~ hmmmm, A Couple Of Thoughts and Current Considerations ~
Had Plan 6’ Been Approved ? ... (don’t worry, it wasn’t for anyone new here’) ... the reorganization’s Tranche Matrix would have ended at Tranche 5’, (only 5 were originally listed and needed) ... With an approved plan ending at the Class 16 Piers holders, as well as, with the WMB Bank Noteholders acceptance of a debtors offer of a WMI’ Class 12 General Unsecured nomenclature, ... (obviously, they didn’t, and again 6’ failed), ... BUT’, ... things would have been different, on a few levels ...
The Class 16 PIERS Securities, ... were never’ ... going to ever’ be issued original estate’ ownership “tracking markers”’ ... (Plan 6 ? or Plan 7) ... BUT’ ...
... so, What would have the PIERS Owned ... ? ... (again, had Plan 6 been approved) ...
First, ... the PIERS would not have needed to be capped’ at a defining moment in Time to a reorganization date payment of their “present value” ... ($240 million / with 23 million shares out, at roughly 10.52 (ish’) pps, capped) ...
So, let’s dissect ... a Class 16’ PIERS (part equity / part creditor debt) hybrid status, would have allowed them to participate and benefit financially from any WaMu future returns beyond their $50.00 original face value plus an interest assignment, ...
So, ... back to Plan 6’ and the what the original attempt involved ... for anyone to participate ? ... there were earmarked a total of 100 million reorganization new company shares, ... with an initial pps’ calculated at $25.00 and a minimum participation of $2 million dollars’ ... Ah’, BUT here is the kicker’ ... had 6’ been approved ? the reorganized newco’ was mandated to reincorporate to Delaware within ONE YEAR of an approved reorganization ...
... Remember’ ... had the WMB’ Bank Noteholders initially accepted the debtors offer of a WMI’ Class 12 general unsecured designation ? ... the ongoing D.C. litigation would have ended ? ... and JPMC would have aquired ownership of the WMB Noteholders Program supporting Trusts’ (22 billion euro’s issued out of the UK) ...
So, ... IMO, the newco was originally considered to be valued at roughly 100 million shares at $25.00 pps, ... after only ONE YEAR from the reorganization date ...
PLUS, ... other than the WMB Noteholders Supporting Trusts (again, the WMB Trusts would have gone to Chase) ... the new owners of the reorganized new company, ... would have been able to benefit from the continued cash production as Ownership of all of the Trusts’ ... once the company completed its reincorporation to Delaware ...
... Our inclusion allowed in Plan 7’s approval ... changed all of that’ ... and’ also needed for the D.C. action to come to a litigation completed result’ ... Now ? ... thankfully finished ...
AZ
