In this case, "transaction" is not an exchange, it is an interaction. I did get answers from three different brokers that amounted to the same thing.
The Litigation Trust gave instructions to the DTCC to issue escrow markers in the accounts of the original WAMU stock holders in the event that after making final payments to claimants, if there were significant residual value remaining a distribution would be made.
However, after making an insignificant distribution of shares to previous stockholders (in whole shares only), and making the balance of non-whole shares in cash (also insignificant amounts), the remaining value would have been more expensive to distribute to shareholders than to just donate the remainder to charity and close the trust. So, they distributed the remaining balance in the trust and ordered the DTCC to remove the Escrow Markers issued by the DTCC at the direction of the Litigation Trust as the Litigation Trust had nothing left to distribute from the Assets they were given to settle claims.
Note:
- That does not remove the records of previous owners of legacy stock in Washington Mutual from records of ownership.
- It does not mean that the LT had access to all Assets in existence, or assets of Assets as there may or may not be additional assets shielded from the bankruptcy proceedings.
- It does not mean that the FDIC may or may not finalize ongoing possesses and close their proceedings and exact additional assets that may or may not be distributed. However, they have stated that it is "unlikely".
Remember, there are several positions concerning the outcome of this bankruptcy. What we know is WMIH survived in Chapter 11 and was provided $200M in assets from the courts to legacy stockholders in the form of shares that have been used to create a company now trading as COOP. The current market cap of COOP (registrant) is ~$3.964B. A subsidiary of the Mr. Cooper Group.
Some say more to come, some say maybe more to come, some say unlikely more to come, and some say there is no chance in holy h$#@ that anyone will ever see a f@!$#&^ penny for the rest of the existence of the planet earth and will remain tied to this MB like a Pitbull with a terminal disease to repeat ad nauseum of their belief(s) until they draw their last breath... I understand people taking that position, but why stand and scream into the wind?
I have always believed that: just because one says it, does not make it so...
So unless you plan to check-out, or give up after 15 years, maybe lets see what happens if it doesn't inconvenience your life too much. The MB has become polluted as of late but only because a few are choosing to respond to a few that seemingly have agenda's.
Hope that helps and JMHO
DBD
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