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This is what Boris wrote on 4/18.
401804/17/2024PROTECTIVE ORDER AND STIPULATION.regarding procedures to be followed that shall govern the handling of confidential material. So Ordered. (Signed by Judge Naomi Reice Buchwald on 4/17/2024)
This the FDIC settlement which is confidential. Hopefully because it’s too big to be out in the open.
This is not the FDIC settlement. Minor, only 3,45 Mil.!!!
ORDER (1) PRELIMINARILY APPROVING SETTLEMENT
WITH DEFENDANTS CREDIT SUISSE AG, LLOYDS BANK PLC, BANK OF SCOTLAND PLC, NATWEST MARKETS PLC, PORTIGON AG, WESTDEUTSCHE IMMOBILIENBANK AG, ROYAL BANK OF CANADA, RBC CAPITAL MARKETS, LLC, COPERATIEVE RABOBANK U.A., THE NORINCHUKIN BANK, MUFG BANK, LTD., AND UBS AG; (2) CONDITIONALLY CERTIFYING THE SETTLEMENT CLASS; (3) APPOINTING SETTLEMENT CLASS COUNSEL; (4) APPROVING CLAIMS ADMINISTRATOR AND ESCROW AGENT; (5) APPROVING NOTICE PROGRAM; (6) PRELIMINARILY APPROVING PLAN OF DISTRIBUTION; AND (7) SCHEDULING A FAIRNESS HEARING in case 1:11-cv-02613-NRB; granting (4009) Motion to Approve in case 1:11-md-02262-NRB. NOW, THEREFORE, the Court having read and considered the Settlement Agreement and the submissions relating thereto, upon all prior proceedings in the Action, and after due deliberation, IT IS HEREBY ORDERED: As further set forth by this Order. 1. Preliminary Approval of Settlement Agreement. The Court preliminarily approves the Settlement Agreement and the terms and conditions set forth therein, including the release contained therein, as being fair, reasonable, and adequate as to the Settlement Class (as defined below in paragraph 3). The Court finds that the Settlement Agreement was entered into at arm's-length by highly experienced counsel and is sufficiently within the range of reasonableness that notice of the Settlement Agreement should be given as provided in this Order. 2. Fairness Hearing. A Fairness Hearing pursuant to Rule 23(e) of the Federal Rules of Civil Procedure is hereby scheduled to be held before this Court at 11 : 30 a.m. on September 5, 2024, [a date at least 120 calendar days from the date of this Order] in a format to be determined by the Court that the Court will announce on the case docket in advance of the hearing. The Court preliminarily certifies, for purposes of settlement only, the Settlement Class identified below and finds that the Settlement Class satisfies the requirements of Fed. R. Civ. P. 23(a)(1)-(4) and 23(b)(3). 17.Stay. Unless otherwise ordered by the Court, the Court stays all proceedings in the Action against the Settling Defendants other than proceedings necessary to carry out or enforce the terms and conditions of the Settlement Agreement. 18. Settlement Funds. The cash consideration provided for in the Settlement Agreement is $3,450,000. Payment of the Settlement Amount by Settling Defendants shall be made pursuant to the Settlement Agreement. IT IS SO ORDERED. (Signed by Judge Naomi Reice Buchwald on 4/26/2024) Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-02613-NRB (tg) Transmission to Finance Unit (Cashiers) for processing.
https://www.docketbird.com/court-cases/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/nysd-1:2011-md-02262
Ron
This was expected to drop back down….yet it will go back up…
Quote: “for what is now' soon to come ! ! “
We are almost there….another decade or two or three or never and old escrows will get those ghost payments……yeah!! Cactus is the man…..
Mr Cooper growing earnings at 15-20 pct. At $10 in earnings stock should be $150-$200
Exactly, COOP's fair value was $200, now with the lower P/E even more IMO, see
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174283852
Not AZ, but the 36,000,000 new COOP could be for original WAMUQ commons
The multiplier you would use with your original WAMUQ common share count would be 0.03
So if you had 50,000 original WAMUQ, then you could expect
50,000 * 0.03 = 1,500 new COOP shares
For overall numbers:
1,200,000,000 (TOTAL UQ commons) * 0.03 = 36,000,000 new COOP shares
(Current pps of $78.xx could rise or fall depending how market absorbs the news)
After the recent earnings, the PE ratio is now only 8.25, I think it was over 10 earlier, the stock should be trading much much much higher.
Hopefully we are riding the Hedge Fund coattails and they are powerful enough to ensure we don’t get screwed..
Nd9
The FDIC has stated consistently they can not close the Washington Mutual case until all legal proceedings are closed. Besides LIBOR, there were about 6 cases last time I checked that were not settled. Sep,2023. They didn't even go after them until the deadline for bringing cases was looming last summer.
Would love to see them all closed and the case closed @ the FDIC but not counting on any windfall. FDIC has a lot of discretion to apply LIBOR settlements the way they want and where they want. So what's to keep them from building a "war chest" and justifying it by stating future bankruptcy case may require additional funding.
Think about how the FDIC has acted to date. No urgency, boiler plate responses to inquiries "currently we do not anticipate...", and glib responses to inquiries from shareholders. Further, how has the entire government treated this case? 5AT, changed laws to prevent another Washington Mutual holding company scenario, and clearly in the "WGAS about the shareholders camp"... Not holding my breath for the government to do the right thing but maybe they will surprise us?
AZ
I think this means, what I shows today in my 'history' portion on my Schaub account,
I will only be awarded 1/3rd of that total ($) per escrow when that day comes.!
Am I correct ?
thank kindly
J$J
If they can create a political charade they can do anything...I no longer wait each day for escrows to appear but hold a one percent chance anything is possible.
Meanwhile I enjoy the COOP ride and where this company is headed.
Respectfully,
JHD
~ "Defined" ... "COOP's" (current) Common Share pps, Is Directly' Related To a (2/3rd ish') Original Released WMI / WMIH (wamuq) (Plan) Common Share ~
The Following Transitional Event(s) ... were only' related to the WMI wamuq released common shares' ...
initial conversion @ .03349842 on 03/27/2012
conversion completion @ .00076346 on 08/03/2012
the tracking of the plan 7' released WMI (wamuq's) had to be "perfect" (in my opinion, for what is now' soon to come ! ! - COOPs return to 100m shares' ... yes, all planned for, a very very long time' ago ! ! ! )
any and all excess P' ... "Cash In" ... funding, would always have been maintained within the WMI / WMIH "Preferred Managing Sub" (segregated & NOT' involved in the Holding Company's Reorg) ... always maintained and held, for the original P' Fixed Income Bond, releasing Plan Participants' ...
yes, it's all coming together
"Abba Da Ayy"
just sayin' :) :)
AZ
So far they had always said there were open claims and no funds. With the LIBOR settlement that issue should no longer be valid. Let’s wait another couple of years.
I’m sure that they would provide you with useful information. They have had almost 16 years to do so and yet we’re still waiting!
What the price target have to do with wamu equity?
There were other people on this board in the past that corresponded with the FDIC.
And...how exactly would you accomplish that?
Maybe a good idea to check early next week with FDIC if they can now complete the bankruptcy as there should be enough funds to cover any deficit that remains and the leftovers to us.
Sorry what does this mean
Maybe a good idea to XJR k
Edit- 79.40 live feed .25 to .35 spreads sell & buy BS..Good morning people, Well three or four of the big boyzzz posted some stellar reports this morning ,hence maybe we get a pick up from their fumes in the pps in COOP-OTIS today ,I hope after yesterdays smack down lol. Not much else to talk about,
GOGOOOOOCOOP
Gotta hit the gym a little late today 😉
Have a great day&weekend people -Ts
Maybe a good idea to XJR k early next week with FDIC if they can now complete the bankruptcy as there should be enough funds to cover any deficit that remains and the leftovers to us.
If hosen was lying which we all know he does this well…..a question everyone is asking….where is the money….if you can show us the money….you would have done what no one has done so far…..prove him wrong….where is the money…
"$100"...= $ 0.28 per UQ....$165 per PQ
82.48 Printed BUT IT IS IN PRE
RAISED $COOP price targets==>Wedbush:$100, Compass Point:$97, Barclays:$94, KBW:$92, DEUTSCHE BANK:$90, Piper Sandler:$88, UBS:$86
Rosen has no credibility.., Rosen said in court, there was no money for equity and that was already proven to be a false statement..
This is what Boris wrote on 4/18.
401804/17/2024PROTECTIVE ORDER AND STIPULATION.regarding procedures to be followed that shall govern the handling of confidential material. So Ordered. (Signed by Judge Naomi Reice Buchwald on 4/17/2024)
We are getting close. The judge has a fiduciary duty to follow the proper disbursement of settlement funds.
Enterprise value of 210 million....this corroborates the statement of Rosen, who said WMI held no Safe Harbor assets, and that they were all sold off to GSE... the document you posted was viewed by all parties to the agreement, discussed by lawyers and accountants, signed by the judge, and met the requirements of the U.S. Trustee bankruptcy court review... yet, you question the authenticity of the dissolution of the monies given for these trusts, and suspect fraud... where does your skepticism end Newflow?...Lodas
NON BANK SUBS WERE TO RECEIVE NOTE RECEIVABLE FROM JPMC AS PER DISCLOSURE STATEMENT
Of WMI’s seven remaining Non-Banking Subsidiaries, WMMRC, which is currently operating on a run-off basis, WMMRC is the only Non-Banking Subsidiary with ongoing operations. Refer to Articles IV.A.6, VII, and VIII of this Disclosure Statement for additional information regarding WMMRC. After the Effective Date, WMMRC will be Reorganized WMI’s sole operating entity. Pursuant to the September Opinion, the Bankruptcy Court determined, based upon the evidence presented at the July Confirmation Hearing, that the enterprise value of Reorganized WMI is $210 million. For each of the Non-Banking Subsidiaries other than WMMRC, the market value stated is a sum of, where applicable, (i) cash, (ii) notes receivable being paid by JPMC, carried at current market value, and (iii) in some cases, certain other de minimis assets and liabilities, less certain disbursements for expenses related to mergers with other Non-Banking Subsidiaries or dissolution, as applicable. The principal difference between the book value and the stated market value results from the fact that intercompany balances do not represent additional value to the Debtors’ estates.
THEY CONSOLIDATED ALL FIVE SUBS INTO WAMU 1031 EXCHANGE IN CA AND MOVED THOSE TO WAMU 1031 EXCHANGE IN DE.THEY PROBABLY RECEIVED ENOUGH FUNDING FROM JPM AND MOST OPERATING FOR A LONG TIME.IMO.
PAGE 59
No problem Split T, we could see the light one day with a new ticker with steady dividends IMO.
I believe that was one of the defendants' settlement portion in the case. When I saw it, I was quite disappointed until I realized it was just one of the defendants.
Any news about the 'LIBOR Settlement'.I saw some dockets going around about one of those 'Settlements' but it was really peanuts, something like $345000.
Apparently Newflow refuses to accept that the WMI Liquidating Trust (WMILT) was dissolved over 2 years ago.
Newflow, some just refuse to accept they screwed up by not releasing. Carry On my friend.
FIDUCIARY DUTY TO WORK IN THE BEST INTERESTS OF "Liquidating Trust
Beneficiaries on a WHOLE"
(b) The Litigation Subcommittee initially shall be comprised of (A) two (2) members,
to be selected by the Creditors’ Committee (together with any successors, the “CC Subcommittee Members”),
with Joel Klein and Marc. S. Kirschner to be the initial CC Subcommittee Members; (B) two (2) members, to
be selected from the EC Members (excluding the TPS Member) (together with any successors, the “EC
Subcommittee Members”), with Hon Douglas Southard and Michael Willingham to be the initial EC
Subcommittee Members; and (C) one (1) member, who shall be the TPS Member. The initial members of the
Litigation Subcommittee are set forth on Annex A hereto. Each member of the Litigation Subcommittee shall
(i) continue to act as a member of the Litigation Subcommittee until he or she is no longer a member of the
Trust Advisory Board, and (ii) have a fiduciary duty to act in the best interests of the Liquidating Trust
Beneficiaries as a whole.
WHY DID WMILT COLLECT TAX IDs FROM COMMON EQUITY?
. In order to
receive distributions under the Plan, all holders of Liquidating Trust Interests (including, without limitation,
holders of Allowed Senior Notes Claims, Allowed Senior Subordinated Notes Claims, Allowed CCB-1
Guarantees Claims, Allowed CCB-2 Guarantees Claims, Allowed General Unsecured Claims, Allowed LateFiled Claims, Allowed PIERS Claims, Allowed WMB Senior Notes Claims, Allowed Preferred Equity
Interests, Allowed Common Equity Interests, holders of Dime Warrants, and Accepting Non-Filing WMB
Senior Note Holders, who in each case, deliver a release in accordance with the provisions of Section 41.6 of
the Plan) shall be required to identify themselves to the Liquidating Trustee and provide tax information and
the specifics of their holdings, to the extent the Liquidating Trustee deems appropriate in the manner and in
accordance with the procedures from time to time established by the Liquidating Trustee for these
purposes
It could be that he was referring to Piper Sandler and Wells Fargo, the two companies, not the two “guys” who work for them.
JWW, I wholeheartedly agree, COOP is on the march, however I wouldn't be at all surprised to learn the new notes exceed $1 Billion next Quarter as Chris is doing a great job, but on the other hand there may be others looking to buy MSR's since the Market took such a hit today. Very few Companies now have something positive to look forward to like COOP for the foreseeable future. It is easy for me to personally envision a $2 Trillion+ Servicing Business in the next few years.
It may be some time before ZOME comes back to life, but it is no fault of their own as the Government is led by a bunch of incompetent people that make bad decisions, day in and day out, to further their agenda and manipulate the markets to their advantage. We ride a two edged sword, one flip of the wrist and the game can change very fast, always remain vigilant to their new polices and the possible repercussions to your bottom line.
The Big Question remains, what entities actually funded the $1B in new notes and will be the recipient of the returning principal and accrued interest over the next eight years? Time tell all.
Thanks for posting a clean transcript of COOP's 1st Quarter Earnings report 2024 , mine was corrupted thru my copying a Word Document that was perfect and I didn't notice it until hours after I post it.
Proposed Trust Amendments
41. As described below, pursuant to this Application, WMILT seeks, among other
relief, authority to wind-up and dissolve the Trust following the contemplated final distribution
and, in connection therewith, (a) to reserve such funds as are necessary for such wind-up and
dissolution, and (b) consistent with the provisions of the Plan and the Confirmation Order, to
donate any remaining Liquidating Trust Assets to one or more qualified charitable organizations.
Prior to doing so, however, WMILT intends to make certain modifications to the Liquidating
Trust Agreement in accordance with its terms. Specifically, pursuant to Section 9.9 of the
Liquidating Trust Agreement, any provision of the Liquidating Trust Agreement may be
amended or waived by the Liquidating Trustee with the consent of all voting members of the
Trust Advisory Board provided that any such amendment or waiver is not inconsistent with the
purpose and intention to liquidate in an expeditious but orderly manner the Liquidating Trust
Assets in accordance with applicable Treasury Regulations.
https://www.kccllc.net/documents/8817600/8817600191119000000000001.pdf
"expeditious but orderly manner "
Xoom, yes one of the two new guys but how does he know that he has Trust accounts and/or timely signed releases by 3/2012 as he posited other than assuming?
The reason I would like confirmation is because if accurate this is as close as we have been all these years to confirmation of distributions to those who signed a timely release by 3/3012!
…
LG, could he be referring to Wells Fargo and that is the one that holds trust accounts ?
I know over the years we always referred to the Wells Fargo accounts.
MadBadger, second request as you posted the following.
———————————————
2 New Executives!,
Good morning Board, The Infamous Kevin Barker from Piper Sandler always first in line to ask questions during Company conference calls and Ranjit from Wells Fargo! https://ih.advfn.com/p.php?pid=nmona&article=93699409
Two Major Shareholders and one of them holds Trust accounts of the Estate. Wow! This is Huge!
———————————————-
Please show or explain where you found or came by the information you posted regarding two major shareholders and one of them hold Trust accounts of the Estate. This his not in the filing you posted
…
Yep we got slammed! Lol
JHD
Well I was wrong thinking it would hold $80...
Close 78.76 pps-2.96.(-3.62%)live feed -Vol 641,384 -for COOP-OTIS
Have a great evening people
GLTA-Ts😉
being steadfast and loyal to your beliefs are good qualities, however being in Denial of facts as stated by those that you expect money from is quite another thing...
WMI has made these official statements years ago..... (1) common and preferred equity are cancelled and all rights to former prospectus are null, and void.... (2) classes 19 and 22 are "impaired from future distributions".... (3) Title to all assets belong to WMI, JPM, and FDIC...(4) on pages 95, and 96 of the amended POR 7, WMI states that in all circumstances , pre, or post chapter 11 reorganization that "the estate belongs to WMI" (paraphrased, but you can read the text for yourself}.... WMI makes it quite clear that by signing a release that you received stock in the new company for your claims, and all dividends associated with the preferred stock was supended when they filed chapter 11, and that in no way any assets of WMI, pre , or post chapter 11 closing reverts to shareholders as "owners of the estate"!!!!!!!!!!.....Now, read the POR 7 again, not with your expectations, but what the document says......Lodas
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Moderators Large Green xoom GO4AWILDRIDE stoxjock ron_66271 |
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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