Replies to post #608364 on Mr Cooper Group Inc (COOP)

[hotmeat]

I've posted this countless times but it seems that not everyone has bothered to read it....here it is once again. Note the Bolded text in Red. I hopes this finally clears up this basic issue.




WMI LIQUIDATING TRUST ISSUES STATEMENT ON ESCROW CUSIPS

SEATTLE, March 16, 2017 – WMI Liquidating Trust (the “Trust”), formed pursuant to the confirmed Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code (as modified, the “Plan”) of Washington Mutual, Inc. (“WMI”), today issued a statement regarding certain Escrow CUSIPs issued to eligible former shareholders of WMI. Eligible former shareholders are those who timely submitted relevant documentation, including the release required under Section 41.6 of the Plan.

The Trust has received inquiries regarding the status of “Escrow CUSIPs” issued on the Effective Date in accordance with the Plan. As has been stated in the past, such Escrow CUSIPs were issued solely to facilitate potential future distributions, if any, to eligible former shareholders of WMI if Claims involving Disputed Equity Interests are disallowed.

By way of background, as of the Effective Date of the Plan, the Depository Trust Company (“DTC”) established and maintains positions in the aforementioned Escrow CUSIPs. These Escrow CUSIPs represent nominees’ positions that would be used to make future distributions, if any, of common stock issued by WMIH Corp. (formerly known as WMI Holdings Corp. (“WMIHC”)). Pursuant to the Plan, such shares of WMIHC’s common stock were deposited in the Disputed Equity Escrow established in accordance with the Plan and are to be maintained in the Disputed Equity Escrow until such time as Claims involving Disputed Equity Interests are either allowed or disallowed.

As stated above, the Escrow CUSIPS were established solely to facilitate potential distributions, if any, of shares of WMIHC common stock. The only source of common stock available for any such a distribution would be from the 1.5 million of shares remaining on deposit in the Disputed Equity Escrow. Specifically, the Escrow CUSIPS do not, in and of themselves, represent an entitlement to any possible future cash distributions from the Trust, WMIHC or the Federal Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank), as the case may be.