It's pretty clear what they meant. All the assets of WMI and WMIIC go to the WMILT as LTS's while WMIH receives cash to be distributed, cash for fees and expenses and the equity interests in WMIIC and WMMRC ONLY.
NOTE: THE ASSETS OF WMMRC (THE RUN-OFF NOTES/CASH) DID NOT BELONG TO WMIH, OTHER THAN WHAT WAS AGREED IN THE POR THEY COULD RETAIN. THE MAJORITY ($130M) WENT TO PAY PIERS THEIR DEBT. THEY ONLY OWNED THE EQUITY OF WMMRC, THE SAME WITH WMIIC.
QUOTE: "7. On the Effective Date, and after elections and distributions were made, the Trust retained, as Liquidating Trust Assets, approximately $127.9 million in principal amount of Runoff Notes"
2. What are the Liquidating Trust Assets?
The Liquidating Trust Assets comprise ALL of the assets of Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (“WMI Investment” (ALL the assets of which shall be contributed to the Liquidating Trust, including any Intercompany Claims) and together with WMI, (the “Debtors”) as of March 19, 2012 (the “Effective Date”).
The Liquidating Trust Assets DOES NOT comprise of the following, which however shall be contributed to WMIH........
(e) the Equity Interests in WMI Investment and WM Mortgage Reinsurance Company (“WMMRC”).
Equity Interests in WMB shall not be contributed to WMIH since it was worthless and was previously abandoned by WMI prior to the Effective Date.
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