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Sunday, June 22, 2014 9:14:39 PM
WaMu bankruptcy case is unlike any and most cases ever followed and witnessed to the extent for former WaMu was and is.This may be due to the longevity of the former WaMu organization which was in existence well over 100 hundred years and would be to this day had crimes not been committed in this tragedy of an American Corporation by nothing more than corrupt Banksters and Government Officials.
Obviously, when a company had multi billions over liabilities and the bankruptcy is actually allowed to continue, well then it is impossible to compare any case like this with a normal bankruptcy case. So to think, there should NOT be a HUGE amounts of money coming for escrow shares is uneducated in this case at best. Again, for investors who are not aware, I would suggest researching 363 transfer of assets within Delaware bankruptcy procedure (I have) before opining. I will say this, with the hand that Susman/Willingham had and if all they were able to achieve was a handful of billions in tax attributes in a fifty cent shell company (at the time) which had virtually no future, then I will say we were sold out to an unfortunate and very high extent. And to think all the original and former Piers Planners had in mind was a handful of billions in very challenging tax attributes after their failed attempt at zeroing out equity is not in the know.
Remember, the only thing the Criminals were afraid of was going to prison and/or losing their standing in society. Then with the court's blessing (insider trading saved Walrath too) Susman/Willingham had this huge and potentially very damaging insider trading crimes in hand to use in bankruptcy court or another court outside of bankruptcy if they were to bring the case on their own which could have easily happened. We all know Walrath would have protected them in bankruptcy court regardless of crimes or not. Yes, some fiduciary we have here.
So we received WMIH shares that within days worth far less than issued and ANYBODY could buy them so this did NOT leave pre/post equity investors with any value of the original 350 billion dollar WaMu organization. So to think escrow shares should not receive anything does not understand. Also, to say this is the same as any other bankruptcy case or to compare this against cases that were actually bankrupt is just not having the facts or does not undestand. The following are some facts that may show the investor that this case may be indeed different and once tranches 5/6 are worked (or before the final P&A is closed) may also reveal that escrow share owners may indeed receive value. This may happen at or before the official closure of the P&A which the FDIC wants to happen before the end of September 2014.
Again, one needs to FULLY understand the 363 sale of assets within the Delaware bankruptcy procedure to understand why I say escrow share account owners will see HUGE amounts of money soon and/or before the final and official closeout of the P&A - whenever that ends up being but now the FDICs target for this is September/2014.
According to Bankruptcy Procedure, on a National Level, Bankruptcy Courts, generally and quite easily accomplish any final distributions to creditors using, Federal Bankruptcy Rule 510(a); which is the normal Federal Rule and Bankruptcy Guideline (when, under a normal circumstance, liabilities actually exceed assets) even if a new organization is planned upon reorganization.
The Tranche system which is currently being used by WaMu is an additional tool available to the court system. The court, at its option, may use this available and alternative distribution mechanism, when there are undetermined valuations and a potential for unknown future financial distribution at the time of reorganization. Think of this as the following. Bankruptcy Rule 510 and all of its subsets is the Federal Law and/or guideline. The Tranche system is available as a "variable" to accomplish an eventual end result also within the guideline of the Law.
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