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"The following chart summarizes distributions to creditors and equity interest holders in both the Initial Distribution and as represented by the transfer to the WMI Liquidating Trust."
https://www.sec.gov/Archives/edgar/data/933136/000090951812000138/mm03-2712_8ke991.htm
Thanks LG for correcting me.
Newflow, here you go.
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
...
newflow, this was NOT Rosie speaking it was a lawyer for Akim Gump making the equity statements and the EC can go after it later as it will still be there.
...
Like WAMU was one of the worst offenders. Learn something.
👉👉👉"...our STRATEGIC FOCUS is now SQUARELY on RETURN ON EQUITY..."
...said the COOP BOD at the last earnings call
See: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173821650
Well, if the scrap was sold, WAMU cannot have incurred any losses from it, at worst a small amount in servicing fees
the values that you once had in WAMU "junk sh*t" is gone, and now resides at the FDIC who is trying to "milk the values out of them" to pay back the 14 billion dollar loss on the balance sheet cause by the 16 billion dollar bank run backing them up....there will never be one cent returned to anyone holding common or preferred claims as they were cancelled, extinguished and all rights associated with payments attatched to them are Null and Void"... did you read the documents that accompanied the closing of the chapter 11?... these claims are impaired from further recovery... why are you waiting for money you will never get?.... go to court and sue WMIH if you think that you have a case of fraud... no amount of posting on a message board year after year will bring you money... and quit with the wise cracks and produce some evidence for your assertions with links from WMI, XXXX, WMIH, FDIC, or whomever that you expect this money to come from....so far, nada from you... Lodas
Uncle Sodas,
Here is a picture of cash flow
WAMU > Some Banks > Uncle Sodas, Picky etc
the following is what happened to your money when you bought preferred stock in WAMU......Killinger took your money and invested it with "crappy unsecured liar loans, HELOC loans, vacation loans, and all sorts of sh*t loans, sold them to GSE, and Barclays bank to package and sell this junk all over the world with the label of MBS, to greedy buyers looking for big returns ... Long Beach Mortgage was engaged in lending out sh*t with "liar loans to pedros coming across the border buying homes with bogus information on loan documents all the while WAMU was selling this sh*t to Freddie and Fannie, and getting money back to do it all over again and again....you want money after 15 years?... go get a job.and earn it if you can....... Lodas
👉👉👉Only 6 BUSINESS DAYS until COOP Q1 earnings on April 24 (pre-market)
See: https://www.businesswire.com/news/home/20240404446961/en/Mr.-Cooper-Group-Inc.-to-Discuss-First-Quarter-2024-Financial-Results-on-April-24-2024
I thought on it for a long time:
It almost looks like someone is part of the dark power that took over our money illegally. Now he definitely tries to convince us with all the strength that is available to him that our considerations are completely wrong. He probably knows all too well, or get this "facts" of third parties, to prevent us from finding out something in which he is involved for himself.
the Litigating arm of the WMIL-T was funded with 20 million dollars to conduct court cases to retrieve assets that WMI says were illegally taken from them...The LT only pursued the DEE shares that were supposed to be given to employees claims, which they did and won....subsequently, the GSA was being negotiated, and the work of the Litigating Trust was abandoned......in actuality, the LT was never zealous in pursuit of assets that Rosen claimed was there....Lodas
Hey Ray...i think you are on ignore.Thats ok, look below.
20 liquidating trust can go ahead and pursue them. They will
21 still be there; they can be carried through.
20: I think I heard Rozen saying our equity committee can go after retained assets, those assets are there. I think he did not say LIQUIDATING TRUST.
Then go ahead and argue.
CONSERVE AND PROTECT ASSETS/RETAINED ASSETS Mr.Rosen TALKED ABOUT WHICH COULE BE CARRIED THROUGH WMILT PASS-THRU ENTITY? OFCOURSE WITH EQUITY COMMITTEE AND FDIC TOO, MOST PROBABLY JPM TOO.
in JULY 2010 Mr.Rosen said this in the court
We also have in there the part (b) of what is to be
14 retained, and that is because in negotiations that we had with
15 all of the settling parties, with the equity committee last
16 week, with the FDIC, we did talk a great deal about the concept
17 of the retained assets. Now, it's my position, Your Honor,
18 that the examiner doesn't need to do much with the retained
19 assets other than say the assets are retained and therefore the
20 liquidating trust can go ahead and pursue them. They will
21 still be there; they can be carried through.
In Oct 2011 Mr. Folse in the court about $30 Billion or more flowing back to estates down the road.
-------------------------------------------------------------------------------------------------------
And frankly,
4 Your Honor, it would imprudent for the estate to do so relying
5 on the speculative ability to go out and recover up to thirty
6 billion dollars or more in money paid out to someone at
7 somewhere down the road.
In 2012 EC FAQ mentioned about sources of distributions and WMILT
------------------------------------------------------------------
Equity Committee explained potential sources of recovery and what is LT clearly in 2012 by releasing this FAQ and LT agreement also covered about Trustee's limitations on the ASSETS.
https://www.sbroker.de/pdf/Washington-Mutual-Chapter11.pdf
In 2012 LT Agreement was executed with what Trustee can't touch
---------------------------------------------------------------
6.3 Limitations on Liquidating Trustee.
(a) The Liquidating Trustee shall, on behalf of the Liquidating Trust, hold the Liquidating Trust out as a trust in the process of liquidation and not as an investment company. The Liquidating Trustee shall be restricted to the liquidation of the Liquidating Trust Assets on behalf, and for the benefit, of the Liquidating Trust Beneficiaries and the distribution and application of Liquidating Trust Assets for the purposes set forth in, and the conservation and protection of the Liquidating Trust Assets and the administration thereof in accordance with, the provisions of this Trust Agreement, the Plan and the Confirmation Order.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
Page 22
IN 2019/2020 FINAL CLOSURE OF CH11
https://www.sec.gov/Archives/edgar/data/1545078/000119312519294873/d834622dex991.htm page 21
Beyond this, the Bankruptcy Court and WMILT have merely waited for the final reconciliation of remaining claims and monetization of assets.
2020 after creditor claims were paid off.
-------------------------------------------
WMILT restated and amended LT agreement was executed in Jan 2020 and Trustee was relieved after class 18 is satisfied.In Jan 2020, WMILT appointed Mr.Smith and Ms.Logan as administrators of WMI Liquidating Trust.WMILT restated and amended LT agreement was made between certain parties who are unknown yet.In DEC 2021 they cancelled WMILT.Meanwhile who knows what they did with the whole Enchilada?.May be one hot ticker with some good dividend pay is my wish.
just look at the plethora of champions of the "bully pulpit" extolling the deity to punish Jamie, and consigning him to eternal damnation for Greed committed upon them.....perhaps the condemnation is misplaced , and they should be blaming Kerry Killinger for losing the WAMU ship , and causing it to sink....the fact is, we are all greedy and seek to profit from the loss of another.. thats what we all do when we seek opportunity in anothers misfortune when we buy and sell stock...Jamie was "at the right place, at the right time, with the most money and influence to capitalize on Kerry's screwup.....anyone else, even you, would have done the same thing in this swamp called high finance... Lodas
That like saying cactus will you truth….never going to happen
what would you talk to Jamie about?.... you have not even read the documents that brought all this closure of the chapter 11 beginning with the POR 7, GSA. and why you signed a release form signing away the rights to your assets and giving Jamie freedom from lawsuits in perpetuity.... as a matter of fact, you cant even explain the reason why you are waiting for a return when every agency associated with this affair said no more payments are coming after the judge signed off on the chapter 11...because you signed a release does not entitle you to money... you signed a release to let WMI abandon your shareholders retained earnings to get the GSA completed... Lodas
Will Libor be a summary judgment? Maybe.
There is a difference between a verdict and a summary judgment. A summary judgment is a decision made based on statements and evidence without going to trial. It's a final decision by a judge designed to resolve a lawsuit before trial.
So if a settlement cannot be agreed to Judge Naomi can make her own decision, which is very likely. Fdic wants 400b. Hoping the judge makes it at least 200b.
I think there was confusion between the rat and the elephant.
The desperate delusional grandeur continues to increase.
It's pure insanity.
Gets worse with each passing year, and ramps up each earnings, or with good news for coop.
Every event, is desperately attached to deleted escrows.
It fails every time... Hundreds, maybe thousands of delusional fantasies, for 16 years.
16 years...
Wowzers!!
He doesn't care who, or what anyone here says...
More delusional grandeur.
Fantasy nonsense.
Pretty funny also! 😂
BTS, I’m on the same page with you.
Some call it “what goes around comes around,” others “karma,” I refer to it as GODS Devine Retribution! Call me a pessimist, I just don’t see JD or the likes of him and there are MANY getting their due just in this life. I use what I consider the most recent JPMC scam, scheme, fraud, contempt of justice, call it a what you will.
JPMC for their involvement (what does that mean) paid out approximately 375 million to rape victims that Jeffery Epstein trafficked! WHAT! That’s a freaking slap in the face of the victims and Justice! JPMC was involved to the very top of the Epstein’s client list and they knew what he was doing and they also knew and know who the Pedofile child rapists were and are.
BTS, it’s a joke of Justice! I lack knowledge or understanding in many things but it’s certainly not what my GOD is capable of and the punishment he will administer to the likes of JD!
I hope you’re right regarding LIBOR and much more, I’m banking on it, pun intended!
JD Needs to Cleanse His Soul of Evil.
JD, pay for WMB plus 41.6 for “Willful Misconduct”.
Too much evil only undermines the value of JPM stock and trust in the cabal’s fiat dollar.
JD, protect your petrol dollar and do the right thing to pay your debts ASAP.
Ron
Thanks BTS. I'll have my secretary contact you and give you details regarding your pending very LARGE settlement. Welcome to the billionaires club.
Suzuk. If Dimon does monitor this board:
Jamie boy. You have one last chance to right this wrong before you meet your maker. I suggest you consider restitution before you get to the pearly gates. Otherwise you arent going to like the eternal results of your deed. Your choice.]
The Fantastic Four are All Alined…
for a distribution event.
WaMu.
Lehman’s
FNMA.
FMCC.
WMB is already currently proven solvent and the FDIC has no justification to have a hold/lien on WMI property.
Release of the lien on the RE/DCR, along with JPM taking responsibility for WMB notes is a easy task to complete for the FDIC. LIBOR Litigation differential losses can be reimbursed later.
LIBOR litigation is more of an excuse than a resolution.
Too many attorneys making money from the Lehman’s litigation for no reason.
Other important HF wallets are not happy regarding the slow completion and payment schedule.
The F&F nationalization of a publicly traded company is constitutionally illegal.
5AT.
All four are pending a resolution event.
LIBOR Currency Manipulation is a criminal charge.
When multiple banks work together to manipulate the LIBOR interest rates, that’s RICO.
Many Wall Street ECO’s belong behind bars.
Ron
Jamie Dimon, just because you can doesn't mean you should. I'd like to spend 30 minutes just you and me talking in the room you think you need somebody to stand by to protect you that's fine but I'd like to meet and talk.
I'm going to eat a bunch of lettuce for dinner tonight.
I had the same response to AG today, Boris. Instead of producing the filings and showing the way we get someday.
It must be clear that this one is valued to be funded for our Legacy U's P's and whatever is left for K's
Royal
The Indenture does not limit the aggregate principal amount of debt securities that may be issued under it and provides that debt securities may be issued up to the principal amount authorized by us from time to time. We have previously established the Series A medium-term notes under the Indenture. As of December 31, 2023, we had approximately $32 billion aggregate principal amount of Series A medium-term notes outstanding under the Indenture. Our board of managers has authorized the issuance of New Notes under the registration statement to which this prospectus relates in such amounts as may be required to permit all outstanding Old Notes not held by JPMorgan Financial or its affiliates to be exchanged for New Notes. Our board of managers has also authorized the issuance of securities, including Series A medium-term notes, under certain shelf registration statements with an aggregate initial public offering price not to exceed $130 billion, to be issued on or after February 17, 2023.
The Indenture allows us to reopen a previous issue of a series of debt securities and issue additional debt securities of that issue. We may, in our sole discretion and without providing holders notice or obtaining their consent, issue and sell additional securities having the same terms and conditions as the New Notes. We have no obligation to take your interests into account when deciding whether to issue additional debt securities. In addition, we are under no obligation to reopen the New Notes or to issue any additional New Notes.
We will irrevocably deposit with DTC no later than the opening of business on the applicable date or dates funds sufficient to make payments of the amount, if any, payable with respect to the New Notes on any date or dates. We will give DTC irrevocable instructions and authority to pay the applicable amount to the holders of the New Notes entitled thereto.
Subject to applicable law (including, without limitation, U.S. federal laws), we or our affiliates may, at any time and from time to time, purchase outstanding New Notes by tender, in the open market or by private agreement.
The New Notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
PG.49
https://www.sec.gov/Archives/edgar/data/1665650/000095010324005291/dp209785_424b3.htm
Boris, keep the following in mind in relation to Dimon’s departure from Chase as CEO and timing of distributions.
Dimon said first around March 2023 that he would probably be gone in three and one half years.
Think about that statement. Most people would say three or four years, in a few years, three years or even four years but he made a precise timeframe of three and one half years from March of year 2023.
So that would be in September of the year 2026. Hmmm, the very month they legally stole the 100 plus year conglomerate called WaMu.
I have always said Dimon will not leave the helm until he sees distributions as he and his cronies will make more off of their signed releases than in all of their years of salary and bonuses times a few in my view.
So the timeline my view for distributions is sometime between September of year 2024 and August of year 2026.
…
…
Suzuk. If Dimon does monitor this board:
Jamie boy. You have one last chance to right this wrong before you meet your maker. I suggest you consider restitution before you get to the pearly gates. Otherwise you arent going to like the eternal results of your deed. Your choice.
Xoom, the 10 day move up means only one thing.
A settlement was offered. Sounds like it was turned down but who knows. They always start with a low ball and the Fdic pobly said no way. All part of the game.
As I've stated before, BTS, I hope your right and I'm wrong.
My guess is this. Jamie Dimon has multiple JPMC employees, trolls if you will, paid at a rate 375K a year to read and brief him in 20 words or less on what he perceives as nonsense written on MB's. All the while he sips on 1200 dollar bourbon and ROTFLHAO. Of course my stated guess is me being very presumptuous of JD and his two turd concern of what's being stated on MB's regarding his payment of stolen WAMU assets.
I hope your right!
BTS, please think, what was the need to move it by 10 days if there was a whole year for closure ? And why did JD publish his shareholder letter on ‘eclipse day’ right in the middle of those 10 days ?
Picky, I like this post of yours ( cannot believe I just said that ). You only need to be right ‘once’. I feel XXXX needs this more than us.
yet we still have cactus soon…..all stars aligned he could be right for the first time
I agree and disagree with Alice.
No way does the Libor take up to a year. But I do agree that a settlement offer has likely already been made, albeit small and thusly declined.
She is making an educated guess but nobody knows the amount or timing.
I am more in the hold2wm camp. He thinks our Libor deal is only days or weeks away. I think we are very close as well.
My guess is by June. 50-100B
Lettuce pray.
I WAS NOT POINTING AT YOU
But to all that will be left to try and fight this out but HOPEFULLY YOU KNOW THAT
Funny how SO SO SO MANY HERE TWIST STUFF
CERTAINLY YOU DO KNOW I WAS NOT calling you a rat after all these YEARS and if IF IFIN you believe that I fell sorry for ya
COMPASS POINT upgrades PPS to $95, yet the price sinks on good news to $75.49 and then 1 measly share after hours drops the PPS to $74.25. lol
I bought at $75.5899 and will ride those shares until the 24th....I'm betting on $80.00+ after Management reveals their 1st quarter buys of MSR's.
The real question in my mind is, will other analysts follow suit?????? My gut says yes, if not I'm possibly going be sorry for today's bet. SIGH!
After Hours Time (ET) After Hours Price After Hours Share Volume
16:06:31 $74.25 1
16:05:03 $75.49 74
16:02:10 $75.49 108
16:01:53 $75.49 912
That is correct and you know to miss that point is a bad sign for a reasoning being.
Biz is many things but not a rat….if that is what you are implying…..he was just posting what the coffee lady stated..
ONCE THE RATS START JUMPING SHIP, JUST because you're a BIG RAT doesn't mean you TOOOOOOOOOOOOOOOO Shouldn't jump as the ship is going down
NOW not only that, WOULD YOU REALLY WANT TO BE THE BIGGEST ELEPHANT LEFT in the ROOM with REALLY DEEP pockets as the only one left standing
WOULD YOU REALLYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY
Information coming from a person who failed numerous appeals and then was barred from ever filing another appeal for this bk does not carry any weight….but hey she is not fighting for that 1%……like I said more excuses and more waiting…one-two-three-maybe 30…..yet we still have cactus soon…..all stars aligned he could be right for the first time….lol
Quote from: CSNY/Alice Griffin BK Attorney - Today at 02:11:05 PM
Someone reached out to me today about timing and I shared my cautious optimism.
I told them I believe LIBOR is critical to the first phase of us getting a distribution, so as the New York phase of LIBOR is within one year of a critical ruling we are 'nearer' than we've been in the past.
I don't know if the parties will settle before a summary judgment ruling (it is expected one year from now). Also, I'm sure people know even a summary judgment ruling against the defendants can be appealed.
In this vein, if the defendants wait until a ruling and it is unfavorable to them they may appeal and not settle until/unless the appellate court upholds the unfavorable ruling.
That's why I'm cautiously optimistic that there will be a settlement within a year.
As for why I'm certain there will be a settlement: there have already been settlements. Those settlements protected defendants and their stakeholders (e.g., FRBNY, BoE, ECB) from public dissemination of embarrassing information that could, among other things, erode public trust.
If there's a trial, that information would come out eventually. The defendants will settle.
As before, timing is the issue. They have probably made an offer but made one they knew the plaintiffs would be unlikely to accept. The longer the defendants wait the greater the sum they have to pay out but they may not care as they've probably made multiples of any LIBOR gains. (I say this is probably one reason why the FDIC asked for so much money , that and the fact that it would take a long time to get a payout.)
This must be clear that this one value to be funded for our Legacy U's P's and whatever is left for K's. Royal
The Indenture does not limit the aggregate principal amount of debt securities that may be issued under it and provides that debt securities may be issued up to the principal amount authorized by us from time to time. We have previously established the Series A medium-term notes under the Indenture. As of December 31, 2023, we had approximately $32 billion aggregate principal amount of Series A medium-term notes outstanding under the Indenture. Our board of managers has authorized the issuance of New Notes under the registration statement to which this prospectus relates in such amounts as may be required to permit all outstanding Old Notes not held by JPMorgan Financial or its affiliates to be exchanged for New Notes. Our board of managers has also authorized the issuance of securities, including Series A medium-term notes, under certain shelf registration statements with an aggregate initial public offering price not to exceed $130 billion, to be issued on or after February 17, 2023.
The Indenture allows us to reopen a previous issue of a series of debt securities and issue additional debt securities of that issue. We may, in our sole discretion and without providing holders notice or obtaining their consent, issue and sell additional securities having the same terms and conditions as the New Notes. We have no obligation to take your interests into account when deciding whether to issue additional debt securities. In addition, we are under no obligation to reopen the New Notes or to issue any additional New Notes.
We will irrevocably deposit with DTC no later than the opening of business on the applicable date or dates funds sufficient to make payments of the amount, if any, payable with respect to the New Notes on any date or dates. We will give DTC irrevocable instructions and authority to pay the applicable amount to the holders of the New Notes entitled thereto.
Subject to applicable law (including, without limitation, U.S. federal laws), we or our affiliates may, at any time and from time to time, purchase outstanding New Notes by tender, in the open market or by private agreement.
The New Notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
PG.49
https://www.sec.gov/Archives/edgar/data/1665650/000095010324005291/dp209785_424b3.htm
that statement was made so that the Litigating Trust would not use up the 20 million dollars to pursue further court action to retrieve assets... remember the Litigating Trust took the employees claims to court for several years and won the case, thus releasing the DEE shares for distribution to new share holders who had valid escrow markers... i addition, WMI tried to bring the FDIC to court for 20 billion dollars , but the court shot it down, for lack of substantial evidence that WMI was damaged... also , JPM threatened to countersue WMI for 27 billion dollars...WMI knew the could not prevail in court, so they abandoned all efforts to pursue litigation cases by the WMIL-T , thus preserving whatever was left of the 20 million allotted to be spent on court cases... in addition, Rosen stated, that the Litigating Trust arm of WMIL-T had ceased to pursue court cases in order to conserve money that was going to pay creditors...possibly a breakthrough in the GSA negotiations was forthcoming, in which WMI was going to get about 12 billions in relief for their 20 billion dollar claim without having to go to court, and possibly lose.... Lodas
It's not the case..
Just more uneducated fantasy nonsense.
Fact is, since the 2008 housing market crash, the loans written have changed in a major way. They stopped writing total shit, and increased the quality tremendously.
You're 100% correct, that would be a horrible way to do business. Thankfully, that's not the reality here.
CONSERVE AND PROTECT ASSETS FOR THE BENEFICIARIES - ANALYZE THIS
In 2010 or 2011 Mr. Folse in the court about $30 Billion or more flowing back to estates down the road.
-------------------------------------------------------------------------------------------------------
And frankly,
4 Your Honor, it would imprudent for the estate to do so relying
5 on the speculative ability to go out and recover up to thirty
6 billion dollars or more in money paid out to someone at
7 somewhere down the road.
In 2012 EC FAQ mentioned about sources of distributions and WMILT
------------------------------------------------------------------
Equity Committee explained potential sources of recovery and what is LT clearly in 2012 by releasing this FAQ and LT agreement also covered about Trustee's limitations on the ASSETS.
https://www.sbroker.de/pdf/Washington-Mutual-Chapter11.pdf
In 2012 LT Agreement was executed with what Trustee can't touch
---------------------------------------------------------------
6.3 Limitations on Liquidating Trustee.
(a) The Liquidating Trustee shall, on behalf of the Liquidating Trust, hold the Liquidating Trust out as a trust in the process of liquidation and not as an investment company. The Liquidating Trustee shall be restricted to the liquidation of the Liquidating Trust Assets on behalf, and for the benefit, of the Liquidating Trust Beneficiaries and the distribution and application of Liquidating Trust Assets for the purposes set forth in, and the conservation and protection of the Liquidating Trust Assets and the administration thereof in accordance with, the provisions of this Trust Agreement, the Plan and the Confirmation Order.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
Page 22
IN 2019/2020 FINAL CLOSURE OF CH11
https://www.sec.gov/Archives/edgar/data/1545078/000119312519294873/d834622dex991.htm page 21
Beyond this, the Bankruptcy Court and WMILT have merely waited for the final reconciliation of remaining claims and monetization of assets.
2020 after creditor claims were paid off.
-------------------------------------------
WMILT restated and amended LT agreement was executed in Jan 2020 and Trustee was relieved after class 18 is satisfied.In Jan 2020, WMILT appointed Mr.Smith and Ms.Logan as administrators of WMI Liquidating Trust.WMILT restated and amended LT agreement was made between certain parties who are unknown yet.In DEC 2021 they cancelled WMILT.Meanwhile who knows what they did with the whole Enchilada?.May be one hot ticker with some good dividend pay is my wish.
Our Value for Legacy TBD
"THE EXCHANGE OFFER (AS DEFINED BELOW) WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MAY 8, 2024 (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED OR EARLY TERMINATED, THE “EXPIRATION DEADLINE”). HOLDERS OF OLD NOTES (THE “NOTEHOLDERS”) WHO WISH TO PARTICIPATE IN THE EXCHANGE OFFER MUST VALIDLY TENDER (AND NOT VALIDLY WITHDRAW) THEIR OLD NOTES AT OR PRIOR TO THE EXPIRATION DEADLINE. NOTEHOLDERS MAY VALIDLY WITHDRAW TENDERS OF THEIR OLD NOTES AT ANY TIME PRIOR TO THE EXPIRATION DEADLINE, BUT NOT THEREAFTER.
We, JPMorgan Chase Financial Company LLC, are offering to exchange any and all outstanding Alerian MLP Index ETNs due May 24, 2024 (CUSIP: 46625H365) issued by JPMorgan Chase & Co. (the “Old Notes”) for Alerian MLP Index ETNs due January 28, 2044 (CUSIP: 48133Q309) issued by JPMorgan Chase Financial Company LLC (the “New Notes”) (the “Exchange Offer”) based on the Exchange Ratio (as defined below), upon the terms and subject to the conditions set forth in this prospectus. All payments of principal, interest and other amounts payable on the New Notes will be fully and unconditionally guaranteed by JPMorgan Chase & Co. The exchange ratio per $19.03661 principal amount of Old Notes validly tendered in the Exchange Offer (and not validly withdrawn) prior to the Expiration Deadline and accepted for exchange (the “Exchange Ratio”) will be equal to one New Note, which will be delivered on the Settlement Date (as defined herein), unless the Exchange Offer is extended or terminated. The New Notes were first issued on January 30, 2024 pursuant to the registration statement on Form S-3 (Registration Nos. 333-270004 and 333-270004-01) of JPMorgan Chase & Co. and JPMorgan Chase Financial Company LLC. Upon completion of the Exchange Offer, we will issue additional New Notes to the tendering Noteholders and consolidate such additional New Notes to form a single class with the New Notes then outstanding.
The Old Notes are listed on NYSE Arca, Inc. (“NYSE Arca”) under the ticker symbol “AMJ.” The New Notes are listed on NYSE Arca under the ticker symbol “AMJB.”
https://www.sec.gov/Archives/edgar/data/1665650/000095010324005291/dp209785_424b3.htm
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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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