Ref: Based on your experience, if applicable, what is your opinion on the following.............
1) Does the GSA govern ALL future distributions of Safe Harbor assets (only) to our "Markers" or will it revert to pre-bankruptcy ownership rights of the different classes ie Preferred and Common???
Comment:
"Safe Harbor" rules within Bankruptcy Code governs the protection of "ALL" distributions of Safe Harbor assets.
Our situation - Retained Assets ( which will be there ) within SPE/Trust are in the form of residual interests via Certificates held by subsidiaries of WMI (Parent). Safe Harbor rules protect these assets to pre-bankruptcy ownership. The Court nor the estate have no avoidance / claw back power. Fact - Court will ensure / protect the transfer of these assets to it's rightful certificate holder.
I contend WMI being the Parent and having a security interest it's subsidiaries which in turn that have a security interest via holders of security certificates of SPE/Trust residual certificates will reap the value of these Safe Harbor assets. Finally, WMI's legacy holders(escrow holders) gets the so-called Retained Assets. And, yes they will be there.
2) Can any party (FDIC, DTC etc) other than the WMILT make cash distributions directly to our "Markers" for any Safe Harbor assets held outside of the bankruptcy process???
Comment:
Yes, very likely to happen. Reason, the Residual Certificates are securities.
3) As the reorganized WMI, does WMIH own or are they entitled to any of the Debtors pre-bankruptcy assets/interests, other than that which was transferred during the reorganization process (ie WMMRC and 100% Equity in WMIIC) and clearly stated in the GSA???
Comment:
Yes, those assets, if any, that were transferred past a Pooling & Service Agreement cut off date. They would not be protected as Safe Harbor Assets.
4) Is the WMILT the sole and rightful "inheritor" and arbiter of the entire Debtors (WMI + WMIIC) estate,..bar none???
Comment:
The Court has the ultimate authority.
Happy New Year CBA and TIA for your response.
