Thursday, February 07, 2019 6:19:02 PM
...or maybe he is techincally accurate by saying assets as of "Effective Date".
..or maybe bankruptcy remote assets will never flow back through LT...but in that case who is in charge of distributing those assets?? and what mechanism will they use? where are all the interest profits collected from all the ABS from the last 10 years sitting...according to the language LT is using to deny, I dont think its under any trusts that LT controls has knowledge of existence to...other wise, their denial statement would carry some legal liability.
18. Other than as reported in its Quarterly Summary Reports and/or filings with the
U.S. Securities and Exchange Commission, is the Trust holding any assets that are
“Off-Book”, “Safe Harbor Assets” (e.g., “Washington Mutual Capital Trust 2001”,
“Posit”, or “Retained Earnings) or other assets?
There are no material assets of the Trust2
other than those that have previously been
disclosed and no assets are “hidden” or “unreported”. The Trust submits unaudited
financial statements to the Bankruptcy Court under penalty of perjury. Likewise, such
financial statements (and other information) are filed with the U.S. Securities and
Exchange Commission under Forms 8-K and 10-K and under applicable laws and
regulations, the Trust is obligated to ensure that such filings do not either omit material
information or include materially false or misleading information.
Management of the Trust is aware that certain individuals who have an interest in the
operations of the Trust (e.g., legacy shareholders who do not yet hold and may never hold
an LTI) have suggested that the Trust is hiding assets or is entitled to value from the
Washington Mutual Bank receivership. Such suggestions are inaccurate: the Trust’s
financial statements disclose all of the Trust’s material assets. Additional information
regarding the Trust’s assets as of the Effective Date can be found in the Global
Settlement Agreement and Confirmation Order. We also refer you to the 2017 Form 10-K
and 12/31/18 QSR.
Matters relevant to “Washington Mutual Capital Trust 2001” (the “PIERs Trust”), the
entity that issued the so-called PIERs securities, were litigated extensively in connection
with the confirmation proceedings related to the Plan that was ultimately approved by the
Bankruptcy Court. Since the Effective Date, claimants whose claims against the estate
relate to such securities have received distributions from the estate in accordance with the
terms of the Plan (assuming that such claimant submitted required documentation and
releases in order to be eligible for any such distribution). Apart from such distributions,
including distributions in the future (if any), the PIERs Trust does not represent a source
of value for future distributions, if any.
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