Actually as I read all the B.S. on this griffin issue involving the Underwriters. I harken back to who really should have objected to the UW entering into Class 19 and potentially taking part in a recovery. We still are not sure there is a big recovery for Preferred shares, but once you delve into all this, the UW were not fighting for a small distribution from the LTI, they were fighting for something much more.
I guess the question would be "who are the underwriters and What the Hell do they know, that we do not? It would explain why Ole Crooked Willingham and the Equity Committee (who really should have filed this objection, instead of a holder of the securities) did not file a "joinder motion" with Griffin.
There's a really big reason the CC was involved in "insider trading" to try and steal the bankrupt entity and wipe out equity and preferred holders. They risked quite a bit for a couple hundred million. No....Thereis something behind door #1 and everyone but us, know what it is. So stay tuned this is almost over, then we have
THE BIG REVEAL!
Remember the Nov filing with the roll-forward language for your trust interest. Soon the LTI will distribute and dissolve, then you will be rolled-forward into new trust interests.
The Question is
WHAT ??
Most likely a massive mortgage trust that will be service by Mr Cooper. We know there were assets held outside of bankruptcy that were owned by WMI. I do not remember any mortgage trust being liquidated.
That would be my guess
Cheers
Don
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