Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

Alright i haven't had a free moment to post on iHub:

still dont have much time




Syncora words =====>
from Syncora's Friday filings:



"Fir Tree Managed Trusts v. Syncora Guarantee

On April 24, 2017, certain RMBS recovery trusts managed by Fir Tree
Partners, Inc. (collectively, "Fir
Tree") sued Syncora Guarantee in New York State Court seeking a portion of
Syncora Guarantee's $400
million 2014 settlement with JPMorgan as well as certain additional amounts
that Syncora Guarantee has
received and may receive as reimbursements. Fir Tree claims that Syncora
Guarantee's 2014 settlement
payment from JPMorgan was a "reimbursement", and, as such, that a portion of
this "reimbursement" was
to have been paid to them as UCF holders. The complaint seeks relief in the
form of a breach of contract
claim, various derivative claims, and declaratory relief. This matter is in
its incipient stages and Syncora
Guarantee is still evaluating the claims, but Syncora Guarantee intends to
vigorously defend against Fir
Tree's claims."



===== NOW WORDS of Dennius Rex Maximus ha i kid


I have read the only wall street research ( yes a few) i know that is out there, peeps know... no mention of the above anywhere i see....... even now


=====


now as any good analyst/investor/student knows.... you go to the SOURCE material



once you look up the Fir Tree case (NOT UNDER FIR TREE name)


=== The case is here ~ SPOILER -- NEW JPMorgan GLOBAL SETTLEMENT whereby - FIR TREE IS seeking to halt Syncora from getting a Future $60-100M ( more likely from conservative pencilling in $60m) 'at any time' 'once conditions are satitisfied' 'in the next few months'

Case says 'Settlement awarded Aug 2016'

https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=GUvhQUG39vi9hohiL4MpQQ==&display=all&courtType=New%20York%20County%20Supreme%20Court





This action arises out of Syncora’s misappropriation of more than $100 million belonging to two sets of inter-connected trusts



“

Despite repeated demands from Plaintiffs beginning in May 2014, The Bank of New York Mellon, trustee for the UCF trusts (“BNY Mellon”), has declined to take any action to account for the fact that Syncora had received $400 million in reimbursements in litigation with third-parties, let alone seek to recover from Syncora the reimbursement amounts that it had assigned to the UCF trusts. In fact, BNY Mellon – based in part on reports provided by U.S. Bank, National Association (“U.S. Bank”) – continued to make monthly reimbursement
“


Fir Tree vs Syncora

==


SUPREME COURT OF THE STATE OF NEW YORK

COUNTY OF NEW YORK RMBS RECOVERY HOLDINGS I, LLC, RMBS RECOVERY HOLDINGS II, LLC, RMBS RECOVERY HOLDINGS III, LLC, and RMBS RECOVERY HOLDINGS IV, LLC, derivatively on behalf of Certain UCF Trusts,

Plaintiffs,

-against-

SYNCORA GURANTEE INC.,

Defendant,

and

CERTAIN UCF TRUSTS defined herein,

Nominal Defendants.

























I. THE SECURITIZATION PROCESS..................................................................................6

II. THE UCF TRUSTS .............................................................................................................9

A. Syncora's Insurance of the Underlying RMBS Certificates .....................................9

B. Syncora's Financial Distress and Regulatory Action .............................................11

C. The Offer to Purchase ............................................................................................12

D. Syncora Assigns its Rights to Reimbursement Amounts to the UCF Trusts .........16

III. PLAINTIFFS' HOLDINGS IN THE UCF TRUSTS ........................................................18

IV. SYNCORA IS FULLY REIMBURSED FOR CLAIMS PAYMENTS MADE PRIOR TO THE 1310 ORDER .........................................................................................18

A. The Syncora Actions Against JPMorgan ...............................................................18

B. Syncora Settles the JPMorgan Actions and Retains Reimbursement Amounts that Belong to the UCF Trusts................................................................19

V. SYNCORA CONTINUES TO RECEIVE OTHER REIMBURSEMENT PAYMENTS THAT BELONG TO THE UCF TRUSTS .................................................21

A. Monthly Reimbursement Payments .......................................................................21

B. The Global JPMorgan Settlement ..........................................................................22

VI. BNY MELLON'S FAILURE TO SECURE THE REIMBURSEMENT AMOUNTS DUE AND OWING TO THE UCF CERTIFICATEHOLDERS .................23

DERIVATIVE CLAIM ALLEGATIONS .....................................................................................25

FIRST CAUSE OF ACTION (Derivative Claim – Breach of Contract).......................................26

FILED: NEW YORK COUNTY CLERK 04/24/2017 11:55 PM

INDEX NO. 652198/2017 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 04/24/2017 5 of 40 ii



SECOND CAUSE OF ACTION (Derivative Claim – Breach of Duty of Good Faith and Disclosure Duties) ..............................................................................................................30

THIRD CAUSE OF ACTION (Derivative Claim – Unjust Enrichment) .....................................31

FOURTH CAUSE OF ACTION (Declaratory Relief) ..................................................................32

PRAYER FOR RELIEF ................................................................................................................33

JURY DEMAND ...........................................................................................................................34




======


"Moreover, the Underlying RMBS Trusts stand to receive approximately $60 million as a result of a different settlement that RMBS trustees entered into with JPMorgan. The portion of the $60 million corresponding to the percentage of underlying RMBS certificates held in the UCF Trusts should be paid to the UCF Trusts for the benefit of the UCF certificateholders, but absent court intervention, those funds will wrongfully be paid to Syncora. The settlement was approved by Justice Friedman of this Court in August 2016, and Plaintiffs expect JPMorgan to pay the settlement amount within the next few months"


The Global JPMorgan Settlement
67. On November 13, 2013, JPMorgan announced that it was making an offer to the trustees of more than 300 RMBS trusts to settle for $4.5 billion all claims for breaches of representations and warranties and servicing misconduct (the “JPMorgan Global Settlement”). On July 31, 2014 and October 1, 2014, the trustees agreed to accept the settlement on behalf of the vast majority of the RMBS trusts that were the subject of JPMorgan’s settlement offer, including the Underlying RMBS Trusts.
68. The trustees commenced a special proceeding in New York Supreme Court, New York County, pursuant to Article 77 of the Civil Practice Law and Rules to obtain court approval of the JPMorgan Global Settlement. On August 23, 2016, the Court entered judgment approving the JPMorgan Global Settlement.
69. On information and belief, the trustees are awaiting the satisfaction of certain additional conditions precedent prior to payment of the JPMorgan Global Settlement, which could be satisfied at any time. Pursuant to the JPMorgan Global Settlement, upon satisfaction of those conditions, JPMorgan will issue the settlement payment.
70. According to disclosures by the RMBS trustees, the allocable share of the JPMorgan Global Settlement that will be paid to the Underlying RMBS Trusts is approximately $60 million.


On November 1, 2016, Fir Tree, on Plaintiffs’ behalf, again emailed BNY Mellon to urge BNY Mellon to take action. The email stated, among other things, “BNY has not accounted for the fact that Syncora was reimbursed. Money should be flowing to UCF [Certificateholders] every month but instead Syncora keeps collecting more and more and more. And the JPM 4.5bn global settlement will send $100mm to these [Underlying RMBS] [T]rusts. If somehow that money finds its way to Syncora, there is going to be a massive litigation. Im [sic.] sorry I know I sound like a broken record here but time keeps passing and passing and we are getting no help from you guys.”

80. On April 4, 2017, April 12, 2017, April 17, 2017, and April 20, 2017, counsel for Plaintiffs discussed with counsel for BNY Mellon Plaintiffs’ request that BNY Mellon take action to protect the UCF Certificateholders’ rights, or facilitate Plaintiffs’ ability to do the same on behalf of the UCF Trusts. Counsel for BNY Mellon stated that they would not be asserting the claims set forth herein and that they took no position on the claims.