Sunday, January 12, 2020 9:17:10 PM
I have been reading and learning for the past years.
My appreciation to you for your valuable insights and quotes in the past so many years.
A story to tell: Where is the BIG SAUSAGE?
Since there are thousands of people all over the world who are holders of former WAMPQ, WAMKQ AND WAMUQ signed and released on the Election Ballot in 2012, then turning into Equity Interests Beneficiaries of the Debtors with
recorded Escrow CUSIP or Escrow Marker in our stock broker accounts.
The recent WMILT 8K again like the previous declarations and filings indicated that there will be no cash or equity distribution from the Trust, no safe harbor assets from FDIC to be distributed to Class 19 & 22. The left over will be heading to a Seattle base charity at the Trustee's choice.
Many of us upset, frustrated, even with fear and anger on this "NOTHING" ending after waiting and waiting for so many years. "Where is the sausage?"
"Someone lied, cheated on us!"
FEAR NOT...Good ending is to come on the windup of this bankruptcies.
Let us go over some points together in Q&A format:
Q1: Who is the owner of the Debtors's final estate?
A1: Equity Interests Holders
Q2: How come there is no money left after closing of bankruptcies?
A2: There is at least $2xB by book value. Remember the $32B-8B thingy?
Q3: WMILT is the successor-in-interests of the Debtors's assets. Again, why NO MONEY?
A3: There are 2(two) successor-in-interests.
a. Equity interests beneficiaries as recorded in the Book Entry System in which Election Releasing Voters's information being registered and good for distribution administration.
b. WMILT is being a secondary successor-in-interest. The Trustee transfered certain amounts of fund on behalf of above (a) for certain purposes to take care of administration fees, expenses and most important item: pay Allowed Claims. The fund is segmented and escrowed with respect to Disputed Claims classes. For the fund being transferred, the Trust has to issue LTI. Value per Interest has been figured out for each class unit. What you own is this figure times the quantity held within the Allowed Claims. Yes.. after Class 18, not much left.
The WMILT "certain assets" fund transferred was calculated for such purposes only.
Q4: What happen to the closing of WMILT?
A4: There is no impact to us since our money is not from the Trust.
Q5: Where is the sausage?
A5: The BIG SAUSAGE is from the bankruptcy creditor-remote assets.
Major assets:
1. In other trusts account, mostly being DST(Delaware Statutory Trust). Remember WMIIC, "jointly filed with WMI" but with no creditor.
These creditor-remote assets are substantial.
2. FDIC-R residue on payment from JPMC for WMB
3. Non-bankruptcy subsidiaries (Oh... so many entities) assets
Q6: How do we share the BIG Sausage?
A6: Under the windup of the bankruptcies. The closing of the bankruptcies of WMI and WMIIC on 12-20-2019 do not mean everything is done. Class 19 and 22 has to be paid if there is any money left for each equity interests holder to receive $10 or above. Remember, only with a few exemption, all Debtors's assets are bankruptcy assets under court supervision. We should not use the term bankruptcy-remote assets, but creditor-remote assets in its true meaning. Our loving Mary has to make sure Class 19 & 22 also being "administered". Otherwise she is violating Fed Bankruptcy Rule 3021.
Please be patient to wait for WMILT to file Form 15 releasing reporting to SEC and bankruptcy court. Then windup show will come to a theater near you, titled "THE BIG SAUSAGE".
Q7: When can I see THE BIG SAUSAGE?
A7: This is beyond my knowledge. Pray that you don"t mind to chip in.
God bless America, you and your kins.
Just hope that my 2 cents here will reduce unpleasant feelings lately, bring you much money soon, with health and a spirit for charity.
Disclosure: The above story is IMHO as an equity interests beneficiary.
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