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And LG, probably there was a reason WMILT officially did not distribute any LTIs for released equity classes because there were senior claims and disputed equity claims (AAOC and others buying WMI equity)pending thru Jan 2020.WMI former equity received a portion of the reorganized company because creditors and preferred holders agreed to issue such portion and which was diluted significantly by using a RS few years ago.I see that was the reason(probably) entering details into a Book Entry system( using Ballot and W-9 submitted by released equity both class 19 and class 22).And the same thing was mentioned in the IRS ruling letter that equity owners were directly receiving distributions from underlying assets.I think COOP is using those assets and remitting the cash, COOP is the disbursing agent for LTIs and Litigation Proceeds Interests. And WMILT had no control over claims and LTIs in DCR and DCR is a separate entity.IMO, DCR is the Safe Harbor assets lying and it needs to be addressed as per restated and amended liquidating trust agreement.
LG, this is the evidence LTIs were issued based on W-8 or W-9.
WMI LIQUIDATING TRUST ANNOUNCES ADDITIONAL INFORMATION FOR
LIQUIDATING TRUST INTEREST BENEFICIARIES AND FOR CLASS 17A CLAIMANTS
SEATTLE, April 3, 2012 – The WMI Liquidating Trust (the “Liquidating Trust”), which was formed pursuant to the recently 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. (“WMI”), today announced that on or about April 16, 2012, it will begin issuing summary statements to holders of Liquidating Trust Interests who returned a Form W-8 or Form W-9 in connection with the solicitation of acceptances on and elections pursuant to the Plan. As previously announced, the Plan became effective on March 19, 2012.
The summary statements to be issued on or about April 16, 2012, will provide a summary of the value of a particular holder’s Allowed Claim (as defined in the Plan) as of the Effective Date, distributions made with respect to such claim, and the balance of Liquidating Trust Interests held by that holder after giving effect to such distributions made on March 23, 2012. An initial valuation of the Liquidating Trust Interests also will be included in these statements, for tax reporting purposes. At the end of each calendar quarter, subsequent statements reflecting updated information will be mailed to holders of Liquidating Trust Interests.
The Liquidating Trust also announced today that on March 23, 2012, consistent with the Plan, a onetime disbursement of $326.8 million (or $335 million less a “holdback” in respect of the payment of certain professional fees as contemplated by the Plan) was made to members of Class 17A (as described in the Plan) across holders of approximately $6.1 billion of claims (after giving effect to adjustments for applicable exchange rates for foreign currency, if any) and that no additional distributions of cash or Liquidating Trust Interests will be issued to members of Class 17A. The chart below summarizes the cash distribution rates for Class 17A by security and CUSIP.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000140/mm04-0612_8ke992.htm
LG "one set of investors received LTIs and one set of investors are in the Book-Entry system" exactly IMO too. I had PIERS, it was evidenced by LTI statement. Those were not evidenced by book entry form.
IMO THEY RECORDED RELEASING EQUITY OWNERSHIP IN A BOOK ENTRY FORM.
AI - The statement "A holder of a Liquidating Trust Interest recorded in this book-entry system will be deemed the legal holder of record of that interest for purposes of all applicable U.S. federal and state laws" means:
For U.S. federal and state legal purposes, whoever is listed as the owner of a Liquidating Trust Interest in the electronic book-entry recordkeeping system maintained by the Liquidating Trust will be considered the official legal holder of that interest.
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters
Page 7 "EVIDENCED BY BOOK ENTRY"
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
SO NO NEED OF ISSUING LTIs.IMO THOSE ENTRIES SOURCE WAS BALLOTS AND W-9 SUBMITTED BY FORMER SHAREHOLDERS WHO SIGNED RELEASES.
AI - The quoted statement means that for U.S. federal income tax purposes, the transfer of assets to the liquidating trust is treated as if those assets were directly transferred to the creditors and equity holders in satisfaction of their claims or cancellation of their equity interests in the company. In other words, it is a deemed transfer from the company to the creditors/equity holders, followed by a deemed transfer from the creditors/equity holders to the liquidating trust.
Regarding your second question - yes, typically the creditors and former equity holders of the company are issued beneficial interests or units in the liquidating trust in exchange for their claims against the company or their canceled equity interests. These liquidating trust interests represent their rights to receive distributions from the trust as its assets are liquidated over time
15 years is a long time to say the least.
What was the role of Steve Scheiwe in WMI Holdings Inc and why is he continuing in COOP?. Are they using Estates assets?. I suspect so. His bio indicates everything except his role at reorg WMI.
https://investors.mrcoopergroup.com/governance/board-of-directors/person-details/default.aspx?ItemId=ebbc948f-8aa5-4994-bff5-9c004aaab4d0
W-9 INFO
ITEM 4
Under U.S. federal income tax law, interest and other reportable payments may, under certain
circumstances, be subject to “backup withholding” at the then applicable backup withholding rate (currently 28%).
Backup withholding generally applies if the holder (a) fails to furnish its social security number or other taxpayer
identification number (“TIN”), (b) furnishes an incorrect TIN, (c) fails properly to report interest or dividends, or (d)
under certain circumstances, fails to provide a certified statement, signed under penalty of perjury, that the TIN
provided is its correct number and that it is a United States person that is not subject to backup withholding. Backup
withholding is not an additional tax but merely an advance payment, which may be refunded to the extent it results
in an overpayment of tax and the appropriate information is supplied to the IRS. Certain persons are exempt from
backup withholding, including, in certain circumstances, corporations and financial institutions.
. Important Tax Information Required – Potential Withholding. Distributions to holders of Common
Equity Interests by the Debtors or the Liquidating Trustee, and any subsequent amounts received by the Liquidating
Trust allocable to a holder, are subject to any applicable tax withholding.
In addition, in the case of any Liquidating Trust Beneficiaries that are not U.S. persons, the Liquidating
Trustee may be required to withhold up to 30% of the income or proceeds allocable to such persons, depending on
the circumstances (including whether the type of income is subject to a lower treaty rate). Such withholding is not
dependent on the Liquidating Trust distributing any cash or other proceeds. The Liquidating Trustee may also place
such withholding in an escrow pending a determination as to whether the withholding is required under applicable
law.
To avoid unnecessary withholding, each U.S. holder is required to properly complete and return the
Substitute Form W-9 included at the end of this Ballot, certifying that such holder is a U.S. person, that the TIN
provided is correct, and that such holder is not subject to backup withholding, as per its instructions. Exempt
persons should indicate their exempt status on the Substitute Form W-9 as per its instructions. Each non-U.S.
holder is required to complete and return the applicable IRS Form W-8 (W-8BEN, W-8ECI or W-8IMY, as
applicable), signed under penalties of perjury, certifying the holder’s foreign status. These forms may be obtained
from the IRS website (http:/www.irs.gov). Holders should consult their tax advisors as to any qualification for
exemption from backup withholding, or a lower rate of U.S. withholding under an applicable treaty or exemption,
and the procedure for obtaining such exemption.
Tax forms must be sent to your Voting Nominee, along with the completed Beneficial Holder Ballot.
In order to be eligible to receive a distribution from the Liquidating Trust, you must provide the requested
tax information in a timely manner so as not to forfeit your distribution. See Plan § 29.13(c).
https://www.fidelity.com/misc/wamu/WAMU-Class-22-Beneficial-Ballot-Code-GG-939322-10-3.pdf
Why bother mentioning of common equity in 02/24/2020?
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
LIQUIDATING TRUST INTERESTS THAT MAY GENERATE CASH RECOVERY IN THE EVEN ALL CLAIMS 100% SATISFIED?.
AND GRANTOR TRUST TREATMENT OF TRUST BENEFICIARIES ARE AS OWNERS DIRECTLY RECEIVING DISTRIBUTIONS FROM DEBTORS.
SUCH BENEFICIARY IS ALREADY REGARDED FOR FEDERAL INCOME TAX PURPOSES AS OWNING THE UNDERLYING ASSETS(AND WAS TAXED AT THE TIME THE WAS EARNED OR RECEIVED BY SUCH TRUST)
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
Subject to certain limited exceptions, the Liquidating Trust Interests are not transferable or assignable.
LTIs are not transferable or assignable except by will, intestate succession or operation of law. Accordingly, there is no liquid trading market in the LTIs. Under certain circumstances, transfers of LTIs have been permitted upon the winding up or dissolution of vehicles that previously held LTIs on behalf of such vehicles or the beneficiaries thereof. There can be no assurance that the Trust will consent to any such transfers in the future.
Page 8
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
FOR THE ABOVE REASONS WMILT WANTED W-9 FROM RELEASING EQUITY HOLDERS.THE ASSETS MUST HAVE BEEN GENERATING CASH FOR A WHILE.
Potential Recovery For Equity
Page 3/13 from equity committee
https://www.sbroker.de/pdf/Washington-Mutual-Chapter11.pdf
LG i think it was for WAHUQ/CLASS 16 ONLY.
loda WMILT to liquidate and distribute a significant portion of the company’s assets
https://www.weil.com/people/stuart-goldring significant portion of the company’s assets
Washington Mutual in its chapter 11 reorganization, including the tri-party settlement with JPMorgan Chase Bank and FDIC resulting from the seizure and subsequent sale of Washington Mutual Bank.
Washington Mutual Liquidating Trust, established pursuant to Washington Mutual’s chapter 11 plan, to liquidate and distribute a significant portion of the company’s assets, including up to $500 million of potential federal and state tax refunds.
loda 1. Title to Assets
Except as provided in Confirmation Order, on the Effective Date, title to all assets and
properties encompassed by the Seventh Amended Plan shall vest in the Reorganized Debtors,
Reorganized WMI, the Liquidating Trust, the JPMC Entities or the FDIC Receiver, as the case may be,
free and clear of all Liens and in accordance with sections 363 and 1141 of the Bankruptcy Code, and the
Confirmation Order shall be a judicial determination of discharge of the liabilities of the Debtors and the
Debtors in Possession except as provided in the Seventh Amended Plan.
loda why did you omit wmilt from title to assets?Whats your intention/motive?
THEY KNEW EVERYTHING.THEY HAD A PLAN.ASSETS WERE ALLOCATED AS PER ABSOLUTE PRIORITY.EC WAS CONTINED ON TAB THRU JAN 2020.
We all know there were at least $20 B assets were contested by FDIC and JPM which they gave up due to GSA. And we all know equity TAB members were there since 2012 thru 2020. WHY?. Does any one think sr. creditors entertain equity members with no stake in it?. LOL.And one more open secret is LT agreement was restated and amended and kept in dark, WHY?.All creditor claims were done, why keep the new agreement under dark?. Any business agreements with JPM?. Possible, IMO.
THOSE SENIOR CREDITORS THREW US OUT 7 TIMES.
WMI LT maintained 3 disputed ownership funds,WMILT itslef, Disputed Claims Reserve(DCR) and Disputed Equity Escrow(DEE).
DCR received certain Plan Contribution Assets based on GSA and those assets were allocated among equity classes and WMILT had to report the ownership of the assets ,taxes needed to be withhold(in some cases), for those reasons WMILT needed W-9 information from equity classes too. That DCR had its own EIN.I don't see COOP file any forms related to DCR like DEE.
loda why did you omit wmilt from title to assets?Whats your intention/motive?
https://www.weil.com/people/stuart-goldring significant portion of the company’s assets
Washington Mutual in its chapter 11 reorganization, including the tri-party settlement with JPMorgan Chase Bank and FDIC resulting from the seizure and subsequent sale of Washington Mutual Bank.
Washington Mutual Liquidating Trust, established pursuant to Washington Mutual’s chapter 11 plan, to liquidate and distribute a significant portion of the company’s assets, including up to $500 million of potential federal and state tax refunds.
loda 1. Title to Assets
Except as provided in Confirmation Order, on the Effective Date, title to all assets and
properties encompassed by the Seventh Amended Plan shall vest in the Reorganized Debtors,
Reorganized WMI, the Liquidating Trust, the JPMC Entities or the FDIC Receiver, as the case may be,
free and clear of all Liens and in accordance with sections 363 and 1141 of the Bankruptcy Code, and the
Confirmation Order shall be a judicial determination of discharge of the liabilities of the Debtors and the
Debtors in Possession except as provided in the Seventh Amended Plan.
No problem, Disbursing Agent has W-9 info.
DCR - Pursuant to the Plan and the Trust Agreement, the Liquidating Trustee (A) treats the DCR as a “disputed ownership fund” governed by Treasury Regulation section 1.468B-9, and (B) to the extent permitted by applicable law, reports consistently with the foregoing for state and local income tax purposes. Accordingly, the DCR is a separate taxable entity for U.S. federal income tax purposes, and all distributions from such reserve are taxable to such reserve as if sold at fair market value. Any distributions from the DCR will be treated for U.S. federal income tax purposes as if received directly by the recipient from the Debtors on the original claim or equity interest of such recipient.
Page 5
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
"Pursuant to the plan,the liquidating trust assets are treated, for U.S. Federal income tax purposes, as having been transferred directly to the holders of claims or equity interests in satisfaction of their claims or cancellation of their equity interests"
Page 4
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
The claims attributable to the funds and LTIs in the DCR are not a liability of the Trust
Assets of the DCR will be made available to the LTI holders in accordance with the Plan as and when disputed claims become disallowed. The claims attributable to the funds and LTIs in the DCR are not a liability of the Trust; therefore, no estimate has been made as to the amount of claims which will ultimately be allowed and the distributions which will go to disputed claimants as opposed to current LTI holders. Rather, the financial statements report the net assets being held specifically on behalf of the disputed claimants and the net asset value available to all LTI holders.
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
So whose liability is equity claims/LTIs in DCR?.
The claims attributable to the funds and LTIs in the DCR are not a liability of the Trust
Assets of the DCR will be made available to the LTI holders in accordance with the Plan as and when disputed claims become disallowed. The claims attributable to the funds and LTIs in the DCR are not a liability of the Trust; therefore, no estimate has been made as to the amount of claims which will ultimately be allowed and the distributions which will go to disputed claimants as opposed to current LTI holders. Rather, the financial statements report the net assets being held specifically on behalf of the disputed claimants and the net asset value available to all LTI holders.
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
I agree Ron, $20 B is just a small portion of the assets IMO. Mr.Rosen said they would go thru the brain damage to put a number on LT opening balance sheet, but in Feb 2012 MOR they mentioned WMI Liquidating Trust/DCR(but in court he mentioned about only WMILT, not DCR at all), that was very cute.They under played DCR, WMILT mentioned in SEC filings it was not their responsibility,then there was supposed to be another party to administer DCR,correct?. I like you because you have same drive like me.
DCR is a separate entity with its own EID. DCR was taken over by administrators to reconcile remaining claims and update its books and records. Certain Plan Contribution Assets were transferred to DCR.I believe new stock or cash will be distributed from DCR IMO.
The claims attributable to the funds and LTIs in the DCR are not a liability of the Trust????
Assets of the DCR will be made available to the LTI holders in accordance with the Plan as and when disputed claims become disallowed. The claims attributable to the funds and LTIs in the DCR are not a liability of the Trust; therefore, no estimate has been made as to the amount of claims which will ultimately be allowed and the distributions which will go to disputed claimants as opposed to current LTI holders. Rather, the financial statements report the net assets being held specifically on behalf of the disputed claimants and the net asset value available to all LTI holders.
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
Then whose responsibility is that?.
AWSOME - ANOTHER AI's RESPONSE ON LTIs - "Pursuant to the plan,the liquidating trust assets are treated, for U.S. Federal income tax purposes, as having been transferred directly to the holders of claims or equity interests in satisfaction of their claims or cancellation of their equity interests" What does this mean?.Did equity holders issued liquidating trust interests?"
RESPONSE: This sentence explains the tax treatment of assets in a liquidating trust. Here's a breakdown:
Liquidating Trust: This is a trust created specifically to sell assets and distribute the proceeds.
Treated As... Transferred Directly: For tax purposes, the sale of the trust's assets is ignored. Instead, it's considered as if the assets themselves were directly given to the claim holders and equity holders.
Holders of Claims: These are creditors or anyone owed money by the trust.
Equity Interests: These are the ownership shares in the trust, similar to stocks in a company.
Equity Holder Point:
The sentence doesn't explicitly say whether equity holders received liquidating trust interests. Here are the two possibilities:
Direct Ownership: It's possible the equity holders already held a direct ownership stake in the trust itself, similar to owning shares in a company. In this case, liquidation simply means the trust is selling its assets and distributing the proceeds to these existing owners.
Liquidating Trust Interests: There's also a chance the trust issued specific "liquidating trust interests" to the equity holders. These interests would represent their claim to a portion of the proceeds from the sale of assets.
LG, Cleveland Fed valued WMB net asset value at $85 Billion or so. That is the minimum.
No problem.You are welcome.
Tax Treatment of Liquidating Trust and Holders of Beneficial Interests
1.
Classification of the Liquidating Trust
The Liquidating Trust is intended to qualify as a “liquidating trust” for U.S. federal income tax purposes. In general, a liquidating trust is not a separate taxable entity, but rather is treated for U.S. federal income tax purposes as a “grantor trust” (i.e., a pass-through type entity). However, merely establishing a trust as a liquidating trust does not ensure that it will be treated as a grantor trust for U.S. federal income tax purposes. The IRS, in Revenue Procedure 94-45, 1994-2 C.B. 684, set forth the general criteria for obtaining an IRS ruling as to the grantor trust status of a liquidating trust under a chapter 11 plan. The Liquidating Trust has been structured with the intention of complying with such general criteria. Pursuant to the Seventh Amended Plan, and in conformity with Revenue Procedure 94-45, all parties (including, without limitation, the Debtors, the Liquidating Trustee, and the Liquidating Trust Beneficiaries) are required to treat, for U.S. federal income tax purposes, the Liquidating Trust as a grantor trust of which the Liquidating Trust Beneficiaries are the owners and grantors (this treatment differs from the treatment of the Claims Reserves, discussed below). The following discussion assumes that the Liquidating Trust will be so respected for U.S. federal income tax purposes. However, no ruling has been requested from the IRS and no opinion of counsel has been requested concerning the tax status of the Liquidating Trust as a grantor trust. Accordingly, there can be no assurance that the IRS would not take a contrary position. If the IRS were to challenge successfully the classification of the Liquidating Trust, the U.S. federal income tax consequences to the Liquidating Trust, the Liquidating Trust Beneficiaries and the Debtors could vary from those discussed herein (including the potential for an entity-level tax on income of the Liquidating Trust).
2.
General Tax Reporting by the Liquidating Trust and its Beneficiaries
For all U.S. federal income tax purposes, all parties (including, without limitation, the Debtors, the Liquidating Trustee, and the Liquidating Trust Beneficiaries) must treat the transfer of the Liquidating Trust Assets to the Liquidating Trust in accordance with the terms of the Seventh Amended Plan. Pursuant to the Seventh Amended Plan, the Liquidating Trust Assets (other than any assets allocated to the Liquidating Trust Claims Reserve, discussed below, and the Debtors’ economic interest in the litigation proceeds retained by Reorganized WMI as a result of the election by certain Claimants to receive Reorganized Common Stock) are treated, for U.S. federal income tax purposes, as having been transferred, subject to any obligations relating to those assets, directly to the holders of the respective Claims or Equity Interests in satisfaction of their Claims or cancellation of their Equity Interests (with each holder receiving an undivided interest in such assets in accord with their economic interests in such assets), followed by the transfer by the holders to the Liquidating Trust of such assets in exchange for Liquidating Trust Interests. Accordingly, all parties must treat the Liquidating Trust as a grantor trust of which the holders of the Liquidating Trust Interests are the owners and grantors, and treat the Liquidating Trust Beneficiaries as the direct owners of an undivided interest in the Liquidating Trust Assets (other than any assets allocated to the Liquidating Trust Claims Reserve), consistent with their economic interests therein, for all U.S. federal income tax purposes.
Pursuant to the Seventh Amended Plan, on or before the Effective Date, the Debtors shall provide the Liquidating Trustee with a good-faith valuation of the Tax Refunds as of the Effective Date, or shall otherwise arrange for a valuation of such assets to be provided to the Liquidating Trustee as soon as practicable after the Effective Date by such third party professionals as the Debtors deem appropriate. Other than with respect to the Tax Refunds, the Liquidating Trustee, in consultation with the Liquidating Trust Advisory Board, will in good faith value the Liquidating Trust Assets. The Liquidating Trustee shall make the respective values available from time to time, to the extent relevant, and such values shall be used consistently by all parties to the Liquidating Trust (including, without limitation, the Debtors, the
Page 238 DS same IRC
https://www.sec.gov/Archives/edgar/data/933136/000090951812000087/jg02-2712_8ke22.htm
MW might get $1 MM quarterly divi.LOL
No problem.You are welcome.
I also tried and got 404. Try this
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
If you again get 404, google WMI Liquidating Trust you can get the link from there.
AWSOME - Q TO AI "Pursuant to the plan,the liquidating trust assets are treated, for U.S. Federal income tax purposes, as having been transferred directly to the holders of claims or equity interests in satisfaction of their claims or cancellation of their equity interests" What does this mean?.Did equity holders issued liquidating trust interests?
Answer
The quoted statement means that for U.S. federal income tax purposes, the transfer of assets to the liquidating trust is treated as a two-step transaction:
The debtor corporation or partnership is deemed to transfer the assets directly to the creditors/claimholders and equity holders in satisfaction of their claims or cancellation of their equity interests.
The creditors/claimholders and equity holders are then deemed to transfer those assets to the liquidating trust.
This deemed two-step transaction is allowed by Revenue Procedure 94-45, which provides a method for the IRS to determine if a trust qualifies as a liquidating trust.
If the IRS makes this determination in a letter ruling, the creditors/claimholders and equity holders are treated as the grantors of the liquidating trust for tax purposes, rather than the original debtor entity.
So in essence, yes, the equity holders are issued interests in the liquidating trust in exchange for the cancellation of their equity in the debtor entity.
This allows the transfer of assets to the trust to be a non-taxable event, with future income/gains from the trust assets flowing through to the creditors/claimholders and equity holders as beneficiaries.
All former released equity holders can reach out to shareholders@mrcooper.com for clarification on issuing Liquidating Trust Interests to former shareholders.I sent an email but did not get a response yet.Its an official IRS form filed by COOP.
As per this official IRS filing former equity was issued liquidating trust interests in satisfaction of cancellation of equity. Who wants to debate?. Page 4.
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdfdebate?.
Uptick... you are dumb/moron to call everyone insane. You have an iota of idea about these cases. Escrows were deleted because DEE was closed/dissolved. W-9s can't be deleted, they required it under GSA. And ofcourse they should maintain it with their bookentry form.You have no clue, where is IRNT which you recommended to buy to this board?. Will you bear the losses borne by your recommendation?.
ESCROWS WERE TIED TO DEE, W-9s WERE/ARE RELATED TO LIQUIDATING TRUST BENEFICIARIES
Escrows were set up to distribute left over reorg WMI shares after disputed equity claims were resolved.
W-9's and releases were collected were tied to the assets allocated to equity holders whose shares were cancelled and releases were signed.
Two different things ,apples and oranges.Significant assets were transferred to WMILT as per Weil.
Assets will still be there and can be passed thru,if EC has any concerns ?
$30 B plus paid out by somebody somewhere down the line?
At minimum shareholders should take control of WMILT after claims were processed?