Ron, I suspect class 17 payment would occur first and CIC shortly thereafter. According to AZ, the nominal class 17 distribution dates are in mid June and December...So, we might even see some news after market close this Friday!!
The WMB Noteholder Group (WMBNHG) from "the WMI Action" in DC Court Dual action.
Rosemary M. Collyer asked if the WMBNHG would be ok with the proceedings going to the CA Probate Court for a solution. The solution date is a Consummation Date for WMBNHG payments.
Settlement vs. Consummation.
No Payment, No Consummation, Yes Termination.
Consummation vs. Termination.
The Language;
"2.03. Termination. Unless otherwise extended by written agreement of the Parties, this Settlement Agreement will automatically terminate (i) in the event Final Court Approval has not been obtained on or before June 30, 2019, or (ii) prior to June 30, 2019, on the first business day following which securing Final Court Approval becomes legally impossible. For purposes of this Settlement Agreement, Final Court Approval will become legally impossible if and when the Approval Court has entered a final and non~appealable (including the expiration of any time to apply for discretionary review) judgment denying Final Court Approval."
Ron, The "change in control" referred to in those documents relates exclusively to the way that term is used in WMI's Equity Incententive Plan (EIP). This is about the employees' claims to receive the stock in the DCR. It has nothing to do with anything else.
Under the EIP, a "change in control" (as defined in the EIP) would trigger the concerned employees' rights to receive stock. WMILT is arguing that - as defined in the EIP - no such change in control occurred and in any case giving those shares to the employees would constitute forbidden golden parachute payments. That is all this is about and nothing more.
Read the proposed order that WMILT submitted on June 7. It is on the last two pages of the second document you linked.
The judge may not even rule on whether a change in control (as defined in the EIP) occurred because she does not have to. Whether such a change within the meaning of the EIP did or did not occur is an issue that the court does not have to decide because - even if such a change did occur - the employees' clams to the stock in the DCR must be denied as they are seeking forbidden golden parachute payments.
There is no greater significance to that change in control language.
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