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Split T, This is the Answer I Received.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174375835
The number I use for released UQ’s is 1.215 Billion common’s.
876M + ~900M(from Bonderman Preferreds) = 1.7 Billion commons before WMB seizure and WMI bankruptcy.
1.215/36 = .03375.
?
Ron
The DCR/Retained Earnings.
February MOR Is $20.7, Billion now worth ~$25 that is split 75/25% to satisfy Class 19’s claims.
Hence ~2.5X return.
The Series R will still see another ~2.1X in Performance Payments due.
I have posted the supporting documents.
Ron
The FDIC Has Really Sued on WMB’s Behalf.
If you signed the W-9 Release, you are Golden.
Ron
Thanks John. But The 36 Million shares are Gone.
Only Treasury shares are at COOP’s disposal.
The 36 million shares are done.
Plus the releasing UQ was 1,215 million shares.
Thanks for the response.
Ron
Prove Your Numbers!
I’m Calling Total BS.
Ron
Please Tell Us Where.04x Comes From?
The number is a total mystery to the rest of us.
I’m confident with real math.
Show me the math!
Show Me!
Currently I see the number as fictitious.
Please Prove me wrong?!?!
Ron
I’m Open for Discussion. LIBOR Numbers.
Please remember that LIBOR is an adjustment for losses due to the manipulation of the interest rates regarding the Derivative Market Meltdown.
A start point;
According to the FDIC; “WMB securitized $2 Trillion in RMBS of which $500 Billion was sold to F&F.”
For discussion: let’s say that the LIBOR manipulation is just a half of a precent. .5%.
Plus remember that the losses are covered by the derivative insurance contracts at no loss to the notes.
.5% plus the losses are paid back.
$1.500 Billion x .005 = $7.5 Billion losses to investors in these WMB insured Notes.
WMI/WMB was required to hold 15% minimum of their offerings.
$7.5 Billion x .15 = $1.125 Billion. This should be annual.
Please see PDF 3;
The action period is August 2005-> 2007 then to 2011
https://www.docketbird.com/court-documents/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/Exhibit-3-Corrected-Plan-of-Distribution/nysd-1:2011-md-02262-04029-003
It’s basically all settled.
Upstream Issues is about criminal penalties.
Yes the FDIC is asking for ~$400 Billion regarding the seized banks losses.
WMI sued the FDIC for $307.2 Billion “WMB and it’s assets “.
The FDIC and JPM lost.
We read ‘$86 Billion for WMB’.
True statement for WMB alone.
Those estimates are only based on WMB’s revenue stream.
No reference to the assets of WMB like WMBfsb with ~$50 Billion in deposit’s and ~$50 Billion in cash, and other Assets.
I’m only discussed the RMBS. What about the rest of the ABS generated by Washington Mutual?
Ron
At This Point. The Numbers Don’t Work.
COOP would need 607.5 Billion new shares.
1,215,000,000/100,000x5,000,000
= 607.5 Billion shares
I double checked my math.
I had15 minutes.
Yes COOP needs to reconcile with legacy WMI commons for assets utilized.
Or ;
XXXX goes public by only distributions of shares to legacy WMI commons.
Class 19’s claims are already satisfied with the Retained Earnings held in Treasury Notes.
DOCUMENTED!
Ron
Where Did This Number Come From?
? (.0414252113836481) ?
Ron
Exhibit 3 - Corrected Plan of Distribution.
https://www.docketbird.com/court-documents/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/Exhibit-3-Corrected-Plan-of-Distribution/nysd-1:2011-md-02262-04029-003
Filed today;
DECLARATION of Jeffrey L. Haberman in Opposition re: [4021] MOTION for Disbursement of Funds AFTER DETERMINATION OF REASONABLE FEES DUE, IF ANY. Document filed by David Klusendorf.
Expand the Attachments.
Ron
LG, You Don’t Know?
Pre Project Eclipse.
LG, Very Poorly Worded Question.
Yes the Reorganized Parent is fully intact.
• 363&365 Sales.
• Retained Earnings.
• WMB and it’s Assets claim against the FDIC.
• Other assets I have listed.
Only the Retained Earnings are split 75/25% as I have already proven.
Class 19’s claims satisfied in full with a bonus by the Equity Community of Class 22.
Ron
JPM is Bared from Buying Reorganized WMI.
COOP isn’t reorganized WMI.
Purposely separated to keep the legacy WMI holders apart from the NationStar merger stockholders. Not their assets.
NationStar merged with a newly created subsidiary of Reorganized WMI.
Project Eclipse was only part of the story.
Ron
363 and 365 Sales.
The 363 Sales worth around $25 Billion according to the Equity Community Presentation of which $20.78 Billion are reported in the February MOR.
365 Sales are regarding Leases.
WM Citation is more than Airplanes.
See both Plans 6&7 regarding HS Home Loan and WM Citation.
FN; ~”JPM will pay for notes of WMB to WMI”
Therefore JPM is currently paying for the leased property by WMB to WMI.
Payment of subs leased property to the parent Holding Company that owns the property.
Best understanding;
Currently HS Home Loan and WM Citation have been merged into WM 1031 Exchange.
Ron
The FDIC Didn’t Aquire Title to WMB Until 2012.
About three days before the implementation of the Plan.
Possession without Title is Theft!!
5AT.
WMI owned all of the property/assets of WMB and it’s Assets until WMI abandoned the Title to the FDIC as agreed upon.
So, therefore the $30 Billion JPM ‘found’ is WMI’s property because WMI still had the Title to WMB and it’s Assets that JPM needs to pay for.
Ron
For Those That Like to Read Documents.
Starts getting good at PDF 8;
https://www.cafanotices.com/Portals/0/Document%20Files/InterestRate/5c.%20Declaration%20of%20Seth%20Ard%20in%20re%20to%20Preliminary%20Approval.pdf?ver=qsjZGbdUhsTtQQSskOluUw%3D%3D&TSPD_101_R0=0827f50036ab2000b0e41242a851461ccad2ef64f7a0ab69bf6534481783283e4a422b9f5fc90f5d0897031074143000413babf747f05e80b6c538dcf7549382fa4642c7a532de538fab8f70690adb9ae43720c9b512a5b148854625ed585683
Great history of OTC settlements.
JPM not yet.
I searched;
Libor-Based Financial Instruments Antitrust Litigation seth ard
Ron
If JPM ‘Found’ $30 Billion, Then…
WMB’s book value is now $337.2 Billion for WMB and it’s Assets.
Or;
Just because JPM found something, doesn’t mean that it was lost!
Accumulation of interest payments on either number is big even at FJR of only 1.95% rate.
Time for the FDIC to start releasing now undisputed funds to reduce accumulation of interest payments.
The WMB Notes are backed by $26 Billion in assets which should cover the Covered Notes obligation of $14 Billion as claimed by the FDIC.
Therefore proving WMB’s 2008 solvency.
With WMB’s proven solvency, there is no justification for the FDIC to have a lien against the Retained Earnings of ~$25 Billion and/or any other assets of WMI.
Ron
Large Greed. WMB has $26 Billion in Backing Assets
The $14 Billion that is on the FDIC balance sheet for WMB is covered by $26 Billion in assets.
EURO Covered Notes.
We are just awaiting for JPM to take responsibility for the notes, with LIBOR adjustments for the ABS/CDS/RMBS/REIT’s for multiple WMI/WMB assets.
Ron
Keep Following the Case Numbers.
https://www.pacermonitor.com/public/case/2998527/Federal_Deposit_Insurance_Corporation_et_al_v_Bank_of_America_Corporation_et_al
See the defendants list.
Ron
Don’t Stop Know.
1:11-md-02262-NRB FDIC
Defendant’s, 5/51;
https://www.lendersliborsettlements.com/admin/api/connectedapps.cms.extensions/asset?id=dba1269c-4392-4208-a03c-5eeed08c17db&languageId=1033&inline=true
WMB;
“AMENDED STIPULATION AND PROTECTIVE ORDER CONCERNING CERTAIN HARD COPY RECORDS.regarding procedures to be followed that shall govern the handling of confidential material. So Ordered. (Signed by Judge Naomi Reice Buchwald on 6/22/2021) Filed In Associated Cases: 1:11-md-02262-NRB, 1:14-cv-01757-NRB, 1:18-cv-01540-NRB”
Document #3290,
https://www.docketbird.com/court-documents/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/AMENDED-STIPULATION-AND-PROTECTIVE-ORDER-CONCERNING-CERTAIN-HARD-COPY-RECORDS-regarding-procedures-to-be-followed-that-shall-govern-the-handling-of-confidential-material-So-Ordered-Signed-by-Judge-Naomi-Reice-Buchwald-on-6-22-2021-Filed-In-Associated/nysd-1:2011-md-02262-03290
“... WMB Case 1:11-md-02262-NRB Document 3290 Filed 06/22/21 Page 1 of 7. aluised. 6/22/2021, 7:06:11 AM. -2-Boxes”) of Washington Mutual Bank (“WMB”) that JPMC ...”
The court documents never lie.
Ron
Have Fun. It’s All Intertwined.
I searched-> 1:11-cv-02613-NRB FDIC <-
https://www.steptoe.com/a/web/rFSwFUb5JvHiGrqGpZMqmk/3ZFvgf/11-md-02262-20151103-libor-v-ruling.pdf
https://www.courtlistener.com/docket/6311391/federal-deposit-insurance-corporation-v-bank-of-america-na/
https://unicourt.com/case/rc-db1-federal-deposit-insurance-corporation-as-receiver-for-amcore-bank-na-et-al-v-bank-of-america-corporation-et-al-652901
Replace FDIC with WMB.
Results are in German?!??!
More;
I substituted FDIC for Washington Mutual;
https://amlawdaily.typepad.com/11302011libor_hausfeld.pdf
Ron
I Still Love Document #5885.
Footnote 2.
The reason for 41.6 Project West RICO Release to JPM, but not the FDIC.
We have already won.
Just awaiting the payment for the release to be fulfilled.
Ron
Because It Was a 5AT.
WMI already set the price tag for WMB and it’s assets.
WMI sued the FDIC for $307.2 Billion for WMB and it’s Assets and the FDIC/JPM lost.
Rosemary said; JPM will pay for all of the assets of WMB as of the seizure date.
MINIMUM!
Now add in 41.6, “Willful Misconduct”.
The numbers have already been established in court filings and enshrined in the Plan 6 GSA.
Yes settled in Plan 6!!
Plan 6 was adjusted to pay Creditors by the Equity Community with Plan 7.
Very little changed between Plan 6 and Plan 7.
Hint; Exhibit H. 510(b).
Most of the 363 and 365 Sales of Plan 6 became the Retained Earnings of the February MOR
The Equity Community Presentation.
Ron
I Like this Poster.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174267065
Please remember that the MBS are insured. That means minimal risk to the issuer of the notes.
The function of LIBOR Litigation is the resolution of the Derivative Market that insured the notes.
CDS, CMO…
The derivative contract writer’s owe Us money for the MBS notes losses.
It’s called ‘insurance’.
With LIBOR; JPM and friends are just asking ‘how much do we owe you?’
Ron
Every LIBOR Settlement is Good For Us.
Us is WMI, Lehman’s and F&F.
We are all included in the Derivative Market correction process of LIBOR (CDS/CMO…).
Our ABS(MBS/RMBS…bonds) were insured by the CDS…
WMI, Lehman’s and F&F all reinvested in their bond offerings.
Required to hold 15% minimum of their offerings.
Many Hedge Funds are invested in the same bonds we are.
Here is a great post;
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174314875
Ron
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
Interesting; Dated 24th April.
Today is the 23ed.
The Judge edited the page count but it is not readable.
Ron
Do You Feel Like Dancing?
I do.
Globic is finally settled.
Ron
Thanks Real777.
We don’t need SPAM on the MB.
I would like to see more discussion regarding the Derivative Market Meltdown exposure of the “Big Banks.
The Big Banks LIBOR derivative contract writer’s needs to pay up.
Ron
Real777. I Shared This Post on COOP and FNMA.
If the CDS insurers paid for the ABS(MBS, RMBS, REITs, and other) losses as required by the derivative contracts.
Then WMI/WMB, Lehman’s, and F&F would all be completely solvent.
Few understand that the Credit Crisis of 2008 was that the derivative insurance contract writer’s couldn’t cover as an unregulated insurance company.
For the Mortgage market Securitized Trusts created by the likes of WMB, the banks exposure went to zero because the derivatives covered the losses.
The Derivative Market of 2008 was $83 Trillion of which JPM wrote 57% of the total contracts.
Housing; $13 Trillion (source: US Treasury).
Now most of the mortgages where in notes.
By example;
JPM’s posable exposure to the insured mortgage market loss of 10%;
$13,000B x 10% x 57% = $741 Billion.
JPM was already underwater.
TEIR 1 of only 3.5 according to JPM’s own 2008 10K. WMB was 7.8 from the same filing.
I mostly post the COOP MB.
Ron
CDS and F&F.
According to the FDIC WaMu/WMB Securitized Two Trillion in RMBS of which $500 Billion was sold to F&F.
Those RMBS were insured by CDS to cover the losses. Derivatives!
The insurance losses need to be recovered.
The CDS insurance will cover all of F&F outstanding claims.
Ron
Yes You Can Buy F&F on Schwab.
I did last month.
Ron
Please Read This Post Regarding CDS.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174266097
This is significant for the entire ABS Market generators like WaMu, Lehman’s and F&F.
The CDS insurance contracts need to pay for the ABS losses.
Asset Backed Securities;
MBS.
RMBS.
Others (credit cards).
Ron
Please Read This Post Regarding CDS.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174266097
This is significant for the entire ABS Market generators like WaMu, Lehman’s and F&F.
The CDS insurance contracts need to pay for the ABS losses.
Asset Backed Securities;
MBS.
RMBS.
Others (credit cards).
Ron
AI is Wrong.
We all know the February MOR of $20.78 Billion.
DOCUMENTED!!
Ron
Yes Plan 6 vs. Plan 7.
“THIS SUGGESTS THERE WERE TWO KIND OF LTIs ONE TYPE CLAIMS & ANOTHER TYPE EQUITY.”
AAOC Plan 6 LT came under the control of the Equity Community.
The EC carved out sufficient funds from the Plan 6 LT to pay the Creditors and presented Plan 7 to the Court, proving that equity would satisfy all creditors.
What lives in the Plan 6 LT?
• 363 Sales assets described in the Equity Community Presentation of which $20.78 Billion is known as the Retained Earnings.
• WMB receivership claim.
• WMIIC ABS assets.
• Other WMI assets;
1031 Exchange,
Citation,
H. S. Home Loan,
Exhibit H.
510(b).
Ron
…..
Tier 1 of 8.4 Before the Orchestrated ‘Run on the Bank’.
Tier 1 of 7.8 according to JPM own 2008 Annual Report regarding WMB, and JPM was only 3.5 according to the same filing.
WaMu saved JPM and the Government.
JPM’s derivative portfolio was underwater TRILLIONS!
Yes, TRILLIONS!
The Government couldn’t bailout JPM.
The Government needed real cash.
WMBfsb had $40 Billion on hand for WMB.
41.6, time to pay!
Ron
Did The Pregnancy Test Start Last Summer?
When F&F lifted above $.45?
I track the LIBOR Litigation also.
https://www.docketbird.com/court-cases/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/nysd-1:2011-md-02262
Something positive happened last summer with LIBOR/FHFA settlements.
Ron
We Are Due Updates on GSA Litigation.
Please see calendar in sticky post;
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173560014
Ron