Nightdaytrader
8 hours ago
ron_66271, here is oldie, but goodie, that I posted years ago, and as CSNY/Bopfan said, sets precedent for WAMU
ND9
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Withdrawal of Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership
A Notice by the Federal Deposit Insurance Corporation on 06/10/2014
ACTION Notice.
SUMMARY The FDIC has withdrawn and set aside its determination that insufficient assets exist in the receivership of Colonial Bank, Montgomery, Alabama, to make any distribution on general unsecured claims and that such claims have no value.
TABLE OF CONTENTS DATES:
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
DATES: The FDIC withdrew its determination on June 4, 2014.
FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written correspondence may also be mailed to FDIC as Receiver of Colonial Bank, Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201.
SUPPLEMENTARY INFORMATION: On April 15, 2013, the FDIC determined that the assets of Colonial Bank, Montgomery, Alabama, were insufficient to make any distribution on general unsecured claims, and that such claims therefore had no value. Notice of the determination was published in the Federal Register on April 19, 2013. 78 FR 23565. The FDIC has now withdrawn its determination because the Receivership's theoretically possible recoveries have been revised upward as a result of changed circumstances and could possibly exceed the previously calculated $1.698 billion deficit, which in turn could possibly result in payment on non-deposit claims under the most favorable circumstances.
Dated: At Washington, DC, June 4, 2014.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014-13423 Filed 6-9-14; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/articles/2014/06/10/2014-13423/withdrawal-of-determination-of-insufficient-assets-to-satisfy-claims-against-financial-institution
lodas
16 hours ago
Treatment of class 19....... notice the part that says JPM is the sole and LEGAL OWNER OF THE TPS......this text is from the amended POR 7....please read....... Lodas
20.
Preferred Equity Interests (Class 19)
Pursuant to the Seventh Amended Plan, the Preferred Equity Interests in Class 19 consist of each Equity Interest represented by an issued and outstanding share of preferred stock of WMI prior to or on the Petition Date, including, without limitation, those certain (i) Series K Perpetual Non-Cumulative Floating Rate Preferred Stock, (ii) Series R Non-Cumulative Perpetual Convertible Preferred Stock, and (iii) the REIT Series.
Class 19 is Impaired by the Seventh Amended Plan. Each holder of an Allowed Preferred Equity Interest is entitled to vote to accept or reject the Seventh Amended Plan.
Commencing on the Effective Date, and subject to the execution and delivery of a release in accordance with the provisions of Section 41.6 of the Seventh Amended Plan, each holder of a Preferred Equity Interest, including, without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro Rata Share of seventy percent (70%) of (a) subject to the right of election
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provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Seventh Amended Plan, the Reorganized Common Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any Liquidating Trust Interests to be redistributed; provided, however, that, in the event that, at the Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a different percentage should apply, the foregoing percentage shall be adjusted in accordance with the determination of the Bankruptcy Court and be binding upon each holder of a Preferred Equity Interest. In addition, and separate and distinct from the distribution to be provided to holders of the Preferred Equity Interests from the Debtors, pursuant to the Global Settlement Agreement, and in exchange for the releases set forth in the Global Settlement Agreement and in Article XLI herein, on the Effective Date, JPMC shall pay, or transfer to the Disbursing Agent, for payment to each Releasing REIT Trust Holder its pro rata share of Fifty Million Dollars ($50,000,000.00), determined by multiplying (a) Fifty Million Dollars ($50,000,000.00) times (b) an amount equal to (i) the principal amount of REIT Series held by such Releasing REIT Trust Holder on the voting record date with respect to the Sixth Amended Plan divided by (ii) the outstanding principal amount of all REIT Series (which is Four Billion Dollars ($4,000,000,000.00)); provided, however, that the release of claims against the “Releasees” delivered in connection with the solicitation of acceptances and rejections to the Sixth Amended Plan shall be deemed binding and effective for each Releasing REIT Trust Holder; and, provided, further, that, at the election of JPMC, the amount payable to Releasing REIT Trust Holders pursuant to Section 23.1 of the Seventh Amended Plan and Section 2.24 of the Global Settlement Agreement may be paid in shares of common stock of JPMC, having an aggregate value equal to the amount of cash to be paid pursuant to Section 23.1 of the Seventh Amended Plan and Section 2.24 of the Global Settlement Agreement, valued at the average trading price during the thirty (30) day period immediately preceding the Effective Date. While JPMC’s maximum liability pursuant to Section 23.1 of the Seventh Amended Plan and Section 2.24 of the Global Settlement Agreement is Fifty Million Dollars ($50,000,000.00), JPMC’s liability shall be reduced to the extent the Releasing REIT Trust Holders comprise less than all of the outstanding REIT Series holders.
The TPS Consortium believes you should know that your vote on the Seventh Amended Plan and your election as to whether to grant the releases set forth in the Non-Debtor Release Provision (Section 41.6 of the Seventh Amended Plan) are separate matters. The TPS Consortium further believes you should be aware that, if the Seventh Amended Plan is confirmed, your vote against the Seventh Amended Plan will not prevent you from receiving the distribution to which you are otherwise entitled as a member of Class 19, as long as you have also granted the releases set forth in the Non-Debtor Release Provision (Section 41.6 of the Seventh Amended Plan).
a.
Cancellation of REIT Series
Notwithstanding the provisions of Section 23.1 of the Seventh Amended Plan, on the Effective Date, all REIT Series shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect. For the avoidance of doubt, Section 23.2 of the Seventh Amended Plan shall have no effect on, and shall not result in the extinguishment or cancellation of, the Trust Preferred Securities and, in accordance with the Global Settlement Agreement, JPMC or its designee is the sole legal, equitable and beneficial owner of the Trust Preferred Securities for all purposes.
b.
Cancellation of Preferred Equity Interests
Notwithstanding the provisions of Section 23.1 of the Seventh Amended Plan, on the Effective Date, all non-REIT Series Preferred Equity Interests shall be deemed extinguished and the
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certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.