
... Doesn’t Matter ... Nope, Not Any longer ...
The Twisting of this ? or the Twisting of that ?, or saying someone just doesn’t understand something, when the text can’t be disputed ?, ... again, DOES NOT MATTER ANY LONGER ...
... We’, ... Retail Equity Participants, ... ARE STILL HERE
... The GREAT WaMu, ... IS NOW’, able to finally realize its reorganization into WMIH-CORP ...
AZ
~ WMIH-Corp, IS’ Substantially More Than A Shell’, With NOL’s ~
... and ? ... Always Was’, as the reorganized great WaMu ...
Which, now that Globic’, is completed, will now begin to become a financially positive realization ...
The promotion’, that WMIH was only an empty shell with some NOLs ?, was merely some more of the propaganda promotion’, ... used to discourage people, as no third party M/A was ever going to be completed ...
... this ?, and other continuous banging on the process, ... will soon begin to be shown to be 100% total nonsense ...
Yes, ... Everything is fine, ... the Performing Trusts Are ? and always have been very, very, real’, ...
AZ
~ As “The Propaganda Machine” Works Harder ? ~
... Those that originally did not’ want retail equity owners to be able to participate ... ? ... Have Never Left’, ... obviously, ... they’, were just given more time to mislead and discourage’, ...
Tranche 4 Class 16 PIERS' ...
an original Debt Offering, Plan 7 Capped' to a "fairly calculated", ... timeline of return', with specific support'
Tranche 5 Class 17(a&b), Plan 7 aligned with the Original WMB Noteholder Program', again, with their own specific support'
Tranche 5 Class 18, the employee claims, a Court DCR applied, and their claim defined again after the reorganization,
Tranche 6 Class 19, equity class WMI Preferred Securities' as well as the TPS Securities' ... joined, upon the initiation of the "Exchange Event" (8:00am on 09/26/2008) ... The Preferred Offering Supported ...
Tranche 6 Class 21, equity class dimeq's, they' accepted a Plan 7 WMI' Class 12 "general unsecured" nomenclature and are now completed
Tranche 6 Class 22, Original Shareholder Owners of the WMI Estate', The Actual Owners ...
WMIH-Corp, is the financial beneficiary of the "Equity Interest", in WMI Investment Corp., ...
... The Performing Trusts Are now finally legally released with the D.C. dual tracks, Globic‘, Settlement ...
~ Read', And There Won't Be Any Confusion ~
No, NO' "Interests" in the Liquidating Trust (LTI's) will be issued' ... especially NOT' now, not at this current point in time', ... NO, NO LTI's are going to be issued to Anyone' beyond those LTI's already issued to Class 17a', at the reorganization' ...
The Financial Returns, will use the WMI-LT as a Pass-Through mechanism ONLY', ... and' will distribute to the recipients of each of the Class Support aligned with ones release submitted' ...
As previously disclosed in the Current Report on Form 8-K that was filed by Washington Mutual, Inc. (“WMI”) on March 12, 2012, the WMI Liquidating Trust (the “Trust”) was formed on March 6, 2012, when WMI and WMI’s wholly-owned subsidiary, WMI Investment Corp. (“Investment” and collectively with WMI, the “Debtors”), entered into a liquidating trust agreement with William C. Kosturos as the liquidating trustee, and CSC Trust Company of Delaware, as the Delaware resident trustee (the “Agreement”). The United States Bankruptcy Court for the District of Delaware (the “Court”) had previously approved the proposed form of liquidating trust agreement filed with the Court on January 25, 2012. Prior to March 19, 2012, the effective date of the Debtors’ chapter 11 plan (the “Effective Date”), the Trust had no assets and no holders of beneficial trust interests. On the Effective Date, pursuant to the Plan, certain of the Debtors’ assets were transferred to the Trust for the benefit of certain holders of claims against, or equity interests in, the Debtors. Some of the claim and equity interest holders (the “Liquidating Trust Beneficiaries”) were issued beneficial interests in the Trust (each such interest, a “Liquidating Trust Interest”) on March 23, 2012, in exchange for their claims against, or equity interests in, the Debtors. If distributions from the Trust become available to creditors and equity interest holders who are not currently entitled to Liquidating Trust Interests, additional Liquidating Trust Interests will be issued to such holders to effectuate future distributions to them.
~ Your Continued Confusion ?, Is A Choice ~
I've read the relevant documents aligned with the WaMu "dual tracking" , and obviously now "Settled" process, ... so if you notice ?, I'm not asking any questions', ... after all, it's been five plus years since the reorganization' ... there's been plenty of time for (honestly presented) WaMu Related, study, research, and Due Diligence', ...
study and research First' ... Invest' Appropriately Second', ... and Then, and Only Then, try and help others on the web, and other areas of participation' ...
~ I Know What I Own ~
AZ
~ "Equity Interest" and "Class Defining Support" ~
... "WMIH-Corp (the now reorganized WMI'), ... OWNS 100% of the "Equity Interest" in WMIIC (WMI Investment Corp.) ...
Now ? it seems, the word "Dissolve" has become popular', ... First, ? with the WaMu 1031 Exchange, ?, and now, as a reference to, WMI Investment Corp. ...
So What Do The specific' WMIIC / WMI Related Filings and Documents consider "Equity Interest" to be a reference to ... ? ... since Sept of 2008', that has always been the relevant question at hand' ... NOT what anyone thinks or guesses' it is ? or it means, ... but a more relevant consideration would be, just what did WMI' believe it was and support its belief within its submissions to the Court that "Equity Interest", was' ...
"Equity Interest" according to WMI', is a consideration of the Estates Value', whether being a reference to either "Cash" or a "Valuable Asset" ...
Yes, the use of the term "Equity interest" is hard to find beyond S. Landefeld's initial reference to it', on 09/26/2008', ... however, ... it's there for the true researcher and seeker to find just the same, ... Here, is just one additional reference placed within the Filings', ...
"Shortly after the Effective Date, the Debtors made an initial distribution of approximately $6.5 billion in cash and other assets pursuant to the Plan to certain holders of claims against, or equity interests in, the Debtors. Any remaining assets of the Debtors will be distributed by the Trust pursuant to the terms of the Agreement as remaining claims against the Debtors’ estate are resolved."
~ Here’s Just An Initial & Quick Reference, ~
As was, Just submitted’, ... Maybe ?’, These Guys would like to know that there is only an, empty shell’, with Maybe the use of some NOL’s ... as collateral for their “Cash”, ...
https://www.sec.gov/Archives/edgar/data/933136/000114036118001466/formscda.htm
AZ
~ Yep, I Thought I’d Notify, KKR ~
Ya Know, ... “Just in Case”, ... KKR’ wasn’t tracking the already fronted $600,000,000.00 of restrictive cash’, ... That Same ... Cash’, ... KKR is currently letting WMIH-Corp, ... hang on to’, ? ... (roughly $573,000,000.00 left ?)
After All, I figured letting KKR’, would be the right thing to do’, just in case they missed yesterday’s discussions
just sayin’
AZ
~ KKR’s, “Gaurantor”, Got “Dissolved” Yesterday ~
... WMIIC’ was the “Guarantor” Listed On the 01/05/2015 Rights Offering’, ... and none of That’, ? ... was recently amended’, ... ? ...
The KKR’, 01/05/2015’, Rights Offering, ... being the replacement credit facility’, issued to WMIH’, ... the same one that came with an, ... “Embedded Derivative Function” ... ? ? ...
just sayin’
AZ
~ Who ?, Wants To State What “Landefeld” Referred To’, ~
Who wants to post their specific view and exact stand’, ... again, In specific regards to what was being referred to as the, “Equity Interest”, of the WMIIC / WMI Debtors Estate’, ... When S. Landefeld stated that, ... WMI Owns 100% Of The “Equity Interest” In WMIIC” ...
And as everyone knows, Now of course, WMIH-Corp is the reorganized WMI’
S. Landefeld’ as stated, was the “Executive Vice President of Washington Mutual Inc.,”
I’ve already posted the link to this information, ... but ... Let’s END the continued nonsense and the guessing and stick to the Filings as Submitted ... and are on the Record’
AZ
~ Hogwash', READ' The Filings As Presented ~
... I've already posted the "Links" ... to the direct text' ...
AZ
~ "Equity Interest" = the Value's of The Debtor & Debtor in Possession ~
... Commonly referred to in the "relevant filings" as Washington Mutual Inc., and Washington Mutual Investment Corp. ...
Washington Mutual, Inc., ... handled everything, Plan 7 Approved, with ALL' Cash at the March 2012' reorganization' ...
Washington Mutual Investment Corp., ... continued on, as a monthly manager' for its parent corp's original participation in, "Trusts" ...
... WMIH-Corp, as the now' reorganized parent corp, WMI', ... Owns 100% of the "Equity Interest" in Washington Mutual investment Corp. ...
AZ
~ No, But Thanks’ Just The Same ~
My reference was originally to A&M’s “Engagement Letter”, ... but’, ... I think we are going to be just fine moving forward ...
Today’s Press Release is truly Excellent’ ... As I said earlier, I believe there’s more news coming’ ... on the very near horizon ...
Again Thank You’
AZ
~ Johnny, Thank You For Your Effort ~
I Truly Appreciate This
AZ
~ Developing ?, Yeppers’, This Is Finally Just Now Beginning ~
A bit of CYA’, “Slick”, in a PR ?, ... But’ Of Course, I expected no less from our BOD’, ... This is good, very, very, good ... especially considering their choice of words used’ ... and’, the timing along side of DB’s 12/11/2017 Letter ?, ... is almost Perfect’, ...
”SEATTLE, Jan. 18, 2018 /PRNewswire/ -- WMIH Corp. (Nasdaq: WMIH) (the "Company") today announced that it has completed the dissolution of its wholly-owned subsidiary WMI Investment Corp. ("WMIIC"). Earlier today, WMIIC filed a Certificate of Dissolution of WMIIC with the Office of the Delaware Secretary of State. The dissolution of WMIIC was effective immediately upon the filing of such certificate”.
(Okay, Fine we all’ already knew this was coming as of the first quarter of 2016’s SEC Filing “Q”)
”Prior to September 26, 2008, WMIIC held a variety of securities and investments;”
(Yeppers, True, ... S. Landefeld already Reported This)
”however, such securities and investments were liquidated and the value thereof distributed in connection with implementing the Company's Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code”.
(Yeppers, True Again’, ... $223,000,000.00 million dollars worth - “OF SUCH’ SECURITIES” - was necessary to accommodate the Plans accounting)
”As such, WMIIC did not have any assets or operations at the time of its dissolution.”
(Yeppers, ... No Assets ?, or Operations ? ... Yeppers, once more, True to the literal and factually correct, ... The Segregated and Performing Trusts’, DO ALL’ of the heavy lifting)
As Johnny just said, ... “developing / unfolding”, ... MORE TO COME
AZ
~ I Don’t Actually Care’, The Math Works Out The Same ~
The calculations obviously would work out Either Way for any of the original releasing participants, But. ... Yes’, ...
... The point being, the newco isn’t going anywhere by itself’, ... I spoke about a “shares for value” event a number of years ago’, ... these considerations are nothing new’
AZ
~ ItsMyOption, Yes You Are Right On Track ~
==========================
AZ, I have a question I am trying to understand how this possible WMIH “Tell” or PPS can move without exploding. Lets say and if you agree the new WMIH will inherited the "Corporate Structure" of the old parent.
... Yes, I agree with you, (WMIH-Corp), Simply Put’, IT ?, Can’t ... Not in its current state’, ... In my own opinion, the explosion is eminent’, and when considering the mere 207 million shares’ reported, and then aligning with the Original WMI “Corporate Structure” considering the size and wealth of its predecessor’, WMI, ... yes, the numbers become massive’, ...
AND now WMIH has or will soon have control /ownership of the “Preferred Capital Trust”, and will also assume the liability to those “P” & “K” holders.
... Yes Again, ... I agree ... The Original WMI Preferred Offering, ... should be’, aligned symultaneously with ALL of the now (Globic Settlement), legally released “Trusts”, ... and’, ... a percentage of the Original Preferred Offering Trust(s) Structure should be “Cash”, ... (heloc’s, option arms, refi’s, etc’ etc’) ...
One can only imagine how a value of lets say 5 billion plus can have on a $1.00 stock with only 210 million shares. Every 1 billion in value could cause $4.00 in pps value. Do you or others have a good understanding how WMIH management could manage the value in the form of pps movement.
... Yes, Absolutely, ... BUT’, ... Not quite yet in my opinion’, ... If Deutsche Bank’s 12/11/2017 Letter is correct’ ?, then aligned with a Trust Prospectus, ... A Trust Distribution is anywhere between the 21st and the 25th of a month’, ... So, DB’s Letter, now that Globic is completed’, ... made sense to me’, ... So here’s the tricky part’, today ?, none of the Released values would have actually been realized’, ... But, in my opinion, Now that the DB Trusts are able to begin process once again, ... So should they all’, ... Our own as well...
If any of these possible billion can flow directly to the new WMIH holding company – yes a good thing for WMIH holders BUT, can the new company just inherited that much money without any debt obligations to the Estate – the old tracking mark shareholders?
... No, they can not’ ... not now that Plan 6 failed’, ... The reorganized newco’, ... MUST also address and financially consider the Original Class Releasing Owners of each and every supporting Trust involved’ as specifically associated with their individual Class of Participation, ...
AZ
~ ItsMyOption, Yes I See Your Point ~
I was originally interested in the requirements stated in the Original "A&M Engagement Letter", dated from October of 2008', ... long before the forming of the WMI-LT' ... (currently, with don_b_kruel, still on the advisory board's payroll)
... "A Monthly Report is to be submitted by the CRO to the CEO", ...
I always found it to be simply more "Slick", being done, because back in Oct 2008' Kosturos was named as Both', ... the CRO and the CEO' ... then, in the 1st quarter of 2012' after the Plan was Approved, ... Williams' was named as the CEO' ...
Now ?, ... of course the New Company WMIH-Corp, has had it's own CEO', since 2012' ... Yet Kosturus continues on as the CRO' (Chief Restructuring Officer) ...
I just know that this BOD's and the Members of the LT' have been less than forthright with the people that are involved' ...
... I'll just resign myself to continue to wait along with all of the institutional investors' and the ad-hoc Steering Committee WMB Noteholders' ...
Thanks
AZ
~ Email Questions To WG ? ~
Yep, how about this one that didn’t ever receive an answer’, ...
So, Mr RBS Greenwich’, ... when do you plan on getting that $4,000,000.25 worth of bonus shares of WMIH-Corp ? ... anytime soon, ?, ... or have you fallen victim to all of the smoke blowin’, ... as well ...
... Yeah, I doubt It’, ... Yours Truly,
AZ
~ Coooooool’, and Thanks’ ~
The accounting provided in those monthly reports, ... as a requirement listed in A&M’s “Engagement Letters”, ... have a death grip of secrecy placed upon them’, ...
I’m hoping that you are more successful in getting to review either one, or all of them, ... than I have been, ...
Thanks Again,
AZ
~ Johnny, Do You’ Know Any Way Possible ? ~
... To gain access to a monthly report ... which according to the “Engagement Letter”,... is supposed to be provided monthly’ to the CEO of the company (WMIH-Corp), ... By the CRO, of the LT ... Kosturos, (the chief restructuring officer), ... ?
... I have tried to gain access to any one of the 104 monthly submissions to date’, ... supposedly submitted since the reorganization, ... But’, I make them nervous’, ... dont_b_kruel ... and all’ ...
AZ
~ Well, The Approved Plan 7’ Compliments A “Trust” Prospectus ~
... since latter 2012’, I have been trying to help the people understand, ... Not only what the documents and process dictates, ... but just exactly who’, we are dealing with as well’, ... obvious misinterpretations, are not helpful ...
1.103 Equity Interest: The interest of any holder of one or more equity securities of WMI (including, without limitation, voting rights, if any, related to such equity securities) represented by issued and outstanding shares of common or preferred stock or other instrument evidencing a present ownership interest in WMI, whether or not transferable, or any option, warrant, or right, contractual or otherwise, to acquire any such interest, including, without limitation, unvested restricted stock.
PLAN ASSET REGULATION
An investment of Plan Assets in Certificates may cause the underlying Mortgage Loans, Cooperative Loans, Agency Securities, Private Securities, and/or other assets held in a Trust to be deemed 'plan assets' of such Plan. The U.S. Department of Labor (the 'DOL') has issued a regulation (the 'DOL Regulation') concerning whether or not the assets of a Plan would be deemed to include an interest in the underlying assets of an entity (such as a Trust), for purposes of applying the general fiduciary standards of ERISA and the prohibited transaction provisions of ERISA and Section 4975 of the Code, when a Plan acquires an equity interest (such as a Certificate) in such entity. Because of the factual nature of certain rules in the DOL Regulation, it cannot be predicted whether the assets of a Plan will be deemed to include either (i) an interest in the assets of a entity in which the Plan holds an equity interest (such as a Trust), or (ii) merely the Plan's interest in the instrument evidencing such interest (such as a Certificate). Therefore, neither Plans nor certain entities in which assets of Plans are invested should acquire or hold Certificates in reliance upon the availability of any exception under the DOL Regulation. For purposes of this section, the terms 'plan assets' and 'assets of a Plan' ('Plan Assets') have the meanings specified in the DOL Regulation and include an undivided interest in the underlying assets of certain entities in which a Plan holds an equity interest.
~ I Choose’, to listen To S. Landefeld ~
The actual WMIIC / WMI Bankruptcy Filer, and the Executive Vice President of Washington Mutual Inc., ...
And’, I also Chose’, to understand just exactly ... What’, ? ... S. Landefeld also CHOSE’, to secure FIRST’, ... @ 10:15pm On 09/26/2008’, ... just one minute ahead of WMI’s filing for BK protection @ 10:16pm On 09/26/2008’ ...
Also, Don’t miss or fail to consider, ... Judge Collyer, and the D.C. dual track either’ ... many’, Did
AZ
~ Read It Again’, ~
As a specific reference to the WMIIC / WMI Approved Plan 7’, ... ? ... this, 1.103 is accurate’, ... it’s just obviously being misunderstood ... read what it is stating again, ... and then apply a WMI’ securitized Trusts’ prospectus ...
1.103 Equity Interest: The interest of any holder of one or more equity securities of WMI (including, without limitation, voting rights, if any, related to such equity securities) represented by issued and outstanding shares of common or preferred stock or other instrument evidencing a present ownership interest in WMI, whether or not transferable, or any option, warrant, or right, contractual or otherwise, to acquire any such interest, including, without limitation, unvested restricted stock.
PLAN ASSET REGULATION
An investment of Plan Assets in Certificates may cause the underlying Mortgage Loans, Cooperative Loans, Agency Securities, Private Securities, and/or other assets held in a Trust to be deemed 'plan assets' of such Plan. The U.S. Department of Labor (the 'DOL') has issued a regulation (the 'DOL Regulation') concerning whether or not the assets of a Plan would be deemed to include an interest in the underlying assets of an entity (such as a Trust), for purposes of applying the general fiduciary standards of ERISA and the prohibited transaction provisions of ERISA and Section 4975 of the Code, when a Plan acquires an equity interest (such as a Certificate) in such entity. Because of the factual nature of certain rules in the DOL Regulation, it cannot be predicted whether the assets of a Plan will be deemed to include either (i) an interest in the assets of a entity in which the Plan holds an equity interest (such as a Trust), or (ii) merely the Plan's interest in the instrument evidencing such interest (such as a Certificate). Therefore, neither Plans nor certain entities in which assets of Plans are invested should acquire or hold Certificates in reliance upon the availability of any exception under the DOL Regulation. For purposes of this section, the terms 'plan assets' and 'assets of a Plan' ('Plan Assets') have the meanings specified in the DOL Regulation and include an undivided interest in the underlying assets of certain entities in which a Plan holds an equity interest.
~ Doc, Thanks’ The Following Describes What “Equity Interest” Is’ ~
The following “quoted” text, is directly from one of hundreds of WMI’, securitized Trusts’, ... one of hundreds of WMI’, listed “Trusts” able to be studied and referred to on the SEC site, ... SIC Code’, 6189’ ...
... As stated, ... “Equity Interest” ... is an investment of Plan Assets, made by a qualified Corp. ... in our case, WMI’ (the parent)
... and, as we know from the WMIIC’ first filing for bankruptcy protection, ... ”WMIH-Corp, as the reorganized Washington Mutual Inc., OWNS’, 100% of the “Equity Interest” in WMI Investment Corp”. ...
PLAN ASSET REGULATION
An investment of Plan Assets in Certificates may cause the underlying Mortgage Loans, Cooperative Loans, Agency Securities, Private Securities, and/or other assets held in a Trust to be deemed 'plan assets' of such Plan. The U.S. Department of Labor (the 'DOL') has issued a regulation (the 'DOL Regulation') concerning whether or not the assets of a Plan would be deemed to include an interest in the underlying assets of an entity (such as a Trust), for purposes of applying the general fiduciary standards of ERISA and the prohibited transaction provisions of ERISA and Section 4975 of the Code, when a Plan acquires an equity interest (such as a Certificate) in such entity. Because of the factual nature of certain rules in the DOL Regulation, it cannot be predicted whether the assets of a Plan will be deemed to include either (i) an interest in the assets of a entity in which the Plan holds an equity interest (such as a Trust), or (ii) merely the Plan's interest in the instrument evidencing such interest (such as a Certificate). Therefore, neither Plans nor certain entities in which assets of Plans are invested should acquire or hold Certificates in reliance upon the availability of any exception under the DOL Regulation. For purposes of this section, the terms 'plan assets' and 'assets of a Plan' ('Plan Assets') have the meanings specified in the DOL Regulation and include an undivided interest in the underlying assets of certain entities in which a Plan holds an equity interest.
~ LP, Yep I Was Just Foolin' Around With You ~
I don't ever get it either' ... after all, right ? ... but then again, I don't let any of it bother me either' ... (obviously) ...
I"m like you are, and I take things that I can not control, ... in stride' ...
heck I figure that the institutions that are involved here are under a lot more financial heat than I am' ... while we' all wait together ...
... Lately I've been studying the IRS allowances of a 1031 Exchange' ... but because I never ever considered the WaMu 1031 Exchange', ... Now that it (that 40 plus year old WaMu Company) has been "dissolved", ... if anything of any financial relevance, comes through the Pass-Through' ?, ... it's just a gift the way I see things' ... I've been focused on the securities' and never considered the WaMu 1031'
Also, Deutsche Bank's beginnings next week is also interesting' ... IF ?, their Trusts are able to distribute' ?, Then So Should They All' ...
I hope I'm right as well, and I support my opinions with all of my own cash' ... (shhh', but a lot) ...
I would like to be able to take a look at one of those CRO monthly reports, given to the CEO' ...
Thanks For The Discussion'
AZ