The release is misunderstood... Just my opinion, research and curiosity… and all IMHO...
The plan was voted on, and it passed by the majority vote... and it was confirmed...
So, everyone released.
Whether you accepted the plan, or rejected the plan, or if you did not vote at all...
The plan passed by a majority vote... everyone released.
So, after the vote,
There is no, some released, and some did not release...
Because, the “plan” passed by a majority vote... everyone released.
Everyone gets paid according to the plan... not by if you released or you did not release.
Some say...
Only for those that signed and released...
But,
Only those who “opt out” did not release...
And, you have to sign and mail in your ballot to opt out, to not release.
If you did not return a ballot... or did not vote at all... you released.
If you voted against the plan, and did not check the box to opt out... you released.
If you voted for the plan, and did not check the box to opt out... you released.
Only those who checked the box to opt out...
Signed and mailed in their ballot, “did not release”.
Everyone else released.
So, saying “only for those that signed and released” doesn't make any sense.
Because, everyone released... and those that opt out and did not release, they had to sign to opt out, “to not release”.
Some released and signed... and got shares... from the WMI Liquidating Trust (WMILT)
Some released and did not sign. and did not get shares... from the WMILT.
But the fact is,
We all released... again, only those that opt out, did not release.
And those that got new company shares...
They signed their ballot, and mailed it in...
And did not check the box to opt out.
They/we got new company shares in the new debtor... WMIHC/ WMIH
But, they, along with everyone else, “released”.
Getting shares... is not the same as getting paid.
There are two sources for getting paid.
You get paid by the WMILT... or by the FDIC.
The shareholders only got new company shares from the WMILT... if you signed.
Those that opt out...
Along with the preferred shareholders, including the TPS $4Billion Dollar claim,
and the common Equity Interests...
They all get paid by the FDIC... not by the WMILT.
There is only one way this is going to pay out for the shareholders...
and that's through the FDIC.
Not through COOP/WMIH/WMIHC or the now closed, WMILT.
We should understand... There was only $7.3 Billion Dollars at the WMILT.
With a $7.5 Billion Dollars Debt.
Which can be seen in, EXHIBIT C: Updated Liquidation Analysis...
(in the Disclosure Statement... page 457 of 755)
The $7.3 billion Dollars in assets...
They were non-debtor's assets owned by the shareholders; These assets were converted into cash and the cash was used to pay off the creditor's...
So, the shareholders,
Pay the creditors through the WMILT.
They don't get paid by the WMILT,
The shareholders get paid from any cash remaining at the FDIC.
So, if you say...
Only for those that signed and released... That's not true,
because you do not have to sign... and we all released... whether you voted or not.
For instance,
There is a Debtor release and non-Debtor release.
The Debtor release is voted on...
The non-Debtor release is optional.
You have to sign the non-Debtor release... to receive new company shares.
But,
You do not have to sign, to receive your portion of the cash from the FDIC.
Because, you released with the Debtor release when it was voted on...
along with everyone else.
The whole thing about voting on the plan, was to Release the “Release parties and AAOC”
The Release parties include the FDIC and JPMC...
The release, releases everyone... You release them and they release you.
The “plan” passed by the majority vote... and it was confirmed...
This means,
If you objected to the plan, then your objection was overruled...
and if you did not vote for the plan, or if you did not vote at all, it doesn't matter.
The plan was accepted by the majority vote, and was confirmed...
So,
Everyone is bound by the plan, and the plan is binding between everyone.
Whether they voted or not... or signed or not...
After the plan passed, and it was confirmed... You released.
This quote is from the,
“BENEFICIAL HOLDER BALLOT FOR CLASS 19”
Quote,
If the Plan is confirmed by the Bankruptcy Court, the Plan will be binding on you whether or not you return a Beneficial Holder Ballot.
End quote.
What this says is,
If the Plan is confirmed... The plan is binding between everyone, whether you vote or not.
Also, this is from the ballot...
Quote,
Note Elect to opt out: By failing to check the above box, even if you vote to reject the Plan,
you will be deemed to consent to the release.
End quote.
“By failing to check the above box”
What this says is, if you do not check the box... you consent to the release.
You have to check the box to opt out, “to not release” ... otherwise you release.
I want to say...
The release has been misunderstood by some, since day one.
We should understand why, correct ourselves, and move forward.
So, do your own research...and research both sides...
Eventually the answers come out... Then share it.
The “plan” passed by a majority vote... we all released.
I'll end here... Still waiting on the FDIC.
Stay safe… Stay healthy
and GLTA.
And of course, Just a little Research and all IMHO...
Jiminy…
Jiminy Christmas…
AI
