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hehehehhhe you ...
P&A IS NOT CLOSED YET, JPM RECEIVED CERTAIN ASSETS OF WMI USING 363 SALE,WMB WAS $70 B NET ASSET VALUE AND FDIC HAS TO MAXIMIZE THE VALUE OF THE ASSETS IT SOLD USING P&A.
WMB NOTE HOLDERS NOT YET PAID.
THAT IS A DIFFERENT TRACK TO RECEIVE PAYMENTS.
DCR IS NOTHING TO DO WITH FDIC.
Happy Thanksgiving to you too and ALL.
2nd COLUMN DCR - 3rd COLUMN REORG WMIH
2nd Column shows DCR got $20B Retained assets
3rd column shows whatever the value was projected to get in POR for reorganized WMI,ie WMIH aka COOP.
$20 BILLION RIGHT THERE IN DCR (2nd column)
READ PAGE 10/18
2nd Column Distributions to LT/DCR
3rd column WMIH.
http://www.kccllc.net/wamu/document/0812229120330000000000007
All equity and preferred claims along with Retained Assets.
Happy Thanks Giving to all.
Thats why TAB monitors DCR.
Those assets were contested by several parties in BK, GSA provided those assets free of claims by fdic and jpm.
"Bankruptcy Litigation
On the day after WAMU failed, its holding company, Washington Mutual Inc. ("WMI"), filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (assigned to Judge Mary F. Walrath). Thereafter, WMI, JPMC, the FDIC in its Corporate capacity (“FDIC-C”), and the Receiver became involved in several lawsuits contesting the ownership of over $20 billion in assets.
https://www.fdic.gov/bank/individual/failed/wamu-settlement.html
The parties reached a settlement in the WMI bankruptcy proceeding that was approved by the FDIC's Board of Directors on May 20, 2010, and WMI filed a plan of reorganization incorporating the terms of the settlement ("WMI Bankruptcy Settlement"). Several parties objected to WMI's proposed plan, and in particular, WMI's proposal to release its claims against JPMC, FDIC-C, and the Receiver. At the request of WMI's equity holders, the Bankruptcy Court appointed an Examiner to thoroughly investigate WMI's claims against JPMC, FDIC-C, and the Receiver, and to determine whether the proposed settlement (which would release these claims) was fair and equitable to WMI. The Examiner found that the WMI Bankruptcy Settlement was a fair resolution.
On February 24, 2012, the Bankruptcy Court entered an order confirming the seventh amended plan - PDF proposed by WMI and its co-debtor WMI Investment Corp (the "Plan"). The WMI Bankruptcy Settlement - PDF, as amended from time to time, remains integral to and incorporated in the Plan. The Plan and Settlement became effective on March 19, 2012. The Receiver received $843.9 million pursuant to the terms of the WMI Bankruptcy Settlement.
Thats is how i see it as all senior claims have been resolved.LT was not authorized to touch DCR imo.And DCR is Unencumbered now,jmo.
$20 BILLION RIGHT THERE IN DCR
READ PAGE 10/18
2nd Column Distributions to LT/DCR
http://www.kccllc.net/wamu/document/0812229120330000000000007
All equity and preferred claims along with Retained Assets.
Happy Thanks Giving to all.
Thats why TAB monitors DCR.
THAT $20B RETAINED ASSETS IS SITTING IN DCR AS PER FEB 2012 MOR
READ PAGE 10/18
2nd Column Distributions to LT/DCR
http://www.kccllc.net/wamu/document/0812229120330000000000007
All equity and preferred claims along with Retained Assets.
Happy Thanks Giving to all.
SHARES CAN BE CANCELLED BUT NOT OWNERSHIP INTERESTS
OLD EQUITY OWNERSHIP INTERESTS ARE PRESERVED.
I PROVIDED THIS INFO USING A DOCUMENT FILED BY LT TO HOTMEAL.
ROACH.. YES THAT WAS AAOC's PLAN (6th POR)
However, it was changed when the EC demonstrated to the court that Debtor was solvent.Meadiator was appointed, equity was allowed to participate.
GSA monies won't go to WMIH.GSA plan contribution assets were put into liquidation trust claims reserve and EC was appointed to TAB to monitor those assets and reconcile certain WMB noteholders claims.
Solvent debtor assets are property of its owners ie former shareholders.Those assets get divided 75/25 between class 19 and class 22.
JPM has to make a Final Payment after all the tax claims are resolved, and i believe its about time.
BK CH11 Provides any debtor a chance to utilize NOLs with its own assets.IMO, WMIH did the same here and completely monetized all the NOLs.WMIH just kept quiet and not auditing the financials yet, integration completes before end of Dec.
NOLS QUESTION
THEY ARE ALREADY "MONETIZED" !
hehehheheh you cant prove because you are in a scheme and not really prove anything you write.
HOTMEAT, CAN YOU PROVE IT?.
THIS IS WRONG HOTMEAT- The UW's $72M claim was placed into Class 19 (from Class 20),
THEIR CLASS WAS DOWNGRADED FROM CLASS 18 to CLASS 19.THEY ARE FINE.
IMAGINE YOUR NO STAKE TO SOME CLASS 19 ALLOCATION,WOULD YOU ACCEPT?.
I AGREE HOTMEAT - The UW's $72M claim was placed into Class 19 (from Class 20), ALONG WITH WAMPQ AND WAMKQ since 2011 and this modification was approved in 2012 by the BK Court!!!
GREAT, WE ALL AGREE.
EVEN REITS WERE PUT INTO CLASS 19.ADD THAT TO YOUR CALCULATION.
REITS LAWYERS WERE SETTLED WAY BEFORE THE PLAN,SO CALLED APPROVAL,REORG BLAH BLAH.
that too for few cents and lacking knowledge.
JPM HAD TO PAY ASSUMED LIABILITIES AND FOR 363 ASSET SALE WHICH WAS NOT PART OF P&A.
JPM FINAL PAYMENT IS DUE AFTER ALL TAX ISSUES ARE RESOLVED AND FINALIZED AS PER GSA.AS PER THE RECENT APPLICATION TO CLOSE THE CASES THERE IS ONE TAX ISSUE PENDING WHICH IS WMI's AS PER JPM AND FDIC.SO I ASSUME WE MIGHT GET THAT FINAL PAYMENT FROM JPM AT THE SAME TIME AS CLASS 18.THAT PAYMENT IS NOTHING TO DO WITH LT.
SURE THEY DO KNOW,HOWEVER TAB WILL LEAVE AFTER CLAIMS RESERVE IS DISTRIBUTED "AS ALLOCATED".
KCC IS NOT HANDLING CLASS 19 and CLASS 22, as per KCC.
"THE RUB" IS THE REASON THEY WANTED A DOWNGRADE,LOL.
hehehhehhe
FRAUD - "closure is what will finally tell us if assets are there or not."
PLAN AND DS FAILED.
IT APPEARS TO BE FRAUD INVOLVED IN ASSIGNING CLASS 18 SUBORDINATED CLAIM WHICH DEBTORS EXPECTED TO PAY $0, INTO EQUITY CLASS 19.DEBTORS COULD HAVE JUST ISSUED WMIH SHARES FOR THAT UW's CLAIM CORRECT,NO THEY WANTED TO ISSUE WMIH SHARES AND RIGHTS TO CLAIMS RESERVE WHICH RECEIVED PLAN CONTRIBUTION ASSETS FOR WHICH NO LTIs WERE ISSUED TO ANY CLASSES ABOVE CLASS 19.
OFCOURSE THE WHOLE CASE IS A BIG FRAUD STARTING FROM MARCH 2008 NEGOTIATIONS.
As per LT there is one Tax item pending which is to come to WMILT as decided by JP< and FDIC, as per the latest application to close the cases.
Final JPMC Amount. Within a reasonable period of time
after the date on which both JPMC and WMI reasonably believe that (i) all Net Tax
Refunds, including the Homeownership Carryback Refund Amount, have been received
and (ii) all Pre-2009 Group Tax liabilities have been satisfied, settled or otherwise
discharged, and (iii) the final amount of Net Tax Refunds received has been determined
and is not subject to change, JPMC shall reasonably calculate a final value for the JPMC
Amount (such calculated final value, the “Final JPMC Amount”), a final value for the
Homeownership Carryback Threshold and a final value for the Homeownership
Carryback Refund Amount. If a Final JPMC Amount is agreed upon or determined
under the Tax Dispute Resolution Procedure, then -- ......
IMO,We are yet to receive the Final PAYMENT.
TAB CONTROLS LTCR FUNDs & LTIs in LTCR
LTIs IN LTCR CAN ONLY BE ISSUED AGAINST PLAN CONTRIBUTION ASSETS WHICH WERE RELEASED FOR FORMER EQUITY CLASSES IN EXCHANGE FOR THE RELEASES AND RULE 2004.
27. In accordance with the provisions of the Plan and the Liquidating Trust
Agreement, during the post-Effective Date period, WMILT has satisfied all tax obligations to
date related to the Disputed Claims Reserve, including, without limitation, filing all tax returns
and other documents as may be required and making all payments on account of income
generated by the funds and Liquidating Trust Interests in the Disputed Claims Reserve [/b]
Page 18/134
http://www.kccllc.net/wamu/document/0812229191118000000000001
PLAN CONTRIBUTION ASSETS TO Liquidating Trust Claims Reserve
What happened to these unencumbered assets after claims are satisfied?.
LIQUIDATING TRUST ASSETS TO LIQUIDATION TRUST BENEFICIARIES EXCEPT "CLAIMS RESERVE WHICH RECEIVED PLAN CONTRIBUTION ASSETS"
5.2 Liquidating Trust Assets Treated as Owned by Liquidating Trust Beneficiaries. For all
United States federal income tax purposes, all parties (including, without limitation, the Debtors, the
Reorganized Debtors, the Liquidating Trustee, and the Liquidating Trust Beneficiaries) shall treat the transfer
of the Liquidating Trust Assets to the Liquidating Trust as (1) a transfer of the Liquidating Trust Assets
(subject to any obligations relating to those assets) directly to the Liquidating Trust Beneficiaries and, to the
extent Liquidating Trust Assets are allocable to Disputed Claims, to the Liquidating Trust Claims Reserve,
followed by (2) the transfer by such beneficiaries to the Liquidating Trust of the Liquidating Trust Assets
(other than the Liquidating Trust Assets allocable to the Liquidating Trust Claims Reserve) in exchange for
Liquidating Trust Interests. Accordingly, the Liquidating Trust Beneficiaries shall be treated for United
States federal income tax purposes as the grantors and owners of their respective share of the Liquidating
Trust Assets (other than such Liquidating Trust Assets as are allocable to the Liquidating Trust Claims
Reserve, discussed below). The foregoing treatment shall also apply, to the extent permitted by applicable
law, for state and local income tax purposes.
(a) the initial distribution of........
blah blah....,
Liquidating Trust Interests and Reorganized Common Stock to or for the benefit of holders of
Allowed Claims and Equity Interests
NOT INITIATED YET.
REORG IS THE DISBURSING AGENT FOR LTI/CASH
Disbursing Agent: With respect to (a) the initial distribution of (i) Cash
pursuant to Article III of the Plan to holders of Allowed Administrative Expense Claims and, to
the extent applicable, Allowed Priority Tax Claims as of the Effective Date, (ii) Cash to holders
of Allowed Priority Non-Tax Claims as of the Effective Date, (iii) Cash to holders of Allowed
Convenience Claims, Allowed WMI Claims, Allowed Trustee Claims, and the fees and expenses
owed to certain Creditors’ professionals pursuant to Section 41.18 hereof, in each case as of the
Effective Date, (iv) Creditor Cash pursuant to Section 31.1 hereof, and (v) Runoff Notes,
Liquidating Trust Interests and Reorganized Common Stock to or for the benefit of holders of
Allowed Claims and Equity Interests, as applicable, the Reorganized Debtors or the Reorganized
Debtors’ designee and (b) with respect to all other distributions, the Liquidating Trustee or any
Entity in its capacity as a disbursing agent. The Disbursing Agent also shall, at the election of
JPMC, make the distribution to each Releasing REIT Trust Holder set forth in Article XXIII of
the Plan from Cash or stock transferred by JPMC to the Disbursing Agent for that purpose. In
their role as Disbursing Agent, the Reorganized Debtors shall hold Cash, Creditor Cash, Runoff
Notes, Reorganized Common Stock and Liquidating Trust Interests as agent only, and shall not
have any ownership interest in such cash, stock or interests.
WHY DID NOTEHOLDERS VOTE FOR A COMPANY GIVEN TO EQUITY-WMIH?
Unless there is a backdoor process to give them the booty and shareholders get nothing for the Releases?.
They controlled(ing too) the price of WMIH and COOP,thats an avenue for big guys to scoop WMI assets.
This plan is a "SCHEME" and it should be reverted.
Distribution directly or indirectly?, from who and to whom?
This was quoted in POR.
Plan contribution assets, no $ value anywhere.
Vague QSRs with bad and confusing wording.
UW's lol was in my opinion is, UWs wanted to be close to the assets when they had their claims in class 18.
We all should go after all the parties involved drawing millions and trying to keep equity out, except one equity security holder who BR met, with out informing S&G.
Why is TAB getting paid when there is nothing for those constituents who TAB represents on paper?.
I know somebody is referring the subject i discuss here,its better losing $3mm than losing lot more by estate,jmo.
No transparency at all in this process, that is enough to open certain things imo.
Some people start their retirement in correctional departments for the "SCHEMES" played sofar.
Liquidating Trust Claims Reserve PLAN CONTRIBUTION ASSETS
c. Tax Treatment of Retained Assets on Account of Disputed Claims
The Liquidating Trustee shall treat any assets retained pursuant to the Seventh Amended
Plan as part of the Liquidating Trust Claims Reserve.
"INCLUDING PLAN CONTRIBUTION ASSETS"
jmo.
LT IS ONLY DISBURSING AGENT TO DEE, NOT THE OTHER ESCROW WHEREEVER IT IS,I BELIEVE ITS A CHOICE OF JPM PROBABLY DTC AS MENTIONED IN THE DOCs.
DEE distributes disputed equity to class 22.But QSR suggests there is an another Escrow Account where shares and cash on behalf of shares exist.No mention of that Escrow Name, no mention of that Escrow Agent or Disbursing Agent for that Escrow account.
And that so called "Separate Escrow Account" is not an asset of LT.
BUT, GSA and POR should complete before BK closing of the cases, so if we have to receive monies from JPM for assets,assumed liabilities ,rule 2014...etc that should complete before closing of the cases.
JMO.Great Christmas ahead.
The shares and any cash that
may be distributed on behalf of the shares are held in a separate escrow account that is not recorded as an asset of
the Trust.
IS THAT S4V WITH CASH?.
DECIPHER NOTE 7 OF QSR
Note 7: Disputed Equity Escrow
In addition to the DCR, the Plan established a Disputed Equity Escrow (“DEE”) to hold shares of Reorganized WMI
common stock for distribution based on the resolution of disputed equity interests. The shares and any cash that
may be distributed on behalf of the shares are held in a separate escrow account that is not recorded as an asset of
the Trust. The Liquidating Trustee is the escrow agent for the DEE.
SO IF DEE HAS ONLY SHARES TO DISTRIBUTE ,WHERE DOES THE CASH PART COME FROM WHICH IS AN ESCROW ACCOUNT(NOT DEE IMO).
http://www.wmitrust.com/wmitrust/document/8817600191101000000000001
TRUST PREFERRED TRUSTEES GET THE DISTRIBUTION TO DISTRIBUTE TO...
distributions to be made to the Trust Preferred Trustees for distribution to holders of
the REIT Series.
..The Trustees may conclusively
rely upon the distribution instructions received from the Debtors or their agents with respect to
contra-CUSIP positions and escrow positions set up by the Debtors or their agents with the
Depository Trust Company, and the Trustees shall close and terminate the original CUSIPS after
making initial distributions of Creditor Cash and shall have no further distribution obligations
thereafter.
6000 RECIPIENTS IN CLASS 18?
31. With a final distribution to be made and based upon the number of recipients to
receive such distribution in excess of six thousand (6,000) Entities, it is possible that some of
these distributions may be “undelivered” or go “unclaimed” or “uncashed” .
PAGE 14, FOOTNOTE 9
EOM.
LTI REPRESENTS ORIGINAL EQUITY, NOT ESCROW CUSIPs,PERIOD.
An LTI may also represent, in part, the original claim or equity interest in respect
of which the LTI was distributed.
http://www.kccllc.net/documents/8817600/8817600190415000000000001.pdf
UW's WANTED LTIs.
In accordance with the Plan, the Trust will issue LTIs to WMI’s former shareholders if,
and only if, the Trust is able to monetize Liquidating Trust Assets in amounts sufficient to payin-full claims held by beneficiaries of the Trust who are senior to members of Classes 19 and 22,
and then, only if a shareholder had satisfied timely all conditions applicable to receiving any
such Liquidating Trust Interests.
http://www.kccllc.net/documents/8817600/8817600190415000000000001.pdf