Replies to post #2971 on Washington Mutual WAHUQ Trust Prf (fka WAHUQ)

[Enterprising Investor]

Article III deals with redemption.

I suspect this will be a topic coming up shortly.

[Well... I cannot add a sticky note because iHub limits it to one per moderator.]

[Donotunderstand]

EI and ............ and ............... and

Does that recent post relate to the below - as it is well beyond my understanding (as demonstrated -0- as was my sincere interest in learning@!@)

I entered WAHUQ on IHub from the front not a favorite so I saw this

re what PIERS or PIERS holders get

Pro Rata Share of (i) Runoff Notes, (ii) Creditor Cash and (iii) Liquidating Trust Interests, in an aggregate amount equal to (a) such holder’s Allowed PIERS Claim and

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(b) in the event that all Allowed Claims (other than Subordinated Claims) are paid in full, such holder’s Postpetition Interest Claim;

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provided, however, that, notwithstanding the foregoing, the contractual subordination and subrogation rights of Entities who hold PIERS Preferred Securities shall be preserved and enforced hereunder pursuant to section 510(a) of the Bankruptcy Code and any proposed distribution on account of the PIERS Common Securities of (i) Runoff Notes, (ii) Creditor Cash and (iii) Cash on account of Liquidating Trust Interests shall be recalculated and then distributed, .................

My simple take is that PIERS holders have a claim in (somewhere) for the interest stolen from us to pay sr paper their coupon v gov 11 rate.

If that is true - if we have a ""Postpetition Interest Claim" for that interest - is the job of the LT to pay that to PIERS (or do the sentences that follow which I can not understan bury it so deep it gets no sunlight)

Or - does the LT have an obligation to pay PIERS holders this lost interest - under condition X and with money from source Y and with priority (waterfall location) of Z

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I thought that stolen money was gone but the intro early in thes section of IHUB says we have sort of claim in - to ? - to be paid the interest that we lost

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LG CATZ EI RUMBLE SHADOW and all the informed posters whose names I forgot this AM