Query to you and/or AZCowboy...............
I will admit I always read your posts and appreciate the actual WORK you (and a few others) put in trying to decipher this 13 year riddle. I didn't however usually believe in the content but I can still commend the effort, especially when compared to the usual offerings presented here.
I would first like to confirm whether we were indeed issued and still possess Contra-Cusips that were issued by the DTC/Debtors/POR7...WHOMEVER???
After reading your post I looked at what these "DTC Cusips" actually are and my interest was peaked based on what I read....it actually does confirm to a considerable extent what AZ has been saying for a while now on this issue.
Contra-CUSIP:- The CUSIP used to indicate your tendered position (representing instructions submitted by Participants to surrender securities). For example, a contra-CUSIP is set up to complete a reorganization function. corporate action.
Contra-CUSIP numbers are used to segregate your position (representing instructions submitted) for voluntary offers and put bond options.
Based on the above definitions of Contra-Cusips, IF WE HAVE THEM, it seems to indicate that these DTC Cusips may have been the mechanism put into place to secure possible future benefits via the Newco, now known as COOP.
Looking further into the issue I found this in an SEC document called the Reorganizations Service Guide. Not sure if it can be applied to our case but the wording and similarities are uncanny.
LIQUIDATION: Step (1) The dismantling of a company with the distribution of securities and/or cash to creditors first (bondholders). Step (2) A new contra-CUSIP may be assigned to those holders whose original CUSIP was deleted upon receiving the initial distribution proceeds. Step (3)
That new contra-CUSIP will be used for any future disbursements.
Not saying this definitely means anything but does this not almost mirror the WMILT-WMIHC (COOP) segregated Liquidation-Reorganization dynamic to a tee??? The similarities are striking IMO, to the point where it just can't be simply dismissed as being just coincidental!
Step by step...1) We received Securities and Creditors received Securities + Cash.
2) If we do indeed now possess Contra-Cusips that means Step 2 was indeed completed when our original Cusips for Prefs and Commons were deleted as per the POR.
3) "IF" this is all true, then Step 3 is forthcoming as our DTC recorded and maintained Contra-Cusips are used as the mechanism by which COOP facilitates legacy based payments to holders.
Would appreciate yours, AZ's and/or any other SENSIBLE poster's thoughts on the issues raised above.
TIA
