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Saturday, November 04, 2017 4:03:55 PM
1) The primary bankruptcy case is a circle within a larger circle
2) The ongoing case for everyone to see is represented by the smaller circle
3) The larger circle outside of the smaller circle represents all legally isolated assets that will never be discussed or talked about within the smaller circle ongoing/active bankruptcy case as Nelson at Susman Godfrey discovered when Judge Walrath ordered him to halt asset discussion
4) The reason Judge Walrath ordered Nelson to not discuss this as these assets are legally isolated away from the active case represented in the larger circle such as certificates in trusts that no-one can own but can own the trust's income stream
5) Now we know a few things - In 2008 the WMI Holding company was off limits for them to seize and must be compensated for, hence 5th AT, also there are many assets that if JPM wants they have to pay for which may fall outside of the active bankruptcy case into the larger legally isolated circle of assets
6) Now after understanding a 1031 Exchange, this is why it is so important WMIH uses this as assets in the larger circle of legally protected/isolated assets
7) No way the NewCo/WMIH wants to be burdened with paying taxes on these assets in the larger circle hence, use/dissolve the WaMu 1031/Exchange which has a maximum life of 180 days
8) The WaMu 1031 Exchange was started on 6/23/2017 and MUST be dissolved by 12/20/2017 (total 180 days) to legally defer taxes on potentially "tens of billions" of dollars worth of legally/protected isolated assets in the larger circle
***Now Let Me INTRODUCE the WaMu Holy Grail***
*The Holy Grail*RETAINED ASSETS*YOUR HONOR*They Will Still Be There*
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
Have I told you lately how much more, more and more I love my Escrow ShareMarkers that continues to grow immensely every single day forward?
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