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Thursday, January 25, 2018 1:53:34 AM
AZ is a very sophisticated outstanding dd researcher and being highly honored.
Under Chancery Law "equity interest" relating to SPE Trust is the beneficial rights over legal rights to the regular income stream including distribution. (A)
But "equity interest" as defined in POR7, it is just the equity shares rights of WMI: Former WMI forfeited equity rights of WMIIC, WMMRC and WMB.
And no assets can be reverted to former debtors nor reorganized debtor(WMIH). (B)
So these are two different approach to interpret the WaMu legal complex relating to bk, WMILT estate vs WMIH.
(A.) is based on that WMI transferred all beneficial rights to WMIIC before filing bk on 9-26-2008 and WMIIC transferred such rights to WMIH before dissolution on 1-18-2018. (The effects of WA WMI merged into DE WMI should ne included to become WMIH)
(B) is based on WMILT being the successor in interest of the debtors, former WMI & WMIIC. WMILT owns all property in WMI estate.
I think all the legal eagles from the parties knew the property of former WMI, WMB, WMIIC and all the WMI group of subsidiaries. If not, they would not be hired to do the job. ( You do not put a cat into a lion cage, only tiger or lion of similar size and strength.)
Do you think there would be green light for POR7 if most of the assets and SPE Trusts will be pushed into the WMIH cave?
What could Creditor Committee and Equity Committee do? What would TPS do? Would they be willing to convert $4B to WMI Preferred at 8am 9-26-2008, 14 hours and 16 min before WMI bk ?
There could be reasonable degree of serious compromises among the crocodiles, tigers and lions to make everyone willing to yield.
WMILT should get the majority of the estate including SPE Trusts income
while WMIH will get some of the lions share via WMIIC.
The redacted settlement court document is the bible. I doubt anyone of us here read it.
So let us be logical and reasonable in addition to just being legally right.
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