SEATTLE, July 30, 2012 /PRNewswire/ -- WMI
Liquidating Trust (the "Liquidating Trust"), which was formed
pursuant to the 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 on August 1, 2012, it will
distribute 927,862 shares of WMI Holdings Corp. (OTC: WMIH) (the
"Company") to Class 22 claimants (the "Distribution").
In connection with the Distribution, eligible claimants in Class
22 who held shares of common stock issued by WMI prior to
September 25, 2008, will receive
0.00076346 of a share of the Company's new common stock for each
share of WMI common stock they previously held. The common stock
issued by WMI prior to September 25,
2008 was cancelled on March 19,
2012, the Effective Date of the Plan.
The Distribution is possible as a result of a release of equity
reserves held on account of recently disallowed equity claims and
it supplements the share distribution that occurred shortly after
the effective date on March 23, 2012
(the "Initial Distribution). In the Initial Distribution,
newly issued shares of the Company's common stock were distributed
to claimants who elected to receive such common stock, as well as
claimants in each of Classes 19, 21 and 22 under the Plan.
Class 19 included holders of preferred securities identified as the
REIT Series, Series K Perpetual Non-Cumulative Floating Rate
Preferred Stock ("Series K Preferred Stock") and Series R
Non-Cumulative Perpetual Convertible Preferred Stock ("Series R
Preferred Stock"), in each case as defined in the Plan. The
chart below summarizes shares issued to claimants in Classes 19, 21
and 22 and the conversion ratios for each class.
Security
Description
|
Class
|
WMI
Holdings Corp. Shares Issued
|
Conversion
Ratio [1]
|
REIT
Series
|
Class
19
|
73,849,313
|
19.80058
|
Series
K
Preferred
Stock
|
Class
19
|
8,992,818
|
0.4950145
|
Series
R
Preferred
Stock
|
Class
19
|
57,548,706
|
19.8005825
|
Dime
Warrants
|
Class
21
|
4,165,700
|
0.05463704
|
Common
Equity Interests
|
Class
22
|
40,702,317
|
0.03349842
|
[1] Equivalent WMI Holdings Corp. common stock issued for each
share or unit of corresponding security. Pursuant to the
Plan, no fractional shares of WMI Holdings Corp. stock were
issued.
Further information about WMI Liquidating Trust can be found at
www.wmitrust.com.
SOURCE WMI Liquidating Trust