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Re: Bill48 post# 475415

Wednesday, 03/29/2017 11:03:56 PM

Wednesday, March 29, 2017 11:03:56 PM

Post# of 725172
Bill48 - optimistically... $30 mil left assuming all disputed claims allowed. Too tired to do the math. It could be 0.

The major things that I noticed from the 10K are below although I might've missed some important stuff.
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On January 11, 2017, the Trust and AT&T executed a Settlement Agreement wherein the Trust agreed to pay AT&T $3.3 million to resolve all outstanding issues and the withdrawal of the claim. The claim was paid on February 1, 2017.


AT&T is done.
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Employee claims

The Trust and counsel to certain employee claimants have agreed to amend the existing scheduling orders in the claims reconciliation litigation on several occasions to provide that all outstanding discovery deadlines would be adjourned, with the “change in control” hearing to be held in February 2018.


Avoidance actions (many of the claimants also had "golden parachute" claims)

In connection with the January 18, 2017 Order, the Court extended the deadline for the completion of non-expert discovery related to the Employee Claims to November 6, 2017 and the deadline for the completion of expert discovery related to the Employee Claims to November 12, 2017.


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Tax litigation

On February 21, 2017, the Court of Claims issued its opinion in which it dismissed the case brought by the WMI Group with prejudice; as such, the WMI Group cannot amend the complaint to address any alleged deficiencies. The Court of Claims held that the WMI Group did not meet the burden of proof as to the value of the acquired intangibles and that the Court of Claims was unable to allocate the purchase price among the acquired intangibles. The Trust strongly believes in its position. The Trust and JPMC (which is entitled to 80% of any potential refund under the GSA) have reviewed the decision and intend to file an appeal.



Roughly $12.3 million estimated (that the Trust will receive if they win on appeal)
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Class 17 (subordinate to Class 18)

By order, dated January 19, 2012, the Bankruptcy Court approved a stipulation and agreement by and among the Debtors and certain holders of WMB Notes Claims (as defined in the Plan) that asserted Misrepresentation Claims, providing, among other things, that such holders would receive an Allowed Subordinated Claim (as defined in the Plan) in the aggregate amount of $15 million on account of the claims asserted by such claimants and, furthermore, that such claimants withdraw, with prejudice, any appeal of the Court’s order. The Trust believes that the majority of the outstanding Misrepresentation Claims have been resolved pursuant to such settlement agreement. The remaining holders of Misrepresentation Claims remain unliquidated and disputed. The Trust will litigate its prior objections to these claims should recoveries reach Class 18 (Subordinated Claims).


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Class 18

As of December 31, 2016, outstanding allowed Subordinated Claims totaled $38.2 million

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