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Wednesday, May 26, 2021 9:27:34 AM
Referring to AG's lawsuit.
EVERYONE should read it. It is readable (i.e. not too much Legalese instead of English).
My understanding from first reading with 'broad strokes' conclusions at the end:
Paragraphs 5 - 12 : GOOD LORD, 8 paragraphs to contrive jurisdiction for New York state? This is one place the whole lawsuit falls apart, IMO.
Paragraph 24 - AG is insisting that the MBS should be distributed according to the 75%/25% allocation between class 19 (preffereds) and class 22 (commons). If I understand things correctly, the MBS holdings were bankruptcy remote and should not be part of the 75%/25% allocation.
Paragraph 25 - Not only 75%/25%, but she wants Class 22 to pay Class 19 another 4.32 billion???
Sixth Cause of Action (paragraphs 58 to 61) - She is asking for payment to Class 22 to be delayed until she can convince someone (anyone) that the assets really belong to Class 19.
Eight Cause of Action (paragraphs 66 to 68) - Much the same as Sixth Cause
Ninth Cause of Action (paragraphs 69 to 74) - AND she wants to lay the groundwork to sue everyone involved with the trust.
Eleventh Cause of Action (paragraphs 81 to 84) - She is asking that the assets be declared as the property of WMI.
Thirteenth Cause of Action (paragraphs 88 to 90) - She is asking that MBS assets not be used or sold ...
Paragraph 90 - AND she doesn't want to post a bond to make it happen.
Fifteenth Cause of Action (paragraphs 94 to 97) She is asking to be paid for her trouble.
Conclusions
IN MY OPINION
I believe:
1) The MBS assets were BK remote
2) BK remote assets are not part of the 75%/25% scheme.
3) She is trying to make sure they are distributed at 75%/25% - this will destroy common escrow holdings. I will provide my numerical estimates in my next post.
At the very least, she is explicitly trying to delay distribution (at least to commons) in Sixth Cause of Action and Wherefore paragraph 6. OF THIS THERE IS NO DOUBT - SHE IS TRYING TO DELAY DISTRIBUTION!
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