Monday, July 18, 2022 3:01:24 PM
THE TRAIL ALONG MR.FOLSE's AND MR.ROSEN's COMMENTS
Mr.FOLSE & Mr.ROSEN UNDER OATH FACTS
Mr.Rosen & Mr.Folse 2010-2011 Connecting Dots
JULY 2010 Mr.Rosen in court
Now, it's my position, Your Honor,
18 that the examiner doesn't need to do much with the retained
19 assets other than say the assets are retained and therefore the
20 liquidating trust can go ahead and pursue them. They will
21 still be there; they can be carried through. But I understand
22 that the equity committee is very interested in having a
23 neutral third party do an investigation of those retained
24 assets.
Page 71
http://www.sidedraught.com/stocks/WashingtonMutual/Transcripts/2010%20July%2020/08-12229-20100720.pdf
MARCH 2011 MR.ROSEN IN COURT
THE COURT:what about the value of the nondebtor entities?
8 MR. ROSEN: All of that is already reflected by way of
9 the dividends that flow up to the debtors' estate. All of that
10 is in the opening balance sheet of the liquidating trust. If
11 somebody wants a breakdown of that, Your Honor, we will go
12 through the brain damage to do that, and we will include it.
13 It doesn't matter. The number is already there. But if they
14 want the breakdown, so be it, Your Honor. It doesn't matter.
15 We will include it.
16 THE COURT: All right.
Page 141
http://www.sidedraught.com/stocks/WashingtonMutual/Transcripts/2011%20March%2021/Hearing%20transcript%2008-12229-20110321.PDF
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OPENING BALANCE SHEET IN FEB MOR 2012 FILED IN APRIL 2012
1. "Stakeholders were issued beneficial interests in the WMI Liquidating Trust in exchange for their unpaid claims against or equity interests in the Debtors (“Liquidating Trust Interests” or “LTI’s”). "
2. "The following chart summarizes distributions to creditors and equity interest holders in both the Initial Distribution and as represented by the transfer to the WMI Liquidating Trust."
"and as represented by the TRANSFER to the LIQUIDATING TRUST"
https://www.sec.gov/Archives/edgar/data/933136/000090951812000138/mm03-2712_8ke991.htm
What did they "TRANSFER"?.
CHECK DISTRIBUTIONS TO LT/DCR EFFECTIVE DATE.
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OCTOBER 6.2011
Mr.Folse's Estate Recovery argument in the court
"
And frankly,
Your Honor, it would imprudent for the estate to do so relying
on the speculative ability to go out and recover up to thirty
billion dollars or more in money paid out to someone at
somewhere down the road."
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DISCLOSURE STATEMENT
"The use of a liquidating trust structure is common to reorganization cases where assets unassociated with the reorganizing debtor are distributed to a liquidating trust to be liquidated for the benefit of creditors and/or equity holders."
"UNASSOCIATED WITH REORG DEBTOR"
From WMI Disclosure Statement
https://www.sec.gov/Archives/edgar/data/933136/000090951812000087/jg02-2712_8ke22.htm
PAGE 16
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FDIC
Bankruptcy Case
After WMI filed the Bankruptcy Case, WMI, JPMC, the FDIC in its corporate capacity (“FDIC-C”), and the Receiver became involved in several lawsuits contesting the ownership of over $20 billion in assets.
The parties reached a settlement in the Bankruptcy Case that was approved by the FDIC's Board of Directors on May 20, 2010, and WMI filed a plan of reorganization incorporating the terms of the settlement ("WMI Bankruptcy Settlement"). Several parties objected to WMI's proposed plan, in particular, WMI's proposal to release its claims against JPMC, FDIC-C, and the Receiver. At the request of WMI's equity holders, the Bankruptcy Court appointed an examiner to thoroughly investigate WMI's claims against JPMC, FDIC-C, and the Receiver, and determine whether the proposed settlement (which would release these claims) was fair and equitable to WMI. The examiner found that the WMI Bankruptcy Settlement was a fair resolution.
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FYI - DELAWARECOUNSELGROUP TRANSACTIONS MAY BE RELATED OR NOT.I AM NOT SURE BUT FYI...
"Issuance of a legal opinion as required by the SEC in order for a Delaware statutory trust, which manages assets in excess of USD 20 billion, to issue shares of a new trust series"
https://delawarecounselgroup.com/noteworthy-transactionsengagements/
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