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yeah, the reason we are all here is the rule of law. what he/she is saying is speculative opinion...like everyone elses. so no, nobody got their money's worth, free or not.
IMHO, expenses for services rendered, with other words the CIC could have taken place in December? Just a thought.
V.
Fees and Expenses of Escrow Agent.
The Escrow Agent shall be entitled to reasonable compensation for its services as Escrow Agent hereunder, as listed on Schedule A annexed hereto, and to reimbursement for all reasonable expenses of or reasonable disbursements incurred by the Escrow Agent in the performance of its duties hereunder, including the reasonable fees, expenses and disbursements of counsel to the Escrow Agent. All such amounts shall be promptly authorized for payment by WMI, JPMC and the FDIC Receiver upon the receipt of a reasonably detailed written invoice from the Escrow Agent. Any such fees and expenses of the Escrow Agent shall be payable out of the Escrow Funds, the funds of the Washington Mutual Escrow Account, the JPMC Escrow Account, the FDIC Escrow Account, and/or by WMI, JPMC and the FDIC Receiver in the same manner, and to the same extent, as if such fees and expenses were Pre-2009 Group Taxes determined to be payable under Section 2.4(g) of the Settlement Agreement.
Thanks that makes sense to me, wish we knew when.
If you are alluding to KKR having bought escrow?.. then here is what I can envision, knowing full well what KKR does best (refer to KKR buyout of Nabisco some years ago, at the then astronomical price of 25 billion dollars, yea, thats with a b)...KKR will press management to put lipstick on the stock and have a stock offering for at least 4 or 5 times KKR's initial investment, along with the usual perks KKR will write into the offering price...this is what KKR does, they are the masters of squeezing the maximum value for their expenditures...just take a look at their portfolio enhancement through all these years.. quite impressive... if anyone would hitch his wagon to another, KKR would be the one...my plan has always been to acquire the most stock that I can to sell covered call options at such time that they become available on the CBOE...Lodas
no it CAN'T ONLY mean that at all say your birth date out loud and tell me how ya say it, ya don't give the date first ya give the month.
AND SINCE this is a template for when whatever happens my WAG is its for the year, other wise it is 180 degrees bassackwards how we write in this country
And based on that it would be FEB first, but still say it is a year thing left blank as to the last didgit
lodas, much appreciated! I'm holding even past the initial "box" opening. There may multiple "boxes". Thanks!
PLus this would be the exact OPPOSITE of the way we write day dates in the us
If you were born MAY(5) and on the 25 day of 1900
You WUOLD WRITE 5/25/1900
NOT 25/5/1900
Sometime right is this time RIGHT IMHO
What is your take on them having bought or buying out escrow.
Management fees decrease as assets increase.
connecting the dots....... I can remember , when I was a kid during WW11, sitting at the movies during intermission, a song would appear on the screen for all to sing along with... now, you did not have to know anything about the song, lyrics, meter, timing, etc.., all you had to do was to follow the bouncing ball over the words...very easy to do....this WAMU bk is like a K-Mart on steroids!!!...if one could open a 2x2 foot cardboard box in one minute to see the contents inside, how big a box would be to open it in 10 years???... so leta connect the dots... the judge awarded shareholders escrow and shares in the NEWCO,which were not supposed to be traded... shortly thereafter, trading began...suddenly the stock was allowed to be traded on the NASDAQ , with no assets to speak of, and 1 or two employees (really a shell company)...stock was then allowed to be listed on the Russell 20000 small cap stock (huh!)..enter the big whale (KKR)..600Million cash infusion), and shorting begins,and Tagar Olsen appears on the BOD...huge stock grants each year for MW, BOD and execs. with statements like "we don't care about the stock price (tantamount to saying by a frontline infantry commander to his troops, "I don't care about your life")...8-k, and 10k's written so that only a Philadelphia Lawyer could understand...I must say, my eyes glaze over them when I read them.. I could devine more meaning from a scrambled egg...missives that are meant to obfuscate , confuse, mislead.. and most of all to get you to SELL YOUR STOCK... so here we are at the final chapter, so to speak, and we still don't know whats in that big box, that it has taken 10 years to open...they say "waiting is a virtue, but I say ignorance of the truth is maddening...so, what is the song we are following with the bobbing dots as we sing along??..."the sign to the goldmine always points to the wrong direction"... hold your stock, others want them badly...buy more if you can, especially the dips.... got stock?.. I do Lodas (chance favors those who take risk, not the bench sitters)
It Can Only Mean January Second,
Because today is only January Third.
First entry;
January , 2018
You may be right, And I'll lean more your direction on this as I think this time YOU ARE RIGHT, both have possible merit, but your take seems more plausible logical to me
Ron, I THINK its the annual date with last didgit removed for the end-user to "form fill in" when acutally used: "201_" or filled in, "2018" or perhaps "2019". IMO
In other words they are managing 100 million to get a 2% fee of 2 million. They are not managing billions.
Happy New Year LuckyPanda Rested, Recharged and Ready to Rock!
LuckyPanda 2018 regards
B
Note the Date Format;
TITLE
DATE
AGENT
***January , 2018***
It Can only be January Second
First entry;
FORM OF AMENDMENT EFFECTIVE TIME CERTIFICATE
January , 2018
Citibank, N.A., as Escrow Agent
Next entry;
FORM OF CITI FEE AND KCM FEE CERTIFICATE
, 2018
Citibank, N.A., as Escrow Agent
Next entry;
FORM OF ACQUISITION AND/OR ACQUISITION EXPENSES CERTIFICATE
, 201
Citibank, N.A., as Escrow Agent
Next entry;
FORM OF PUT EVENT CERTIFICATE
, 201
Citibank, N.A., as Escrow Agent
Next entry;
FORM OF MANDATORY REDEMPTION CERTIFICATE
, 201
Citibank, N.A., as Escrow Agent
Next entry;
FORM OF RELEASE CERTIFICATE
, 201
Citibank, N.A., as Escrow Agent
Happy New Year everyone! Just got back from my winter break and feeling especially lucky! Do not loose hope. If there is not a lot of money involved, this whole fiasco would have been over years ago. The courts would not have been able to justify dragging the employee claims case this far, if all there is just what's showing on WMILT balance sheet.
I am feeling especially lucky! 2018 is going to rock!
Keys Dates Consolidated "get up to speed baby"
Excellent GAO review
Washington Mutual filed for bankruptcy to receive automatic stay
protection against the seizure or dissipation of the holding company's remaining assets. The holding company's representatives maintain that they did not know which assets were transferred to JPMC when the bank was sold because they did not have access to the purchase and
assumption agreement between FDIC and JPMC, so they wanted to maintain control over the remaining assets. The holding company's subsidiary WMI Investment Corp. also filed for Chapter 11 protection on September
26, and these cases were administratively consolidated into one case.
On May 29, 2009, Washington
Mutual, Inc. filed an answer and counterclaims to this adversary
proceeding asserting ownership of the disputed assets in the deposits
made to Washington Mutual Bank. Additional claims and counterclaims
were made during this period both in D.C. District Court and in the
Bankruptcy Court (District of Delaware).In the meantime, Washington
Mutual, Inc.; JPMC; and FDIC entered into discussions on a settlement to resolve the distribution of assets. [
Key date: Sept. 26, 2008;
Event or activity: Washington Mutual, Inc. files for bankruptcy
protection in the U.S. Bankruptcy Court in Delaware.
Key date: Oct. 3, 2008;
Event or activity: First day of bankruptcy court hearing.
Key date: Dec. 30, 2008;
Event or activity: Washington Mutual, Inc. files proof of claim with
FDIC related to the Washington Mutual Bank receivership.
Key date: Jan. 23, 2009.;
Event or activity: FDIC denies all of the debtors' claims.
Key date: Mar. 20, 2009;
Event or activity: Washington Mutual (debtor) files suit in the D.C.
District Court against FDIC regarding $4 billion in assets FDIC
transferred to JPMC.
Key date: Mar. 24, 2009;
Event or activity: JPMC files suit against Washington Mutual in U.S.
Bankruptcy Court in Delaware over disputed assets in an adversary
proceeding.
Key date: Nov. 6, 2009;
Event or activity: Enactment of the Worker Homeownership and Business
Assistance Act of 2009 permits businesses to use 2008 net operating
losses to receive refunds on taxes paid in prior years.[B]
Key date: Mar. 12, 2010;
Event or activity: Washington Mutual, FDIC, and JPMC announce that
they have reached a settlement regarding the disputed property and
claims (called the global settlement).
Key date: Apr. 12, 2010;
Event or activity: Parties displeased with the global settlement
(which included allocation of the tax refunds) file an adversary
proceeding in the U.S. Bankruptcy Court in Delaware.
Key date: May 21, 2010;
Event or activity: Washington Mutual, Inc. files amended plan of
reorganization and disclosure statement reflecting agreements reached
with FDIC and JPMC.
Key date: July 6, 2010;
Event or activity: Parties displeased with the global settlement file
a different adversary proceeding in the U.S. Bankruptcy Court in
Delaware (known as the Trust Preferred Securities adversary
proceeding).
Key date: July 28, 2010;
Event or activity: The U.S. Bankruptcy Court in Delaware approves the
U.S. Trustee's selection of an examiner to conduct an investigation
into the merits of the various claims of the estate, JPMC, and FDIC
which were being resolved by the global settlement. The examiner
completed his report on November 1, 2010.
Key date: Oct. 6, 2010;
Event or activity: Modification of global settlement plan.
Key date: Jan. 7, 2011;
Event or activity: Denial of summary motion April 12, 2009, adversary
proceeding.
Key date: Mar. 30, 2011;
Event or activity: Approval of disclosure statement and solicitation
procedures for revised plan.
Key date: July 13, 2011;
Event or activity: Scheduled date of confirmation hearing for plan.
Review regards,
B
Yes...they were equally damaging.
Best to you..
JHD
Ron, couldn’t this just mean that the first loan was refinanced and the new agreement for the new loan is now in place?
Isn't obvious Im here to find out if and when will I finally get my 5 to 50 cent/share escrow payment. That is if all the lawyer scumbags have not milk it yet. Any other questions??
201 is a Date Code for QA Consummation.
Date Code for 'second day of first month'.
January 2.
"The Company certifies to the Escrow Agent that (i) a Qualified Acquisition (as defined in the Charter) was consummated on , 201 , and (ii) no shares of Series B Preferred Stock remain outstanding as of the date hereof. "
That free advice he gave you you got your money's worth it's called the rule of law.
not trying to persuade anyone is just common sense!!
Guess what? Even if you provided the most comprehensive data to persuade my thoughts....my escrows markers are still there...and not even I can do anything about it. So what are you trying to accomplish? The sword is in the Stone, and you aint Arthur.
Let me give you some free advice there is no legal process for people at the top of the food chain. That legal process was ment for common folk. This is not new it has been happening since the beginning of time.
zeke, In that equation at 2%, wouldn't it be 2 million to manage 100 million?
Its called a legal process.....Yeah you are right I am as dumb as a box of rocks and slow to boot. Legal process you should read up on it sometime.
Process my friend process. Still I am wishing you the Very best that you too find your wamu Gold!
Big Love
Regards,
B
100 x your investment, Where did you read that in a message board??!! Let me ask you something you think Hedge Funds give a hoot about retail??
not too bright either..
If I make 100 times my investment, I would consider that smart. And the hedgies are way smarter than me....................
In other words they are getting 2 MILLION a year to manage 2 MILLION, I do not think so. That was my point==BILLIONS
LOL Quote "So no they are NOT gonna wait one sec longer than they have too because GREED and PATIENCE..." They been waiting for nine years LMAO!!
I can tell you are very smart!!
Not so bright...what no wants this investment to start performing?
No hedge funds? No investment Funds?
No KKR?
No Not anyone besides retail?
Please this has all been held up by the courts and parties much to ALL, that is, EVERYONES displeasure and Angst!
So no they are NOT gonna wait one sec longer than they have too because GREED and PATIENCE do not Play with Father Time and the Reaper that comes for all.
So IMHO,as you have yours, Everyone is looking to move this behemoth of its square!
Wamugold and yes you know its Gold that's why you are here my fellow traveler.
Regards,
B
100,000,000 x .02 = 2,000,000
What is A & M getting 2 MILLION a year to manage?? The industry standard is 1 to 2 %, YOU do the math & you will see a lot more than MILLIONS. Ever time You post MILLIONS I ask the same question 7&NEVER GET A ANSWER.
Jan 5 2018 has absolutely no significance anymore. The deadline for Preferreds Series B conversion has been extended 2 years out. Ooooucchhhh!! They have been delaying this PIG for any pay out since day one and it seems they will continue doing so regarless of what any retail buyer emotions are.
so I can expect more than the 3x roi I've already received for my H's going forward? cool...and they made a deal to include us OR defend their actions in court.
SAFE HABOR READING WMI 'Understanding"
Enjoy the music while we wait ........
Financial Institutions Can Be Parties to Contracts That Receive Safe
Harbor Protection:
Although the automatic stay is one of the central provisions of the
Code, it is subject to exceptions, one of which can be particularly
important in a financial institution bankruptcy.[Footnote 17] Commonly
referred to as a "safe harbor," this exception pertains to certain
financial and derivative contracts, often referred to as "qualified
financial contracts" (QFC), that are defined in the Code.[Footnote 18]
They include derivative financial products, such as futures contracts
and swap agreements that financial institutions, as well as
individuals and nonfinancial institutions, use to hedge against losses
from other transactions or to speculate on the likelihood of future
economic developments. Repurchase agreements, collateralized
instruments that provide short-term financing for financial
institutions and others, also receive safe harbor treatment.
Under these provisions, counterparties that entered into a transaction
with the debtor that qualifies for safe harbor treatment under the
Code may exercise their contractual rights even if doing so would
otherwise violate the automatic stay.[Footnote 19] Typically these
contractual rights are described in an ipso facto clause, which gives
the parties to a contract the right to terminate it or modify its
terms upon a counterparty's insolvency or the commencement of
bankruptcy proceedings.[Footnote 20] Such an occurrence constitutes a
default, and the nondefaulting party may liquidate, terminate, or
accelerate the contract, and may offset (net) any termination value,
payment amount, or other transfer obligation arising under the
contract when the debtor files for bankruptcy.[Footnote 21]
As with the Code, the FDI Act and the Dodd-Frank Act permit QFC
counterparties to move quickly to enforce their contractual rights,
notwithstanding the appointment of a receiver.[Footnote 22] After its
appointment as receiver, FDIC has three options in managing the
institution's QFC portfolio. FDIC can retain the QFCs in the
receivership; transfer the QFCs to another financial institution; or
repudiate (reject) the QFCs. Subject to some requirements described
below, FDIC can apply different options to QFCs with different
counterparties.
FDIC's first option is similar to the safe harbor provisions under the
Code. If FDIC retains QFCs in the receivership, the counterparty may
terminate the contract and exercise any contractual right to net any
payment the counterparty owes to the institution against the payment
the institution owes to the counterparty on a different QFC.[Footnote
23] While this right is immediate under the Code's safe harbor, the
QFC counterparty generally cannot exercise it against a failed insured
depository institution in FDIC receivership until after 5:00 p.m.
(eastern standard time or eastern daylight time) on a normal business
day following the date of appointment of FDIC as receiver.[Footnote
24] Because bank regulators almost always close depository
institutions on Fridays, the stay remains in effect until 5:00 p.m.
the following Monday. The second option involves FDIC's transfer of
QFCs to another financial institution or permissible entity. If FDIC
transfers a QFC to another financial institution, the counterparty
cannot exercise its contractual right to terminate the QFC solely as a
result of the transfer, the insolvency, or the appointment of the
receiver.[Footnote 25] Under the third option, FDIC may repudiate
(reject) a QFC, within a reasonable period of time, if FDIC determines
that the contract is burdensome.[Footnote 26] However, FDIC must pay
actual direct compensatory damages, which may include the normal and
reasonable costs of cover or other reasonable measure of damages used
in the industry for such claims, calculated as of the date of
repudiation. If FDIC decides to transfer or repudiate (reject) a QFC,
all other QFCs entered into between the failed institution and that
counterparty, as well as those QFCs entered into with any of that
counterparty's affiliates, must be transferred to the same financial
institution or repudiated at the same time.[Footnote 27]
Safe harbor treatment was first added to the Code in 1982 for forward
contracts, commodity contracts, and security contracts, and over time
the Congress has expanded the types of contracts and counterparties
covered.
[Footnote 28] The most recent changes to the treatment of safe
harbor contracts under the Code in 2005 and 2006 expanded the safe
harbor treatment to contracts related to mortgage-backed securities
and repurchase agreements, an overnight source of funding used by
financial institutions, and included provisions to strengthen and
clarify the enforceability of such contracts.[Footnote 29] According
to legislative history and FDIC regulations, the purpose of these safe
harbors and the QFC provisions in the FDI Act is to maintain market
liquidity and reduce systemic risk, which we define as the risk that
the failure of one large institution would cause other institutions to
fail or that a market event could broadly affect the financial system
rather than just one or a few institutions.[Footnote 30]
yeah MM's whom will then sell it later at a lower price.
Well that doesn't make any sense if they're selling there has to be someone buying it
don't know if it means anything or not, but my KKR position is 8% in profit...highest since I bought in to them(kkr) after they bought in to us(wmih). i'm thinkin' it does(mean something). no idea what, but it's good.imo
"""Exactly what court did what lawyers just make arguments - over what money - in what amount - that now encourages you"""
NOW INCOURAGES me, BOBVIOUSLY again you do not read here as much as you think.
It is called the BK FILING 32-8='s 24 , understand they filed for BK the day AFTER REPEAT AFTER the BANK ws seized,so there was no VALUE in WMB stock when they filed their BK.
So to CONtinue with this BK imnho would have been fraudulent.
Now ONLY ONLY ONLY assets that are held by the debtor can be used or brought up in a BK case..........................anything held in an SPE or a TRUST can NOT BE USE IN A BK CASE.
JUSTIN NELSON is his name and he repeated;y brought up the 24 bill until the judge slapped him, WHY did she slap him, because they were not assets directly owned by WMI, but held off book........
Once the Judge slapped him HOSENUSAGAIN started to chide him and say OK SO WHERE ARE THESE ASSETS, full knowing Justin could not even begin to talk about them since they were not in the estate......
NOW what make this whole POST FUNNY/SAD is YOU SHOULD ALREADY KNOW ALL OF THIS and actually you do, so yor purpose is what ???? To learn the basic 101 story here or what
Volume pretty low today, unfortunately most of it selling. all the buyers went back into hibernation again it seems.
Try to pull a trick as with WAMU in Russia . Would not hurt you if you would employ them, better to be trusted then JPM by far....
Aaron,
As I said earlier # 2
"""Left overs - ALL OF THEM - from parent went to LT"""
ARE YOU SURE OF THAT?????????????
What about the possibility of THE PARENT NOT OWNING or having direct control of SOME things and those HAVE NOT YET PASSED to the LT.......
Db case just finished up in sept and DB just put out a pr stating that they will START distributing to participants of those trusts in late JAN!!!!!!!!!
You can believe all is done, I believe we are just about to see money from the DB accts/trusts
DONOT
WHY sir are ALL of the hedge funds here? Why has KKR continued to want to be in the game, WHY havent all the Hedge funds dumped their positions and run for the hills........................
The BOBVIOUS should and I SAY SHOULD cause you to at least go HMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM
But YOUDONTUNDERSTAND!
So just wait it will serve the same purpose if you have an idea or are lost here..........
why do I spend time
Waiting to read of money that is there that someone makes a convincing case is the right amount and is not the property or MBS trust investors - JPM - or WMB creditors
So far I have seen a few such piles of 1-2 billion and I reserve my questions for THOSE occasions
And for insight on WMI
BBAN if you have time and patience (as I will read all posts until 5 PM tonight)
Exactly what court did what lawyers just make arguments - over what money - in what amount - that now encourages you
i.e. can you tell me the context of the court case and the lawyers actions
If not - not - but if you feel this is the one that pays us - and I do respect you - can you explain this one for me and 20 others at least who got lost in one of the 100 other "finds"
OMH SKY IS FALLING SKY IS FALLING, down 2.72% is not off the deep end pard and where were you when it was going up 7% a day and saying it's ROCKETING TO THE MOON......... transparent
BBAN
Thank you
Note - I do not understand a lot of the theories as to where big money may be coming to escrow and or WMIH - yes.
but
I do have an understanding that so far - for 9 years has been simple and right
Left overs - ALL OF THEM - from parent went to LT
We got WMIH and LT bottom rung for equity and I also had the semi debt H *trust preferreds
The LT will pay nicely 4 me on the H --- based on what I paid for those
The LT may finish with zero or 25 million or maybe 50 Million (all depends on the huge employee claim determination)_
That up to 50,000,000 should come direct to us (escrao)
That is all I see for Escrow
I own WMIH which got beat up by the TRump change in tax rates for corporations (the NOL and thus WMIH is worth half say)
But again -as 1000 theories of off balance money and post litigation money and JPM money and FDIC money float out there - on occasion I try to understand why such money is there and not paid yet and still coming to us --- and I do not understand any of the answers (i.e. they do not make sense to me) . So in that sense I get very confused on those and you are right
My sense with regard to hidden or future money is that its all wishful thinking but maybe I believe that because I do not understand .
As always I hope my sense of a ceiling of 50,000,000 for escrow is wrong and will gladly eat crow and have the money
If good news is a possibility tomorrow, why is the price currently starting to drop off the deep end? Not trying to get anything, just fishing for thoughts...
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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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