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Re: AZCowboy post# 596550

Friday, 11/15/2019 11:50:50 AM

Friday, November 15, 2019 11:50:50 AM

Post# of 725167
AZ, really appreciate your views and all your DD during this long BK.

I will be glad this is closing Dec. 19 final hearing. I went through that whole filing hoping to see any reference to possible distribution through DTC or DST, but did not see any reference.

I was also hoping to see a final payment report from JPM - to me they got too good of deal and recieved many assets at less than fair value. Looks like their 1.89 B was their final payment. I also did not see any reference that all parties completed their agreement per GSA - it is most likely there just did not see it.

Question??
I understand you feel we should all be fine and large distribution will come through the DTC and DST system. Can they make that (Safe harbor assets) distribution anytime after the Dec. 19th hearing? or do they need to wait till the WMI-LT makes final payment sometime in 2020?

It looks like the WMI-LT will not make any distribution to equity until 2020.

PLEASE TAKE FURTHER NOTICE that, on ____________, 2020, WMI Liquidating Trust (“WMILT”) made its final distribution of remaining assets and escrowed equity interests pursuant to the Plan. A list of recipients that have either (a) had any such distributions returned to WMILT due to incorrect initial or forwarding address information or (b) received such distributions but, as of the date hereof, have not negotiated the check distributed, is set forth on WMILT’s website, www.wmitrust.com. Any recipients’ listed thereon that have had distributions returned to WMILT shall have until May __, 2020, to notify WMILT of such recipients’ whereabouts and receive such distribution.

Also noted WMI-LT requesting shorter time to preserve records only 1 year than into the shredder.

1. Books and Records 43. Pursuant to Section 3.3 of the Liquidating Trust Agreement, upon the distribution of all Liquidating Trust Assets, the Liquidating Trustee shall retain the books, records and files that shall have been delivered to or created by the Liquidating Trustee. At the Liquidating Trustee’s discretion, all of such records and documents may be destroyed at any time that is six (6) years after the final distribution of the Liquidating Trust Assets, subject to any joint prosecution and common interest agreement(s) to which the Liquidating Trustee may be party. Liquidating Trust Agreement, Section 3.3. See also, Liquidating Trust Agreement, Section 4.10. Rather than reserving significant funds necessary to preserve books and records for an additional six (6) years, especially because WMILT has already preserved all such books and records (including those of the Debtors) for almost eight (8) years, pursuant to Section 9.9 of the Liquidating Trust Agreement, the Trust Advisory Board shall amend the Liquidating Trust Agreement, to remove the obligation to further preserve such books and records no earlier than one (1) year following the dissolution and wind-up of WMILT.
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