boarddork, now let's look at the proof of what really happened backed up by filings and more...can you do the same...virtually impossible for you to because your way does not exist.
This is to show that up to March 18, 2012 (day before the Effective Date of POR 7) old WMI stock existed under the original terms they were issued.
Preferred (Wampq, Reits + Wamkq) were owed $1000/sh and $25/sh + interest owed and once that was paid the remaining value of the WMI estate belonged solely to Commons (Wamuq) using the Absolute Priority Rule (APR).
The problem was that there were not enough assets within the bankruptcy estate to fully satisfy the Preferred debt since Safe Harbor assets could not be included in the bankruptcy estate.
The result is that Commons would have been permanently canceled as in most bankruptcies, and the Preferred stocks would have received WMIH and any remnants of the WMI estate.
This did not occur since the EC represented Wampq, Wamkq and Wamuq, so the Reits were convinced to allow Commons to participate but with a major compromise and as such APR was consensually violated by all parties involved.
The compromise reached to allow Commons to be paid simultaneously with Preferred, was that they agreed to accept 25% of all returns to the estate, while the Preferred who were owed $7.5B + interest, would receive 75% of the estate value.
To enable this compromise to be valid, all old shares and their legal documents which specified the original rights of Commons and Preferred stock, had to be canceled for this agreement to be ratified.
Once these actions were accepted and carried out on the Effective Date (March 19, 2012), NEW PREFERRED AND COMMON EQUITY INTERESTS were issued to all shareholders who signed the "Releases".
QUOTE: "So then who would own the assets?"
Those who released and received those new Preferred and Common Equity Interests. They now represent our modified interests in all that WMI formerly owned,...whether it's bankruptcy or Safe Harbor assets.
Whether you agree with this assessment or not, examine the facts concerning the Cancellation of the Old Stock and the Issuance of New Equity Interests. There is only one logical answer.
QUOTE: "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.
To me, these are investors who signed timely releases and this ownership change was governed by the (ED) Effective Date of March 19, 2012, which was signed by the court canceling all former preferred and common prospectuses along with any associated documents.
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 canceledterests 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".
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