This is Chapter 11. Not Chapter 7 liquidation. Know the difference, it will set your mind at ease.
WMI in Chapter 11 is like a garage sale - just liquidating some of your household assets to pay your credit cards off. Everything wasn't sold off or stolen or disappeared. You only see now what the debtor is required to show to exit Chapter 11 reorganization. The debtor has played perfect sleight of hand to kick creditors off the scent so that more remains for everyone later. But there is no reason anyone here after 10 years needs to still follow this old stale carrot that some continue to dangle here to keep you in line.
Chapter 7 is like an estate sale where someone died and everything must be sold or donated and the house removed of all its contents and sold at a loss to and pay off as many estate bills as can be covered. That is not the legacy of WMI/WMIH now trading as COOP.
WMI/WMIH never died in Chapter 7 and lives on baptized and reorganized thru Chapter 11 and still trades, now as COOP.
All assets do NOT have to be disclosed to the court in Chapter 11. Only enough to cover the liabilities you are seeking re-organization over.
Any assets not declared up for grabs in the Chapter 11, remain for the estate holders later. WMILT only has jurisdiction over the Chapter 11 declared and listed assets for liquidation necessary to exit Chapter 11. WMILT does not have jurisdiction over assets not put on the table by the debtors --- as they were allowed to exclude because this was NOT a Chapter 7 liquidation of everything. Again, Chapter 11 is like a garage sale, and the WMILT can only sell what was put in the front yard. Everything else inside our home is off limits to the neighbors.
WE never saw all the assets of WMI/WMIH now trading as COOP, because the debtor didn't have to disclose them in their Chapter 11 bankruptcy.
All I'm saying, When we clear this bankruptcy, then we shall find out what remains. What 'remains' is why this was a Chapter 11, not a Chapter 7 liquidation. SO, we know there is something of value just from the debtors choice of filing alone. And because of Chapter 11 we KNOW, the WMILT will never issue us LTIs or anything of significant value - only what they were created to liquidate and distribute, which is far far less than what is actually out there waiting for those who released. Once the WMILT is done, and the debtor finally discharged from its bankruptcy chains, then, we find out truly what and why the debtor chose to file for Chapter 11 re-org, and not a Chapter 7 iquidation where 'everything would be stolen'.
All I'm saying is there is an endless hen clucking and pecking here daily about things that aren't even relevant. Apples and Oranges.
Know and understand the difference between Chapter 11 and Chapter 7. When you truly understand this difference and what WMI and WMIIC both being in Chapter 11 really means..................then what AZ and RON have been saying for years makes perfect sense. Everyone else is just manipulating the masses.
