~ MaPi, That’s Great’ It’s Because of You & Others That I’m Here ~
... It Has Been, WMI’s Liquidation Trust, the WMI-LT That has had people very, very, confused ...
... Let’s Begin, ... Well ahead of the 2008’ Seizure of WaMu, ... The “Liquidation Preference” of the “Washington Mutual Capital Trust 2001”, had already been set’ ... remember, this was the only Trust able to be discussed and the only Trust Listed in Plan 7’, ... the mandate stated that upon a Washington Mutual Bankruptcy, the Liquidation Preference was to use the DTC, ClearStream, and EuroClear, Through your Bank or Broker etc. ... for the Liquidation Preference and the subsequent distribution returns ... NOT to use a Plan Specific WMI’ Liquidating Trust ... nor to consider any WMI’s Debt ...
In order to achieve this forward moving process, ... First’, as the Approved Plan 7’ stipulated, ALL WMI Senior Debt (WMI’s Tranches 1 through Tranche 4) needed to be taken care of ... We can all see that actually happening now as the “Proposed Order” has been approved ... on 10/16/2018 ...
Now Initially, ... The “Liquidation Preference” Converts Everything to 100% ALL “Cash”, ... Then, The Liquidation Preference has a specified order of Forward Action ... First, the WMI Senior Debt must be completed, ... Second, any claims by the Property Trustee need to be taken care of, ... and, ... Third, are the distributions to the Shareholders ... three basic stages of operational liquidation ...
Ok, ... now this part may be confusing but, stay with me’ ... WMI’s Senior Debt (Tranche 1 Through Tranche 4), ... IS’ going to be taken care of with the remaining cash currently leftover in the WMI-LT’ ... and the remains of the WMI- LT will then be RE-Distributed ... (remaining cash and shares, as revealed in the QSR)
However, ... A major portion (not all), of the Massive Returns are within the “Liquidation Preference”, ... but there has been a few litigation holdups as we have experienced ... beyond the obvious legal challenges, the Property Trustee has also needed to be in a financial position to actually “Liquidate” everything into “Cash” ... for the distributions ...
So, ... who is the Property Trustee ? ... as stated, the Property Trustee is the same as the Indentured Trustee, ... First it was US Bank, but then upon the WMIIC / WMI BK Filings, ... that responsibility transitioned To Wells Fargo ... (I posted this just a few days ago) ...
... All returns were to be kept in a non interest bearing account’ ... so our money, could not be used for profit making, nor did our money need to be reported on a Wells Fargo Balance Sheet ...
Currently, I’m watching for the now Court Approved “Proposed Order”, to be Implemented, ... points 3, 4, and 5 sequentially ... “hopefully” to use B Rosen’s chosen word, with a Special Distribution in November ...
Thanks Again ...
AZ
