Thursday, June 13, 2019 12:34:14 AM
The WMB Noteholder Group (WMBNHG) from "the WMI Action" in DC Court Dual action.
Rosemary M. Collyer asked if the WMBNHG would be ok with the proceedings going to the CA Probate Court for a solution. The solution date is a Consummation Date for WMBNHG payments.
Settlement vs. Consummation.
No Payment, No Consummation, Yes Termination.
Consummation vs. Termination.
The Language;
"2.03. Termination. Unless otherwise extended by written agreement of the Parties, this Settlement Agreement will automatically terminate (i) in the event Final Court Approval has not been obtained on or before June 30, 2019, or (ii) prior to June 30, 2019, on the first business day following which securing Final Court Approval becomes legally impossible. For purposes of this Settlement Agreement, Final Court Approval will become legally impossible if and when the Approval Court has entered a final and non~appealable (including the expiration of any time to apply for discretionary review) judgment denying Final Court Approval."
The 6-30-2019 date comes from a Tolling Agreement between Counsels.
https://www.bing.com/search?q=Tolling%20Agreement%20between%20Counsels&qs=n&form=QBRE&sp=-1&pq=tolling%20agreement%20between%20counsels&sc=0-34&sk=&cvid=7D9A9B93E94949E7818101B5750A3800
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