Followers | 202 |
Posts | 13804 |
Boards Moderated | 3 |
Alias Born | 10/26/2008 |
Sunday, October 23, 2022 2:35:35 PM
newflow,
I am a fan of you on your posting on this board and others.
Your dd and willingness to help has been much appreciated.
Here I would like to share my 2 cents insight and hope that you can help to do further dd for posting, rectification and enrichment.
WMILT revealed so many times that there will be no return from the LT to LH(Lagacy Holders). Many comment that LT has been lying.
My perspective is that LT did not lie, nor FDIC-R (assets paid for book value for WMB by JPM are safe harbor assets...substantial !)
Here is the my thinking/guess:
1. In many of the 10Q and 10K of WMILT, there is a section touching on The Liquidating Trust Assets:
"The Liquidating Trust Assets consisted of all the assets of the Debtors as of the Effective Date."
Then what is "all the assets of the Debtors" ?
To have a good answer to this, we have to go to the 'Bible" which is POR7.
P.19/767 POR7 under Title I Definition:
1.33 Assets: With respect to a Debtor,(i) all "property" of such Debtor's estate, as defined in section 541 of the Bankruptcy Code,
Then what is Code 541?
I quoted this from Cornell Law:
11 U.S. Code 541 - Property of the estate,
(a)........................
(b) Property of the estate does not include -
(1) any power that the debtor may exercise solely for the benefit of an entity other than the debtor;
So in our case, all assets which belong to LH(Legacy Holders)are not assets of the Debtors in bankruptcy proceedings.
WMILT is only a grantor trust managed by the Trustee and Trust Advisory Board. LH are the grantors and legal owners
2. WMI Liquidating Trust Agreement filed 3-12-2012
P7/57:
2.2 Rights of Liquidating Trust Beneficiaries
"The interest of a Liquidating Trust Beneficiary is hereby declared and shall be in all respects personal property.
2.3 Evidence of Liquidating Trust Interest
Ownership of ......evidenced by .....an electronic book-entry system(the "Book Entry System).
All in all, WMILT is set up to manage admin, admin fees, legal fees, expenses and to particularly to take care of creditors and pay allowed claims.
Funds have been designated in specific accounts for specific purpose. For instance DCR(Dispute Claim Reserve)reserved claim amount(not allowed claim amount) for each claim prior to litigation.
WMILT since the ED, could not touch the money reserved for LH. But after the bankruptcies are closed, WMILT can be "allowed" to look for the rest of the/residue assets for final distribution.
3. Bankruptcy Rule 3021. Distribution Under Plan
......., the distribution shall be made to creditors whose claims have been allowed, to interest holders whose interests have not been disallowed, .............. For purpose of this rule, creditors include holders of bonds notes, and other debt securities, and interest holders include the holders of the stock and other equity securities,......
Therefore, LH are classified as creditors in legal/position sense but not using such term for differentiation purpose in bankruptcy proceeding and distribution under POR7. This is all procedures.
All distribution amounts, of course not the exact and final amount, have been more or less calculated to your name with respect to class of former equity class and quantity under the Book Entry System many years ago,
No one can steal your money, no one can steal from TPS, AAOC ... and many BIG ONES. Remember...IRS has been watching all time and looking after your taxes. JPM has been also watching a few hundreds of family entering the rarefied realm in addition to the current 55 private wealth investors....(Bloomberg article was on 6-11-2018...amazing....3 years ago. )
There will be substantial distribution to LH..How much ?
$10B is Lying
$30B being fundamental($24B book value + disallowed credits claim $8-10B)
$100B normal and acceptable
$625B could be if you believe in the "Source"
How? 75/25 according to the "Bible" (POR7).... No Doubt!
When ? Only God knows...but I guess it will be ...... SOON.
There is a season for all things. Enjoy your time with your kids and close friends; A very good time to be thankful and.... be charitable.
xxx
Recent COOP News
- Mr. Cooper Group Inc. to Discuss Second Quarter 2024 Financial Results on July 25, 2024 • Business Wire • 07/11/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:07:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:36:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:33:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:28:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:26:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:24:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:22:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:19:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:17:44 PM
- Xome Democratizes Real Estate with Launch of DIY Sales Platform, No Agent Required • Business Wire • 05/22/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 10:47:32 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/15/2024 12:11:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 12:12:48 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/07/2024 08:22:09 PM
- Mr. Cooper Group Reports First Quarter 2024 Results • Business Wire • 04/24/2024 11:00:00 AM
- Mr. Cooper Group Announces Two New Senior Leaders • Business Wire • 04/23/2024 01:00:00 PM
- Mr. Cooper Group Inc. to Discuss First Quarter 2024 Financial Results on April 24, 2024 • Business Wire • 04/05/2024 03:37:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/11/2024 09:34:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:05:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:04:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:03:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:01:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 10:59:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 09:28:25 PM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM
Avant Technologies Welcomes Back Former CEO with Eye Toward Future Growth and Expansion • AVAI • Jul 17, 2024 8:00 AM