~ The "Washington Mutual Capital Trust 2001" - "Liquidation Preference" ~
... Does NOT Class Specify' ... except', as I have posted' ... Point # 3 simply states "shareholders", ... I have ALWAYS taken that to mean what it says, an actual WMI "shareholder"', a wamuq' common share releasing owner of the original WMI' ... Preferreds are Bonds' ... and a preferred bondholder is not referred to as a "shareholder" ...
Here is the Liquidation Preference in a bit greater detail' ... (I've posted this before) This was all actually written and approved' back in April of 2001' ...
First', ... IF' ? Washington Mutual Inc., ... ever' filed for bankruptcy', the indentured trustee was to be changed', it was', it was changed to Wells Fargo'
Second', ... All of WMI's Senior Debt, was to be paid' ... the law was always to be followed', ... the Trust being Separate from the Parent, the WMI Capital Trust' always had plenty of funding to accomplish this task' ... now ?, the WMI-LT has enough Cash to complete this task, as B. Rosen is attempting to do' ...
Third', ... If the "property trustee" has any open claims, those claims need to also be addressed' ... This ?, was a tough one for me' "so, who was the property trustee ?", ... well, after some serious digging, as you guys know I do', ... the "property trustee" is the "indentured trustee", ... so again, Wells Fargo'
Fourth', ... Again, If ? or upon the filing for a WMI's Bankruptcy', The Liquidation Preference is activated and the Trust is to be Converted to "Cash"
Fifth', ... Point # 3, ... Distributions to Shareholders'
Sixth', ... as the single shareholder for the Trusts common share' (singular) Washington Mutual Inc., maintains ownership of 3% of the Entire Trust itself ...
... This Is Only One Of The Trusts' ... It Is massive', ... there are others, but this one needed to be listed in the DS and in the Plan due to the WMI Senior Debt (Class 16 PIERS), which needed to be "Addressed" ... "Capped" as was need, in our Approved Plan' 7 ... but addressed just the same'
... I've been trying to help you guys' ...
AZ
