Are you referring to page 40 of the pdf file - WMI Liquidating Trust Amended Seventy-Ninth Omnibus (Substantive) Objection to Claims
... which continues to page 46
II. Exhibit B (Wrong Party Claims/ Assigned Claims / Common Equity Interests.
... and concludes on page 48
it states:
11 U.S.C. § 101(16). Holders of equity securities, such as shares of stock, do not have “claims”
under section 101(5) of the Bankruptcy Code, but rather equity interests. See In re Insilco
Techs., Inc., 480 F.3d 212, 218 (3rd Cir. 2007) (“[an equity] interest is not a claim at all”); In re
Hedged-Invs. Assocs., 84 F.3d 1267, 1272 (10th Cir. 1996) (“Simply put, an equity interest is
not a claim against the debtor.”). Because equity interests are not claims against the Debtors’
estates, WMILT requests that the Court disallow the Equity Components of such claims as well,
such that all claims listed on Exhibit B are disallowed in their entirety.
Foot Note - Page 48
5 It should be noted that one claimant asserts that his unvested restricted stock units vested because of a change in
control, as defined in his WMB CIC Agreement. As noted above, first, neither of the Debtors was a party to such
agreement, and so WMILT cannot be held liable for such agreement, and, second, in any case, WMILT submits that
no such change in control has occurred. Thus, with respect to this claimant, the “Equity Component” of his claim
does not even exist. Nevertheless, in an abundance of caution, if the Court were to find that such component does
exist, then WMILT also objects to such component on the grounds that it would consist entirely of equity interests in
the Debtors and not a claim against the Debtors’ estates.
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