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AZCowboy

03/11/19 4:35 PM

#563529 RE: wcheng #563528

~ Yes, That Is My Opinion, We Are Currently In “the Tranche 5 Subordinated Issues” ~

Tranche 5’ is Rule 510 “Subordination” per Attachment H of WMI’s Plan 7 ... the delay has been caused by the WMI-LT’s lack of the completion of the “Senior Indebtedness” ... Tranche 4 ... as referenced in the material I brought forward this morning ...

AZ