It seems the transformation that occurred between POR6 + POR7 has been forgotten. POR6 left Piers holders impaired and this is why they were going to be awarded full control of WMIH. The newco was to be "privately" owned since only those who held over $2M in Piers were eligible to participate.
That move would have purposely prevented all retail holders from buying in. This result was to allow for only large Funds to own the estate and as a result, the legacy assets of WMI/WMIIC (the Debtors). We all know that this plan failed and as a result POR7 was put forward for consideration.
Now instead of Piers being fully impaired, it was Equity that was left as the owner of the estate. The other difference to POR6 was that in this case the WMILT was formed to function as a liquidating Trust. The LT's purpose is to collect, manage and maximize the liquidation value of ALL WMI/WMIIC's interests and distribute the proceeds to our Markers.
IMO, it is irrelevant whether the assets are bankruptcy or Safe Harbor Trust assets/ownership interests. The ultimate beneficial owner of these interests was back then, pre-bankruptcy, and still is WMI,...and now our Markers via the WMILT as the distribution mechanism.
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