POTENTIAL PROCESS LEADING ULTIMATELY TO DISTRIBUTIONS TO TIMELY SIGNED (By 3/2012) RELEASORS
PAY ATTENTION TO AMENDED POR 7 SIGNED off BY THE COURT PLUS RECOGNIZE (DST) DELAWARE STATUTORY TRUST TRUSTEE WILLIAM C. KOSTUROS and THE ROLE HE and the DST WILL PLAY which follows
DST = Distributions To Beneficiary Trustee Recipients = Timely Signed Releasors Then to Brokerage Accounts and DO NOT Forget About DST Trustee Kosturos All In My View
The following is from Amended POR 7 signed by the court on 2/23/2012
set forth in the Confirmation Order, the members of the Trust Advisory Board hereby designate William C. Kosturos in connection with the applicable provisions of the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq.
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WaMu UPDATED BK Remote & Distribution Process-Many Filings Lead To This Conclusion
Keep in mind, I have NO DOUBTS the (DST) Delaware Statutory Trust plays a vital role as investors who signed timely releases by 3/2012 will and are Beneficial Trust Recipients under the DST and are set to receive distributions for years to come.
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thanks go to Sunshine for the following
I think we ALL get stuck with "nomenclature" and co-mingle events because of our intense interest and perhaps no prior experience and knowledge to boot ( myself included).
So, WMI filed BK and the COURT recognized a list of assets that were presented and fought over litigations and a plan to exit BK was then approved. It consisted of 2 parts by the Court - (1) SPIN out WMMRC & WMIIC via WMIH and (2) LIQUIDATE & DISTRIBUTE the remaining COURT recognized BK assets according to the LT waterfalls.
The 350 closure pertains to completion of (2).
It is clear, WMI liquidating trust was established per BK law to facilitate the completion of (2). However, following closure, it appears that WMI surfaced/re-surfaced as a TRUST based on the PLR request letter.
Due to complexity of WMI, vis-à-vis, the BK-REMOTE assets ( for those that believe), WMI would exist in some form after the 350 closure. We saw in the filings repeatedly stated WMI Liquidating Trust (the “Trust”), as successor to Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (together with WMI, the “Reorganized Debtors” implying ( at least to me) that the "Trust" has succeeded WMI, Inc legally going forward in 2 parts - (1) WMI and (2) WMIIC together with WMI, the reorganized Debtors = WMIH).
So, one can think through HOW the "trust" has to navigate through the complexity in order to get the BK-REMOTE assets back to the beneficial owners of the "Trust".
Below is a plausible pathway that I can envision in HOW the various assets are ultimately collected, massaged into its FINAL form before returning to us, the released WMI equities holders:
BK- Remote MBS assets WaMu LLC
---> ----> WMI "TRUST" ----> Beneficiaries of WMI "TRUST"
Return of WMB excess assets* WaMu Holdings LLC
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* Based on R Inception A/L net of current R working A/L
I incorporated the 2 WaMu LLCs for the purpose of converting CASH & liquidating the UNLIQUIDATED MBS assets into the appropriate equities form - a task that can ONLY be conducted in a LLC escaping the DST set restrictions - before landing in the WMI "trust" just prior to distribution.
What are keys to this pathway:
(1) For Tax minimization purpose, our $Recovery will NOT be in CASH only.
(2) Separate BK-Remote assets and WMB excess assets into 2 separate "Catch" tanks to show transparency if challenged
(3) LLCs are the CONVERTING units to transform CASH & unliquidated MBS assets into final 'DISTRIBUTABLE" form
(4) WMI "TRUST" transfers CASH and EQUITIES “in-kind” (meaning without being sold. aka "In Kind Distribution") directly to the Trust beneficiaries' brokerage accounts.
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