Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
No release, no escrow position.
The hedgies would contest this strongly. If you didnt release and file the w9 you are SOL.
Message board posts are opinions and not to be taken as gospel. Ever.
If you dont like my posts I suggest putting me on ignore.
Very nice of Jiminy to post on Christmas.
Hope his information and insights were a nice present for you all.
While nothing is certain, I think good news is forthcoming.
Thanks wwhatthe, appreciate you taking time to give such an outstanding summary.
Its great semantics to call it an escrow position. Those positions are well documented and appropriately stored. I wish people would stop insisting our positions were deleted! Hoping your explanation puts an end to their confusion!
I agree we are just waiting for the FDIC to wrap it up. Libor is the final piece of the puzzle. Once settled, we get that payment, and the waterfall can commence.
We will all do our part to help the economy when the distribution happens.
Best holiday wishes to you and your family.
We only have to be right once.
Bob lets hope bops prediction of 8x for us from Libor comes to fruition. But seriously Id be happy with hold2wms prediction of 1x.
If this money raise from jpm and boa is for Libor we could see a significant amount of rewards after 16 yrs of torture.
Keykey you havent made the list, yet.
Do you Want to be on it? Easy to do.
I have not personally contacted Bonderman or Temper. But.....dont you think that if you were swindled out of several BILLION dollars, you would want restitution? These guys are smart, and successful for that reason. Do you think they threw their hands up and said, Ahhh hell with it. Whats a few billion dollars!
Now, if it was millions, maybe. But not billions. No way did they walk away from that knowing full well this was an unfair taking 5th amendment issue. The fact that they havent sued to at least Try to get recovery means to me that they knew eventually they would.
Coattails
How many times are we going to go over this?
The LT markers were removed. The historical escrows that we were issued....IF you released....are still in your account history and can be reactivated when value comes back.
Why dont people seem to understand this???
Btw....welcome to my ignore list.
They will try to screw escrows but the big boys own 70% and they want their money. Time to pay up.
Coattails
I believe Libor is the one thing we can be fairly certain of. If we do see money from that settlement that will be a great initial avenue for account confirmations.
Then if the big money flows Computershare will have all of the accurate info for further distributions.
Lets hope Libor provides at least 1 par.
Royal I appreciate your optimistic attitude.
I just worry about all the corruption we are up against.
Don't see a connection but who knows?
For now, all we know is that Libor is real and is almost completed. The FDIC cannot hide those facts. We just don't know when that settlement will be announced or how much it may mean to our escrows. It's out of our hands. All we can do is hope for justice after going on 16 years!
I hope the board posters are right.
Why does this pertain to us?
Buy hard assets because the day may come when the gov empties our accounts. Buy gold and silver. Now they are saying dollars/cash may also be good to hold. Hope so.
So Bob, if $700B comes back as "the source" predicts, that's 70 Par.
I will be glad to take whatever excess you don't need. :)
Bob, this admin needs an infusion of cash to bolster a fading economy, and this Wamu money could be part of their plan to inject liquidity into the markets. We would be the lucky beneficiaries. But, if you get "too much" money, you can donate to many worthy causes. I live simply and will help those in need if I get a windfall. Especially animal rescues and humane societies who are all in desperate need of funding these days.
I will offer a free spay and neuter service where needed, as well as free food for anyone adopting an animal. This is especially needed on the native reservations where packs of dogs roam free and breed constantly. It's a major problem in this country that needs to be addressed.
So don't worry about too much money.
Goodie, my understanding is that the bonds are a separate issue from the escrows. The bonds need to be paid by JPM.
Just as with Libor. Escrows are not entitled to anything coming back to bonds. I and others received paperwork from the Bondholders settlement that stated that clearly.
Bop is the eternal optimist, but she backs it up with her credentials, which are way beyond anyone else on these message boards. She is a bk attorney who has actually worked for JPM so you have to give her respect for that. I tend to feel hold2wm is a bit more realistic in his 1 par guess, although he too thinks it could be much more.
I am guessing that JPM will settle Libor for 10B or so in hopes that will assuage the escrow holders so they go away, and let JPM keep the really big money. Might be a smart tactic on their part. But I don't think the big boys would let them get away with that. We shall see.
Coattails
Thanks Bob, you too. I think we have some good things for escrows in the offing. While nothing is certain, I think Libor alone will make people happy. 1 par is pretty good, so even if we just got that much most would be happy. Of course we feel there is much more coming, but in this world we have to be realistic.
Bop thinks possibly 8 par from Libor. While that would be great I just don't see it happening, but who knows???
Merry Christmas!!!
Best Christmas gift, the ignore button!
I have cleaned up this board by ignoring all those that are a pain. I suggest others do the same. The board is great for me to visit now!
Merry Christmas to all good people!
No, my credit score has always been high.
Any other escrowers getting offers for 0% credit suddenly?
I am starting to wonder if we may be on some new wealth management list from JPMC. In the last month I've gotten several such offers despite soaring interest rates. It's like all the banks want my business suddenly. Seems very strange. Prior to the last month I haven't gotten zero offers in several years. I think the word may be out.
xoom, get this: in California, you can walk into a Best Buy, walk out with a $900 TV, and it's no crime. People do it all the time.
Dark, yes, cash would require W9 withholding, I think 23%. Then we have to argue at tax time that it was a settlement and thus non taxable. At which the IRS will argue it is ordinary income and we owe even more! They are slimy.
Stocks issued as payment going into an IRA would be tough for them to tax. I'd say we'd just be responsible for the gain over time, for instance, we get JPM stock at 180 and we cash some out at 200 we'd be responsible for the 20 gain. They may argue it would all be taxable!
This will all be very complex. We will each need a good tax guy. Good luck with that! I've talked to a few and they each give me different takes on it.
What the IRS may say is, for instance we get par on Ps. So they may argue that the basis is zero, and par is 1000, so we'd pay LTCG on 1000, which would be 15% on the first 480k, and 20% on the rest.
I'd love to argue it is all nontaxable as a settlement, but they will want their cut, and they have the power.
I am happy hold2wm is optimistic.
Bop is always but hold2 is more grounded in reality so when he also feels good about our chances I too am optimistic.
No guarantees though so we should mentally proceed with caution. No loans, boats, or mortgages till we see it in our accounts!
But visualize, pray, and think positive. If it happens help others in need. We all know many people who could use help these days. Don't forget the animal rescues too.
Libor may be in settlement negotiations now. No hearing date set so this year looks like a no go.
This last group is many billions so we are likely looking at Q1 24 but anything is possible.
The judge saved the biggest for last.
The coattails are the key element. Once Libor is done they will push to close out this mess. They have the money and lawyers to get it done. Libor is the biggest impediment, the other suits are small potatoes.
Libor settlement WILL happen. Now it's just a matter of when and how much. 1 par sounds like a no brainer. Frankly I hope it happens next year so we don't need to deal with taxes until Apr 2025. But remember that we did W9s so the IRS gets to hang on to our withholdings until then too. So it is to their advantage to get this paid out next year as well.
The Banana Republic of the United States.
Dark, I don't know of any further lawsuits beyond Libor that could hold up the process.
Mom and pop lawsuits will have no impact.
If you know of legal actions of significance, post them.
I say that once Libor is done we are ready for further distributions.
If our Libor portion is at least 1 par as Hold2wm feels that should tide people over until the waterfall begins.
1 par of course would be 10B, so 1k per P and 2 dollars for Qs. Bop thinks maybe 8 par coming from Libor to escrows, but I'd rather be conservative than disappointed.
I am hoping we get 4 x since that would give commons $8, which is what the crooks offered per share to buy Wamu before they stole it.
Hold2wm is to be applauded for his work on following Libor for us.
He feels confident that at least 1x par will come to escrows from Libor. Bop has much higher estimates.
But this judge is no pushover and I think she wants to see justice done.
As Janice Hearns said, the FDIC receivership cannot release funds to escrows while there is ongoing litigation. So once Libor is done the waterfall can begin.
Frankly 1 par from Libor would be fine for most of us, but most importantly, the waterfall will be the big enchilada.
Say your prayers. Let's hope good things come to those who wait.
Not sure but things are moving quickly...
The final Libor group is on the clock. Lets hope the judges tough stance will produce a quick settlement. Im sure JPM now realizes that if this goes to trial it will cost them much much more. Judge Naomi is no Walrath!
Judge Naomi strikes down JPM and BOA attempts to obfuscate and delay yesterday. Ha!
MOTION DENIED!
Nice try Jamie, but she is no pushover (like the other). Time to settle. Your BS delay tactics are over. Pay up.
Has this decision even been discussed here before this?!
Not sure this is ours but we could hear something about a Libor settlement next week.
Lets hope Judge Naomi comes through with justice for Wamu.
No prob Tau, glad to help. It's a little tricky to get to but it's all there in black and white. Our escrows are well documented.
The several hundred new millionaires group has not happened yet, and won't until we get our distributions.
Thanks Large, yes, JPM knows we will be wealthy and they want our business.
That's why any settlement is a win win for them. Not only do they also own WAMU escrows themselves, but they will get much of our banking business. I have several Chase accts and plan to remain there albeit with much fatter accts.
Appreciate you reposting this, because otherwise people would say I made it up again. LOL
Anyone else suddenly getting many credit card offers at 0% and also credit limit increases?
It seems like the banks might know who we are and may be expecting a payout. I've never seen so many great credit offers in my life and it's all been just in the last 2 weeks or so, despite credit card rates hovering at 30% now. Something's up and they want our business. Remember Dimon said there would be many new millionaires coming on board. Is it just me or is anyone else suddenly getting great cc offers with 0%
They seem to really want our business.
goodie, Schwab said the next batch of TDA clients would be transitioned over in the next year. Huge undertaking and no room for error, so accounts have to be checked and double checked. But all has gone smoothly so it looks like they are doing a good job with it.
Tau, Fidelity is a little more complex to find the escrows in your history. But I wanted to help you out because thats what the good guys here do. :)
So, go into All Accounts.
Account positions
Activity and orders
History
Select Past 30 days and click Custom
Put in the date range 01/01/2022 to 12/01/2022
You will see them listed like this:
Feb-11-2022
Rollover IRA ***
EXPIRED WMIH CORP SHS *EXPIRED POSITION* EXPIRATION WMIH CORP SHS *EXPIRED POSITION* (939ESC968) (Cash)
--
Feb-11-2022
Rollover IRA ***
EXPIRED WMIH CORP PFD *EXPIRED POSITION* WMIH CORP PFD *EXPIRED POSITION* (939ESC992) (Cash)
Each position will have them listed there. If you click on the little arrow to the far right it will show you how many escrows of each flavor you own.
So you see, our escrows are alive and well, just listed as expired at this point because they are deemed worthless, until there is a distribution. Then they will resurface into an active position.
john is correct. They still show in Schwab in the acct History as "worthless" because at this time they are, which they will not be for long!
It shows the amounts too. So these records are readily available when payments come. Make sure you keep your broker accounts updated.
02/11/2022 Journaled Shares
939ESC968
TDA TRAN - REMOVAL OF WORTHLESS SECURITIES (939ESC968)
02/11/2022 Journaled Shares
939ESC992
TDA TRAN - REMOVAL OF WORTHLESS SECURITIES (939ESC992)
Thanks john, will check again. I know that Schwab is an ongoing transition process.