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Tuesday, February 27, 2018 9:10:00 AM
The Trust has received inquiries regarding the status of “Escrow CUSIPs” issued on the Effective Date in accordance with
the Plan. As has been stated in the past, [url]such Escrow CUSIPs were issued solely to facilitate potential future distributions,
if any, to eligible former shareholders of WMI if Claims involving Disputed Equity Interests are disallowed.[/url][tag]insert-text-here[/tag]
By way of background, as of the Effective Date of the Plan, the Depository Trust Company (“DTC”) established and
maintains positions in the aforementioned Escrow CUSIPs. These Escrow CUSIPs represent nominees’ positions that
would be used to make future distributions, if any, of common stock issued by WMIH Corp. (formerly known as WMI
Holdings Corp. (“WMIHC”)). Pursuant to the Plan, such shares of WMIHC’s common stock were deposited in the
Disputed Equity Escrow established in accordance with the Plan and are to be maintained in the Disputed Equity Escrow
until such time as
Claims involving Disputed Equity Interests are either allowed or disallowed.
Upon resolution of those Claims, the related portion of the shares maintained in the Disputed Equity Escrow will be
distributed to claimants holding the newly allowed claim or, if the claim is disallowed, the related portion of the shares
will be redistributed to beneficiaries of the Trust in accordance with the distribution mechanics set forth in the Plan. In the
event any future distributions of WMIHC common stock are made from the Disputed Equity Reserve, DTC will be
instructed to allocate such common stock to each of the Escrow CUSIPs on a pro rata basis.
In June 2015, several Claims were disallowed and 1.4 million shares were subsequently distributed to holders of Escrow
CUSIPs on a pro rata basis; however, a holder received such a distribution solely to the extent such holder’s ownership
position resulted in a distribution of at least one share. Since that date, no additional disallowances with respect to those
relevant Claims have occurred. On that basis, former positions represented by the Escrow CUSIPs are not currently
entitled to receive any distributions under the terms of the Plan.
As stated above, the Escrow CUSIPS were established solely to facilitate potential distributions, if any, of shares of
WMIHC common stock. The only source of common stock available for any such a distribution would be from the
1.5 million of shares remaining on deposit in the Disputed Equity Escrow. Specifically, the Escrow CUSIPS do not, in and
of themselves, represent an entitlement to any possible future cash distributions from the Trust, WMIHC or the Federal
Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank), as the
case may be.
In accordance with the Plan, the Trust will issue Liquidating Trust Interests to WMI’s former shareholders if, and only if,
the Trust is able to monetize Liquidating Trust Assets in amounts sufficient to pay-in-full claims held by beneficiaries of
the Trust who are senior to members of Classes 19 and 22, and then, only if a shareholder had satisfied timely all
conditions applicable to receiving any such Liquidating Trust Interests.
able to monetize assets in a manner sufficient to give effect to the foregoing.
The clearing house is the DTC now
The Depository Trust Company (DTC)
DTCC's subsidiary, The Depository Trust Company (DTC), established in 1973, was created to reduce costs and provide clearing and settlement efficiencies by immobilizing securities and making "book-entry" changes to ownership of the securities.
DTC brings efficiency to the securities industry by retaining custody of more than 1.3 million active securities issues valued at US$54.2 trillion as of 7/31/2017, including securities issued in the US and more than 131 countries and territories.
DTC provides securities movements for NSCC's net settlements, and settlement for institutional trades (which typically involve money and securities transfers between custodian banks and broker/dealers), as well as money market instruments.
DTC's core services include:
Settlement Services
Corporate Actions Processing
Securities Processing
Issuer Services
Underwriting Services
Global Tax Services
DTCC's Settlement Services, offered through DTC, reduce cost and risk and boost efficiencies in the marketplace by providing end-of-day net settlement obligations for clients resulting from trading activity in equities, debt and money market instruments. Asset Servicing, also offered through DTC, offers a broad range of services for underwriting, custody, corporate actions, dividend, proxy and reorganization services, as well as the electronic registration and transfer of securities.
DTC is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the U.S. Securities and Exchange Commission.
DTC Regards,
B
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