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No. You can shut a book.
WMIH is/was the successor to WMI's nol. At the time of the affidavit there was no wmih so I meant WMI. We know that WMIH/Coop has taken advantage/used some of the NOLs. But the deferred tax asset imho doesn't seem to take into account the full 6 billion nol that was touted upon emergence. I suspect one of the shareholders that was bought out had purchased more than 5% interest in the company, which disqualified part of the nols.
Or the "lost stock certificate" named some entity other than WMI (i.e. a subsidiary) which would prevent WMI from claiming the NOL ? jmho
Imo it dropped because the market doesn't understand/recognize that MSR's increase in value with an increase in interest rates. NRZ has the same problem. See https://seekingalpha.com/article/4500500-new-residential-nrz-substantial-mispricing-capital-stack?mailingid=27317093&messageid=must_reads&serial=27317093.767875&utm_campaign=Must%2BRead%2BApril%2B9%2C%2B2022&utm_content=seeking_alpha&utm_medium=email&utm_source=seeking_alpha&utm_term=must_reads
Huh? Are you referring to the Global Settlement Agreement? The terms are all there. It even states there are no side agreements. Then the lawsuit WMI filed against JPM and FDIC was dismissed. At this point in time JPM and FDIC can pretty much interpret that agreement anyway they want. There is no one to fight on escrow holders behalf...the LT threw in the towel.
I do not have it handy. I have posted it on this board in the past a few times so review my posts or ask Alice who included it in her brief. I also posted the TPS complaint which shows the trusts. If you remember a couple years ago, at a conference call the cfo indicated an unnamed trust was ended and Coop benefited by $25 million...we were never told the details. You may want to ask about this. With respect to the SEC, I think you might want to complain about there are no details on how the nols and the dta is being reduced and why and more details on the Sagent acquisition valuation of $225 million. jmho
Well there is a poster on BP who owned the same flavor of P's as TPS did. He indicated that this TPS flavor were deleted also with his other P's. So the hedge funds seem to be in the same boat as retail.
Clawman: The last annual report for WMI explicity stated there was something like $1.5 billion in off balance sheet items. The POR states that the reorganized debtor is to dissolve the Washington Mutual Capital Trust without making any profit off of it. That trust contains/contained three preferred funding trusts which to this date show about $6 billion plus. So there is evidence that there are remote assets somewhere which escrow holders should be given an accounting. We were not. But even though I believe this, the fact that the LT is closed, the bankruptcy is closed, the LT has stated no assets remain, the fact that the POR expressly declares that the reorganized debtor is WMI, the fact that C.S. got a $2.5 million bonus, the fact that the cusips are now gone, convinces me nothing is coming back to escrow holders...without a fight. Unfortunately imo the fight cannot begin ( asking for an accounting from coop, and perhaps alleging conversion) unless walrath agrees to reopen the bankruptcy. And imo that is a nonstarter. Also, in some bankruptcies there can indeed be a leftover/remaining debtor entity , but not in this bankruptcy since the POR declares WMI to be the entity emerging as the reorganized debtor and all the corporate filings (including the reorganization to Delaware) so indicate. Some here contend the merger is to be with remote entities, but WMI's interests in such entities imo would have been transferred to the LT per the POR language and the LT was required to liquidate all assets transferred to it.
The Liquidating Trust issued Piers holders Liquidating Trust Interests and sent letters updating the amount owed you each quarter for a couple years. Liquidating Trust Interests were never issued to escrow holders. The latter just went poof.
Show me where the valuation is done by an independent firm. Show me how it is proper to prematurely value something that does not yet exist. WMIH's nols were independently valued at only $250 million at one time. Seems they shut down the conference call very fast so no follow up could be asked.
Fiserv is owned by KKR. Fiserv owns Sagent. So KKR shed its ownership of Coop, yet now has indirectly bought licensing rights to Coop's software. Sagent has not yet developed the contemplated "game changing" app/software. And sales, if any, are not expected till 2023. Yet the president Chris Marshall values Coop's stake in Sagent at 225 million and intends to book that value in this quarter. So out of thin air, book value increases.
What adverse event is expected in the first quarter that requires such desperation? Be careful people.
https://www.kkr.com/businesses/private-equity/kkr-portfolio
Calling your broker is not you only avenue. With regard to your escrow shares, the Liquidating Trust was merely the agent of the escrow the reorganized debtor set up. If the Liquidating Trust instructed the brokers to remove the escrows, it is only because Coop ordered the LT to do so. That is how escrow works. So pester Coop until you get answers. The wmih shares that were distributed via these escrow shares were never the property of the estate! Lt was merely the agent of coop.
7:00a MBA Mortgage Applications
Composite Index - W/W 12.0 actual vs -7.1% prior
Purchase Index - W/W 4.0 actual vs -2.0% prior
Refinance Index - W/W 18.0 actual vs -13.0% prior
Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
By definition a debenture is an unsecured note. WMI went through bankruptcy so the wmi debentures were discharged and canceled. The reorganized debtor's financials at the time of emergence and since do not reflect the debenture liability. The whole theory is based on a falsehood.
Volume was 300,000 at 3 pm. So 400,000 traded within the last hour.
Definition of paladin
1: a trusted military leader (as for a medieval prince)
2: a leading champion of a cause
Synonyms
advocate, advocator, apostle, backer, booster, champion, espouser, exponent, expounder, friend, gospeler (or gospeller), herald, hierophant, high priest, promoter, proponent, protagonist, supporter, true believer, tub-thumper, white knight
There was only about $30 billion of cash in WMB and the savings bank at time of seizure. $6 billion of that was used to pay the senior note holders of WMI per gsa settlement. If I buy a flat from you for $1,000 cash and 10,000 assumption of a mortgage, I paid 11,000 for the flat. Same here. The lack of liquidity was the primary reason given for the seizure. I am not saying the purchase price was fair at all. I agree JPM got to pay those customer deposits with proceeds from the wmb loans etal. But I would pay the flat mortgage from rents as well. Doesn't alter what was paid for the purchase.
JPM also agreed to pay off customer deposits of $180 billion.
How about this acronym?
Maybe
Our
Recovery
Does
Include
Considerable
Annual
Installments
And so the acronym "Wand" doesn't mean
WMI
Assets
Not
Disclosed/Distributed ?
In addition, wasn't Keefe, Bruyette & Woods hired to value/appraise the wmih/nationstar merger and did so at $18 per share? Doubtful they missed these supposed billions transferred from the debtors. LOL.
Well the fact that there are no nols to "protect" hopefully puts an end to the "old and cold" theory. The Quarter 2 financials show the DTA at over a billion. So despite the nol conversion Chris Marshall spoke of, what is the remainder of the nol going to offset by year end? Gain on the sale of Xome?
JusticeWillWin, so the book value per share after deducting the 396 million cash used to repurchase and reducing share count by 11.073 million still equals about $37.00 ?
So Coop has about $13.00 cash for each share outstanding?
7:00a MBA Mortgage Applications
Composite Index - W/W 16.0% actual vs -1.8% prior
Purchase Index - W/W 8.0% actual vs -1.0% prior
Refinance Index - W/W 20.0% actual vs -2.0% prior
Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
The wmih reorganized stock was distributed according to the 75/25 split. The reorganized stock was not part of the bankruptcy estate and no LTI's were issued. Yet the split was applied which establishes that any remote assets will be likewise split.
Speaking of sloppy... you have linked an order by which merely gave the LT permission to file a reply. It is absurd to believe that by such an order walrath has adopted the assertions made by the LT in that Reply.
But isn't Rozen splitting hairs? When he speaks of escrow markers, is he speaking of preferred equity interests or common equity interests? Upon the dissolution of the LT do preferred equity and common equity interests survive independently? And, if so,for what purpose?
Why would the allocation of the one percent have to be made if nothing is coming back?
Maybe the distributions aren't for the retail p's or commons. That would explain the secrecy imo. Once distributed, retail p's or commons would be hard pressed to sue and recover anything. The LT stated that the escrows in and of themselves do not entitle the holder to recovery. Perhaps the TPS etal get recovery through two of the remaining trusts that supported them. The trust that supported the retail p's was dissolved. Given the statements made in the LT's Motion to Reopen, I do not see how anyone thinks retail is to be included in any future distributions. Alice is at least doing something and the LT's resistance imo says something sinister is afoot.
mortgage applications were reported yesterday...down 4%.
7:00 MBA Mortgage Applications
Composite Index - W/W -4.0% actual vs -4.2% prior
Purchase Index - W/W -3.0% actual vs -4.0% prior
Refinance Index - W/W -5.0% actual vs -7.0% prior
Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
First, retail is told there is nothing in the LT. Second, retail is told the escrows "in and of themselves" do not entitle us to payment. What other thing plus escrows will? Does retail own that thing? Do any of the non retail p's own that thing? Can the Underwriters claim be subtracted entirely from the retail p's? Do common equity interests not hold that thing but P's do or vice versa? Seems to me the LT will determine the amounts to be given for each of the cusip numbers. And why not show retail how the LT instrument was amended? jmo
Alice never mentioned the description of the P's in her legal briefs or complaints. My Schwab account describes them so.