WMILT 10K filed 3-27-2018 P3:
“On the Effective Date, the Plan became effective and a notice of the Effective Date of the Plan was filed with the Bankruptcy Court. Reorganized WMI, as a successor of WMI, filed a Form 8-K with the SEC on March 23, 2012 disclosing, among other things, (a) the occurrence of the Effective Date and the emergence of Reorganized WMI from the Debtors’ chapter 11 case, (b) the transfer of certain of the Debtors’ assets to the Trust, as further described below (which assets are referred to herein as the “Liquidating Trust Assets”), (c) the cancellation of WMI’s existing equity interests, (d) the amendment of Reorganized WMI’s articles of incorporation and bylaws,”
As further described below on P4:
” The Liquidating Trust Assets consisted of all of the assets of the Debtors as of the Effective Date, other than:
• WMI’s equity interests in (i) Investment (all the assets of which were contributed to the Trust or were transferred to JPMC pursuant to the Global Settlement Agreement), (ii) WM Mortgage Reinsurance Company, Inc. (“WMMRC”), a whollyowned subsidiary of Reorganized WMI, and (iii) WMB (substantially all of whose assets were sold to JPMC on September 25, 2008, pursuant to the Purchase and Assumption Agreement, and whose stock was abandoned by WMI shortly before the Effective Date)”
It showed that WMILT does not have ownership of WMI’s equity interests in (i) WMIIC.
https://definedterm.com/equity_interests :
“Equity Interests
from Five Year Credit Agreement (2015)
by HSBC BANK USA, Citibank International plc & 8 more
"Equity Interests" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity interests in any Person, or any obligations convertible into or exchangeable for, or giving any Person a right, option or warrant to acquire such equity interests or such convertible or exchangeable obligations.”
So it is proper to believe that WMILT does not have ownership to the beneficial interests in the SPE Trusts.
So it is also proper to believe that income stream from the beneficial interests in the SPE Trusts cannot be distributed to escrow marker holders who will be receiving LTI soon since WMILT is not the beneficiary.
Who is the beneficiary to such income?
WMIIC, became a subsidiary of the reorganized debtor; WMIH owns the equity interests of WMIIC.
This could be the reason, in addition to the $6B NOL owned by WMIH that draws the big boyz
to the party:
KKR, Citi, NSM(Fortress & Softbank), the players of the $2.75B bridge loans: CS, Jeffries, DB, HSBC, …… and other financial predators.
Seeking your comment to tell me that this deduction is wrong.
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