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("WMI"), today provided additional information regarding certain Escrow CUSIPs issued to eligible former shareholders of WMI.
Eligible former shareholders are those who timely submitted relevant documentation, including the release required under Section 41.6 of the Plan.
Specifically, the Escrow do not, in and of themselves, entitle their holders to any possible future cash distributions from the Trust, WMIHC or the Federal Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank).
In May, 2010, 93 percent of investors approved a liquidation plan for Provident Royalties, LLC. Alternatively, the liquidating trust can be a backstop for a complete and relatively quick transfer of liquidation responsibilities to a third party trustee when a management team finds itself unable or unwilling to complete the liquidation effectively.