~ An Obvious WMIH-Corp / WMI-LT / WMIIC Observation ~
The Legal (servicing and management) A&M - faucet - was turned on "nunc pro tunc" back in October of 2008' ... however, ... no one' took the time to turn off the (servicing and management) A&M - faucet -, after the 03/19/2012 WMIH-Corp exit into reorganization' ...
Had the WMI Liquidating Trust not been paying roughly $500,000.00 per quarter to A&M ... to manage and service WMIH-Corps subsidiary, WMI Investment Corp ? ...
The WMI-LT could have breached the $50,000,000.00 debt threshold and the representation would have changed as disclosed' ...
Simply Put; ... WMIH-Corp can not continue to allow a WMI-Liquidating Trust, (a third party entity) to pay Alvarez and Marsal, (a fourth party entity) ... to manage and service WMIH-Corp's own SEC filings displayed subsidiary ... WMI Investment Corp' ...
WMIH-Cop' should have been paying for this - "outsourced" - management and service, if needed' ... since, the reorganization back in March of 2012' ... NOT the WMI-Liqidating Trust'
WMIH-Corp = Party # 1
WMI-Investment Corp = Party # 2
WMI- Liquidating Trust = Party # 3
Alvarez and Marsal = Party # 4
So, ... Party # 1, ... CAN NOT have Party # 3 be Paying, Party # 4, to service and manage Party # 2 ...
Lets get it together boys' ... we have a SEC mandated information correct' 10-Q due for period 01/01/2016 thru 03/31/2016
... and' their is a shareholders meeting on the horizon' ...
Here; is the relevant text regarding the $50mm debt threshold'; ...
"(d) If, during the term of the Liquidating Trust, the aggregate outstanding amount of the Liquidating Trust Interests representing (i) Allowed Claims, (ii) the greater of Inter creditor Interest Claims or Post petition Interest Claims in respect of such Allowed Claims, (iii) Disputed Claims, (iv) the greater of Inter creditor Interest Claims or Post petition Interest Claims in respect of such Disputed Claims, and (v) contingent, un liquidated Claims, is $50,000,000.00 or less, (X) one (1) CC Member who is not a CC Subcommittee Member (as defined below) shall without any further action by the Liquidating Trustee, the Trust Advisory Board, the Bankruptcy Court or any other Person, resign, and (Y) within twenty (20) Business Days of such event, the EC Members shall appoint a new member of the Trust Advisory Board and notify the Liquidating Trustee of the identity of the new member in writing."
