Replies to post #585444 on Mr Cooper Group Inc (COOP)

[goodietime]

" I have worked over 50 years with trusts and estates and here is my problem. Trusts must follow the document as written in making distributions and I would think the document states the owners/beneficiaries. I would assume that the owner/beneficiary of at least part of the security was WAMU or its subsidiary. How does the trustee get a distribution to me for my escrow shares"

Have you ever heard of 'common shareholders' as being owners of said Trusts?
Especially, shares that have been CANCELLED?

[Large Green]

mwg611, do not look for a straight answer on this from AZC because he does not believe in the last link in the chain-of-title rests with the ownership change that happened on 3/19/2012. This is when in investors who signed timely releases were awarded Escrow ShareMarkers and NewCo/WMIH shares for these releases.

Also what happened on 3/19/2012 by action of The Delaware Bankruptcy Court that signed the documents that cancelled ALL Preferred and Common Prospectuses along with ALL associated documents.

Ownership of the former WaMu Estate is owned by those investors who signed timely releases and who have markers in their accounts representing this ownership.

[AZCowboy]

~ MWG611, You Are Doing Quite Well Actually' ~

"Thanks again AZ, but I am confused as how this plays out. I have worked over 50 years with trusts and estates and here is my problem.

Trusts must follow the document as written in making distributions and I would think the document states the owners/beneficiaries.

Yes, The Trusts Are Individualized and make their distribution returns to those Accredited Investors that had originally "Participated" at the agreed upon terms' ... UNLESS', ... a Participating Accredited Investors finds itself needing to file for bankruptcy protection' as WMIIC / WMI did', ... at that point in time is when the Trusts "Trustee" follows the directives of the Court', the Bankruptcy Process', as well as the Prospectus'


I would assume that the owner/beneficiary (*Percentage Participant) of at least part of the security was WAMU or its subsidiary.

Yes, I simply tweeked' your referenced wording, WMI was always the Accredited Investor', ... as Investors in WMI', We simply purchased WMI's different financial offerings'

How does the trustee get a distribution to me for my escrow shares. Someone has to determine who owns the shares to enable the distribution to be made. So, I released my ownership as suggested, what entity would gather the funds and data to know who to send it to?"

Any Trust generated returning funds have been placed on hold due to the continuing litigation, and per the Plan's Disclosure Statement, the Trustee(s) (plural), are to maintain the accounting until such time as the cases (the BK's) have had their Court approved claims "Addressed" (both' Creditor & Court Approved Claimant), and they are directed to use the DTC for their distribution mechanics' ...

This is where your class specific Tracking Markers come into reference, your Broker maintains your Tracking Markers on your behalf as the DTC will be the distributing agent' from the Trusts' ... the WMI-LT can also be utilized as a Pass-Through mechanism if needed, ... However, ALL returns are Class Specific' ...

AZ

[Royal Dude]

"So, I released my ownership as suggested, what entity would gather the funds and data to know who to send it to?" The DTC already has all of the Data IMO

[hotmeat]

NOTE: The following is all hypothetical and based on the assumption that Safe Harbored assets actually do exist......



Prior to 2008 WMI through it's subs WMB, WMMSC, Long Beach and WMAAC etc would have funded and securitized loans into Trusts.

As was customary a percentage of those loans would be retained as an investment and/or for credit enhancement purposes.

WMI as the parent would be the sole/partial recipient of returns from these Trust secured assets through inter-company agreements with it's subs.

Upon the filing of bankruptcy these Trust payments would have ceased to protect the assets, returns and the Debtors, WMI/WMIIC.

This language would, IMO, be standard for all Trust agreements, and in accordance with bankruptcy law.

WMI reorganized into a NEW company free of all former debt and as such has ZERO claim to legacy WMI's assets, unlike as suggested by some.

The WMILT as the former Debtor, and sole *SUCCESSOR IN INTEREST* to WMI and WMIIC would however hold title to all such assets.


IMO, upon the closure of both bankruptcies, the WMILT will be able to legally resume receiving any Trust payments, and also reveal the existence of such performing interests/accumulated cash.




Quote: "WMI Liquidating Trust (“WMILT” or the “Trust”), as successor in interest to Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (“WMIC”), formerly debtors and debtors in possession (collectively, the “Debtors”)2,"

.....as stated at the opening of EVERY WMILT filing!!!

[goodietime]

mwg611, As a person who has 50yrs experience with Trusts, perhaps you can give some insight to this?


" Prior to 2008 WMI through it's subs WMB, WMMSC, Long Beach and WMAAC etc would have funded and securitized loans into Trusts.

As was customary a percentage of those loans would be retained as an investment and/or for credit enhancement purposes."


Is there a 'standard or minimum ' percent that the issuer would be required to hold?

In your opinion, how much do you think WAMU held?

Thank you.