BK Case MUST Close – Then Restricted Subsidiaries Will Be Released-Safe Harbor Money Flows - I still view (the (DSTs) Delaware Statutory Trusts will be a vehicle for timely (by 3/2012) signed releasors to receive monies via the DTC then on to Brokers
1) Actions happen once BK is closed-Per Rosie will happen between Dec. 03 and Dec 19, 2019
2) After BK closure the Administrative Hold will be released allowing exciting actions to take place
3) Then I see Marker Holders getting a Preferred Offering and commons issued
4) Distributions starting from (DSTs) Delaware Statutory Trusts routed through DTC/Clearstream then to your Broker
5) There will probably be two to four annual distributions to Marker Holders into perpetuity
6) Notice the highlighted pieces below in the confidential filing
Reference is made to Credit Agreement, dated as of [•] (the “Credit Agreement”), among [•] (the “Borrower”), the lending institutions from time to time parties thereto (the “Lenders”), and [•], as Administrative Agent.
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. This certificate is furnished pursuant to Section [•] of the Credit Agreement.
Solely in my capacity as a financial executive officer of WMIH and not individually (and without personal liability), I hereby certify, that as of the date hereof, after giving effect to the consummation of the transactions in connection with the Bridge Facility:
1. The sum of the liabilities (including contingent liabilities) of WMIH and its restricted subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of WMIH and its restricted subsidiaries, on a consolidated basis.
2. The fair value of the property of WMIH and its restricted subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of WMIH and its restricted subsidiaries, on a consolidated basis.
3. The capital of WMIH and its restricted subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof.
4. WMIH and its restricted subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).
For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts and circumstances existing as of the date hereof, represents the amount that would reasonably be expected to become an actual or matured liability.
IN WITNESS WHEREOF, I have executed this Certificate as of the date first written above.
***SOME THOUGHTS on HOW WE *MAY* RECEIVE MONIES BEFORE BK CLOSURE***
1) In a residential closing, there are multiple signatures that take place simultaneously on closing day
2) The delays here have been obviously purposeful for years and years
3) So by creating delays there are at least two parties who would benefit - JPM, FDIC & others
4) JPM used the Enterprise (WaMu) for eleven years and will use our very own Enterprise’s money/assets (Now Marker Holders since 3/2012) to pay us back
5) JPM/FDIC would want delay after delay and will only pay in the last hours of the last possible days
6) Since Rosie said the BK is close to closing-out, then it stands to reason whatever monies they owe within the BK process as the Amended POR 7 describes is about to happen
7) In my view, we should have multiple sources for payout from the WaMu Enterprise and one of them should be the BK case itself between the time Judge Walrath signs the BK closure and then ensuring two months or so
8) Just like in a residential closing, one does not get possession until closing
9) We are in Tranche five with Equity in Tranche six, so it appears for money to show within the BK case and there should be plenty, it MAY happen shortly after Judge Walrath signs the official and final bk closing in Dec/2019
10) Then after BK closing, the Safe Harbor monies should flow
***The Infamous Footnote Number 39***
In light of Footnote 39:
"FINAL REPORT OF THE EXAMINER JOSHUA R. HOCHBERG Court Appointed Examiner
Footnote 39
Equity undertook a preliminary solvency analysis based on the limited information made available by the Debtors. Equity noted that a final analysis of solvency would require a detailed review of WMB?s loan portfolio, which is not available to Equity and was also not reviewed by the Debtors.The Examiner in this Report has an analysis of solvency, but he also did not conduct a review of the loan portfolio."
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