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Wednesday, March 02, 2022 4:52:05 PM
So IF (and I repeat IF) anything comes back, it will go to COOP IMO, not because the escrow markers got deleted, but because it has never been transferred to the WMILT and always belonged to "reorganized WMI" (which is COOP now)
I finally got a response to my email:
Thank you for your email. Mr. Smith and I, as the court-approved administrators of WMI Liquidating Trust (the “Trust”) issued an instruction letter to DTC to cancel so-called “Escrow Markers” or “Escrow CUSIPS” that may have been reflected in your brokerage account(s) following their creation. I note that the Trust publicly disclosed the purpose of the Escrow CUSIPS or Escrow Markers in filings with the Bankruptcy Court (including the court-approved Plan of Reorganization and related Disclosure Statement); various SEC reports; and its “Frequently Asked Questions” that were publicly available until recently following termination of the Trust’s existence. Here is an excerpt from the FAQs covering this matter:
4. What are Escrow CUSIPs? Are they still issued and outstanding?
As contemplated by the Plan, Escrow CUSIPs (the “Escrow CUSIPs”) were issued by the Trust on the Effective Date to eligible former shareholders of WMI. Eligible former shareholders are those who timely submitted relevant documentation, including the release required under Section 41.6 of the Plan. Escrow CUSIPs were issued solely to facilitate potential future distributions of equity shares of Reorganized WMI, if any, to such eligible former shareholders of WMI if Claims involving Disputed Equity Interests were disallowed.
The Escrow CUSIPS were established solely to facilitate potential distributions, if any, of shares of Reorganized WMI common stock; however, all shares of Reorganized Common Stock on deposit in the Disputed Equity Escrow have now been distributed and no additional distributions of common stock will be distributed to former beneficiaries of the Trust or holders of Escrow CUSIPS. Nevertheless, at the request of certain legacy shareholders, the Trust’s administrators agreed to keep the Escrow CUSIPS outstanding until the Trust’s dissolution, after which, the Trust’s administrators may elect to terminate the Escrow CUSIPS. [Emphasis added.]
The Trust Administrators filed a Certificate of Cancelation for the Trust with the Delaware Secretary of State’s office and such certificate was given effect on December 31, 2021, thereby establishing the predicate for canceling the Escrow CUSIPS. By referring to the Escrow CUSIPS as “Escrow Shares”, your email implies that the Escrow CUSIPS had value in and of themselves. That has never been the case. Relatedly, and contrary to your assertion, cancelation of the Escrow CUSIPS was not without notice or surprising – it was the subject of much discussion before Judge Walrath, including when the Bankruptcy Court considered and approved our motion to close the chapter 11 proceedings (which motion included, among other things, the appointment of Mr. Smith and me as the Trust’s administrators and vested us with authority to unwind and dissolve the Trust and to take such actions as may be necessary or advisable in connection therewith).
Finally, you seem to be confused about the Trust’s origination. The Trust was established as part of the court-approved Plan of Reorganization and, having fulfilled its purpose, was canceled as contemplated by the Plan of Reorganization and other instruments approved by the Bankruptcy Court. I am not familiar with an entity called the Washington Mutual Inc [sic] Litigation Trust – perhaps you mean the Litigation Subcommittee of the Trust Advisory Board that existed for a time following emergence from the Chapter 11 proceedings? In any case, that committee was disbanded several years ago after the work of the Subcommittee concluded.
Best wishes.
Doreen Logan
Controller/Treasurer/Trust Administrator
WMI Liquidating Trust (canceled effective December 31, 2021)
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