Expressio unius est exclusio alterius ("the express mention of one thing excludes all others" or "the expression of one is the exclusion of others")
The POR states that the shares are cancelled for all purposes except in two instances.
"32.4 Cancellation of Existing Securities and Agreements: Except as provided herein, any document, agreement, or instrument evidencing any Claim or Equity Interest shall be deemed automatically cancelled and terminated on the Effective Date without further act or action under any applicable agreement, law, regulation, order, or rule and any and all obligations or liabilities of the Debtors under such documents, agreements, or instruments evidencing such Claims and Equity Interests shall be discharged; provided, however, that the foregoing cancellation of securities, documents, agreements or instruments shall not apply to (a) the securities related to the WMB Senior Notes or the WMB Subordinated Notes and (b) any security, document, agreement or instrument related to a Disputed Claim until a Final Order resolving any such Disputed Claim is entered;"
Also, " Cancellation of Common Equity Interests: Notwithstanding the provisions of Section 25.1 hereof, on the Effective Date, all Common Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect."
So since there is no exception for remote assets listed, your conclusion imo is faulty. And "no force and effect" language cannot be ignored.
Now as to no litigation trust interests being issued, after class 18 litigation interests were resolved, there would be no reason to issue them for the equity interests,because at that time whatever is left is owned by equity and suppose to be distributed solely to equity. No reason to issue them when there is no party after equity to get any assets.
Now as to mbs trusts , I would assume boilerplate language exists which says the residual interest goes to the successor in interest . In the case of WMI, that would be wmih now known as Mr. Cooper group. However there could be a provision in the trust that designates the shareholders of WMI in the event of bankruptcy. However, there are no shareholders anymore, so one has to look for the successors to the shareholders, and that would be those that got the equity interests out of bankruptcy.
There are several canons of construction one must use in interpreting the meaning of provisions in contracts. The document must be construed as a whole.
