the stock was cancelled (not escrowed) upon the plan effective date, and new reorganized stock was distributed using a conversion formula to old shareholders if they granted certain legal releases. Shares were not simply carried over, there was a week or so where there were no publicly tradable shares at all in the market. Subsequently, some MM decided to sponsor the new shares, and it started trading OTC Pink without the company's approval (that's the company's claim, anyway.)
There's not a lot of similarity between how Lehman stock and WMI stock was treated. Any talk of "escrow" shares related to WMIH is strictly for escrowed liquidation trust interests which are entitled to some of the old estate if enough cash is available from the liquidating trust, and are not to be confused with WMIH shares. Tradable shares are completely distinct from the liquidation trust interests. Shares can be sold, LTIs cannot. If the old estate is able to come up with enough cash to pay old equity, the LTIs are how the estate will track payments to each old shareholder - but WMIH holders are not entitled to any payments whatsoever from the liquidation trust simply on account of the WMIH shares. (There is a large union between LTI holders and WMIH holders, though, so many WMIH holders also hold LTIs due to their pre-effective date holdings.)
News 
Market Data 
Discover 
AI
