The whole thing was staged and planned in 2012. For some reason, the LT got to pay misc claims and not JPM who took the bank and most employees of the old WAMU. Even if JPM laid them off afterward, it is still their responsibility since they took the main bank.
OK so we have to pay misc claims but it is not much and they kept on dragging and dragging their feet and not pay those misc claims or even PIERS who is owed only 10% or 30M. Just like in POR 6 when the hedge funds wanted to take the Estate, they calculated to the last dollars and made themselves short of just 10M so that they can take the Estate.
Now the LT is doing exactly the same thing. They came up with just enough money to pay 90% of PIERS. Then they have 100M to pay the lawyers, What they have left is 100M and that is exactly what is needed to pay misc claims and PIERS. But most money is in some kind of short term investment and the LT only has 30M cash in hand and it is not enough to pay PIERS. And so they drag their feet for another year, because by Feb-May of 2019, the court had already ruled that all employee claims have to be settled or else they will have zero.
The IRS has extended the LT to last until 2021. The fact that the LT has not paid a single dollar in tax yet tells me that the money is not in their hand, Yet. I saw some evidences that the LT started to liquidate assets starting late of last year. So perhaps there is not a lot of money and they need to wait for the right time to sell, or they just want to maximize our return, or JPM or whoever will buy our assets have to come up with the money to pay. Nobody knows the real reason.
In any case, it seems like the end is near. I give to myself a deadline to be paid in 2021. If it happens sooner then great, but there is no point of getting aggravated because of this. The IRS has already extended for the second time if not the 3rd time and they are not going to extend the existence of the trust again. And the trust cannot disappear in thin air without distributing what it has.
