EXDIMER Monday, 02/06/17 07:08:44 PM
Re: BBANBOB post# 471546
Post #
471554
of 471577 Go
From WMI Liquidating Trust Disbursement check letter

'" You are receiving the enclosed distribution on account of either (1) the proof of claim that you filed in the jointly administered bankruptcy cases of WMI Investment Corp. and Washington Mutual, inc. (collectively, the "Debtors "), Chapter 11 Case No. 08-12228-MFW, or (11) the claim that the Debtors listed as due and owing to you in their schedules filed with the United States Bankruptcy Court, District of Delaware (the Bankruptcy Court), or your Liquidating Trust Interest from WMI Liquidating Trust related to (1) or (11) above."


BBANBOB Monday, 02/06/17 07:51:20 PM
Re: W3Research post# 471558
Post #
471559
of 471577 Go
Got one too, you tell us and we will all know, wag is Piers(H's)





'" You are receiving the enclosed distribution on account of either (1) the proof of claim that you filed in the jointly administered bankruptcy cases of WMI Investment Corp. and Washington Mutual, inc. (collectively, the "Debtors "), Chapter 11 Case No. 08-12228-MFW, or (11) the claim that the Debtors listed as due and owing to you in their schedules filed with the United States Bankruptcy Court, District of Delaware (the Bankruptcy Court), or your Liquidating Trust Interest from WMI Liquidating Trust related to (1) or (11) above."


This seems very interesting to me !
So two well respected members of this MB got a distribution for Case No. 08-12228-MFW,

but if I remember correct, our Washington Mutual, Inc. Chapter 11 case in the United States Bankruptcy Court, District of Delaware is intabulated as
Case No. 08-12229 (MFW)


just sayin'

I wouldn't hope that people get confused in 2017 (!) over the well known fact that more than nine (9 !) years ago there were two (2 !) voluntary petitions filed for bankruptcy:

1st was WMI Investment Corp., filed September 26, 2008 PM 10:15
http://www.kccllc.net/wamu/document/0812228080926000000000001

2nd was Washington Mutual, Inc., filed September 26, 2008 PM 10:16
http://www.kccllc.net/wamu/document/0812229080926000000000001

Then on October 2, 2008 the Debtors filed a Motion for Order Directing Joint Administration of Chapter 11 Cases, "(f)or procedural purposes only. Joint administration will obviate the need for duplicative notices, motions, applications, and orders and thereby save time and expenses for the Debtors and their estate(s)."
http://www.kccllc.net/wamu/document/0812229081002000000000001

Contemporaneously the Debtors filed the Declaration of Stewart M. Landefeld in support of the above mentioned motion. I'd suggest the seemingly "lot of confused people" to read this Declaration, 'cause it provides a good overview of WMI's corporate history and organizational structure, and capital structure, as they existed prior to the Bank Receivership and the Commencement Date.
http://www.kccllc.net/wamu/document/0812229081002000000000002

And of course the The Honorable Judge Mary F. Walrath agreed with the motion and filed on October 3, 2008 the Order Directing Joint Administration of those two Chapter 11 cases:
http://www.kccllc.net/wamu/document/0812229081003000000000002

Nobody should be confused about absolute normal proceedings in the beginning of Chapter 11 cases !

Read and you will understand !

hotmeat, to have your question and those of a lot of other posters answered concerning A&M, have a look at the following Court document:

Court Docket# 0063: Motion of the Debtors Pursuant to 11 U.S.C.
§ 363 for an Order Authorizing the Employment of Alvarez & Marsal North America, LLC and Designating William C. Kosturos as Chief Restructuring Officer Nunc Pro Tunc to October 2, 2008 - included is the A & M Engagement Letter, the Indemnification Agreement as well as The Declaration of William C. Kosturos and the Order ...

http://www.kccllc.net/wamu/document/0812229081011000000000001

In addition I'd urge you to read the following Court document:

Court Docket# 9659: Declaration of Jonathan Goulding in Support of Entry of an Order Confirming the Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code (USC) .... very enlightening post from the past

http://www.kccllc.net/wamu/document/0812229120213000000000024


I hope that by READING these documents distinctly a lot of annoying and unnecessarily produced rumors on this MB will stop !

My dear wwhatthe,

you know I appreciate your DD and your fantastic last posts (6)!
It is not my intention to darken shadow but with this your post you have been on the wrong track ...

With this post you stirred up a hornet's nest I will try to calm the tempers down ....

First of all: I deeply believe in the 75/25 split between WMI Preferred Equity Interest holders and WMI Common Equity Interest holders !

Preferred UNCAPPED !! Commons need no cap, 'cause they have none !

This weekend I reread a lot of old WMI Court documents to clarify some terms and goals in the WAMU saga. Looking always for the treatment of Preferred/Commons, face value/uncapped I began with the filing:

Docket# 9179 Disclosure Statement for 7th Amended Plan, filed 12/12/2011:

(ii) Treatment of Class 19
As discussed in Section VI.B.20 hereof, pursuant to the Seventh Amended Plan, subject
to the execution and delivery by any such holder of the releases set forth in the Non-Debtor Release
Provision (Section 41.6 of the Seventh Amended Plan), each holder of a Preferred Equity Interest,
including, without limitation, each holder of a REIT Series, will be entitled to receive such holder’s Pro
Rata Share of seventy percent (70%) of (a) subject to the Reorganized Common Stock Elections,
Reorganized Common Stock, and (b) in the event that all Allowed Claims and Postpetition Interest
Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated
Claims), any Liquidating Trust Interests to be redistributed; provided, however, that, in the event that, at
the Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a
different percentage should apply, the foregoing percentage will be adjusted in accordance with the
determination of the Bankruptcy Court and be binding upon each holder of a Preferred Equity Interest;
provided, further, that distributions of Reorganized Common Stock will only be made to Releasing Equity
Interest Holders (i.e., such holders who execute the releases set forth in the Non-Debtor Release Provision
(Section 41.6 of the Seventh Amended Plan)).
X:\NRPORTBL\US_ACTIVE\COLEMANE\43837453_22.DOC 39

(iii)Treatment of Class 21, Class 22, and Claims Subordinated to the Level of
Common Equity Interests
As discussed in Sections VI.B.21 and VI.B.22 hereof, pursuant to the Seventh Amended
Plan, subject to the execution and delivery by such holders of the releases set forth in the Non-Debtor
Release Provision (Section 41.6 of the Seventh Amended Plan), holders of Dime Warrants in Class 21
and Common Equity Interests in Class 22 will be entitled to receive such holders’ Pro Rata Shares of
thirty percent (30%) of (a) subject to Reorganized Common Stock Elections, the Reorganized Common
Stock and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed
Claims are paid in full including with respect to Allowed Subordinated Claims, any Liquidating Trust
Interests to be redistributed, each to be shared on a pari passu basis between these two Classes; provided,
however, that, in the event that, at the Confirmation Hearing and in the Confirmation Order, the
Bankruptcy Court determines that a different percentage should apply, the foregoing percentage will be
adjusted in accordance with the determination of the Bankruptcy Court and be binding upon each holder
of a Preferred (!!) Equity Interest; provided, further, that such distributions will only be made to Releasing
Equity Interest Holders (i.e., such holders who execute the releases set forth in the Non-Debtor Release
Provision (Section 41.6 of the Seventh Amended Plan));

Then I looked at the Classification Of Claims And Equity Interests Under The Seventh Amended Plan and here I found perhaps one reason for Mike W.'s and your error concerning face value:
We have 19 Classes with Claims and 3 Classes with Equity Interest;
In the for election relevant Claims Classes 2, 3, 12, 12a, 14, 15, 16 and 18 we see beside
a) Rights of Election
b) Limitation of Recovery: in short, the Claims are paid in max.
100%, simply, 'cause they are Claims !

The 3 Classes of Equity Interest:
Cl.19:Preferred stock of WMI: Series K, Series R and REIT Series
Cl.21:Dime Warrants and
Cl.22:Common Equity Interests
are lacking the Limitation of Recovery, means NO limit 100%(face value) !!!

Then I had a look at:

Docket# 9657, Declaration of Michael Willingham in Support of the 7th Amended Plan, filed 02/13/2012:
In item 31. he's talking about the size of the deficiency in PIERS and their losses, unquantified amounts of Cl.18 claims, and states finally: "And of course, common shareholders would recover through the waterfall only if over $7 billion in preferred stock liquidation preference were fully satified."
I wouldn't take this sentence so important, I think he just wanted to show why the 7th Plan at all has to be installed, because in item 38 he states among others the following:
"The Equity Committee, which represents the interests of both WMI Preferred Equity Interest holders and WMI Common Equity Interest holders, unanimously believed it appropriate to provide in the Plan, subject to solicitation of votes of WMI Equity holders to accept or reject the Plan, the foregoing sharing of Reorganized Common Stock between WMI P. and WMI C.
Both classes are being asked to consent to the very same release and therefore both classes of shareholders should be compensated for the rights and claims being released.
The Equity Committee also felt it was appropriate to suggest the sharing of Reorganized Common Stock proposed in the Plan on account of the loss of billions of dollars in value suffered by all WMI equity holders while AT THE SAME TIME RECOGNIZING THE WMI PREFERRED EQUITY INTEREST HOLDERS' STRUCTURAL SENIORITY IN PRIORITY OF REPAYMENT (sic!)

I then took an intensive look to:
Docket# 9659, Declaration of Jonathan Goulding in support of the 7th Amended Plan, filed 02/13/2012, 'cause THJMW based her final Confirmation Order to a overwhelming part on Goulding's findings ! Have a look at Docket# 9659 !:

Generally he is looking for the Plan Compliance with the U.S. Bankruptcy Code:
He talks about the classification of Claims and Equity Interests, states it complies because each Class contains only Claims or Equity Interests that are substantially similar to each other. 20 classes of Claims and 3 classes of Equity Interests.

On pg.20 he writes:

The impaired Classes entitled to vote on the Seventh Amended Plan are
Classes 2, 3, 5, 6, 8, 9, 10, 11, 12, 12A, 13, 14, 15, 16, 18, 19, and 22. As evidenced
in Voting Certifications, the Seventh Amended Plan has been accepted by holders of
Claims and Equity Interests in Classes 2, 3, 5, 6, 10, 11, 12, 12A, 13, 14, 15, 16, 17A,
18, and 22 holding in excess of two-thirds in amount and one-half in number of the
Allowed Claims and Equity Interests voted in each Class, and rejected by holders of
Claims and Equity Interests in Class 9 and Class 19, respectively. The Seventh
Amended Plan reflects that Classes 1, 4, and 7 are unimpaired, and thus, are
conclusively presumed to have accepted the Seventh Amended Plan. Additionally,
Class 8 contains no claims, and thus, no votes were cast from that empty class. The
Seventh Amended Plan also reflects that holders of Claims in Class 17B will not
receive or retain any interest or property pursuant to the Seventh Amended Plan and,
therefore, Class 17B is deemed to have rejected the Seventh Amended Plan and is not
entitled to vote thereon.16 Nevertheless, as set forth in more detail below, the Seventh
Amended Plan may be confirmed over the deemed rejection of such Classes because
the Seventh Amended Plan does not discriminate unfairly and is fair and equitable
with respect to each Class.

On pg.34 he says:

64. Confirmation of the Plan Over Nonacceptance of Impaired Classes
(11 U.S.C. § 1129(b)). A chapter 11 plan may be confirmed notwithstanding the rejection or
deemed rejection by a class of claims or equity interests so long as the plan does not
“discriminate unfairly” and is “fair and equitable.” I understand that a plan does not
“discriminate unfairly” if the legal rights of a rejecting class are treated in a manner that is
consistent with the treatment of other classes whose legal rights are substantially similar to those
of the rejecting class.[/u] Additionally, I understand that the “fair and equitable” requirement (often
referred to as the “absolute priority rule”) is satisfied if the holders of claims and interests in
junior classes are not receiving any property under the plan until those claims and interests senior
thereto are paid in full. Classes 9 and 19 voted to reject the Seventh Amended Plan and
Class 17B, which is an empty Class, is not receiving any distribution under the Seventh
Amended Plan, and thus, is deemed to have rejected the Seventh Amended Plan (collectively, the
“Rejecting Classes”). For the reasons described below, it is my understanding that the Seventh
Amended Plan may nonetheless be confirmed over the rejection by such Classes pursuant to
section 1129(b) of the Bankruptcy Code because the Seventh Amended Plan does not
discriminate unfairly and is fair and equitable with respect to all Classes.

After having a look to docket## 9661 and 9662 (also have a look !) I reread

Docket# 9759 Order Confirming the 7th Amended Plan, filed 02/24/2012 (Attention, document has 28 MB !):

On pg.s 18 & 19 It talks about the election and the result of the voting on the Plan, stating:
"(T)he Debtor's efforts in this regard were largely successful, as 96.46% (by dollar amount) of holders of Senior Note Claims, 99.71% (by dollar amount) of holders of Senior Subordinated Notes Claims, 97.22% (by dollar amount) of holders of PIERS, 87.26% (by dollar amount of liquidation preference) of holders of Preferred Equity Interests, and 63.70% (by number of shares) of holders of Common Equity Interests voted on the Pla(n)..."

I found this very interesting, 'cause the voting of Commons: 63.70% (by number of shares) would mean:
outstanding Commons (WAMUQ) 1.704.958.913 -> 63.70% -> 1.086.058.828 had elected, if I compare it to the number of Released WAMUQ's we know: 1.194.340.178 , then we have a big difference. Perhaps DIME WARRANTS ?

Never mind. on pgs.56 & 57 we can read under

8. Treatment of Preferred Equity Interests. Commencing on the Effective Date , and subject to the execution and delivery of a release in accordance with the provisions of Section 41.6 of the Plan, each holder of a Preffered Equity Interest, including, without limitation, each holder of a REIT Series, shall be entitled to receive such holder's Pro Rata Share of seventy-five-percent (75%) of
a) subject to the right of election provided in Section 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Stock and

b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), ANY Liquidating Trust Interests to be redistributed.

9. Treatment of Common Equity Interests. Commencing on the Effective Date, and subject to the execution and delivery of a release in accordance with the provisions of Section 41.6 of the Plan, each holder of Common Equity Interests shall be entitled to receive such holder's Pro Rata Share of twenty-five-percent (25%) of
a) subject to i) the right of election provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b). amd 20.2(b) of the Plan and ii) the rights of holders of Dime Warrants pursuant to the LTW Stipulation, the Reorganized Common Stock, and

b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), ANY Liquidating Trust Interests to be redistributed.

Summarize:

In all these filings concerning the Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code we see very clear that

1. WMI Preferred Equity Interest (Series K, Series R, REIT Series) after having released get

a) 75% of the Reorganized Common Stock and

b) 75% of ANY Liquidating Trust Interests to be redistributed, in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims) and

2. WMI Common Equity Interests and the holders of Dime Warrants pursuant to the LTW Stipulation after having released get

a) 25% of the Reorganized Common Stock and

b) 25% of ANY Liquidating Trust Interests to be redistributed, in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims).

Means WAMPQ's, WAMKQ's, REITS aka TPS get 75% of ANY potential distributions from LTI's U N C A P P E D !!

WAMUQ's don't have a cap, so they get 25% of ANY LTI's distributions !!

docket#9179:
http://www.kccllc.net/wamu/document/0812229111212000000000005

docket# 9657:
http://www.kccllc.net/wamu/document/0812229120213000000000021

docket# 9659:
http://www.kccllc.net/wamu/document/0812229120213000000000024

docket## 9661 & 9662:
http://www.kccllc.net/wamu/document/0812229120213000000000025
http://www.kccllc.net/wamu/document/0812229120213000000000026

docket# 9759:
http://www.kccllc.net/wamu/document/0812229120213000000000026

"...and one has to understand that preferred's allowed common to come to the table, so LET's ALL EAT..."

I beg to differ, that's plain and simply WRONG !

Under APR a senior class must be paid in full then the waterfall trickles down to the next junior class.

In our case the APR - scenario would have been:

Class 19-(Preferred Equity Interests, TPS, WAMPQ, WAMKQ) would have to be paid in full at "FACE Value (FV)" ->



TPS #shares ???.........released.....3,729,658......."FV" $1000 = $3,729,658,000
WAMPQ -"-...3,000,000.......-"-........2,906,421.......-"-.. $1000 = $2,906,421,000
WAMKQ -"-..20,000,000.......-"-.......18,166,565......-"-.. $25 = $ 454,164,125

Under Absolute Priority Rule (APR) Class 19 in total would have had to be paid $7,090,243,125 !!

Every cent more than $7,090,243,125 would have come to Class 22-Commons !!!

For example redistribution is $100B, Cl.22 to be paid $92,909,756,875 !!!
____________________________________________________________________________________________________

And now the actual situation -> 7th amended wamu_settlement:

APR is revoked, Class 19 and Class 22 sitting together in tranche 6 -> Cl.19 receives Pro Rata Share of 75% and Cl.22 receives simultaneously Pro Rata Share of 25% of possible redistributions - means Cl.19 gets UNCAPPED cash only !!

Example -> optimistic $100,000,000,000 will be redistributed:/you can change the amount as you hope it ...

Class 19 -> $75,000,000,000 - in relation to $7,090,243,125 under APR

Class 22 -> $25,000,000,000

See the difference ?

And for a last: APR was revoked (1 out of 1,000,000 cases !) by mutual agreement during negotiations for the reasons of saving great economy of time for Cl.22 to participate in the waterfall and for efficiency ..... Don't shoot me for the long time (almost 4 years and 10 months till now) of waiting, I'm just the messenger !

As a next I didn't do the brake down for the TPS/WAMPQ/WAMKQ, everybody can do it easily !

And I didn't include INTEREST !

just sayin'

So once more you can see there will always be the small difference between the two of us:

This is your post:

Here is a link for ya Muyuan SPAC

"WMIH is a SPAC controlled by KKR with $6B of NOLs."

http://seekingalpha.com/article/3779416-wmih-corp-top-pick-2016


If you had read my post you are referring to thoroughly and fully, you would have realized that this "source" - Troy Racki on Seeking Alpha (SA) means NO serious and credible source to me concerning WMIH, as I wrote:

"Troy Racki, SA:
12/28/2015: WMIH Corp.: A Top Pick For 2016 !
I'm trusting dentists in repairing teeth far more than in predicting stock rallies that never come !"
This isn't the first piece of Troy Racki on SA where he is wrong in WAMU/WMIH !

This guy's seriousness and credibility as a source to me is similar to those individuals, bringing Companies, M&A's, IPO's,et al. in connection with WMIH just based on the fact that coincidentally some numbers ($24B) and dates (12/31/2016) in their PR's, SEC filings are the same as expected for WMILT/WMIH .... In short: Those Comps.,M&A's, IPO's, et al. have NOTHING to do with WMILT/WMIH, NULL, ZERO; ZILCH !!!
And by doing this for whatever reasons these individuals mislead average MB posters and create false hopes ! I really do not think that is right !

Just as a reminder what I'm talking of:

Reinsurance Agreement between AIG Partners and Berkshire Hathaway Unit -> allegedly $24B will be paid to WMI by NICO (National Indemnity Company) !

A merger between AETNA, INC. and HUMANA, INC., two health insurance companies -> linked to WMIH for the contractual "drop dead" date was December 31, 2016 !

Some IPO's like Blackstone Group's Invitation Homes or Deutsche Bank Asset Management Unit -> WMIH could buy them AFTER(!) IPO !!

And the best is the assertion -> "DELL already used the other 32bil of the banks NOLs from WMB " !!!
In general there seems to be some addiction to DELL !

In short:
Troy Racki ,individuals producing the above stated and a lot of other "sources" mentioned in my yesterdays post are not credible and serious to me when I'm talking about WMI/WMILT/ESCROWS/WMIH !
I prefer to use KKR, WMIH, SEC-, or KCCLLC-filings, PRNewswire as well as posters doing honest DD with all associated links as well respected, credible and serious sources for my own DD !!

So, as I nowhere found the explicit and express designation of "WMIH is KKR's SPAC" I'd like to invite everybody interested once more to present a link from a serious source about this allegation to me, because after all I do not believe that WMIH is a SPAC for KKR only !

Thank you for your kind words, if you look my posting history you will see that I never was a fan of lazy thinking.
I am sure that you could give me within 5 minutes some links, but you know, I did this DD myself already years ago when we (WMIH) entered the Agreements with KKR back in January 2015 (I know KKR invested in 2014 already $11 m), 'cause I was interested to see if KKR would "abuse" us as SPAC or if KKR was interested in a strategic partnership - if KKR thought of WMIH as SPAC I would have sold immediately my WMIH stock .... but I didn't have to sell !
KKR by its Tagar Olson is a serious source for me, so have a look what he has to say about their investment in WMIH on January 5, 2015:
Tagar Olson, Member and Head of KKR's Financial Services team, stated, "We are pleased to participate in the offering and invest additional capital in WMI Holdings, as we continue to see opportunities for the Company to grow and diversify its platform. Having partnered with the Company for over a year, we believe that WMI Holdings is well positioned as an acquiror and we believe it is capable of leveraging its resources to drive value as it executes on its acquisition strategy."
https://www.google.at/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=0ahUKEwjRq56k09bRAhWC2RoKHV03D30QFggnMAE&url=http%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fwmi-holdings-announces-completion-of-private-offering-of-600000-shares-of-300-series-b-convertible-preferred-stock-300015881.html&usg=AFQjCNHR5Hcv-Ml3sGk7lezr7j8riC3ogQ&sig2=pc3UCvQBnBbW8nCHqjYicg

Further on I was looking at the KKR 4th Qu.2015 Earning Call Transcript for mentioning of WMIH:

pg.4
Bill Janetschek, KKR & Co.L.P., CFO:
Our balance sheet was also active, deploying roughly $2.7 billion of capital. Some of the more noteworthy activity during the year includes our strategic partnership with Marshall Wace, seeding a new real estate vertical, buying back our shares, investing opportunistically in WMI Holdings, and continuing to anchor many of our investment vehicles with GP Capital.

pg.12
Chris Kotowski, Oppenheimer & Co. - Analyst [35]

--------------------------------------------------------------------------------

First, you highlighted WMIH in this release, and I'm wondering -- as a balance sheet investment -- and I'm wondering is that conceived of as a vehicle for investing or co-investing in ordinary private equity type investment, or is that a strategic tool for a strategic parent company investments, or how -- what should we expect to see there?

--------------------------------------------------------------------------------

[color=red]Scott Nuttall, KKR & Co. L.P. - Global Head of Capital and Asset Management [36][/color]

--------------------------------------------------------------------------------

Sure, Chris. It's a great question. So WMIH is actually a NASDAQ traded entity and think of it this way. It is the old holding company of Washington Mutual, which has a meaningful NOL. And so -- and there's lots of public disclosure that that entity puts out, so there's lots that you could find out about it. But the punchline from a KKR standpoint is we view it as a very interesting tax-advantaged vehicle for us to make some kind of strategic acquisition for KKR in the financial space or otherwise through that vehicle where we would have an ownership position in it.

(Just wonder how to do it with 42.5% of WMIH !!)

So in effect, we've got a tax-advantaged vehicle through which we have the option of going and doing something interesting with balance sheet capital. So I would think that almost as a tax-advantaged SPAC that we can use to go do some interesting things. It's not a client account, to be clear. It's actually a public company.

"Almost as a tax-advantaged SPAC" sounds interesting but is not a SPAC in the meaning of a SPAC - but of course, you know this !

pg.15
Scott Nuttall, KKR & Co. L.P. - Global Head of Capital and Asset Management [48]

--------------------------------------------------------------------------------

Sure. So Michael, on the first one, just to clarify one thing. In terms of being one quarter into our new distribution program, we've actually retained less capital. Because we spent more on the combination of the dividend and buybacks than we would have on our old distribution policy.

So thus, we are right in the long-term. We have the potential to retain more capital, but we've actually chosen to change the mix of how we're using our capital to buy back and the fixed distribution obviously.

And so the short answer -- it hasn't really changed the way we're thinking about M&A in this environment. We've mentioned that most of the businesses that we are in today, we would expect to grow organically as opposed to through acquisition. We've got some opportunities like WMI that we talked about that could be interesting to do some things from the non-inorganic standpoint, but no change in thought process there.

ir.kkr.com/common/download/download.cfm?companyid=KKR&fileid=875902&filekey=A5D88FB0-A320-4BD5-A4D9-13CFD2B0BD3D&filename=KKR_Q4_2015_Earnings_Call_Transcript.pdf



So, dear Sir, I have no standing motion but a standing question for you: Since neither KKR (my first source) nor WMIH are speaking explicitly about: "WMIH IS A SPAC FOR KKR" I still am asking you if you can produce some other SERIOUS LINK for your ALLEGATION: WMIH is a SPAC ???

But let me tell you some references you don't need to make as reputable sources, 'cause they aren't, they are claiming OPINIONS like all of the rest of us :

Fsshon:
08/01/2014: After WMIH merging with KFN, WMIH will be SPAC for
KKR !

Mr.Simpson_72:
09/27/2015: KKR Special Situation Fund & WMIH (SPAC)

If you look the KSSF -> No word about WMIH !

Troy Racki SA:
12/28/2015: WMIH Corp.: A Top Pick For 2016 !
I'm trusting dentists in repairing teeths far more
then in predicting stock rallys that never come !

IMOBIHO INSIDER MONKEY, GURU FOCUS or lately Shark Traders (01/04/2017) aren't worth the time spent on their pieces !

Oh, btw you mentioned the "KKR's conference call from last summer I believe, or possibly their 3Q call ....", the problem is the last mentioning of WMIH by KKR was done in the Q4 2015 KKR Earning Call, dated of 02/11/2016 !

And finally, I don't want at all to have "an educated exchange of thoughts on WMIH as a SPAC, rather than exchanging a bunch of mumbo jumbo" with you !
My simple question remains to be answered by you as you are a able minded person for sure : Show us please ONE (at least) SERIOUS link for your robust declaration: WMIH IS A SPAC OF KKR !

For you WMIH is a SPAC ! You told us this as a FACT in many postings !

I'd be very thankful if you could give us some, or at least ONE SERIOUS and CREDIBLE link(s) for your lately permanent stating alleged fact of "WMIH being a SPAC ...." !!!

I'm sure a lot of interested posters on this MB are very well aware about SPACS or PIPES or EQUITY LINES !

So I think it will be very informing and interesting to the board to take a look at your SERIOUS LINK(S) about WMIH BEING A SPAC (of KKR...)

TIA

I will never ever understand the fertile imagination of some individuals on this board and their lack to make them educated just a little at least. How to do that ?

By READING !

If you'd have had a look to the WMIH Court Documents on the KCCLLC site for Washington Mutual, Inc. Case Number 08-12229 and had searched for the filings concerning Compensation incurred by Trust professionals for the former periods you'd have seen that for example the last billing period was:

06/01/2016 - 08/31/2016

http://www.kccllc.net/wamu/document/0812229161025000000000002

http://www.kccllc.net/wamu/document/0812229160728000000000003

So instead of giving currency to a rumor, or better instead of bringing Fake News to the board I'd urge everybody to inform oneself by READING public disclosed Court filings etc., it would help other members of the board a lot !!!

TIA

This $ 7.2 bil "Settlement" publication DOJ - Deutsche Bank from Jan 17, 2017 (see link at the bottom) sounds a little different from the one you presented, dated from Dec 23, 2016, both on BLOOMBERG.Very interesting read, 'cause you can see the DOJ's viewpoint explained thoroughly in contrast to the former "window dressing" of DB :

In special I wanna cite from this Jan 17, 2017 Bloomberg article the following as I think very telling two sentences:
1.
"Deutsche Bank did not merely mislead investors: it contributed directly to an international financial crisis," Attorney General Loretta Lynch said in the statement.
and
2.
"The bank also agreed to a statement of facts that describes how it made false and misleading representations to investors about the loans underlying billions of dollars worth of mortgage securities issued by the bank in 2006 and 2007..."

http://www.reuters.com/article/us-deutsche-bank-mortgage-settlement-idUSKBN1512UC

By reading memory comes back, so I was browsing through Court Documents from the WAMU past. I want to present to the interested reader some important documents.
I would also like to take this opportunity to clear up some misunderstandings in the usage of "Fair and Reasonable", though it may hurt a lot .... I'm citing the F & R wordings from Court Docket# 9759

1.
Amended declaration of Mike Willingham in support of confirmation of The Seventh Amended Plan of Reorganization
Filed 2/16/2012, Court Docket# 9695That's why I am 100% pro MW

http://www.kccllc.net/wamu/document/0812229120216000000000001

2.
Findings of fact, and conclusions of law and order confirming the seventh amended joint plan of affiliated debtors pursuant to chapter 11 of the United States bankruptcy code (Attention: 28 MB !!) Filed 2/24/2012, Court Docket# 9759

http://www.kccllc.net/wamu/document/0812229120224000000000001

Page 14: "The Compromise and Settlement Embodied in the Plan is Fair, Reasonable and is in the Best Interest of the Debtor's Estates ...."
Page 16: [color=red]"The Court finds that the compromises and settlements embodied in the Plan are fair, reasonable, in the best interests of the debtor's estates and above the lowest level of the range of reasonableness ...."[/color]

"IS fair and ..., ARE fair and ..." - no wording "WILL BE fair and ..." !!!! Sorry !

3.
Post-Confirmation Statement by James Berg
Filed 2/28/2012, Court Docket# 9770, oldie but goldie !

http://www.kccllc.net/wamu/document/0812229120228000000000011

You are 100% correct ! To me Stephen D. Susman's one time appearance will be responsible for 85% of our awards to expect.
You're 100% right with your impression of Nate Thoma.

As a reminder I'll give you some info 'bout Susman & Godfrey's latest awards. I have to admit the info is coming from S & G's website but knowing and believing in the high ethical standards of this firm I take them sight unseen for correct.

With your view about our "friend" Brian Rosen I'm also d'accord.
About the outrageous billing by Weill Gotshal & Manges, LLP I don't wanna lose one word, I'm sure THJMW will react accordingly when this "infinite story" finally has ended.

Here the Susman & Godfrey link:

http://www.susmangodfrey.com/news-awards/sg-news/

I remember very well as the heist and the sacrifice of WAMU happened in September 2008, how brutally and mercilessly existing laws and rules were broken in an unprecedented criminal conspiracy chain reaching from the very top of Governmental agencies down to Chief Officers and the Managing Boards as well as lobbyists of TBTF or in other words of "systemically relevant financial institutes" from Wall Street in order to save one bank behemoth, who in September 2008 was in much more financial troubles - not to say almost bankrupt (at least illiquid) - J.P.Morgan Chase, and the major investment banks as a whole, who have done the most to cause the financial crisis !!

WAMU was not clubby enough ....

So, if somebody claims so naively and innocently bankruptcy code provisions have to be followed,'cause it's applicable law, I can only say: This is frivolous to say the least.

So here comes my first clean post of the day .... arrogance isn't the best way to get problems solved, JPM ! After all WAMU's hidden or forgotten (?) letters finally saw daylight ! Enjoy ...

https://livinglies.wordpress.com/2017/01/11/chase-wamu-letter-revealsexpungement-and-assignments-of-alleged-mortgages-not-on-the-books-and-records-of-wamu/

muyuan51/1

Unfortunately my one & only proposed date and venue up till summer is in Klagenfurt, Austria, as you know already on Thursday, Jan 12, 2017, meeting at about 17:00 MEZ open end ... If you are coming send me message when to pick you up at the airport !

BTW I prefer Chuck Norris to David Carradine (but still love him for his Kwai Chang Caine !!) ....

Beware of it and don't shout too loud about BODonothing if you choose to come, it's biting POS - posters in their botty .... but don't panic, I will take care of you, bringing positive vibes ....

you're heartily invited to join in on brainstorming sessions concerning the burning topics in WMILT/WMIH in person, I'd like to meet our contributors to learn from them and to discuss different approaches !

No free donuts, as you know in Austria you'd get "Wiener Schnitzel" and/or "Salzburger Nockerl", I'm sure when you've tried these our culinary delicacies you'll also get a little different view of anything else ... !

For sure we have to retrieve this with Austria ...

In the meanwhile all the best to your daughter, especially health, can't believe it my older one will be 37 this year and the "small one" 31 ... off are the times ! No prob for me, we have the ESCROW choochoo train coming ....

BOB, it's crucial to meet you to discuss the latest developments concerning WAMU/ESCROWS/WMILT/WELLS FARGO/JPM/CITI/GS !!!

I'd suggest we meet in Klagenfurt, Austria on Thursday, Jan 12, 2017 at about 17:00 MEZ ? Give me a call when to pick you up on airport ! OK ?

If you'd have looked carefully on "this" post, you'd have seen that they are talking about GE Capital Real Estate .... just sayin' ...

If, a Big IF, GE real estate was the missed WMIH target in 2015, I congratulate myself to my "first sight Love" to Wells Fargo and to my gut feelings when BX left the WMIH house as advisor !

http://email.seekingalpha.com/news/3234345/track?type=click&mailingid=3234345&messageid=2900&databaseid=&serial=2900O3234345O1484053943353.0.42588031cd02b77645ef942104aef2cf&emailid=2855121&userid=2855121&extra=&&&3000&&&http://seekingalpha.com/account/email_auth?auth_param=2n46h:1c79ndr:8fdc064f16f179d12206a0f13b167433&ref=%2Fnews%2F3234345-blackstone-looks-buy-another-division-ge%3Fsource%3Demail_rt_mc_readmore%26app%3D1%26uprof%3D46%23email_link

Ya know, just reflecting on fredmiller1999 and ddrugby .... nothing new, it's funny if you reread old filings, contracts, agreements or settlements concerning the heist of Washington Mutual, Inc. more often, there are always new facets you didn't see earlier ... perhaps if I read them some more often, I can see the divine sparkle ... ;) ;)

Here you can see an example for the genius of former WAMU BOD (in special Kerry Killinger) if you look at your citing in just a little different way, emphasis new mine:

fredmiller1999 Monday, 01/09/17 06:16:46 PM
Re: drrugby post# 470183
Post #
470238
of 470247 Go
(b) As to obligations or liabilities for repurchase of, or make-whole payments on
account of, loans securitized or sold by WMB or any of its affiliates, the FDIC-Receiver
and JPMorgan agree that JPMC has already expended more than the amount of the Book
Value of the corresponding reserve reflected on WMB's accounting records (which is
how the Court in the WMB Action construed "Books and Records" in Section 2.1 of the
P&A Agreement) as of September 25, 2008, and further agree that JPMC bears no further
obligation or liability for such obligations or liabilities under Section 2.1 ofthe P&A
Agreement.


kinda seems like they already paid it or its an agreement of payment..


we can be certain... WMB SOLD assets to JPM...
________________________________________________________________

see pg.10

https://www.google.at/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwj1qoO-sLfRAhULVhoKHcjNCD4QFggkMAE&url=https%3A%2F%2Fwww.fdic.gov%2Fbank%2Findividual%2Ffailed%2Fwamu_dbntc_jpmc_fdic_settlement.pdf&usg=AFQjCNFpu87rMiLQLm96jOEuvrVAd5usqA&sig2=9WujrRmmWmVgfS5tOnpt3w&bvm=bv.143423383,d.d2s

And if I may add from the P&A Agreement FDIC-JPMC 25.09.2008:

"Accounting Records" means the general ledger and subsidiary ledgers and supporting schedules which support the general ledger balances.

"Assets" means all assets of the Failed Bank purchased pursuant to Section 3.1. Assets owned by Subsidiaries of the Failed Bank are not "Assets" within the meaning of this definition.

"Other Real Estate" means all interests in real estate (other than Bank Premises and Fixtures), including but not limited to mineral rights, leasehold rights, condominium and cooperative interests, air rights and development rights that are owned by the Failed Bank.

"Record" means any document, microfiche, microfilm and computer records (including but not limited to magnetic tape, disc storage, card forms and printed copy) of the Failed Bank generated or maintained by the Failed Bank that is owned by or in possession of the Receiver at Bank Closing.

"Subsidiary" has the meaning set forth in Section 3(w)(4) of the Federal Insurance Act, 12 U.S.C. Section 1813 (w)(4), as amended.
________________________________________________________________

Not to mention Off Balance Sheet (OBS). And now think for Safe Harbor:
What is 'Safe Harbor'
Safe harbor refers to a legal provision to reduce or eliminate liability in certain situations as long as certain conditions are met. Safe harbor also refers to a shark repellent tactic used by companies who do not want to be taken over, where they purposefully acquire a heavily regulated company to make themselves look less attractive to the entity considering taking them over. The phrase "safe harbor" appears in the finance, real estate and legal industries in a number of different ways.(Investopedia)

Question: What do you think common sense, how many "Assets" or "Other Real Estate" have been on the "Accounting Records" of the Failed Bank (WMB) only, not their Subsidiaries, owned by or in possession of the Receiver at Bank Closing ?

As I see it, the WAMU BOD with then CEO Kerry Killinger were well prepared for some disaster scenarios long before September 2008, I'm sure they had their special "Living Will" already wrapped up in a deal (they were very well aware of Wall Street vs. Main Street, remember "not to clubby"), to ensure that the "life project" of K.Killinger as a whole was not jeopardized !

p.s. I always have to smile a little when rereading the P&A Agreement 25.09.2008 and detect the ominous "Schedule 3.1.a." TWO times (pgs. 9 and 21) and remember the "scrivenors error" ... fool me once ... but fool me twice ....

So, WAMU'ers, as I stated sometimes already: We live in really exciting times, don't we ?

Anyhow, it's listed as among Washington Mutual, Inc. Case Number: 08-12229 Adversary Case Proceeding, here is the rest of this cases, thank goodness some diminuendo ... after case Sutton solved just 15 more open cases .....

http://www.kccllc.net/wamu/info/3950

Can anybody explain to me in plain language what the following in red means ? TIA


fwh3334zeke Monday, 01/09/17 03:11:48 PM
Re: stoxjock post# 470224
Post #
470225
of 470231 Go
Well who did finally get what they wanted, you notice I stated I understand!! After the govt. taking of WMI You never know how many crooks are around, need I say more?????????????????

No, I don't know, but I'd be very surprised if you could!

Hallo, Mr. cura Simspada, I'm still waiting for an answer !

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=127718978

Forgot, for non readers:

Hearing scheduled for 1/11/2017 !!

Something new from our Court ....

http://www.kccllc.net/wamu/document/0812229170109000000000001

Almost all pending actions are delayed, the only interesting point ongoing you can see here:


II. CONTINUED PRETRIAL CONFERENCE (Adversary Proceeding No. 16-51043):
20. Complaint [Docket No. 1; filed 8/9/16]
Objection/Response Deadline: December 30, 2016
Objections/Responses Received: None
Related Documents:
i. Summons and Notice of Pretrial Conference in an Adversary Proceeding
[Docket No. 6; filed 11/30/16]
Status: The pretrial conference regarding this matter will go forward.

So Mr. cura Simpsada, you're discussing finalization of DBNT-JPMC-FDIC-Settlement, deciding it will happen "Earlier/cura" as "of tops end of March/Mr.simpson", as I presume 2017, right ?

Of course you know this sentences:

2.03. Termination. Unless otherwise extended by written agreement ofthe Parties, this
Settlement Agreement will automatically terminate (i) in the event Final Court Approval has not
been obtained on or before June 30, 2019, or (ii) prior to June 30, 2019, on the first business day
following which securing Final Court Approval becomes legally impossible. For purposes of
this Settlement Agreement, Final Court Approval will become legally impossible if and when the
Approval Court has entered a final and non~appealable (including the expiration of any time to
apply for discretionary review) judgment denying Final Court Approval.

http://www.fdic.gov/bank/individual/failed/wamu_dbntc_jpmc_fdic_settlement.pdf

So please help me understand your educated discussion !

Means I'm talking about reasonable grounds !

To everyone with common sense:

What would have been the reason to bring one more WMIH 8-k filing after the one from 01/05/2017 ?

Immature unrealistic notion !

Stock market is no picnic ! Get real !

I'm already very excited to read the WMILT 8-k filing around January 27 to 31, 2017 .....

Drop dead date dor use of WMB Bank Abandonment $ 8.37 billion CAPITAL LOSS is March 16, 2017 !

If I knew everything I wouldn't ask these simple questions in order to get answers to the assertions you formulate so casually !

My intention is to educate myself, I'm listening, learning and reading and am interested in everything concerning WMILT/ESCROWS/WMIH !!!

So, please be so kind to answer my simple question from my last posting !

I'd think a lot of "colleagues" on this MB would be very thankful dor an answer too !

TIA

So you want to tell us that WMIH will do some M&A actions with ACGL or AETNA/HUMANA or ANTHEM/CIGNA or with DELL, really ?

Interesting, isn't it ?

What about DELL'S 24B NOL ?
What about acquisition ACGL of "UG Corp." ?
What about merger AETNA and HUMANA ?
What about merger ANTHEM and CIGNA Corp. ?


Common sense, what has this all to do with WMILT/ESCROWS/WMIH ?

Except for making ESCROW/WMIH - owners feel more nervous as - understandable - everybody is in times like these ..... Hmmmmh

Good and logical question ! Also interested in the answer !

WMIH BOD knows what they are doing !

And they know that they aren't wasting ONE penny of NOL's on Dec31, 2016 !

They don't even think for Corporate Tax rate change, they are rather working at topics which are burning issues now and more important for the future of WMIH Corp. !

WMIH NOL's will begin to expire in 2031, means a lot of water will certainly flow down the river Rhine before this will become of topical interest !!

Me ? I didn't write the fake about 8B NOL get wasted on Dec 31,2016 !

So who should educate himself before misinforming and threatening other posters ?

Thank you soo much, so you would agree with me that the WMIH NOL's begin to expire in 2031 ?