Monday, March 04, 2019 9:39:40 PM
1) Safe harbored assets were remote bankruptcy - so judge cannot address it in court
2) Equity team must have brought some sealed evidence to judge , "look at all these ABS in remote bankruptcy"
3)judge knew that she needed to include commons at the end of waterfall without openly addressing in court the various remote bankruptcy assets
4) so she threatened the hedgies with insider trading charges to include the 75/25 split for WMIH. everyone in the room knew that the big prize lies in remote bankruptcy trusts...so they agree to 75/25 grudgingly knowing that it is just a small part of final returns.
5) separate classes of 19 and 22 were issued for preferred and commons...allowing the markers to keep track of whose who after the LT distribute the remaining assets in LT 75/25.
6) Speculation: in open court they made it sound like 75/25 is to the end while I speculate that the hedgies loaded up in commons while telling retail to sell theirs to buy preferreds
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