""YOU HONOR I am sure that the equity committee would love to know the value of the assets that remain ,BUTTTTTTTTTT ALL THEY NEED TO KNOW is that those will be there for them to go after later
These types of open ended statements give me greater confidence that we're not being shown the full picture and the LT/Trustee are using their business savy to conceal assets from us.
I hope that the trust will pay us as it is collecting more assets and not waiting 3 more years to tell us all at once.
This also tells us that WAMU is such a complex bank and it takes time to find all of its hidden assets. Does anybody know if any of the law firms are still on the payroll of WMILT?
At least this is a definite window of time when the trust will go away, specifically 2021, and we will be paid 100% and done. I think FDIC-R will close WAMU bankruptcy this year and distribute whatever little left to us. But our main money is held by the trust and the trust will outlive FDIC-R.
First. Happy Easter to all my fellow WMI community! It is truly a happy day!
Thanks to Tstanton, NHT, and all the rest!
Per the previous post #515441:
"However, administration of the Trust is not complete, with claims remaining to be reconciled and certain assets remaining to be collected. Accordingly, the Trust filed a request with the Internal Revenue Service and on November 21, 2017, the IRS notified the Trust that extension of the Trust’s term will not adversely affect the determination that the Trust is a liquidating trust and ruled that the term of the Trust may be extended up to an additional three (3) years. "
IMO...The actually IRS letter is on this link dated February 23, 2018:
"... The Plan provides that the beneficial interests in Trust would be distributed to certain holders of senior notes claims, subordinated notes claims, general unsecured claims, guarantees claims, preferred income equity redeemable securities claims, and holders of certain debt of Y. In addition, the Plan provides that, in the event such claims are fully paid, the interests in Trust would be redistributed to certain holders of subordinated claims, and after such subordinated claims are paid in full, certain holders of preferred equity interests, Dime Warrants, and common equity interests."
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IMO...conclusions:
1) WMILT is expecting beneficial interests from MBS Trusts (over $692 billion securitized from 2000-2008). From my previous post #504195, I calculated that WMI/WMILT/Escrow Marker Holders retained approximately 5.16% beneficial interests of all MBS Trusts assets.
$692 billion x 5.16% = $35.16 billion (not including any interest over 9+ years)
2). When will beneficial interest assets from MBS Trusts return to WMILT? I don't know, but I'm willing to wait for as long as possible...and the IRS is waiting for another 3 more years to get its taxes from it.
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