Jerry, I agree completely. The idea that there are assets out there that will find a way to do an end-run around the LT is absolutely without any basis whatsoever.
It is very simple: we - as escrow holders - were not the owners of any assets of WMI (including contingent, residual, and safe harbor assets). We were never the owners of those assets. WMI was. And we owned shares in WMI, but that is simply not the same as owning WMI's assets. Title was held by WMI, not us.
If any such assets are now discovered or show up, they are going to go looking for their owner, WMI (not us). What they will find is that the LT (not COOP) is the lawful successor to WMI and is administering WMI's estate. So they will go to the LT, not us.
The reason people are so confused is because they do not understand the meaning or purpose of the terms bankruptcy remote or safe harbor. They believe that such assets are outside the jurisdiction of the bankruptcy court and therefore not subject to the terms of the POR. But they had better think about that position long and hard. Because if those assets are not subject to the POR, there is no reason on God's Green Earth for those assets to find their way to escrow holders. None.
Even the revered CBA09 stated that assets returning home from safe harbor would go first to the LT.
Despite all of this, the myth persists. I cannot figure out why. Cognitive dissonnace is the only plausible explanation.
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