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Wednesday, December 18, 2019 2:37:38 PM
The ONLY way we could have nothing coming back from other sources after Bk closure is if one believes Susanna Godfrey sold us out and while possible, I HIGHLY doubt that, so time will tell.
The following information is from another poster, Ken Walker who has also done a lot of diligence on DSTs. Enjoy the following BUT read very, very close with concentration and diligence.
MBS are owned by a DST which is controlled by a trustee and is owned by "investors" plus a DST has the 7 deadly sin rules I posted but basically it's a Delaware allowed "group" ownership of a 1031 tax defer recognition of capital gains and related federal income tax liability that gets passed through to the owners. Sound familiar? The Series 2007-A I followed is just one of 5 that became the P's. Neither WMI, LT, or even COOP owns them so BR gets to say things like he said.
Many of the liquidating trusts formed both within and outside the bankruptcy environment are organized as Delaware statutory trusts (“DSTs”) pursuant to the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq. (the “DST Act”). The DST Act does not require that a DST be organized for profit, and contains a variety of features that are advantageous in dealing with the many competing considerations in a liquidating trust. To the extent that the persons winding up the debtor or other liquidating entity may have claims to pursue or defend, a DST is a separate legal entity.
The DST Act permits a trustee to take direction from other parties, whether beneficiaries, advisors, a grantor or other interested or independent parties. Thus a management or oversight committee may be appointed to make certain determinations, to monitor the trustee’s activities. The DST Act also empowers a trustee to delegate some or nearly all of its powers without rendering the delegee liable as a trustee.
Of critical importance are the provisions of the DST Act permitting drafters of a trust governing instrument to restrict, modify or eliminate fiduciary duties of trustees and other persons managing a DST, subject to the implied contractual covenant of good faith and fair dealing.
The above quote is specific to liquidating DST's which we have / are but WMILT would / will have taken possession of the other DST's because what the above does not say. The DST is bankruptcy remote, so it contains provisions which prevent the investors' bankruptcy creditors from reaching the DST's property
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