The Ks and the Ps are in the same class as each other, and they are supposed to be "the same" as "the preferred securities", however, the REIT holders are getting $50 M in value from JPM (separate from what WMI is giving this class (which is nothing) . Before WMI will "give" anything to the preferred classes, all other classes of claims that are senior to the preferreds need to see 100 cents on the dollare which is why neither class or preferred will get anything from WMI.
All classes are the same but not really imo.
ARTICLE XXII
PROVISION FOR TREATMENT OF REIT SERIES (CLASS 18)
22.1 Treatment of REIT Series: In the event that all Allowed Claims and
Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect
to Allowed Subordinated Claims), the Liquidating Trust Interests shall be redistributed, and
holders of the REIT Series shall be entitled to receive their Pro Rata Share of Liquidating Trust
Interests, to be shared on a pari passu basis with holders of Preferred Equity Interests. In
addition, and separate and district from the distribution to be provided to holders of the REIT
Series from the Debtors, pursuant to the Global Settlement Agreement, and in exchange for the releases set forth in the Global Settlement Agreement and in Article XLII herein, on the
Effective Date, JPMC shall pay or transfer to the Disbursing Agent for distribution to each
holder of a REIT Series such holder’s Pro Rata Share of (i) Fifty Million Dollars
($50,000,000.00) Cash or (ii) at the election of JPMC, shares of common stock of JPMC having
a value as of the Effective Date in the amount of Fifty Million Dollars ($50,000,000.00).
22.2 Cancellation of REIT Series: Notwithstanding the provisions of Section
22.1 hereof, on the Effective Date, all REIT Series shall be deemed extinguished and the
certificates and all other documents representing such Equity Interests shall be deemed cancelled
and of no force and effect.
Numbers don't lie, people do.
AI
