Thursday, August 28, 2014 7:57:37 AM
It appears to me to be a good time to summarize what has been purported, theorized and stated as proven facts, the foundational bases, summary and likely consequences of such.
If I am missing any key piece of the source of other tens to hundreds of billions, simply let me know and I'll add it to the list.
THE CHARADE - FOUNDATIONAL BASES
1. The FDIC has not been released for other than WMB creditor claims, despite the facts and reality in the terms of the Confirmed Plan, POR7 and the GSA.
2. The FDIC has $110-$130 BILLION of WMB assets that were not sold to JPM, despite the facts and reality that such was not being disclosed in the P&AA, nor being challenged by the debtor, creditors or equity during the bankruptcy and thereafter.
3. The FDIC has been holding these assets, purported to be Mortgage Backed Securities, in administrative registry accounts, despite the facts and reality that such was not being disclosed in the P&AA, not challenged by those that actually bought the MBS (Deutsche Bank trusts and Boilermaker pensions, for example), nor being challenged by the debtor, creditors or equity during the bankruptcy and thereafter.
4. The FDIC has $280 BILLION of WMB loans that were not sold to JPM, despite the facts and reality that JPM has recorded them on their financial statements (or the “loss” would wipe out the entire stockholder’s equity of JPM), and despite the facts and reality that such was not disclosed in the P&AA, nor being challenged by the debtor, creditors or equity during the bankruptcy and thereafter.
5. The FDIC has been selling BILLIONS of WMB assets, despite the facts and reality that such are not recorded on the Receivership accounts online.
6. The FDIC is going to receive the largest portion of an estimated $35 BILLION LIBOR settlement in regard to a lawsuit filed on behalf of the Receiverships of the failed banks, and is going to GIFT such recoveries to the WMILT (out of the goodness of its' dark heart) despite the facts and reality that there are certificated FDIC claims outstanding of over $12 BILLION in the Receivership.
7. JPM did not actually buy the WMB loan assets, the facts and reality that they recorded them on their 2008-current SEC filed audited financial statements.
8. JPM, in addition to the above-referenced fraudulent filings, will ultimately pay the $8 per common share it once offered and pay at FACE value all of the preferred stock, with a stock exchange that it has agreed to but has not disclosed in any SEC filing.
SPECIFIC
9. The above has all been “timed” by Susman Godfrey, in a “filing” (of which there is no record, also the basis for the lack of 3rd party suits), the facts and reality that Susman Godfrey, the debtor, the WMILT, or any other party have never indicated at all.
10. In review, creditors got nothing in the bankruptcy, despite the facts and reality that they got 100% paid (almost including the hybrid PIERS, who are being punished for being debt even though the valuation of the PIERS follows the NVP of the instruments agreed to by the Indentured Trustee and the impact of the FJR up-subordination).
11. The PIERS creditors, originally after the HUNDREDS OF BILLIONS “hidden” in 1-8 above, were never simply after WMIH (the reorganized debtor) for “a handful of worthless tax attributes and a $75M shell,” despite the facts and reality that WMIH is what it is.
12. The AAOC settlement included a provision, regarding their $10M stock pledge to WMIH, that yields 50% of their “interests” in WMILT “certain litigation proceeds,” and such “interests” will result in BILLIONS to WMIH, the facts and reality there are no such certain litigation proceeds (especially of that magnitude) to date and the holdings of the AAOC in the WMILT cannot even be speculated.
13. WMI was a $350 BILLION enterprise and the “value” just does not disappear, the facts and reality that all such assets are almost 90% offset by liabilities, as evidenced by the bankruptcy court financial filings and matched with JPM’s financial SEC filings and audited financial statements.
14. The AAOC 2.5% (*) that generated BILLIONS (in 12 above) to WMIH is what is holding up WMIH acquisitions as such BILLIONS will be used to increase the MKT CAP of WMIH to BILLIONS more so that “only then” WMIH can do an acquisition meeting the size-to-size requirements of IRC 382 in order to preserve the $6B in NOLs.
SUMMATION
15. All of the above was negotiated in mediation, and it is a secret (the mediation results filed and recorded with the Court, disclosed in POR 7, disclosed in the voting ballots and all related communications were planned, allowable and fraudulent) because the entire world is watching and the secret can never get out (even to those who are to received FACE +50% on their preferreds and $8-$24 on their commons).
CONSEQUENCES AND BLAME
If 1-15 above do not happen, it will because Mike Willingham (and the Equity Committee) and Susman Godfrey, despite every statement, document and filing of the mediated settlement to the contradiction of “everything above” and never anything other than “it is what it is,” lied to some retail shareholders by “not perpetrating the above lies and fraudulent withholding of the real terms of the settlement in mediation.”
The facts and reality?
NOT.
Recent COOP News
- Mr. Cooper Group Inc. to Present at the Barclays Global Financial Services Conference • Business Wire • 09/03/2024 09:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/30/2024 08:17:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:31:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:09:25 PM
- Mr. Cooper Group Inc. Announces Pricing of Offering of $750 Million of Senior Notes • Business Wire • 07/29/2024 08:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/29/2024 08:24:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:20:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 11:00:12 AM
- FLAGSTAR BANK, N.A. ANNOUNCES SALE OF ITS MORTGAGE SERVICING BUSINESS • PR Newswire (US) • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Reports Second Quarter 2024 Results and Announces Acquisition of Mortgage Operations From Flagstar • Business Wire • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Discuss Second Quarter 2024 Financial Results on July 25, 2024 • Business Wire • 07/11/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:07:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:36:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:33:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:28:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:26:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:24:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:22:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:19:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:17:44 PM
- Xome Democratizes Real Estate with Launch of DIY Sales Platform, No Agent Required • Business Wire • 05/22/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 10:47:32 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/15/2024 12:11:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 12:12:48 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/07/2024 08:22:09 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM