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Thursday, December 06, 2018 4:50:27 AM
We often discussed the Liquidating Trust Assets and the intercompany claims (you mentioned it in https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145279826) on POR page 17:
1.140 Liquidating Trust Assets: From and after the Effective Date, all Assets of the Debtors (including, without limitation, certain Plan Contribution Assets and such Runoff Notes which are either (a) not distributed on the Effective Date or (b) placed into the Liquidating Trust Claims Reserve) except
(i)
[...]
(iv) Creditor Cash on the Effective Date and the equity interests in each of WMI Investment (all the assets of which, for the avoidance of doubt, shall be contributed to the Liquidating Trust, including any Intercompany Claims), WMMRC and WMB.
But how are Intercompany Claims (that went to the WMILT) defined?
Also from the POR, page 15:
1.118 Intercompany Claim: A Claim against any of the WMI Entities held by another of the WMI Entities; provided, however, that “Intercompany Claim” does not include any PIERS Claim.
And what is a PIERS Claim?
POR, page 19:
1.158 PIERS Claim: An Unsecured Claim arising from or related to the PIERS Trust Agreement, the PIERS Guarantee Agreement and the Junior Subordinated Notes Indenture, on account of the PIERS Common Securities or the PIERS Preferred Securities.
And what is the PIERS Trust Agreement? Page 20:
PIERS Trust Agreement: That certain Amended and Restated Declaration of Trust, Washington Mutual Capital Trust 2001, dated as of April 30, 2001.
So IMO no intercompany claims related to WMCT2001 went to the WMILT...
Your post:
This appears to be the same situation as with WMIIC where the much referenced asset-less shell in which WMIH owned 100% equity was dissolved.
I don't see how any WMCT 2001 assets would be transferred to WMIH when ALL of WMIIC's assets were also transferred to the WMILT on the ED and the empty shell to went to WMIH.
None of the assets of entities assumed by WMIH were transferred to WMIH except for the remnants of WMMRC's run-off portfolio, the vast majority of which belonged to the WMILT.
EDIT: Note all the transferred entities are shell companies with no assets. The assets of WMIIC and the run-off portfolio went to the WMILT and WMB's assets to JPM and the FDIC.
"1.192 Reorganized WMI: WMI, on and after the Effective Date, which shall include One Hundred Percent (100%) of the equity interests of WMI Investment, WMMRC and, subject to the abandonment of the equity interests of WMB, WMB."
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- Just my personal opinion, no investment advice! -
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