Mordicai,
I love discussing things with you. You were one of the first members of this board that I made sure to read every post (back in 2009-2010 and such) :)
You are exactly right.
REITS were cancelled in 23.2
Ps & Ks were cancelled in 23.3
Commons were cancelled in 25.2
Yet the status of those assets is being litigated. Why?
I think most of us (not all) agree that the money lives on somewhere. I think most of us (not all) agree that the money should be distributed to escrow holders.
However, it if belonged to the spin off company, why all the mystery and skullduggery to keep it off of the SEC reports and corporation balance sheet?
If it was in a trust, it is probably still there. But, how do we tell who the beneficiaries are? Did cancellation of equity interest in the company pass through to cancel interest in the trusts? If not, who are the beneficiaries? Stock holders at cancellation? Stock holders at declaration of BK? Something else? I don't know.
Anything you can offer to shed light on the disconnect between cancellation of shares and ongoing litigation (which should therefore be moot), I would be very interested in your views.
This afternoon, I looked very hard for some language that itemized what went to the company exiting bankruptcy. If I recall correctly, this offered a clue. I do remember being concerned over the difference in definition of 'equity' vs 'equity interest'. I remember, at the time, thinking "this may be where the trusts are accounted for" and hoping that I wasn't getting screwed. It has been a few years and I sincerely don't know if it applies to the cancellation.
Do you remember any language like that? It had to do with a subsidiary of WMIIC (I think). If you (or anyone else) do remember and can point me in right general direction, I will dig into it. (I have a little more time on my hands now than I did then :)
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