dmc, you said "it should get interesting here when the claims are gone" and I too would like to share that optimism. I see the following based on actions in this case.
I have been the opinion for a very long time that the reason Walrath let claims in past the bar date, let claimants amend claims and people like JPM/FDIC/Marta invent bogus claims is there was a deal of sorts. This required the players to wait for the end of the claim process before getting any goods among the following reasons.
I do not know this any more than what I can surmise, but a bankruptcy court does NOT let claims in past the bar date, much less amend claims and basically allow people to file bogus claims. Even Marta stuck a deal of sorts in another court and they still filed another case with the same basic principal in the Delaware court regarding this same case.
We all know the claims are nothing but fraud along with this whole case, so why would Walrath continue to drag this case and to extend? This plus allowing claims which should not even be allowed against the trust to start with as they should have followed the stolen banks.
If Walrath can, I have no doubts this will go the full three years post WMIH exit plus well into three next three years that Walrath will happily extend. Keep in mind once she can no longer drag the employee claims, she can start the two to three year process of dragging Marta claim once they re-file it. No doubt, that will happen as we know these claims were bogus from the very beginning.
All of this will prevent the trust from paying anything down the waterfall and will prevent Susman from filing the third party claims. There is no doubt Susman is trying to wait out the claims but since Walrat/Rosie/JPM/FDIC are all partners in crime, the claims process will not end much before the total of six years has gone by and then of course, that can also be extended by Walrath.
Even though WMIH is totally separate, in reality they are not. If WMIH is capitalized and the stock is revalued, there is NOTHING to prevent these criminals from filing more bogus suits and costing the Newco a fortune to defend. As a brand new company, this would be the last action they would want or need. It is also possible they agreed to some for of deal at the end of the claims process.
So you see we have several reasons to extend the claims process indefinitely and of course another one is they get to continue to bill. I just hope WMIH is not planning on waiting till the end of the claims process. Of course, all of this is my opinion and I want to be wrong. I said over two years ago, there would never be any third party claims filed, WAHUQs would not be paid until WMIH was capitalized and unfortunately that is all factual so far.
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