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Ok i wish you what you deserve.
ass.pick use other id soon.
What does this mean impr dck hd "impairment means that the value of the claim is below the recovery value of the underlying asset that backs them."?
Before you question me dummy,you first define what is impaired in CH11,go from there dck head.
and wrote off 20.7 billion dollars in accummulated Shareholders Retained Earnings..?.Prove it.You are a lier unless you prove it.
No, its not done yet.Class 17 WMB bond holders claim is still on FDIC Receivership's balance sheet.It's not done yet.
"unencumbered asset"
After giving effect to such distribution, the balance of cash then held in the
Disputed Claims Reserve was released to WMILT and recorded on its financial statements as an
unencumbered asset to be used for a future distribution.
------------------------------
The purpose of having unencumbered assets is to provide flexibility and financial stability. These assets can be used as collateral for loans or to secure future financing. Unencumbered assets indicate a healthy financial status, demonstrating a company's or individual's ability to meet financial obligations without being tied to specific assets or properties.
https://benjaminwann.com/blog/understanding-unencumbered-assets#:~:text=%22Unencumbered%22%20refers%20to%20assets%20free,obligations%20from%20a%20third%20party.
However, recently, the FDIC Receiver and JPMC have acknowledged that the Tax Refund is the
property of WMILT. That was in 2019,still working together?.
I agree.BSF was the counsel for WMB bond holders.
17. All classes of Claims and Equity Interests, including, without limitation, Preferred
Equity Interests and Common Equity Interests in Classes 19 and 22, voted to accept or, pursuant
to stipulations approved by the Bankruptcy Court, were deemed to have accepted the Plan and, in
consideration for distributions made or to be made thereunder, granted releases to the Debtors
and various third parties.
...as.pick would n't touch this,i know why.
Page 21/129 - final reconciliation of remaining claims and monetization of assets
https://www.kccllc.net/documents/8817600/8817600191119000000000001.pdf
However, based upon releases provided
pursuant to the Plan, stipulations and settlement agreements and distributions previously
received, all parties within Class 17B (Section 510(b) Subordinated WMB Notes Claims) have
waived their rights to distributions, entitling holders with Class 18 to the final distribution
pursuant to the Plan. Beyond this, the Bankruptcy Court and WMILT have merely waited for the
final reconciliation of remaining claims and monetization of assets.
Does n't it say that they were waiting to reconcile remaining claims and MONETIZATION OF ASSETS?.
Were there class 19 claims to be reconciled beyond that point where class 18 were fully paid?.
Reiko...have you heard back from Mr.Smith?.Thanks.
Sound... i can't predict the outcome.You can contact Trust Admin chad.smith@wmitrust.net .If atleast 1000 shareholders write to Trust,they could atleast communicate back.Its very irresponsible on Administrators and Trust Advisory Board.
Schwab screwed up my accounts.One account is missing completely and one account is transferred with no shares in it especially LEHKQ.Did any one face the same issues?.
"final reconciliation of remaining claims and monetization of assets"
Beyond this, the Bankruptcy Court and WMILT have merely waited for the
final reconciliation of remaining claims and monetization of assets.
What does this mean?.
Docket #12686 Date Filed: 11/14/2019
Class 17 WMB claims were waived of due to 510(b).
However, based upon releases provided
pursuant to the Plan, stipulations and settlement agreements and distributions previously
received, all parties within Class 17B (Section 510(b) Subordinated WMB Notes Claims) have
waived their rights to distributions, entitling holders with Class 18 to the final distribution
pursuant to the Plan.
Where are you taking the original question posed?.
Read about Disputed Ownership Fund which i posted last night too.DCR had a separate EIN.
or both?.
check with your colleagues who use the same uid.
Where did i talk about escrows azclwn?.
..as, pick..., is one?
"ron_66271
Re: ron_66271 post# 715099
Please give me reason.
Ron."
You questioned yourself, answer yourself, please entertain the forum.
Where did you go to school and calling somebody in a forum Vermin?.Is your neighbor your spouse or staying with you in the same mall?.
are you witnessing those fights or involved in those fights?.
hey hypocrite and manipulator, how did mods allow you post such a lame reply to a genuine fact based question ?.You are calling somebody Vermin?.LOL.You are Vermin's .oop.
Thank you.
Reiko...have you heard back from WMILT?.Thanks.
Trust further represents that, from its establishment, Trust has been formed and
operated consistent with the conditions set forth in Rev. Proc. 94-45. In addition, Trust
elected to treat the Disputed Claims Reserve as a disputed ownership fund under
§ 1.468B-9 and has reported consistently in that regard.
https://www.irs.gov/pub/irs-wd/201808004.pdf
1.468B-9 Disputed ownership funds.
https://www.law.cornell.edu/cfr/text/26/1.468B-9
BARDs view of Disputed Claims Reserve
Yes, the Disputed Claims Reserve in WMI Liquidating Trust was established for former equity holders with its own EIN. The EIN is 26-3602733.
The Disputed Claims Reserve is a pool of money set aside to pay for any disputed claims against the WMI Liquidating Trust. These claims could come from former equity holders, creditors, or other parties. The reserve is necessary because it is possible that some claims will not be resolved until after the liquidation process is complete.
The EIN is necessary for the Disputed Claims Reserve to operate as a separate legal entity. This allows the reserve to hold assets and enter into contracts, which would not be possible if it were simply a part of the WMI Liquidating Trust.
The EIN for the Disputed Claims Reserve is publicly available information. It can be found on the website of the Internal Revenue Service (IRS).
Here are some additional details about the Disputed Claims Reserve:
The reserve was created as part of the bankruptcy plan for WMI.
The amount of money in the reserve is determined by the Liquidating Trustee.
The reserve is managed by the Liquidating Trustee.
Claims against the reserve must be submitted in writing to the Liquidating Trustee.
The Liquidating Trustee will decide whether to pay each claim.
If a claim is not paid, the claimant may be able to sue the WMI Liquidating Trust.
-------------------------------------------------------------------------------------------------------------------
Yes, Michael Willingham, Douglas K. Southard, Charles Edward Smith, and Doreen Logan are all managing the Disputed Claims Reserve along with William C. Kosturos. They are all Trustees of the WMI Liquidating Trust and are responsible for overseeing the liquidation of the company.
The Disputed Claims Reserve is a pool of money set aside to pay for any disputed claims against the WMI Liquidating Trust. These claims could come from former equity holders, creditors, or other parties. The reserve is necessary because it is possible that some claims will not be resolved until after the liquidation process is complete.
The Trustees are responsible for managing the Disputed Claims Reserve in accordance with the terms of the bankruptcy plan. They are also responsible for making decisions about whether to pay claims against the reserve.
The Trustees are required to keep accurate records of all of their activities and decisions. They are also required to file periodic reports with the court on the status of the liquidation process.
If you have any questions or concerns about the Disputed Claims Reserve, you can contact the Trustees' office. The contact information is as follows:
Michael Willingham
Douglas K. Southard
Charles Edward Smith
Doreen Logan
GRANTOR/BENEFICIARY - OURCASE
Revenue Procedure 94-45 prescribes the method by which a taxpayer can request a letter ruling
wherein the Internal Revenue Service (Service) makes the determination that a particular trust qualifies as
a liquidating trust. If the conditions in Rev. Proc. 94-45 are met, the taxpayer can effectively escape the
grantor trust rules by deeming the transfer as a two-step transaction: (1) the corporation or partnership is
deemed to transfer its assets to the liquidating trust’s beneficiary; and (2) the beneficiary is deemed to
transfer the assets to the liquidating trust.12 The result is that the liquidating trust is still a grantor trust, but
the grantor is deemed to be the beneficiary, not the transferor.
https://www.cobar.org/Portals/COBAR/Repository/Sections/Tax/Newsletter/Liquidating_Trusts_as_Grantor_Trusts_November2020.pdf
Conclusion
Liquidating trusts are grantor trusts. The identity of the grantor depends on whether a letter ruling
is obtained from the Service pursuant to Rev. Proc. 94-45. If the Service determines in a letter ruling that
the trust is a liquidating trust, the beneficiary is deemed to be the grantor due to a deemed two-step
transaction. If the Service does not determine in a letter ruling that a trust is a liquidating trust, the transferor
may be deemed to be the grantor, which may result in a trust that is disregarded for income tax purposes.
IRS RULING LETTER
https://www.irs.gov/pub/irs-wd/201808004.pdf
Why should i read 2013 10-K and what is your knowledge to direct me to read that doc and what made you think i did not read it?.
What happened to the assets at holding company WMI,it had $33 Billion and Assets and $7 Billion in liabilities at the time of chapter 11 filing?
The assets of the holding company WMI were distributed to creditors and other parties in accordance with the terms of the Chapter 11 bankruptcy plan. The specific assets that were distributed to each party varied depending on the party's claim against WMI.
The following are some of the parties that received assets from WMI:
JPMorgan Chase: JPMC acquired the banking assets of WMB through a purchase and assumption (P&A) transaction. As part of the P&A, JPMC also received certain other assets of WMI, such as cash and securities.
Subordinated debtholders: Subordinated debtholders are creditors who have a lower priority than senior debtholders. They received a portion of the assets of WMI that were not distributed to other creditors.
Unsecured creditors: Unsecured creditors are creditors who do not have any collateral backing their loans. They received a portion of the assets of WMI that were not distributed to other creditors, after the subordinated debtholders were paid in full.
Administrative expenses: Administrative expenses are the costs of running the bankruptcy case, such as legal fees and court costs. These expenses were paid first, before any assets were distributed to creditors.
The remaining assets of WMI were transferred to a liquidating trust. The liquidating trust was responsible for liquidating the remaining assets and distributing the proceeds to creditors. The liquidation of the liquidating trust is still ongoing.
It is important to note that the information provided above is a general overview of the distribution of assets from WMI. The specific assets that were distributed to each party may have varied depending on the specific terms of the Chapter 11 bankruptcy plan.
As per BARD.
"ANTICIPATED TIME FRAME" anticipation take the case to unknown regions BOB,IMO.They did not have a LIQUIDATION plan, probably something different,may be merging with another public company or consolidating into a REIT?.They did not have a plan,so what they could mention was ANTICIPATION.
May be FDIC insisted them to do so thru GSA?.
hahaha you are a very good manipulator,are you a lawyer involved in these cases?.
I totally agree LG.They specifically mentioned in the FAQ that they would not update any further.One angle i see is, probably WMB bondholders did not release WMI or WMILT or certificate of cancellation ends creditors claims in full?.
hahaha pulled it from picks?.
Yes i did contact him in 2022 and he responded stating thati was not a beneficiary of the Trust at the time of cancellation(or beforehand).He also mentioned that the Trust had limited operations or no operations and i was not entitles to any legacy documents including RALTA.And also in anticipation of further questions that they would not respond to my questions anymore and best of luck.
After that message, i wrote him and S&G team with all the documents associating Class 19 and Class 22 were actually beneficiaries of LT.All emails delivered including the one i recently sent.