~ LP, WMB Class 17 Fixed Income Corporate Bonds Distribute Semi-Annually ~
Hi AZ, you mentioned before that the nominal distribution date for class 17 is in June and December. Is that early June or late June?
The dates fluctuate ... generally between the 2nd and 3rd week of June & December ...
Also, do you anticipate a prior notice for the distribution or are you expecting the payment to simply show up one morning?
No, I doubt there will be prior notification ... I expect the beginning of the distributions to simply show up’
E*Trade has not distributed a dividend return, ... so their generic e-mail response is reasonably accurate, but only on the surface ...
My Own WMB Class 17’, Direct Owner Accounts have also taken the continued litigation into consideration ... and show the WMB Class 17’s, to NOT Be in default ... as their interest production has simply been placed on an accumulative hold ... subject to the litigation completion ...
... an important distinction ... The Class 17’ WMB Fixed Income Corporate Bonds had their release brought forward from Plan 6’, to Plan 7 ... “and, will have deemed to have released upon receipt of their distribution” ... and WMB never filed for BK, ... WMB was seized and WMBfsb went through a merger’ ...
Plan 6, The TPS, Kyle, and now griffin, all have the same thing in common ... failure ... Plan 7 Will Not Be Disrupted ...
As you read the following text, please consider that WMI, has now reorganized into WMIH (the parent corp.) ... and trades as COOP' ... this is an important distinction'
So, ...
B. Rosen's Filing of Docket # 12499 on behalf of the WMI-LT, last August was the beginning of the end' ...
The WMI-LT's "Trustee" Actions, to abide by the Courts October Bench Approved "Proposed Order" began to be realized on 02/25/2019, with the DCR adjustment (Plan 7's 26.3(a) allowed) and the completion of Tranche 4' ... and' ... then the 03/22/2019 dismissal of the remaining equity claims ... (the adversarials now all show ... "(closed)" ...
Now, ... apply the process' ...
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(a) As and to the extent provided herein and in Section 2.4 of the Settlement Agreement, the Escrow Agent shall release to WMI, JPMC, the FDIC Receiver, the Washington Mutual Escrow Account, the JPMC Escrow Account and/or the FDIC Escrow Account, as the case may be, all or any portion of the Escrow Amount, together with any interest and income relating thereto (collectively the “Escrow Funds”), by wire transfer of immediately available funds:
(ii) in the case of Section 2.4(b)(ii)(B) (as relates to earnings on Escrow Funds), within the week prior to March 1, June 1, September 1, and December 1 of each year, but no sooner than five (5) Business Days after receipt by the Escrow Agent from JPMC in writing of the appropriate allocation of the earnings under Section 2.4(b)(ii)(B), together with proof of notice hereunder having been provided to WMI and the FDIC Receiver of such allocation; provided, however, that if WMI or the FDIC Receiver provides the Escrow Agent with an alternative allocation prior to the end of the initial five (5) Business Day period, the Escrow Agent shall distribute only such amount that is not in dispute until the dispute is resolved in accordance with the Tax Dispute Resolution Procedure in the Settlement Agreement; and
(iii) in all other cases, within two (2) Business Days after the receipt by the Escrow Agent of a joint written notice signed by an authorized officer of each of WMI, JPMC and the FDIC Receiver stating the specific amount of Escrow Funds to be released and the account details to which such amount is to be distributed.
WMI, JPMC and the FDIC Receiver hereby agree to timely provide the Escrow Agent with the information described in this Section III(a), and the parties hereto (including the Escrow Agent) agree to cooperate with each other with respect to the sharing of any information reasonably necessary to facilitate the initial determination or the review of such determination. In furtherance of the foregoing, the Escrow Agent shall at least monthly notify the parties of its receipt of any refunds (including the amount received and, if known, the remitting taxing authority). Pending resolution of any dispute referenced in clause (i) or (ii), the parties agree to report the underlying income for Tax purposes according to the initial computation and/or allocation.
(b) The Escrow Agent shall otherwise release the Escrow Funds as and to the extent required by an order of the Bankruptcy Court, which order has become final and nonappealable.
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Hopefully, you will see how the pending resolution of any dispute, as well as how it is the Bankruptcy Court That has to subsequently rule by a nonappealable order, which becomes relevant to the timeline' of distribution ...
Now back to the Approved Proposed order as submitted with "the Motion", Docket # 12499, ... and the follow through to the now Judges signed Docket # 12585 ...
