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Windfall Magic

06/30/24 10:26 AM

#730304 RE: KeyKey #730301

Thanks KeyKey,

I get it, ( I think). I just had over the last 16 years never heard that the Commons had two distint cusips, and since AZ had brought it up I was trying to understand where it came from and how this would work thoughout the settlement process. I rarely post here any longer due to toxic nature of the different camps. People can be so very vile towards each other just for having a difference of opinion or asking questions regarding matters they don't understand.
this is a very complex situation, and not everyone is a forensic accountant or economist or a attorney. I liken it to living in a house, I may not know the first thing about building it, about wiring it ot plumbing it but that doesn't preclude me from living in it. If I have an issue with my plumbing I would perhaps ask a neighbor for advice and perspective, I would still more than likely call a plumber but would ask around first. The solution may be simple and therefore spending money on a plumber would not be necessary.

As always, I value the input of almost everyone on this board despte the camp they are in.
Thank you for your commentary and viewpoint.

Windfall
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DarkB4Dawn

06/30/24 11:07 AM

#730310 RE: KeyKey #730301

Why wonder?

CGS identifiers ensure that essential front- and back-office functions run smoothly, enabling custodians and sub-custodians to easily communicate, manage and examine the details of a transaction for accurate and efficient clearance and settlement. Derived from the Committee on Uniform Security Identification Procedures, CUSIPs are 9-character identifiers that capture an issue’s important differentiating characteristics for issuers and their financial instruments in the U.S. and Canada.

Lets "Key" in on important differentiating characteristics for a moment.

The original WAMU shares were required to have a unique CUSIP. An easy search in history shows the CUSIP: 939322103

This was before the bankruptcy existed, and for some time.

Move forward and the stock is no longer trading, Litigation Trusts is created to pay off creditors. However, in court the subject is brought up about what if there is enough money in the waterfall to reach the lower classes holding shares? 19-22 How can we differentiate previous owners that signed releases and MAY (not will), but may, have assets left over to distribute.

Easy, there is a method for that. A CUSIP can be generated to reflect a unique identifier. In this case, the LT had a new CUSIP issued and replaced digits 4-6 (322) with ESC (Escrow).

The LT said they didn't think they were needed and that the waterfall would not likely reach these classes but agreed to issue them anyway. Which also gave them the power to remove them. Which they did.

https://www.cusip.com/identifiers.html

Why contact the DTC? When you could contact CGS https://www.cusip.com/contact.html

In fact, the upper right hand corner of the CGS splash page allows you to apply and register a unique CUSIP.
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dragoon76

06/30/24 11:45 AM

#730316 RE: KeyKey #730301

Thanks for your DD!!




Dumb Diligence