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Terms may be redacted, but a future MOR will detail the results in cash.
Speaking of MORs, the May report is running a little late.
Something new for me to work on.
And by precedent, I mean a clearer path to the higher payouts needed to support the current price.
I have. Very similar sit in many ways: liquidating trust, cash & assets covering around half the share price, some litigation wins priced in but plenty of upside. I think the main difference is the lawsuits. Rescap's are putback, TMST's are about improper repo. Rescap has less upside leverage to the lawsuits - by that I mean they need a higher % recovery to move RESCU a given % than the litigation % recovery TMST needs to move its assets a given %. But RESCU's putback litigation has some precedent for good recovery.
I'm kicking myself for not taking the time to look into the Rescap trust when it started trading - inexcusable since I had been familiar with the situation from owning NCT, NRZ, and NSM. Still, watching, and may start a position if it drifts any closer to its asset value ~12.
Motion to Approve Stipulation/Settlement and Compromise of Controversy Between the Trustee and Goldman, Sachs & Co. (6/20/14)
Subject to the terms and conditions of the Settlement Agreement, Goldman Sachs has agreed to pay the Trustee a sum certain in full and final satisfaction of any and all claims, demands, obligations, liabilities, and causes of action of whatsoever kind and nature asserted in, which could have been asserted in, arising out of or related to the allegations set forth in the Complaint and the AAA Proceeding, including, but not limited to, claims arising out of or related to any repo transactions entered into between Goldman Sachs or any of its affiliates and any of the Debtor Releasing Parties (as defined in the Settlement Agreement), margin calls in respect of such transactions, and the liquidation of collateral posted by the Debtor Releasing Parties in respect of such transactions.
The terms of the agreement, subject to the approval of this Court, are set forth in the Settlement Agreement attached hereto as Exhibit A in redacted form and are incorporated herein by reference.
Responses due by 7/14/2014
Source: Epiq Systems [Docket 2012]
EI, Chevy or others,
Have you seen the writeup(s) on Rescap? Seems similar to this one. Thoughts on a comparison between the two?
Higher prices are linked to a settlement discussion.
And I am not offering up insider trading information here.
Upon reviewing the legal billings, I located an item mentioning a settlement discussion. The document was, of course, redacted, so there is no way to know which party.
Where are we at on this EI?
I'm seeing ZD has quoted bid/asks again, currently 17 / 24. Last price is 18.75.
finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=08/01/2012&enddate=03/19/2014[/url][tag]insert-text-here
We need to try to calculate our probability weighted outcomes if possible sometime.
-V
Time to conduct another case review.
Little bit of activity on Friday:
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=08/01/2012&enddate=02/10/2014
Last trade at $182.50 per note.
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. JPMorgan Chase Funding, Inc., et al., United States Bankruptcy Court for the District of Maryland, Adversary Proceeding Case No. 11-0340
1. On Thursday, October 10, 2013, counsel for all Parties and their respective representatives attended a mediation of this Adversary Proceeding conducted by the Hon. Ralph R. Mabey in New York.
2. The mediation was unsuccessful and the Mediator concluded the mediation.
3. After consulting with the Defendants and the Mediator, the Trustee believes that further mediation at this time will not be fruitful.
40. Although the Mediator concluded the mediation for present purposes, the Mediator addressed the possibility of revisiting mediation at the appropriate time. Based on conversations between the Mediator and the Trustee, the Trustee further believes that, subject to the Court’s ruling on the pending motions to dismiss, the Court should schedule a status conference to address, inter alia, the benefits of a further mediation session.
Source: PACER [Docket 70]
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. RBC Capital Markets Inc., United States District Court for the District of Maryland, Case No. 11-01998
Completion of Fact Discovery set for 2/28/14
Discovery Deadline is now 5/30/14.
Dispositive Motions Deadline now 6/27/14.
Trial Date to be set at time of teleconference on 2/28/14.
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. Barclays Capital Inc., United States District Court for the District of Maryland, Case No. 11-cv-01982 (6/13/13)
Settlement Conference was held on 11/12/2013 before Magistrate Judge Susan K. Gauvey. Afterwards, Barclays decided not to request a further mediation session.
Barclays plans to file its Motion for Summary Judgement on 12/04/13.
A Pretrail Conference scheduled for 3/21/14.
The 10-day Trial would begin on 4/07/14.
Source: PACER [Docket 109 and 110]
October MOR:
$27,153,763 / 300K Notes = $90.51 per note
The small SS&C settlement cash was received for $40K.
http://dm.epiq11.com/TMI/Document/GetDocument/2442109
Me too. My broker still can't find me any at any price.
Someone bid the price up 60% by buying on Friday? I hope in our case, there is inside info floating around that precedes positive events.
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=08/01/2012&enddate=11/25/2013
And just like that it trades down almost 50% to $8.75. Talk about some portfolio swings in recent times.
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=08%2F01%2F2012&enddate=11%2F04%2F2013
Sometimes availability just stops.
It happened to me in Fremont General bonds (now SGGH) years ago.
Yeah ZD has not had any available to buy/sell since they matured. Must be a system thing. Guess the platform is only designed for 'normal' bonds that don't default. Annoying.
Fido says they can find them, can transact them, but won't. I started to threaten them with moving money to someone who would (because they will do anything once you say that) but by then the price doubled!
Well that doesn't sound very positive, still have to wonder who is bidding these up (no complaints).
Interestingly enough, I went on ZD to see what prices there were and get this message suggesting why I don't see them anymore:
ERROR:This Bond has matured on 05/15/2013 and can no longer be transacted. (10314)
Thanks for the update.
I rarely check TMST note prices on FINRA, but needed to check my ZF account for a Lehman Bros. liquidation payout. What a surprise it was to see my account value!
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. JPMorgan Chase Funding, Inc., et al., United States Bankruptcy Court for the District of Maryland, Adversary Proceeding Case No. 11-0340
1. On Thursday, October 10, 2013, counsel for all Parties and their respective representatives attended a mediation of this Adversary Proceeding conducted by the Hon. Ralph R. Mabey in New York.
2. The mediation was unsuccessful and the Mediator concluded the mediation.
3. After consulting with the Defendants and the Mediator, the Trustee believes that further mediation at this time will not be fruitful.
4. Although the Mediator concluded the mediation for present purposes, the Mediator addressed the possibility of revisiting mediation at the appropriate time. Based on conversations between the Mediator and the Trustee, the Trustee further believes that, subject to the Court’s ruling on the pending motions to dismiss, the Court should schedule a status conference to address, inter alia, the benefits of a further mediation session.
Source: PACER [Docket 70]
Anyone else notice the price moving up substantially this week? Something going on here?
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=08/01/2012&enddate=11/01/2013
One of the parties involved in settlement talks buying up chunks of notes to hedge against their costs? Just a shot in the dark obviously, but did seem curious.
-Pagz
September MOR:
$27,909,913 of assets / 300K notes = $93.03 per note
Portion of Liberty Mutual settlement moved from Other Assets (Deposits) to Current Assets (Cash).
http://dm.epiq11.com/TMI/Document/GetDocument/2428639
Oh and if you aren't a paying member (I'm not) if you could shoot me an email to eagle2975@aol.com that would be greatly appreciated!
August MOR out:
$28,484,438 of assets / 300K notes = $94.95 per note
Notes affecting monthly change:
-Mortgage loan held on books for ~ $2MM settled for $1MM between TMST, Luxury Mortgage Corp, and Commonwealth Land Title Insurance Co.
http://dm.epiq11.com/TMI/Document/GetDocument/2419822
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. Barclays Capital Inc., United States District Court for the District of Maryland, Case No. 11-cv-01982
Still in the document mode.
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. RBC Capital Markets Inc., United States District Court for the District of Maryland, Case No. 11-01998
Settlement Conference previously set for October 16, 2013 has been RESCHEDULED to Wednesday, January 15, 2014 at 9:30 a.m. Ex parte letters are now due Thursday, January 02, 2014.
Counsel that the settlement conference previously set for January 15, 2014 has been RESCHEDULED to Wednesday, January 22, 2014 at 9:30 a.m. Ex parte letters are now due Wednesday, January 08, 2014. Signed by Magistrate Judge Stephanie A Gallagher on 9/13/13. (vals, Chambers) (Entered: 09/13/2013)
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. JPMorgan Chase Funding, Inc., et al., United States Bankruptcy Court for the District of Maryland, Adversary Proceeding Case No. 11-0340
Order On Joint Motion For Extension Of Mediation Conference. The deadline for the commencement of the mediation conference in this adversary proceeding as set forth in Local Rule 9019-2(e)(1)(A), is extended to October 10,2013 and the deadline the deadline for the parties to file a status report, as set forth in the Order Appointing Resolution Advocate, [D.I. 66], is extended until no later than October 18, 2013. (related document(s):68 Motion to Extend Time filed by Defendant Credit Suisse Securities (USA) LLC, Defendant Credit Suisse International) (7/31/2013)
Source: PACER [Docket 69]
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. JPMorgan Chase Funding, Inc., et al., United States Bankruptcy Court for the District of Maryland, Adversary Proceeding Case No. 11-0340
Order Appointing The Honorable Ralph R. Mabey as Resolution Advocate (7/11/2013)
Source: PACER [Docket 66]
Sher with another settlement, this time picking up a few dollars from SS&C:
http://dm.epiq11.com/TMI/Document/GetDocument/2413122
56Chevy May I pick your brain?
If a bank was seized by the FDIC, and the FDIC made a mistake in doing so, and later decided to settle the case with the bank.
Say they gave the bank $$$$$ in a confidential stipulation settlement agreement, have you ever in your experience heard where the $$$$ only went to the pre seizure share holders?
New
July MOR out:
$29,960,532 of assets / 300K notes = $99.87 per note
http://dm.epiq11.com/TMI/Document/GetDocument/2411382
June MOR out, a few extra million brought in from Wells Fargo mortgage certificates class action suit:
$30,652,675 / 300,000 notes = $102.18 per note
http://dm.epiq11.com/TMI/Document/GetDocument/2400165
At current cash burn rates for legal fees that would buy us another 3-4 months. That's pretty good to finance our way towards settlements for the larger cases.
Some resolution on the getting surety bond money back:
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. JPMorgan Chase Funding, Inc., et al., United States Bankruptcy Court for the District of Maryland, Adversary Proceeding Case No. 11-0340 (5/23/13)
Order Assigning Matter to the Bankruptcy Dispute Resolution Program . Designation of Resolution Advocate due 6/6/2013.
Source: PACER [Docket 61]
Extension of the deadline for the filing of the Submissions to 7/01/13
Source: PACER [Docket 64]
Case "F"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82966193
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. RBC Capital Markets Inc., United States District Court for the District of Maryland, Case No. 11-01998 (4/08/13)
Settlement Conference scheduled for 10/16/13 at 9:30.
Source: PACER [Docket 82]
Case "B"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82966193
Joel I. Sher, Chapter 11 Trustee for TMST, Inc. v. Barclays Capital Inc., United States District Court for the District of Maryland, Case No. 11-cv-01982 (6/13/13)
Settlement Conference scheduled for 10/03/13 at 9:30.
Source: PACER [Docket 83]
Case "A"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82966193
Joel I. Sher, Chapter 11 Trustee for TMST Home Loans, Inc. v. Luxury Mortgage Corp. and Commonwealth Land Title Insurance Company, United States District Court for the District of Maryland, Case No. 11-cv-03656
Case "E"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82966193
It looks like the trustee found another $1m, this from a dispute with Luxury Mortgage and Commonwealth Title over a $2m mortgage TMHL bought:
I noticed a couple of things.
First looking at the unsecured debt list on EPIQ is a large scarry amount. Closer look by sorting by $, I find double, triple and quadrupale duplicate claims. The real number should be substantially lower.
Secondly the newest atorney billing still contain lots of redactions. Also I still see Susman's name appearing a lot. He's working on retainer so we don't get to see his billings. If he is still on the case (on speculation), there must be some red meat in his sights.
May MOR out:
http://dm.epiq11.com/TMI/Document/GetDocument/2386849
$27,629,845 / 300,000 = $92.10 per note currently
Good observation, very interesting. I just scanned through a few of the exhibits. What might this hint is brewing? Is one possibility settlement talks that need to stay confidential?
I was checking out the latest trustee and attroney billings on the TMST docket. There is a whole lot of redactions. That is a good sign. Plus say susman's mentioned a few times followed by more redaction.
One can only hope at this point.
Not a lot new. Trading about at cash value still. Cash burning up at the same rate. No news on the big lawsuits.
A long waiting game...
April MOR out:
http://dm.epiq11.com/TMI/Document/GetDocument/2311864
$27,678,221 / 300,000 = $92.26 per note currently
Well when time is money (aka cash burn), 6 months is better than nothing. Also, say these are trading around $80 with 300,000 out there (I believe off-hand) that's over 10% of the current level on a per note basis.
Let's see some math:
$600K burn per month / 300K outstanding = appx. $2 a month decay
$29,185,548 cash + settlement of $3,108,624 = $32,294,172
$32.3 MM / 300K = $107.65 per note currently
Difference between cash value and market value (at $80) =
$108 - $80 = $28 = 14 months
Effectively, at this burn rate you are getting 14 months of court action for free at these levels. Still an asymmetric situation to me in a way.
Onwards and upwards.
$3,108,624 from the Countrywide settlement.
http://dm.epiq11.com/TMI/Document/GetDocument/2267578
Not overwhelming, but it's something. Roughly half a year's cash burn. Plus Zuni should be reimbursing some legal expenses - not sure what those amount to so far.
Wow-how did I miss this? There's a settlement with Bank of America!
I missed it because it was in a docket item titled "motion to seal." I can understand why - BofA doesn't want the settlement details public - it would give ammunition to other litigants. Now I understand why I could not find how many loans were in question to begin with.
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Sr Subordinated Note holders have a claim of $1.3 billion, while Jr Subordinated Note claims are $213.8 million.
All claim amounts listed above do not take into account any post-petition interest payable from the filing date forward.
Court - Case Numbers- Defendant(s)
USBC Maryland | Docket Date | USDC Maryland | Defendant(s) | Damages | Recovery |
10-00137 | 3/2/2010 | 10-01895 | SAF Financial et al | $22 Million | Settled for $6.5 Million |
11-00329 | 4/28/2011 | 11-01982 | Barclays Capital Inc | $94 Million | Settled for $23 Million |
11-00337 | 4/29/2011 | 11-03192 | Countrywide Home Loans | / | Settled for $3.1 Million |
11-00338 | 4/30/2011 | 11-02796 | Goldman Sachs | $71 Million | Undisclosed |
4/30/2011 | 11-01998 | RBC Capital Markets LLC | $35 Million | Settled $31.125 Million | |
11-00340 | 4/30/2011 | JP Morgan Chase et al | $1.3 Billion | RBS Settled for $23.5M |
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