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Most important is if we get some $$$$ and when?
Pick, the following paragraph is from the class 19 claims payoff... those who held valid preferred claims could opt to participate in the funding of a credit facility for WMIH... this is a special fund participation and those that bought them are entitled a return... these instruments have nothing to do with the general class 19 claims, but are separate... thats why AZ Cowboy says he gets a dividend, but he is misleading the message board by saying released class 19 will eventually get back dividends... here is the text:
Additionally, pursuant to the Plan, Reorganized WMI shall, on the Effective Date, enter into a credit facility providing for the funding of, among other things, working capital, permitted acquisitions, and permitted originations by Reorganized WMI, as fully set forth in the Credit Agreement annexed to the Plan as Exhibit “C”. Until the Voting and Election Deadline, the Debtors shall market the terms of the Credit Facility in an effort to obtain terms superior to those set forth in the Credit Agreement annexed to the Plan as Exhibit “C”. However, any Creditor or holder of an Equity Interest may, upon
(1) presentation of financial information necessary to establish the ability to participate as a lender in accordance with the provisions of the Credit Facility, and (2) the consent of the Equity Committee, which consent shall not be unreasonably withheld, become a lender under the Credit Facility in lieu of the lenders contemplated pursuant to the Credit Agreement. Prior to the commencement of the Confirmation Hearing, the Debtors shall file a notice with the Bankruptcy Court setting forth the lender(s) selected to provide the Credit Facility. If you are interested in becoming such a lender, then before the Voting and Election Deadline you must contact the Debtors at WMI-Lender@wamuinc.net.
And LG, probably there was a reason WMILT officially did not distribute any LTIs for released equity classes because there were senior claims and disputed equity claims (AAOC and others buying WMI equity)pending thru Jan 2020.WMI former equity received a portion of the reorganized company because creditors and preferred holders agreed to issue such portion and which was diluted significantly by using a RS few years ago.I see that was the reason(probably) entering details into a Book Entry system( using Ballot and W-9 submitted by released equity both class 19 and class 22).And the same thing was mentioned in the IRS ruling letter that equity owners were directly receiving distributions from underlying assets.I think COOP is using those assets and remitting the cash, COOP is the disbursing agent for LTIs and Litigation Proceeds Interests. And WMILT had no control over claims and LTIs in DCR and DCR is a separate entity.IMO, DCR is the Safe Harbor assets lying and it needs to be addressed as per restated and amended liquidating trust agreement.
I Have Answered Your Question Long Ago.
Documented;
WMI sued the FDIC for $307.2 for ‘WMB and it’s assets’.
The FDIC response was $298 Billion for WMB and it’s assets after about surfaced.
$8 Billion to cover all Creditors Claims, plus all Class 19Claims.
Class 22 is now in the money.
The Increasing interest rate accumulation is working against JPM and friends.
Ron
What does it all mean in the nutshell? Are escrow holders getting payment soon? Do we have to wait for the libor settlement or the JPM will pay under the cloud of libor settlement. Thanks for all you have done. God bless you.
Now AZ because of his “special status” owning bonds directly and being an accredited investor, already collects some of this money. Our is on hold until released.
Finally The Lights Came On!
Ron
So with over 2000 p’s I can retire if it all plays out. Thanks.
Correct!
A Covered Bond just like the WMB Notes.
More assets than liabilities to cover all losses.
WMB Notes where covered at a 2X ratio.
$26 Billion in assets for $13 Billion in liabilities. Now grown to ~$14 Billion.
Now consider the performance payments from the base assets?
Ron
Plus +~2.5X From the Retained Earnings.
My calculated Series R return is greater than 4.6X face.
It’s all simple math and BK documents understanding.
For the Common Share Holders to inherit the Estates property, Class 22 needed to prove to the BK Court that Class 19 would be satisfied by the February MOR Retained Earnings of $20.78 Billion. Now north of $25 Billion.
The End of 75/25%.
DONE!!!!
Class 22 owns the WMI property, COOP is only a sub.
Ron
Its not tradeable at Schwab yet, but the fact that it actually shows up now using the search function, is very notable to me. And I have tried multiple times over the past years to search these at Schwab, solely for indication of possible action on the horizon
Makes you wonder eh? If JPM is now starting to pay off the various tabs at WAMU bars around town, this could be a possibility...in the lead up to closing of the receivership, which seems closer than ever.
Sorry if you sold your UQs, but you're not gonna lose on Ps, Ks. Nor has anyone lost anything if they still hold their original WMIH/COOP shares - those things have been a rocket, and I have zero complaints about COOP. So whatevssss, if you think you're screwed. If you actually released anything
…. and the word, “Bond,” is shown a couple of times, for the “graph” and for the “data.” Just like ole’ cactus has been saying (P=bond)…
Nd9
So 1500 x 2.1 ?
Newflow, yes, this is good information but the information I find the most interesting since they could not legally speak about Safe Harbor-protected assets we are included as beneficial recipient holders. So, when the time is ripe those assets will appear for us and we are recorded in the Book-Entry system as the beneficiaries.
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters.
So, the difference is one set of investors received LTIs and one set of investors are in the Book-Entry system.
Now the big difference is those investors who received LTIs were those investors who were receiving monies in the active BK cases and those investors who WILL RECEIVE Beneficial Interests in the assets protected and in SAFE HARBOR so
1) Investors who received LTIs equal active bk cases
2) Investors who will receive monies (after bk closure/termination) outside of BK cases equal Safe Harbor/BK Remote BK-protected assets
...
The Graph is Very Significant.
I changed the chart type to candle stick.
Only two quarters represented.
The before past quarter represented was at zero percent But whole in value.
The current posted past quarter is at 7.25% positive!
Thanks AZ,
I have never doubted the accumulation of performance payments from the Preferred Funding assets.
You gave me the performance payment number back in 2017.
I used that to calculate the accumulation from BK to 2020.
Hence; ~2.1X for Series R(P’s).
I have posted about using ‘Linear Interpolation’ for this calculation.
Ron
LG, this is the evidence LTIs were issued based on W-8 or W-9.
WMI LIQUIDATING TRUST ANNOUNCES ADDITIONAL INFORMATION FOR
LIQUIDATING TRUST INTEREST BENEFICIARIES AND FOR CLASS 17A CLAIMANTS
SEATTLE, April 3, 2012 – The WMI Liquidating Trust (the “Liquidating Trust”), which was formed pursuant to the recently 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 on or about April 16, 2012, it will begin issuing summary statements to holders of Liquidating Trust Interests who returned a Form W-8 or Form W-9 in connection with the solicitation of acceptances on and elections pursuant to the Plan. As previously announced, the Plan became effective on March 19, 2012.
The summary statements to be issued on or about April 16, 2012, will provide a summary of the value of a particular holder’s Allowed Claim (as defined in the Plan) as of the Effective Date, distributions made with respect to such claim, and the balance of Liquidating Trust Interests held by that holder after giving effect to such distributions made on March 23, 2012. An initial valuation of the Liquidating Trust Interests also will be included in these statements, for tax reporting purposes. At the end of each calendar quarter, subsequent statements reflecting updated information will be mailed to holders of Liquidating Trust Interests.
The Liquidating Trust also announced today that on March 23, 2012, consistent with the Plan, a onetime disbursement of $326.8 million (or $335 million less a “holdback” in respect of the payment of certain professional fees as contemplated by the Plan) was made to members of Class 17A (as described in the Plan) across holders of approximately $6.1 billion of claims (after giving effect to adjustments for applicable exchange rates for foreign currency, if any) and that no additional distributions of cash or Liquidating Trust Interests will be issued to members of Class 17A. The chart below summarizes the cash distribution rates for Class 17A by security and CUSIP.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000140/mm04-0612_8ke992.htm
Newflow, combining into one post for clarity and easy reading. This is a VERY IMPORTANT find and thank you.
This is very close to the infamous Smoking Gun we have been looking for all these years.
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters
Page 7 "EVIDENCED BY BOOK ENTRY"
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
SO NO NEED OF ISSUING LTIs.IMO THOSE ENTRY SOURCES WERE BALLOTS AND W-9 SUBMITTED BY FORMER SHAREHOLDERS WHO SIGNED RELEASES.
For U.S. federal and state legal purposes, whoever is listed as the owner of a Liquidating Trust Interest in the electronic book-entry recordkeeping system maintained by the Liquidating Trust will be considered the official legal holder of that interest.
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters
—————————————-
So, the difference is one set of investors received LTIs and one set of investors are in the Book-Entry system.
Now the big difference is those investors who received LTIs were those investors who were receiving monies in the active BK cases and those investors who WILL RECEIVE Beneficial Interests in the assets protected and in SAFE HARBOR so
1) Investors who received LTIs equal active bk cases
2) Investors who will receive monies outside of BK cases equal Safe Harbor/BK Remote BK-protected assets
...
That’s right it’s been so long - wamuqs were diluted and Wampq received multiple in newco - just different strategies from the start for parties in the know
Coupon Payment Date 6/15/2024
Things that make you go Hmmmmmmmmmmmmm
https://markets.businessinsider.com/bonds/7_250-washington-mutual-preferred-funding-cayman-i-bond-usg9463gaa60
Thanks newflow. This is very close to the infamous Smoking Gun we have been looking for all these years, I believe!
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters
Page 7 "EVIDENCED BY BOOK ENTRY"
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
SO NO NEED OF ISSUING LTIs.IMO THOSE ENTRIES SOURCE WAS BALLOTS AND W-9 SUBMITTED BY FORMER SHAREHOLDERS WHO SIGNED RELEASES.
—————————————-
So, the difference is one set of investors received LTIs and one set of investors are in the Book-Entry system.
Now the big difference is those investors who received LTIs were those investors who were receiving monies in the active BK cases and those investors who WILL RECEIVE Beneficial Interests in the assets protected and in SAFE HARBOR so
1) Investors who received LTIs equal active bk cases
2) Investors who will receive monies outside of BK cases equal Safe Harbor/BK Remote-protected assets
…
Thanks for posting links to those trusts. I’m blown away by the Ks now showing. Making me wonder about whether the Lehman CTs are gonna blossom next.
LG "one set of investors received LTIs and one set of investors are in the Book-Entry system" exactly IMO too. I had PIERS, it was evidenced by LTI statement. Those were not evidenced by book entry form.
Newflow, as usual great info and thanks for sharing. You said the following.
—————————————
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters
Page 7 "EVIDENCED BY BOOK ENTRY"
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
SO NO NEED OF ISSUING LTIs.IMO THOSE ENTRIES SOURCE WAS BALLOTS AND W-9 SUBMITTED BY FORMER SHAREHOLDERS WHO SIGNED RELEASES.
—————————————-
So, the difference is one set of investors received LTIs and one set of investors are in the Book-Entry system.
Now the big difference is those investors who received LTIs were those investors who were receiving monies in the active BK cases and those investors who WILL RECEIVE Beneficial Interests in the assets protected and in SAFE HARBOR so
1) Investors who received LTIs equal active bk cases
2) Investors who will receive monies outside of BK cases equal Safe Harbor/BK Remote protected assets
…
Fully agree. I also have actually both. Just a little more tilted to p’s. Let’s wait and see.
Remember the UWs fought tooth and nail to stay in class 19. So....
I have both Ps and Qs so I am fine either way. Bottom line is those who have Qs say they get it all and those who have Ps say they get it all.
Its like the battle of evermore about 75 25. Let's see if we get anything first! Then we can see how it gets divided up. Relax. This nonstop daily fighting over these 2 issues is crazy.
There is a lot of people that own P’s, k’s, u’s and notes but do not brag about it…..yet so far nothing has been paid out….you claim soon like you did in 2015 and every year since…now you claim Doreen Logan gave you advice….now you are talking about your napkin math….yet still no distribution….are you doing this to continue gain followers…..we have already moved the goal posts for Libor……and you are saying something will happen before the end of 2024…….very simple you should have held coop……
IMO THEY RECORDED RELEASING EQUITY OWNERSHIP IN A BOOK ENTRY FORM.
AI - The statement "A holder of a Liquidating Trust Interest recorded in this book-entry system will be deemed the legal holder of record of that interest for purposes of all applicable U.S. federal and state laws" means:
For U.S. federal and state legal purposes, whoever is listed as the owner of a Liquidating Trust Interest in the electronic book-entry recordkeeping system maintained by the Liquidating Trust will be considered the official legal holder of that interest.
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters
Page 7 "EVIDENCED BY BOOK ENTRY"
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
SO NO NEED OF ISSUING LTIs.IMO THOSE ENTRIES SOURCE WAS BALLOTS AND W-9 SUBMITTED BY FORMER SHAREHOLDERS WHO SIGNED RELEASES.
Federal court approved and thank you
JPMorgan (JPM) to Recognize $8B Gain From Visa Share Exchange
*******************************************************************
Are these related to the WAMU VISA shares, that JPM bought for $50M?
***************************************
JPMorgan (JPM) to Recognize $8B Gain From Visa Share Exchange
JPMorgan Chase (NYSE:JPM) said on Monday that Visa (V) accepted its tender of 37.2M shares of Visa class B-1 common stock in the card network's exchange offer, resulting in a gain of ~$8B for the bank relating to the Visa class C common stock, which is held at fair value.
The Visa Class B-2 common stock is held at the nominal carryover basis of the tendered Visa Class B-1 common stock, JPMorgan (JPM) said.
The Wall Street bank also said it plans to donate a portion of Visa (V) class C common stock with a value of ~$1B to the JPMorgan Chase Foundation. The donation will be recorded in non-compensation expense in 2024 and is expected to prefund JPMorgan's (JPM) anticipated contributions to the Foundation for the next several years.
Earlier, Visa (V) said it accepted a total of 240.7M shares of class B-1 common stock in the exchange offer.
More on JPMorgan Chase
https://www.msn.com/en-us/money/companies/jpmorgan-chase-records-8b-gain-from-exchange-of-visa-b-1-shares/ar-BB1lVoqb
AI - The quoted statement means that for U.S. federal income tax purposes, the transfer of assets to the liquidating trust is treated as if those assets were directly transferred to the creditors and equity holders in satisfaction of their claims or cancellation of their equity interests in the company. In other words, it is a deemed transfer from the company to the creditors/equity holders, followed by a deemed transfer from the creditors/equity holders to the liquidating trust.
Regarding your second question - yes, typically the creditors and former equity holders of the company are issued beneficial interests or units in the liquidating trust in exchange for their claims against the company or their canceled equity interests. These liquidating trust interests represent their rights to receive distributions from the trust as its assets are liquidated over time
Differing opinions as to potential payoffs regarding classes, that’s why I have both.
JHD
~ Correct BoardDork, "Tip Of The Iceberg" ... "COOP' is merely an "Acquired" Loan Servicer' ... "Their Own Words" = = = "Mr. Cooper Group Inc is a home loan servicer." ~
now, more importantly though is, ... what has been continuously' going on without restraint'
Hexon, it was 19.68 (just short of 20) NewCO WMIH shares for one "P" and it took 33 old WaMu common for one NewCo WMIH common share.
...
Those people pushing Ps wanted you to sell all your UQs to them. UQs always own the bulk of the estate.
The 939s are WMI owned assets collateralized with WMB written product. That’s what AZ means by intertwined I think.
@ AZ Cowboy....
All of your Preferred Equity Interests in the Debtors have been placed in Class 19 under the Plan. If you hold Claims or Equity Interests in more than one Class under the Plan, you will receive a Ballot or Election Form, as applicable, for each such other Class and must complete a separate Ballot or Election Form, as the case may be, for each such Class.
there is no Preferred managing sub....all those classes of debt were "unsecured" and defaulted when they were given shares in the new company.... Lodas
They received 50 shares of wmih for each Wampq- whereas wamuqs were diluted something like 33,000 to one- Everyone made their bets
What was the role of Steve Scheiwe in WMI Holdings Inc and why is he continuing in COOP?. Are they using Estates assets?. I suspect so. His bio indicates everything except his role at reorg WMI.
https://investors.mrcoopergroup.com/governance/board-of-directors/person-details/default.aspx?ItemId=ebbc948f-8aa5-4994-bff5-9c004aaab4d0
~ COOP is merely an "Acquired" Loan Servicing Sub Grouping, using its own words' ... any 75/25 distribution sharing' beyond the wmi-lt' ... was all simply made up' (see below) ... the wmi-lt is now closed down and has completed its court ordered responsibilities' ... ~
Question: Common Shares ... Always Own The Estate' ... or the WMI Holding Company and ALL of its Operational Values' ...
What do you think the litigants/lawyers that pushed to be part of the p's instead of the q's thought when you say above. Were they thinking at that time still of the 75/25?? Just curious.
~ Correct ! ! ... "Mr. Cooper Group Inc is a home loan servicer." ... YES', "COOP", Using Its Own Words ! !, ... as a 2018 Acquired Subsidiary Grouping' ... "Mr. Cooper Group Inc is a home loan servicer." ... LOL' ~
... however, for now, ... this' is very important' ... as COOP' will be using its Buy Back Program'
Hi AZ,
939ESC992 PQ’s
939ESC84 KQ’s
939ESC968 UQ’s
All above were 939*
https://cbonds.com/bonds/88399/........DEFAULT
Washington Preferred Funding Cayman 1 limited USG 946 3G AA 60..... DEFAULTED
LODAS
"JPMorgan Chase will not be acquiring any assets or liabilities of the banks' parent holding company (WM) or the holding company's non-bank subsidiaries. As part of this transaction, JPMorgan Chase will make a payment of approximately $1.9 billion to the FDIC.:
Thanks for the reminder AZ. Its always nice to read this proof. For the doubters, they did Not get any holding company assets as some of you suggest.
And also as Part of the transaction they made a Payment.....it does Not say Payment in full!
Got it????
Okay, that really looks promising. Something happened to the Database or to the Cayman prefs.
Thanks for the link.
https://markets.businessinsider.com/bonds/7_250-washington-mutual-preferred-funding-cayman-i-bond-usg9463gaa60
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Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.
Upon completion of the merger between WMIH Corp. and Nationstar Mortgage Holdings Inc. on July 31, 2018, WMIH became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper), Xome and Champion Mortgage (Nationstar Mortgage LLC d/b/a Champion).
As of October 10, 2018, Mr. Cooper Group Inc. is the new name of WMIH Corp. On July 31, 2018, WMIH, now Mr. Cooper Group, became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper) and Xome.
As early as late 2006, WaMu would begin to become a victim of what would eventually become the worst recession in US history since the Great Depression of 1929. WaMu's aggressive business strategy would begin to unfold throughout the end of 2006 and become increasingly disastrous through 2007. As housing rates were at all time highs before the recession began, WaMu would use its considerable leverage and assets to make large amounts of loans in both subprime mortgages and subprime credit cards. The banking division of WaMu at one point before the end of 2007 had nearly 336 stand-alone branch buildings where various types of home loans were processed and approved. WaMu would eventually over leverage themselves due to the high number of Adjustable Rate Mortgages (ARMs). As the US economy slowed down, the number of home loan defaults began to rise in quick succession. This coupled with the falling home prices throughout most of the US meant that even with foreclosures and the properties back in the hands of the company, they were unable to sell them back into the market, or were not able to derive enough revenue from the sale to cover the loan that was made on them. In the mean time, the credit card division was also seeing a surge in the number of late and non payments being made.
By September of 2008, WaMu's stock price had fallen to $2 from its previous highs of around $50 just two years earlier. Amid strong voices from the shareholders, then company CEO Kerry Killinger was dismissed by the company board. In the meantime, the company went looking for a buyer for part of its banking division. WaMu had been unsuccessful in finding an appropriate buy until its seizure by the FDIC. Overnight the companies banking division was bought by JP Morgan Chase in a secret deal brokered by the FDIC for 1.9 billion dollars. Washington Mutual Inc. has reorganized to Washington Mutual Holding Inc. WITH SHAREHOLDERS INTACT
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