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Holding company can have different non-banking subsidiaries.
WMI was more than 100 years old and they have 100s of non-banking subs like A.H.Hamson and co of $10B worth,they acquired.Acd....WM Citation,WMMRP..etc.
A bank can't file for a bankruptcy, it is the holding company that needs to file as far as know.
Due to contract law,some assets can't be sold during ch 11,it could take years as i read,in our case i think thats what happened and at the same time other issues like litigations,claims reconcilation and processing disputed claims like Dime and WMB Nholders false claims in more than $3 Billion.
JMO.
Mr.Simpson...
In the QSR and application to close the cases,there would be some distribution to class 22.
But why are they still maintaining Ps and Ks?.
Yesterday i posted something about Method of reporting for tax purposes.
LT took an option to submit the tax form with an attachment.
That "attachment" will have taxids of the trust beneficiaries.
DCR was a different account which was created to address DIME issues on face, there were atleast $3 Billion or more disputed assets.
Mr.Folse from S&G talked about speculative $30 B down the line get distributed to somebody someday.
To sell the assets of that size, there would be lot of contracts and market conditions,and claims resolution of Billions of dollars is not an easy task,considering claim holders such as AAOC.
ESCROWED EQUITY INTERESTS SHOULD GET DISTRIBUTED AROUND JAN 10,2020.JMO.
WHAT WAS ABOUT "RESURRECT" COMMENT BY BR?.
He talked about gold at the end of rainbow and later on used word "RESURRECT".
Did anyone hear that?.
If the context is if escrows are deleted now, if there is something found in the future,BR was suggesting that the LT could "RESURRECT" escrows.Is that a right word in that context or something new brews up?.
I always wonder why LT has a SIC code which is different that WMI?
THE KEY § 1.671-4 Method of reporting.
https://www.law.cornell.edu/cfr/text/26/1.671-4
I Will explore.Enjoy.
goodie..
Read this or you can skip to the next
https://www.taxlawforchb.com/2018/03/trusts-and-the-corporate-lawyer/
https://www.irs.gov/pub/irs-wd/201808004.pdf
Accordingly, the Plan, Disclosure
Statement and Trust Agreement provide that Trust beneficiaries shall be treated for U.S.
federal income tax purposes as the grantors and owners of their respective share of
Trust assets (other than such Trust assets that are allocable to the Disputed Claims
Reserve), consistent with the requirements set out in Rev. Proc. 94-45, 1994-2 C.B.
684. Trust represents that, in accordance with the Plan, the Disclosure Statement, and
the Trust Agreement, Trust has filed, and will continue to file, returns for Trust treating it
(but not the Disputed Claims Reserve) as a grantor trust pursuant to § 1.671-4(a) of the
Income Tax Regulations.
Now read this
https://www.law.cornell.edu/cfr/text/26/1.671-4
§ 1.671-4 Method of reporting.
(a) Portion of trust treated as owned by the grantor or another person. Except as otherwise provided in paragraph (b) of this section and § 1.671-5, items of income, deduction, and credit attributable to any portion of a trust that, under the provisions of subpart E (section 671 and following), part I, subchapter J, chapter 1 of the Internal Revenue Code, is treated as owned by the grantor or another person, are not reported by the trust on Form 1041, “U.S. Income Tax Return for Estates and Trusts,” but are shown on a separate statement to be attached to that form. Section 1.671-5 provides special reporting rules for widely held fixed investment trusts. Section 301.7701-4(e)(2) of this chapter provides guidance regarding the application of the reporting rules in this paragraph (a) to an environmental remediation trust.
ESCROWED EQUITY INTERESTS GETTING DISTRIBUTED IN THIS FINAL DISTRIBUTION.
REMAINING ASSETS COULD BE RETURNED TO THE GRANTORs.
WHY IS TRUST WITHHOLDING TAXES(or paying) ON ESCROWED EQUITY INTERESTS or CLASS 19 and CLASS 22 INTERESTS?
Page 7/8
http://www.kccllc.net/wamu/document/0812229191220000000000001
PLEASE TAKE FURTHER NOTICE that, on ____________, 2020, WMI Liquidating
Trust (“WMILT”) made its final distribution of remaining assets and escrowed equity interests
pursuant to the Plan. A list of recipients that have either (a) had any such distributions returned
to WMILT due to incorrect initial or forwarding address information or (b) received such
distributions but, as of the date hereof, have not negotiated the check distributed, is set forth on
WMILT’s website, www.wmitrust.com. Any recipients’ listed thereon that have had
distributions returned to WMILT shall have until May __, 2020, to notify WMILT of such
recipients’ whereabouts and receive such distribution.
Page 19/57
http://www.kccllc.net/documents/8817600/8817600120507000000000001.pdf
5.4 Tax Withholdings by Liquidating Trustee. The Liquidating Trustee may withhold and pay
to the appropriate Tax Authority all amounts required to be withheld pursuant to the IRC or any provision of
any foreign, state or local tax law with respect to any payment or distribution to the holders of Liquidating
Trust Interests. All such amounts withheld and paid to the appropriate Tax Authority (or placed in escrow
pending resolution of the need to withhold) shall be treated as amounts distributed to such holders of
Liquidating Trust Interests for all purposes of the Trust Agreement. The Liquidating Trustee shall be
authorized to collect such tax information from the holders of Liquidating Trust Interests (including, without
limitation, social security numbers or other tax identification numbers) as in its sole discretion the Liquidating
Trustee deems necessary to effectuate the Plan, the Confirmation Order, and the Trust Agreement. In order to
receive distributions under the Plan, all holders of Liquidating Trust Interests (including, without limitation,
holders of Allowed Senior Notes Claims, Allowed Senior Subordinated Notes Claims, Allowed CCB-1
Guarantees Claims, Allowed CCB-2 Guarantees Claims, Allowed General Unsecured Claims, Allowed LateFiled Claims, Allowed PIERS Claims, Allowed WMB Senior Notes Claims, Allowed Preferred Equity
Interests, Allowed Common Equity Interests, holders of Dime Warrants, and Accepting Non-Filing WMB
Senior Note Holders, who in each case, deliver a release in accordance with the provisions of Section 41.6 of
the Plan) shall be required to identify themselves to the Liquidating Trustee and provide tax information and
the specifics of their holdings, to the extent the Liquidating Trustee deems appropriate in the manner and in
accordance with the procedures from time to time established by the Liquidating Trustee for these
purposes. This identification requirement generally applies to all holders, including those who hold their
Claims in “street name.” The Liquidating Trustee may refuse to make a distribution to any holder of a
Liquidating Trust Interest that fails to furnish such information in a timely fashion, and until such information
is delivered may treat such holder’s Liquidating Trust Interests as disputed; provided, however, that, upon the
delivery of such information by a holder of a Liquidating Trust Interest, the Liquidating Trustee shall make
such distribution to which the holder of the Liquidating Trust Interest is entitled, without additional interest
occasioned by such holder’s delay in providing tax information; and, provided, further, that, if such
information is not furnished to the Liquidating Trustee within six (6) months of the original request to furnish
such information, no further distributions shall be made to the holder of such Liquidating Trust Interest; and,
provided, further, that, if the Liquidating Trustee fails to withhold in respect of amounts received or
distributable with respect to any such holder and the Liquidating Trustee is later held liable for the amount of such withholding, such
holder shall reimburse the Liquidating Trustee for such liability (to the extent such amounts were actually
distributed to such holder).
I AM NOT SAYING I AGREE OR DISAGREE WITH AZ.
I am saying only that there was class specific allocation done when the Grantor Trust was formed.And mentioned how the trust is paying pr with holding taxes for class 19 and 22.
I never got an idea what AZ informed.
I just agreed that class specific allocation had to be done when forming a grantor trust.
And what you do?.Weeping on every post with out any DD?.
ESCROW CUSIPS WERE ASSIGNED FOR A REASON BY THE DISBURSING AGENT DTC.
Plan Trust authorized DTC to issue escrow cusips for old equity and debt as appropriate.The allocated assets are maintained by the plan trust, when ready those will flow to the designated accounts,could be cash or new ticker,lol.
I AGREE WITH AZ ON CLASS SPECIFIC SEGREGATED ASSETS FOR CLASS 19 AND CLASS 22.
LT is a Grantor Trust.
LT had to make the selection for tax purposes how much amount or asset was alloccable to each class of beneficiary including equity classes.
LT is with holding amounts in an escrow and paying taxes or holding.
LT application mentioned that "Escrowed Equity Interests" which was not defined in the plan.
LT will distribute this escrowed amounts to the Grantor(s) ie class 19 and 22 as class 18 is closed.
So no "further distributions" to equity classes,"EXCEPT THIS ESCROWED EQUITY INTERESTS"
Lets see.
EQUITY WILL GET ALREADY ALLOCATED ASSETS AS A GRANTOR TRUST
LT COLLECTED SSN of equity classes and paying taxes for the amount with held.
ESCROWED INTERESTS ALSO GET DISTRIBUTED AS PER LT APPLICATION
5.4 Tax Withholdings by Liquidating Trustee. The Liquidating Trustee may withhold and pay
to the appropriate Tax Authority all amounts required to be withheld pursuant to the IRC or any provision of
any foreign, state or local tax law with respect to any payment or distribution to the holders of Liquidating
Trust Interests. All such amounts withheld and paid to the appropriate Tax Authority (or placed in escrow
pending resolution of the need to withhold) shall be treated as amounts distributed to such holders of
Liquidating Trust Interests for all purposes of the Trust Agreement. The Liquidating Trustee shall be
authorized to collect such tax information from the holders of Liquidating Trust Interests (including, without
limitation, social security numbers or other tax identification numbers) as in its sole discretion the Liquidating
Trustee deems necessary to effectuate the Plan, the Confirmation Order, and the Trust Agreement. In order to
receive distributions under the Plan, all holders of Liquidating Trust Interests (including, without limitation,
holders of Allowed Senior Notes Claims, Allowed Senior Subordinated Notes Claims, Allowed CCB-1
Guarantees Claims, Allowed CCB-2 Guarantees Claims, Allowed General Unsecured Claims, Allowed LateFiled Claims, Allowed PIERS Claims, Allowed WMB Senior Notes Claims, Allowed Preferred Equity
Interests, Allowed Common Equity Interests, holders of Dime Warrants, and Accepting Non-Filing WMB
Senior Note Holders, who in each case, deliver a release in accordance with the provisions of Section 41.6 of
the Plan) shall be required to identify themselves to the Liquidating Trustee and provide tax information and
the specifics of their holdings, to the extent the Liquidating Trustee deems appropriate in the manner and in
accordance with the procedures from time to time established by the Liquidating Trustee for these
purposes. This identification requirement generally applies to all holders, including those who hold their
Claims in “street name.” The Liquidating Trustee may refuse to make a distribution to any holder of a
Liquidating Trust Interest that fails to furnish such information in a timely fashion, and until such information
is delivered may treat such holder’s Liquidating Trust Interests as disputed; provided, however, that, upon the
delivery of such information by a holder of a Liquidating Trust Interest, the Liquidating Trustee shall make
such distribution to which the holder of the Liquidating Trust Interest is entitled, without additional interest
occasioned by such holder’s delay in providing tax information; and, provided, further, that, if such
information is not furnished to the Liquidating Trustee within six (6) months of the original request to furnish
such information, no further distributions shall be made to the holder of such Liquidating Trust Interest; and,
provided, further, that, if the Liquidating Trustee fails to withhold in respect of amounts received or
MERRY CHRISTMAS TO ALL.
Check if your broker name exists?.
DISPUTED OWNERSHIP FUND,ELECTIONS PROCESS AND GOAL.
google.
IT ALL DEPENDS ON WHO IS THE DISBURSING AGENT AND ASSOCIATED ASSETS OF EACH CLASS WITH DISBURSING AGENT,JMO.
You are welcome.
what you have is already released and in return received escrow cusip 939ESC968.That list shows the original cusip before escrow conversion.
dmceng,
I DONT CARE WHAT YOU CARE OR NOT.
You are welcome Mr.Simpson.We should receive LTI's after class 18 is paid and after the case is closed.No need for the trust to report to court.JMO.
JPM HAD WAY WAY MORE THAN $200 MILLION IN CLASS 19
$50 Million K's
2 Million K's
2 Million Q's
Many many P's
JPM HAD $200 MILLION CLASS 19
http://www.kccllc.net/wamu/document/0812229120213000000000026
93934W AA 3 JP MORGAN BANK 2/9/12 2/8/12 $26,500,000.00 9 7 2 0 $26,500,000.00 $16,300,000.00 $10,200,000.00 $0.00 ACCEPT/REJECT
93934W AA 3 JP MORGAN CLEARING 2/9/12 2/8/12 $179,942,000.00 16 9 7 0 $179,942,000.00 $55,200,000.00 $124,742,000.00 $0.00 ACCEPT/REJECT
93934W AA 3 JP MORGAN/RBS 2/7/12 2/6/12 $9,000,000.00 1 1 0 0 $9,000,000.00 $9,000,000.00 $0.00 $0.00 ACCEPT
93934W AA 3 MERRILL/FIXED
CLASS 19 VOTED PARTIES
Page 35/389
http://www.kccllc.net/wamu/document/0812229120213000000000026
Prepetition Agreements to Be Assumed and Assigned
Page 96/337
ASSIGNEE AND COUNTERPARTY
Ahmanson Obligation Company in favor of JPMorgan
Chase Bank, N.A.
Limited Power of Attorney, regarding servicing and
administration of certain mortgage loans, dated
September 29, 2009
Ahmanson Obligation Company in favor of JPMorgan
Chase Bank, N.A.
Limited Power of Attorney, regarding servicing and
administration of certain mortgage loans, dated August
4, 2010
Dell Marketing L.P. and JPMorgan Chase Bank, N.A. Stipulation
Wells Fargo Bank,
National Association;
JPMorgan Chase
Bank, N.A.; Federal
Deposit Insurance
Corporation, in its
capacity as receiver
for Washington
Mutual Bank
Escrow Agreement, dated
September 23, 2010
Wells Fargo Corporate Trust Services
625 Marquette Avenue, 11th Fl.
N9311-110
Minneapolis, Minnesota 55479
Attn: David Bergstrom,
Vice President
With a copy to:
Thompson Hine LLP
335 Madison Avenue, 12th Fl.
New York, New York 10017
Attn: Mildred Quinones-Holmes, Esq.
JPMorgan Chase Bank, N.A.
270 Park Avenue, 12th Fl.
New York, New York 10017
Attn: Donald McCree
-andJPMorgan Chase Bank, N.A.
270 Park Avenue, 38th Fl.
New York, New York 10017
Attn: Travis Epes, Esq.
-andWMI
Liquidating
Trust
Ofcourse JPM had class 19, i remember reading.
I know,read POR 7 plan contribution assets,read plan supplement,it shows WMILT CONTRACT WITH JPM of loan servicing..etc.
Plan contribution assets were put in DCR for class 19 and 22.
3. Distributions by the Disbursing Agent
All distributions under the Seventh Amended Plan shall be made by the Disbursing
Agent. The Disbursing Agent shall be deemed to hold all property to be distributed hereunder in trust for
the Entities entitled to receive the same. The Disbursing Agent shall not hold an economic or beneficial
interest in such property.
DTC distributes as a disbursing agent of class 19 and 22 once the property is released by the Trust.
POR 7 ALLOWED EQUITY TO BECOME A LENDER,IMO LOL...WE EQUITY LENT OUT THE ASSETS.
JMO.
EQUITY SHOULD RECEIVE LTIs SOON AS PER DS
Page 237/1061
http://www.kccllc.net/documents/0812229/0812229120116000000000004.pdf
5. Transfer of Assets to the Liquidating Trust
Pursuant to the Seventh Amended Plan, on the Effective Date the Debtors will transfer
the Liquidating Trust Assets (including all of the Debtors’ right, title and interest in any tax refunds with
respect to pre-2011 taxable years, but excluding the Debtors’ economic interest in the Litigation Proceeds
retained by Reorganized WMI as a result of Reorganized Common Stock Elections by certain Claimants)
to the Liquidating Trust, on behalf of the respective claimants and holders of Equity Interests comprising
the Liquidating Trust Beneficiaries. [/b]
B. Consequences to Holders of Certain Claims and Equity Interests
Pursuant to the Seventh Amended Plan and the LTW Stipulation, it is contemplated that
holders of Allowed Convenience Claims and Allowed Priority Non-Tax Claims will receive cash, and
holders of Allowed Senior Notes Claims, Allowed Senior Subordinated Notes Claims, Allowed General
Unsecured Claims, Allowed CCB-1 Guarantee Claims, Allowed CCB-2 Guarantee Claims, Allowed
PIERS Claims, Allowed LTW Claims, and certain late-filed claims, will receive cash, Liquidating Trust
Interests, Runoff Notes and/or Reorganized Common Stock (depending on the particular class and
applicable elections), in satisfaction of their respective Claims.
Pursuant to the Seventh Amended Plan, those holders of WMB Senior Notes Claims in
Class 17A that are deemed to grant releases by virtue of their elections with respect to the Modified Sixth
Amended Plan (in which case their Claims are treated as Allowed Claims) or have their Claims otherwise
allowed will receive their pro rata share of BB Liquidating Trust Interests in satisfaction of their Claims.
Releasing REIT Trust Holders will also receive a separately negotiated payment from
JPMC under the Global Settlement Agreement, the tax consequences of which are not discussed herein.
Pursuant to the Seventh Amended Plan, holders of Subordinated Claims will receive their
contingent Pro Rata Share of Liquidating Trust Interests and their Claims will be extinguished.[color=red] Holders
of Preferred Equity Interests (including, without limitation, each holder of a REIT Series), and Common
Equity Interests (including Disputed Equity Interests to the extent determined to be Equity Interests or
Allowed Claims subordinated to the level of Equity Interests) and, in the event the LTW Stipulation is not
approved by the Bankruptcy Court, Dime Warrants (to the extent determined to be Equity Interests or
Allowed Claims subordinated to the level of Equity Interests) will receive their contingent Pro Rata Share
of Liquidating Trust Interests and the amount of Reorganized Common Stock allocated to such Class,
subject to the provision of the releases described in Section 41.6 of the Seventh Amended Plan, and their
Equity Interests or Allowed Claims will be extinguished.
[/color]
ENJOY 2020 & BEYOND.
THEY NEVER MENTIONED ABOUT NOT ISSUING LTIs IN RECENT DOCUMENTS AND IN THE HEARINGS.
In advance of class 18 distributions, they can't issue any LTI's to classes below 18, as per the law.IMO.
Probably 1st week of Jan 2020.
PROBABLY JPM/WMIH
JPM SET UP DTC FOR REIT HOLDERS WHO ARE SHARING WITH CLASS 19 IF I AM NOT WRONG.
WE WILL LEAVE THE MARKER THERE...LOL.YOU HAVE TO BECAUSE ITS BEYOND YOUR CONTROL.
have a goodnight lodas.
DOES LAW SUPPORT FRAUD?.
LODAS $20B DISTRIBUTED TO WMILT AS PER FEB 2012 MOR
FDIC SAID THERE WERE FDIC AND JPM CLAIMS OF $20B IN ASSETS, BUT POR7 APPROVAL ELIMINATED ALL THOSE CLAIMS.(so what happened to those assets?).
DEBT WAS AROUND $6.7B or close and IT WAS TAKEN CARE BY SO MANY THINGS.REORG WAS THE DISBURSING AGENT OF THAT PILE OF CASH.
CREDITORS TOOK OVER COOP,THEY CAN'T GET ANYTHING MORE THAN EQUITY IN WMIIC,WMMRC AND WMB.
EQUITY IN WMB WAS ABANDONED BEFORE THE EFFECTIVE DATE MARCH 19th 2012.
WHAT HAPPENED TO WMI EQUITY?.THEY HAD COMBINED EQUITY OF AROUND $24B,PREFERRED $7.5B, COMMONS $16.5B.
PROJECT WEST AND ALL,DOES JPM CARE ABOUT MONEY NOW?.THEY BECAME TOO FAT BECAUSE OF WAMU.
-----------------------------------------------------------------
POR CAN BE FAILED IF THERE IS FRAUD WHICH CAN BE PROVED IN COURT.
-----------------------------------------------------------------
THERE WERE TOO MANY LIES IN THIS CASE WHICH CAN BE PROVED.BUT I AM SEEING A VERY HAPPY ENDING FOR ALL THOSE WHO RELEASED.I DONT THINK JD IS DUMB TO INVITE LAW SUITS DOWN THE LINE,HE IS VERY WELL EDUCATED,BOXER AND A FIXER.THESE CASES GO FOREVER,HE CANT BE CEO OF JPM FOREVER AND POLITICAL DYNAMICS CHANGE.
BUT JPM WILL BE THERE,JMO.
Take it easy pal.
WORLDCOM CEO GOT OUT OF JAIL THIS WEEK, FEW MONTHS AGO ENRON CEO GOT OUT.LAW TAKE ITS OWN COURSE.
All in my opinion.
LT IS OPEN THRU 2019.NO REPORTING TO COURT ANYMORE.Check the QSR.
Page 11
WMI Liquidating Trust
September 2019 Quarterly Summary Report -- UNAUDITED
Rollforward of Claims (in millions)
As noted in the Notes to the Financial Statements, the Trust intends to make one final cash distribution to Class 18 Allowed Subordianted claims. No LTIs will be issued in advance of such distribution.
As per plan and court documents, equity should get LTIs.This is still pending due to class 18 distributions.IMO, we will get LTIs or cash(specified in Note 7 of QSR)
http://www.wmitrust.com/wmitrust/document/8817600191101000000000001
I WANT LT BE CLOSED TODAY.
I CAN GET MY LTIs/CASH/COOP/JPM FROM WMIH BEING THE DISBURSING AGENT FOR LTIs AS PER POR 7.
Reiko..my apologies.You were right, judge said of funds available.
THAT IS STUPIDITY.LTIs WERE GIVEN ON THE EFFECTIVE DATE,BUT NOT DISTRIBUTED TO EQUITY.
LTIs CAN'T BE ISSUED IN ADVANCE OF CLASS 18 DISTRIBUTIONS.
WMIH IS THE DISBURSING AGENT OF LTIs, its not KCC,BK court or the LT.
WMIH IS THE PARENT COMPANY OF COOP.
WHO IS THE DISBURSING AGENT FOR DCR?.
WMIH IS THE DISBURSING AGENT FOR LTIs, NOT LT.