The "experts and experienced" said that the 75/25 split will extend to the 40M and it will end because WMILT will be disbanded after 40M is distributed.
The above theories contradict with the filings that:
- WMILT is the SOLE successor in interest of WMI - All stocks were canceled - the 75/25 split til the end is clearly stated
fwh, keep in mind for those investors who signed timely releases by 3/2012, there was an ownership change that became effective on the Effective Date of 3/19/2012 when ALL former preferred and common prospectuses were cancelled along with all associated documents. Here take a look. Just know what DID ACTUALLY HAPPEN!
Both Preferred and Commons past relationship to the WMI estate has been canceled by the court. The Trusts may still follow the prospectuses, but they are no longer valid documents to the WMI Estate and/or on-going active bankruptcy case.
See highlighted quotes below.
POR7...PGS 59-60 AND the Effective Date Was 3/19/2012
Quote: "23.3 Cancellation of Preferred Equity Interests: Notwithstanding the provisions of Section 23.1 hereof, on the Effective Date, all non-REIT Series Preferred Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect".
Quote: "25.2 Cancellation of Common Equity Interests: Notwithstanding the provisions of Section 25.1 hereof, on the Effective Date, all Common Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect".
***ALSO 8K Filed 8/1/2012 to address this very topic***
Let us look at the actual August 01, 2012 8K filing that discusses this 75/25 issue. Annex C which is after the 2/24/2012 court approved POR 7, and after the March 19, 2012 Effective Date.
Annex C - Item 1.01 Amendment of a Material Definitive Agreement.
Annex C to the Agreement was revised to clarify those holders of Preferred Equity Interests and Common Equity Interests will be issued Liquidating Trust Interests in Tranche 6 on account of those interests when Tranche 2 through Tranche 5 Liquidating Trust Interests have been satisfied in full, AND that the distribution to Tranche 6 will be shared 75% and 25% pro rata between claims on account of Preferred Equity Interests and Common Equity Interests, respectively.
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