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The liquidator of the company then applied for directions as to whether the liquidator or the company could sell or otherwise deal with the property of the super fund to satisfy the creditors of the company.
A trustee’s power of sale An insolvent trustee, and the administrator or liquidator appointed to that trustee, has a right of indemnity over trust assets and a lien to secure their equitable interest in trust assets.
Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" or variations of such words and similar expressions are intended to identify such forward-looking statements.
The Trust will issue Liquidating Trust Interests to WMI's former shareholders if the Trust is able to monetize Liquidating Trust Assets in amounts sufficient to pay-in-full claims held by beneficiaries of the Trust who are senior to members of Classes 19 and 22, and if a shareholder satisfied all conditions applicable to receiving any such Liquidating Trust Interests.
There can be no assurances that the Trust will be able to monetize assets in a manner sufficient to give effect to the foregoing.
This would then allow the liquidator, as receiver, to realise the trust assets and apply the proceeds to discharge the liabilities of the company in liquidation, and likely the liquidators fees as well.
Practical implications Prior to decision it remains prudent for liquidators seeking to sell trust assets to apply to the Court to be appointed as receivers to recover their equitable interest in the trust assets.
These Escrow CUSIPs represent nominees' positions that would be used to make future distributions, if any, of common stock issued by WMI Holdings Corp. Pursuant to the Plan, such shares of WMIHC's common stock were deposited in the Disputed Equity Escrow established in accordance with the Plan and are to be maintained in the Disputed Equity Escrow until such time as Claims involving Disputed Equity Interests are either allowed or disallowed.
Upon resolution of those Claims, the related portion of the shares maintained in the Disputed Equity Escrow will be distributed to the claimant holding the newly allowed claim or, if the claim is disallowed, the related portion of the shares will be redistributed to beneficiaries of the Trust in accordance with the distribution mechanics set forth in the Plan.
/PRNewswire/ -- WMI Liquidating Trust, formed pursuant to the confirmed Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code (as modified, the "Plan") of Washington Mutual, Inc.
("WMI"), today provided additional information regarding certain Escrow CUSIPs issued to eligible former shareholders of WMI.
The Trust discloses the status of its operations (including the status of pending litigations) and unaudited financial information in a Form 10-K filed annually with the Securities and Exchange Commission.