downsideup -- key to understanding is that at the moment of bankruptcy exit -- two securities were created.
(1) The "escrow" shares -- in a 1:1 quantity for what you held before. They get recovery "looking backwards" at such things as the D&O suit, and future suits about pre-petition deeds.
(2) The "new" WMIH shares -- in a ratio of old shares/types into WMIH shares. They are shares in the 'New' company, the one that has the $75m, NOLs, possibly the "ordinary loss", line of credit, etc, etc...
They are NOT related, other than a holder at bankruptcy exit, now has both.
Moving forward, you can never sell an escrow share -- it's a tracking marker. It will live for at least 3 years, with a possible 3 year extension. It will always have a value of 0. It's used to track how/who to pay if/when monies come in to the Litigation Trust sufficient to reach equity.
And if you sell/buy a WMIH share -- the escrow share is not attached, and stays put, regardless.
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