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By the way:
Escrow holders should review this closely from time to time:
http://www.kccllc.net/documents/8817600/8817600190206000000000001.pdf
Note that it was most recently published on Feb 6, 2019; so it is not dated.
Please see in particluar item number 18. That item reads as follows:
"There are no material assets of the Trust [footnote directing reader to see LIBOR litigation text in item 20] other than those that have previously been disclosed and no assets are “hidden” or “unreported”. The Trust submits unaudited financial statements to the Bankruptcy Court under penalty of perjury. Likewise, such financial statements (and other information) are filed with the U.S. Securities and Exchange Commission under Forms 8-K and 10-K and under applicable laws and regulations, the Trust is obligated to ensure that such filings do not either omit material information or include materially false or misleading information.
Management of the Trust is aware that certain individuals who have an interest in the operations of the Trust (e.g., legacy shareholders who do not yet hold and may never holdan LTI) have suggested that the Trust is hiding assets or is entitled to value from the Washington Mutual Bank receivership. Such suggestions are inaccurate: the Trust’s financial statements disclose all of the Trust’s material assets. Additional information regarding the Trust’s assets as of the Effective Date can be found in the Global Settlement Agreement and Confirmation Order. We also refer you to the 2017 Form 10-K and 12/31/18 QSR.
Matters relevant to “Washington Mutual Capital Trust 2001” (the “PIERs Trust”), the entity that issued the so-called PIERs securities, were litigated extensively in connection with the confirmation proceedings related to the Plan that was ultimately approved by the Bankruptcy Court. Since the Effective Date, claimants whose claims against the estate relate to such securities have received distributions from the estate in accordance with the terms of the Plan (assuming that such claimant submitted required documentation and releases in order to be eligible for any such distribution). Apart from such distributions, including distributions in the future (if any), the PIERs Trust does not represent a source of value for future distributions, if any."
So really really bad DD trumps no DD.
The court has not set one as far as anyone can tell.
I am sorry, but the slate was wiped clean in March 2012, when WMI emerged from bankruptcy as the reorganized WMIH.
Referring to a change of focus that happened in December 2007, or to preferred shares that were cancelled and made null and void in March 2012 is the same as pretending that Hitler's plans for Operation Barbarosa are still being implemented.
All of that stuff is as dead as Julius Caesar.
What an elaborate conspiracy.
I have yet to read anything in the way of a coherent, evidence-based, plausible theory that makes distributions by the LT dependent on or even connected in any way to a change in control.
A change in control would only impact the usability of the NOLs. That's it.
The LT distributes to each tranche when and as:
(1) the amount of allowed claims in that tranche is established with finality; and
(2) there is money/shares available for that distribution.
Note: money/shares available for distribution means amounts above what may be in reserve (such as the money that was in the DCR or the small amount of WMIH shares that were held in reserve) and a substantial amount of money that is set aside to ensure the trust will be able to operate through the end of its projected life.
Jerry, I read on another board that there are already $38 million in approved claims in Class 18. However, I have yet to confirm this. If true, what is left in the LT is already going elsewhere.
And no else has figured any of this out except for this board.
Very glad to learn you got your check. Now we are moving on to see what happens with Class 18. Will MARTA refile or not? And does it really matter? I have read elsewhere that the claims in Class 18 that have already been allowed will pretty much take whatever the LT has left.
I just have to read the document that Mordicai just linked. You should too.
No. I think you should be the one to show me.
Incorrect, but believe what you want. I take my information from the official court records.
It means the claim was filed too early. Nothing more. The judge told MARTA to refile if and when money becomes available for Class 18, which is now the case.
I agree on all points, jerry. But I have never been able to see what is not there.
I cannot.
I do recall there was a debate about whether the 2.5% came out of the whole (leaving commons with 22.5%) or whether it came only out of the 25% going to commons (meaning it might be just 00.625% of the whole).
That is obviously not true. How many massive conspiracy theories can this board come up with? The Russians - THE RUSSIANS - could not maintain the secrecy around their efforts to use social media and wikileaks to influence the 2016 US election, but everyone floating in the penumbra of the WMI bankuptcy is involved in a massive conspiracy and cover-up and not one word is leaked to anyone.
MasterBlastr: that is correct. Determined back in 2012.
That's exactly why I am trying to figure out what he is talking about.
A few questions:
Do you mean UQs or UQ escrow markers? Did you sign the release form back in Feb 2012? Did you receive escrows for your common shares?
And your reason for this advice is...?
jhdf51,
Actually, I disagree. I believe the documents and the rules are fairly clear. They require substantial time and effort to understand, but they are not designed to confuse.
The confusion comes in when people look for words that support pre-conceived conclusions, cherry-pick bits and piecees, and then post their "findings" on a message board.
Then others step in with, "Wait a minute, that's not what the rules/documents say." And then you have an argument. And the bystanders do not know who to believe.
Jerry,
I believe that after Piers are paid there is still some $40 mil or so left for classes 18 and below. MARTA might go after that $40 mil.
Ron, you need to paste the entire section from the 10-K. You omitted the next paragraph.
The clause you highlighted in red is the debtors position concerning MARTA's claim. It is an argument. It is not a determination. The next paragraph, the one you did not include, is the critical paragraph. It is the paragrpaph that says that MARTA can refile if and when the LT has money for class 18. Well it has just become clear that there will be money for class 18.
MARTA may well have no valid claim. But they may still refile, and it will take time for the court to rule on their claim.
Let's all hope they do not refile. If they do, even if they have no case, it will just add another delay and eat up more LT resources defending it.
Ron, could you please provide a link or some sort of indication as to the document that reads - as you quoted - "the Debtors should have no liability with respect to the allegations contained in the lawsuit."
And, please explain why, if your post accurately summarizes the matter, does the last 10-K of the LT still reference the MARTA claim, noting that it may be refiled if money becomes available for class 18.
I just cannot reconcile what you are asserting with what is in black and white in the LT's 2017 10-K.
And we should see the new 10-K soon enough. I wonder if that reference to the MARTA claim will still be in there.
How much time do you think the will be allowed to refile now that the LT has acknowledged (today) that there will be something for class 18? The order does not say. I believe Walrath has to notify them of the claims bar date that applies to the refiling of their claim.
That was the silly $39 billion claim they filed that was expunged.
They can still refile the one for $400+ million.
No. Please show me the court record where the expungement was ordered. And also please explain why the LT is still referring to the possibility of MARTA refiling in the LT's 10-K for 2017.
AZ said MARTA could not receive a distribution from the LT because they did not sign a release (post 560620). But nowhere in the official documents does it anywhere state that MARTA needs to sign a release to receive payment from the LT. All they have to do is refile their claim; the LT can then either litigate it or settle it. The only way escrows come out with anything substantial is if the LT litigates the claim and the judge denies it. Even then MARTA may appeal.
So we had best hope they do not refile, but I am affraid that is a futile hope, as there is enough left for possible distribution to class 18 to cause them to refile.
You know that COOP still in fact has the NOLs, right? Just checking.
NEWS: WMI Liquidating Trust To Make Cash Distribution Of Approximately $50 Million With This Distribution, All Tranche 4 Claims Will Be Paid-in-full
https://www.prnewswire.com/news-releases/wmi-liquidating-trust-to-make-cash-distribution-of-approximately-50-million-300801122.html
So we have in fact heard the last from the former employees.
"The Trust disputed the new proof of claim and was required to reserve $435.0 million with respect to the estimated claim until resolved."
So there is $435 million still in reserve for this claim? What?
No. It was a post repeating the same old errant nonsense.
Here we go again, ron. We went through this yesterday.
You are completely misreading that document from 2010.
It was conclusively demonstrated that you and AZ are wrong about the NOLs.
Why won't you let that interpretation go when you know its wrong?
No time to take you to school today. Check back tomorrow.
Sarcasm, beardown, sarcasm.
I don't think the LT can settle the employee claims. They tried that before and the FDIC ruled that any golden parachute payments were impermissible, even under the terms of a settlement.
Read this:
http://www.deb.uscourts.gov/sites/default/files/opinions/judge-mary-f-walrath/wamu-mem-op-order-employees-claims-f2-1-19.pdf
Especially the text beginning on page 4.
If they are going to file a notice of appeal, I think the latest they would do that would be by 6 pm today. It's a simple filing.