Friday, March 18, 2022 1:13:21 PM
Who specifically are the parties that made the decision/s on what charities got what from the WMI Liquidating Trust? After all, this was money that shareholders were entitled too.
Specifically, what Charities and what percent of the Money was received by each one from the WMI Liquidation Trust? I personally am a charitable person, however I didn't get a say in where my portion of this money went and I'm quite upset that the WMI Liquidation Trust is so evasive as to who they chose to donate too. They only say an "Eligible Charity". IMO That allows them to chose their own personal choice.
These are quite simple questions and we all are entitled to the actual truth.
"March 9, 2022
Reply from Doreen Logan:
Thank you for your email. I note from the outset that because the Trust is no longer operational and I am no longer employed by the Trust, I must advise you that this message will be my last in response to your questions.
With respect to LIBOR recoveries, WMI filed claims in the LIBOR litigation and received (or was entitled to receive) de minimis recoveries relative to those litigations. Such recoveries or entitlements, as the case may be, have been distributed to, or assigned to, the eligible charity that received the Trust’s residual assets immediately prior to the Trust’s cancelation. I must demur relative to your questions regarding Washington Mutual Bank (“WMB”) and the LIBOR litigations, other than to note that WMI did not have (and does not have) any entitlement to any recoveries to which WMB (or the FDIC, in its capacity as WMB’s receiver) may be entitled. I suggest you reach out to the FDIC if you any questions.
Regarding WMI’s assets and liabilities as of the date on which it filed its Chapter 11 petition, you seem to rely on some reporting by Reuters relative to such assets and liabilities. I am unaware of the provenance of the information reported by Reuters. I can tell you, e.g., WMI did not own any aircraft, including a Boeing 747. I also can advise that the Schedule of Financial Affairs (SOFA) and the Schedule of Assets and Liabilities for WMI that was filed with the Bankruptcy Court disclosed assets of $4.48 billion and liabilities of $7.8 billion. These amounts were preliminary while the company’s interim management and restructuring advisors (including the court-appointed creditors’ and equity committees) investigated asset ownership and potential sources of value for creditors and equity holders.
Furthermore, prior to initiating its bankruptcy proceedings, WMI filed audited, consolidated financial statements. The last available Form 10-K is for the period ended December 31, 2007 (a link is provided below). In particular, I direct your attention to Note 25 to the Financial Statements. That note reflects the “WMI only” balance sheet – meaning that the footnote shows WMI assets with the ownership of the bank as one line item. This provides you with audited information evidencing that WMI’s total assets were approximately $33 billion when the “investment in subsidiaries - bank subsidiary” is included; when the bank is excluded, total assets are approximately $7 billion. This information is consistent with financial information filed with the bankruptcy court, including “Monthly Operating Reports” and other information.
https://www.sec.gov/.../000104746908002083/a2182890z10-k.htm
I have previously addressed your questions regarding “retained assets” and/or “bankruptcy remote assets”, etc. and will not be re-addressing those questions here.
Doreen Logan
CWG
March 9, 2022
Reply from Doreen Logan:
Thank you for your email. I note from the outset that because the Trust is no longer operational and I am no longer employed by the Trust, I must advise you that this message will be my last in response to your questions.
With respect to LIBOR recoveries, WMI filed claims in the LIBOR litigation and received (or was entitled to receive) de minimis recoveries relative to those litigations. Such recoveries or entitlements, as the case may be, have been distributed to, or assigned to, the eligible charity that received the Trust’s residual assets immediately prior to the Trust’s cancelation. I must demur relative to your questions regarding Washington Mutual Bank (“WMB”) and the LIBOR litigations, other than to note that WMI did not have (and does not have) any entitlement to any recoveries to which WMB (or the FDIC, in its capacity as WMB’s receiver) may be entitled. I suggest you reach out to the FDIC if you any questions.
Regarding WMI’s assets and liabilities as of the date on which it filed its Chapter 11 petition, you seem to rely on some reporting by Reuters relative to such assets and liabilities. I am unaware of the provenance of the information reported by Reuters. I can tell you, e.g., WMI did not own any aircraft, including a Boeing 747. I also can advise that the Schedule of Financial Affairs (SOFA) and the Schedule of Assets and Liabilities for WMI that was filed with the Bankruptcy Court disclosed assets of $4.48 billion and liabilities of $7.8 billion. These amounts were preliminary while the company’s interim management and restructuring advisors (including the court-appointed creditors’ and equity committees) investigated asset ownership and potential sources of value for creditors and equity holders.
Furthermore, prior to initiating its bankruptcy proceedings, WMI filed audited, consolidated financial statements. The last available Form 10-K is for the period ended December 31, 2007 (a link is provided below). In particular, I direct your attention to Note 25 to the Financial Statements. That note reflects the “WMI only” balance sheet – meaning that the footnote shows WMI assets with the ownership of the bank as one line item. This provides you with audited information evidencing that WMI’s total assets were approximately $33 billion when the “investment in subsidiaries - bank subsidiary” is included; when the bank is excluded, total assets are approximately $7 billion. This information is consistent with financial information filed with the bankruptcy court, including “Monthly Operating Reports” and other information.
https://www.sec.gov/.../000104746908002083/a2182890z10-k.htm
I have previously addressed your questions regarding “retained assets” and/or “bankruptcy remote assets”, etc. and will not be re-addressing those questions here.
Doreen Logan
https://www.sec.gov/.../000104746908002083/a2182890z10-k.htm
https://finledger.com/.../baselane-launches-landlord.../
https://finledger.com/.../baselane-launches-landlord.../"
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