AZ,
You have been one of my top posters I respected and appreciated, today being the same.
Recently I am puzzled with what you revealed on the distribution of former WMI preferred shares including converted REIT series, P and K.
In
DISCLOSURE STATEMENT FOR THE SEVENTH AMENDED
JOINT PLAN OF AFFILIATED DEBTORS PURSUANT TO
CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE
dated 1-12-2012 and approved on 1-13-2012
In P162-163:
20. Preferred Equity Interests (Class 19)
a. Cancellation of REIT Series Notwithstanding the provisions of Section 23.1 of the Seventh Amended Plan, on the Effective Date, all REIT Series shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect. For the avoidance of doubt, Section 23.2 of the Seventh Amended Plan shall have no effect on, and shall not result in the extinguishment or cancellation of, the Trust Preferred Securities and, in accordance with the Global Settlement Agreement, JPMC or its designee is the sole legal, equitable and beneficial owner of the Trust Preferred Securities for all purposes.
b. Cancellation of Preferred Equity Interests Notwithstanding the provisions of Section 23.1 of the Seventh Amended Plan, on the Effective Date, all non-REIT Series Preferred Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.
22. Common Equity Interests (Class 22)
a. Cancellation of Common Equity Interests Notwithstanding the provisions of the Seventh Amended Plan, on the Effective Date, all Common Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.
All preferred and common share interests had been extinguished and all documents deemed cancelled and of no force and effect.
I do not know why? Please help... please help to clarify this matter.. anyone!
