If in fact our assets are Bankruptcy Remote and at DTC:
There is no 10K from any company that will show any accounting for the BK remote assets.
They are managed by the DTC
I agree a little with LG:
There will be two distributions:
Interest earned since DTC was given possession in 2012
This will be unless they were determined it was WMI income during the BK
Any Value from the sale of assets owned by WMI that were BK remote and transferred to the DTC
Not tracked in any 10K from any company – only at the DTC – which has a firewall to keep the information remote from the BK.
This is from the point the DTC had Possession of the remote assets
This was ALWAYS separate from the banking subs in WMB BK -
The old ASSET vs EQUITY discussion fits when discussing the WMI BK.
Which was a Chapter 11: with segregated assets for WMI and shareholders.
If the FDIC/Court/JPM identified any BK remote assets (from WMI), they had to keep them segregated from the WMB business seizure and bankruptcy
Any WMI assets held for shareholders have to be sold at FMV and returned to either WMI or DTC(shareholder remote assets).
Since they are not seen on the WMI 10K – they must have been delivered to DTC
As soon as BK remote was put in place – assets were hidden, and process was redacted to not break the corporate veil of WMI BK – No longer on any public accounting records since it is held on the behalf of the individual owners of the DTC BK Remote Assets
Since the FDIC has not closed and they are responsible to return FMV of WMI assets.
The assets could not be seized from the bank holding company (WMI) based on laws at the time of the seizure of WMB.
Only from the Banking Subsidiaries seized.
I am a little concerned about the Chapter 11 nature of the WMI BK and if we still have standing in the BK remote assets. But that is another HUGE topic
I believe BK remote is coming back to the original WMI shareholders.
So, based on my experience in banking, here is my speculation on any distribution:
It is OK that the markers are gone. DTC already has this information. Even though they are not in your account, the brokerages have to keep the records for years to come – based on financial retention rules.
NO POOF GONDI of this information as BB would say
DTC is the vehicle to deliver the proceeds of WMI BK Remote Assets if they exist, they will have the information about ownership already
My speculation based on experience in multi-billion $$$ M&A’s and my current role in banking:
The distributions will be based on Escrow accounts like are used in large business sale or real-estate transaction.
They will be setup in a large bank that can consolidate and track contributions/tax ramifications of the contributions and their distributions.
The Escrow markers have no use to us or the brokerages after WMILT was dissolved.
If we see a distribution, it will be by EFT/ACH or Escrow checks from an escrow account setup for each beneficiary.
These will be managed on a case-by-case basis.
If multiple distributions are necessary, the first distribution will set the path of all others. Then they will be done in this manner until everything is distributed.
Since some of the money for the sale of assets will be coming from JPM, I actually expect they will be the bank managing the escrow accounts. Because they will be able to earn Interest on the $$$ until it is returned to the owners.
Because of JPM role in this, a third-party agency will be doing the heavy lifting related to the escrow accounts in whatever bank they use.
Based on what Paladin has setup:
In their charter it was mentioned that part of their work as a vehicle for delivering the proceeds from sale of Mineral Rights. I found this interesting if they are only an investment firm. Rarely are investment companies doing Mineral Rights sales.
End my pure speculation on the process ahead of us
GLTA
DUY
P.S. Definition of a paladin:
paladin (noun)
A defender or advocate of a noble cause. (A defender of faith).
