Thursday, May 23, 2024 4:24:27 PM
The key points regarding Liquidating Trust Interests are:
They represent beneficial interests in the WMI Liquidating Trust, which was established to liquidate and distribute certain assets of WMI to its creditors and former shareholders under the bankruptcy plan.
Liquidating Trust Interests were issued to holders of allowed claims against WMI (creditors) and former WMI shareholders in exchange for their claims/equity interests in WMI.
Holders of Liquidating Trust Interests are entitled to receive pro rata distributions from the assets held by the Liquidating Trust as they are monetized and distributed.
Liquidating Trust Interests are generally non-transferable except by will, intestate succession or operation of law.
So in essence, Liquidating Trust Interests represent the new securities issued to WMI's pre-bankruptcy creditors and shareholders, entitling them to a pro rata share of the distributions from the Liquidating Trust's assets under WMI's confirmed Chapter 11 plan.
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