A distribution of approximately $17 million will be made to tranche 3 lti holders on november 1, 2013. Updated liquidating trust interest statements will be mailed on or prior to november 15, 2013. Please note that such statements will not be distributed to members of classes 18, 19 or 22 unless and until recoveries are available to make distributions to those classes in accordance with the terms of the plan.
These payments have nothing to do with Wmih shareholders, piers holders, Wamu preferred shareholders, Wamu common shareholders. These categories of Wamu/Wmih investors get nothing from the Wmilt payouts. Runoff notes will be the next to be paid. And the runoff notes will consume approximately $116million of Wmilt's remaining assets. There'll be nothing left over for anyone else.
SEATTLE, Oct. 29, 2013 /PRNewswire/ -- WMI Liquidating Trust (the "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 announced that it will make a distribution (the "Distribution") of approximately $17 million to certain beneficiaries.
In accordance with the priority of payments described in Exhibit H to the Plan, the Distribution will be allocated solely to claimants in "Tranche 3". After the Distribution, CCB Guarantees Claims will have been paid entirely and, as a result, the Liquidating Trust can distribute remaining Runoff Notes owned by the Liquidating Trust to its beneficiaries. Such distribution of Runoff Notes would occur on the next scheduled quarterly distribution date of February 1, 2014.
The Liquidating Trust intends to initiate the upcoming $17 million Distribution on Friday, November 1, 2013. Additional detail associated with the Distribution will be set forth in the Quarterly Summary Report (the "QSR") for the period ended September 30, 2013. The QSR will be filed by the Liquidating Trust with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") on or about October 30, 2013.