What if Litigation Tracking Warrants, LTW(tm) are not securities of the Bankrupt entity at all and should never haver been listed as such?
Consider this. The LTW(s)(tm) are a product designed by Credit Suisse First Boston Corporation and trademarked by them as a proprietary product defined by CSFB as "first claim rights to litigation award from the Winstar suite". Similar instruments were first distributed to Glendale Bank stockholders in 1995 and were redeemed after the bank won a huge settlement from the FDIC. They were issued to DME holders with the anticipation that the Anchor Trial would end in a fast settlement, just as the numerous (115) Winstar suits were settled.
This, perhaps, can explain why the Warrant agent (if there was one ,EquiServe Trust Co was the Warrant agent at time of issue) never filed with the BK Court as it is definitely NOT A WARRANT.
It was clearly shorn away from DME in Dec 2000 for ever. Why would anyone, other that our litigators, want to include this as an asset of a BK entity?
The 15% override is an contingent entitlement to WMI, or whomever, undertakes the claim in Federal Claims Court. Period.
