... I'm Reconsidering, FDIC, BK, Tranche Matrix, & Piers ...
After a thorough study of FDIC procedures, regarding the attention given to the estate of all seized financial entities, irrelevant of the WaMu situation, I am beginning to come to a few conclusions that I believe begin to make sense.
Separating a few of the existing issues;
The WMI Bankruptcy (The Parent) filed, as a direct result of the FDIC's seizure of the sub (WMB)
(The Bankruptcy is now "basically settled" , within a few details' .... and will finalize within the guidelines of attachment H' ... Basically, the Tranche Payout Matrix .... Tranches 1 through 6 .... )
Currently, ... funding for the Tranche Payout Matrix is being provided for, by the Liquidation Trust and its pre dictated responsibilities (we should see a quarterly report, ending 6/30/2014 here in a few days)
Currently, all of our creditor classes have been addressed and paid by the Liquidation Trust with literall "cash" that has been available, .... with the exception of ONE' .... Tranche 4 and the Piers .... The Piers, located within Tranche 4 have NOT received their capped amount of return as dictated by the .... "settlement" ....
So, not to get confusing and hopefully I am not ..... HOWEVER ..... WE' currently still have ONE creditor class that is "impaired" .... present tense'
Now, having said that .... and separate from the Bankruptcy .... The FDIC has Procedural Obligations to each and every estate, that it (FDIC) becomes involved in, due to the necessity of the seizure of a financial institution. ..... As stated within the FDIC site, it has an obligation to the estate (all estates) upon final accounting to make every effort to maximize an estates value and return funding to the estate. Their first responsibility is always to any creditor classes that have been financially damaged and then subsequent involved parties within the damaged financial entity.
Now, .... This part, IMO, is quite important' .... The FDIC places itself within a Tranche Payout Matrix of an estate, right above any "General Unsecured Claims" within an estate, that remain outstanding ..... or in our case ... Tranche 5 ....
So, In my opinion ....
The bankruptcy of the parent (WMI) will finalize leaving the last creditor class impaired ....
The FDIC, will finalize its obligations to the estate within their predetermined guidelines and existing procedures, utilized within all seized entities.
The FDIC will address any remaining creditor class issues and complete their determinative recovery
(In our case .... the FDIC ... WILL BE, ... "MANDATED" to complete any payments still due the piers, Tranche 4, regarding their predetermined and settled amounts due .... )
Then, Tranche 5 issues will be finalized and subsequently, we move into Tranche 6 payout responsibilities
Remember, I maintain completely and without hesitation, that JPMorgan, did not receive ownership of numerous assets maintained by WMI from the FDIC .... So I firmly believe, the amounts of funding that will ultimately be returned to the estate on behalf of the FDIC are and will be significant. .....
So, a couple of quick adds'
The Liquidation Trust .... In my opinion, .... will aid the FDIC in the final distribution issues ....
The Litigation Trust .... basically, is quickly becoming irrelevant .... (the six year filing rule and all of that)
Equities' involvement within the mediated and now settled PayOut Matrix' , ..ended up being critical, to the future financial recovery of all equity Trust Marker recipients ... as we will move forward through the last creditor class, ... into Tranche 5 issues, and then ultimately to Tranche 6 financial returns to Preferreds and Commons simultaneously (75% / 25% with APR removed)
The FDIC owes ... and will return ... funding to the estate on our behalf
AZ
