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Payment to Close GSA Must Come First.

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ron_66271   Sunday, 08/25/19 12:16:28 PM
Re: nhtrader post# 585942
Post # of 620810 
Payment to Close GSA Must Come First.

The foundational Settlement of the BK and Debtor reorganization must be satisfied first with the BK still open so that the Court can force resolution and/or penalties as needed to protect the Plan. The BK has purposely been kept open for this reason.

Currently, the GSA is only the terms for a settlement. The Settlement is not settled until it is completed with payment. JPM's 41.6 Releases are not in full effect yet. Equity has acted in good faith, now it's time for the other parties to fulfill their obligations of the GSA contract.


Order of Events;
* Non public resolution of WMB receivership.
* FDIC allowing ABS Trustees to commence distributions and pays for "WMB and it's assets" to WMI.
* ABS Trustees distributions satisfies Class 18 claimants and Trust Backed Preferred Shareholders.
* Series K are generously redeemed.
* Payment for "WMB and it's assets" to WMI commons and JPM satisfies Class 17 noteholders.
* Now that all claimants are satisfied, the BK can close. BK can't close with Class 17-18 open.

When ABS Trustees to commence distributions, COOP can S4V.

IMO, B. Rosen/Collins have few delay tools left, just like they planned all along.


HLCEs,
Ron


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