how the DST came about.........as a result of the agreement for the GSA, WMI was to receive 4 billion dollars in Depositor funds, as well as about 2.5 billion dollars in tax refunds....A/M was hired to gather all assets of WMI (thats what they were paid for), and gathered about 400 million in various assets WMI were holding, for about 6.94 billion dollars, with which to settle Creditor claims, and bring WMI out of chapter 11.... the money was placed in a DST , and Kosturos was in charge as administrator to disburse these funds to Liquidating Trust Interests who held valid claims in all classes up to class 18...also to oversee the WMILT, a TAB (trust advisory board) was made,and consisted of Mike Willingham, representing equity shareholders, so that no fraudulent expenditures from the DST could be made...Doreen Logan, and Charles Smith were administrators for the WMIL-T...the DST was funded with enough money to satisfy the various claims, and no money could return to the Trust, since it was a Tax Free Grantors trust with WMI as the beneficiary...the money that was left over was given to charity... so the Trust was exhausted, claims were settled, left over money was given to charity, the TAB was disbanded, Kosturos, Doreen, and Smith left.. the WMIL-T was extended to allow claimants time to cash out their claims, as some were delinquent...so, the point....there was only one DST, and that was to fund claims to settle the bankruptcy... Kostrous, and all officers have left, and the DST is over... Rosen stated in the WMIL-T that there were no safe harbor assets held by WMI....Lodas
