Countrywide RMBS Settlement Payout – March 4th deadline coming
The entire Settlement Payment was paid to the Trustee on February 9, 2015. The money has now been deposited into escrow across 6 different short term US Treasury money market mutual funds, awaiting the Court’s direction pertaining to the distribution of the Allocable Shares within each Covered Trust. The essential issue for which the Trustee is seeking Court instruction is how the Trustee should apply the “write up” provisions of the Governing Agreements in respect of the Allocable Shares. A Final Hearing in the matter is possibly in April? However, no Interested Person shall be heard and nothing submitted by any Interest Person shall be considered by the Court unless such Interested Person files an Answer to the Verified Petition on or before March 4, 2016.
The Order to Show Cause is attached. Make sure you file your answer to the Verified Position and any supporting papers before heading to Vegas this weekend.
Contact us at 203-276-0672 to become a client and access all reports and attachments.