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AS PER LAST QSR, LTI BALANCE WAS ZERO.
NO NEED TO CANCEL ANY OUTSTANDING LTIs, BECAUSE THERE WAS NO BALANCE.
THEY STATED THEY PAY IN CASH FOR "RELEVANT TRUST BENEFICIARIES", SO NEED TO ISSUE ANY LTIs.
TAB SHOULD HAVE BEEN DISSOLVED IF THERE WAS NOTHING FOR THE TAB REPRESENTATIVE CONSTITUENTS.
TAB IS REPRESENTED BY 7 MEMBERS INCLUDING JUDGE SOUTHARD(CLASS 19) AND MICHAEL WILLINGHAM(CLASS 22).
ONCE CLASS 19 and CLASS 22 RECEIVE CASH/LTIs,TAB WILL BE DISSOLVED,DEE WILL BE REDISTRIBUTED and MARKERS GET CANCELLED.
IMO.
IMO THE RELEASED EQUITY CLASSES GETTING CASH IF NOT LTIs.
RELEASED EQUITY IS THE "RELEVANT TRUST BENEFICIARIES" JMO.
WHO ARE RELEVANT BENEFICIARIES OF TRUST?
NOTE 3
http://www.kccllc.net/wamu/document/0812229191031000000000005
Following a final distribution of cash to relevant beneficiaries of
the Trust, no additional distributions (of cash or equity in Reorganized WMI) will be made.
Class 18 is not a beneficiary of the Grantor trust imo.
BOB CLASS 18 to 19 TO BECOME TRUST BENEFICIARIES OF THE GRANTOR TRUST
Claim holders are not trust beneficiaries of the grantor trust,former equity holders are the trust beneficiaries and UWs wanted to become trust beneficiaries so that they could get the value of the associated assets for which trust might issue LTIs before requesting a closure of the case imo.
AG could raise this point,imo.
I SEE A THEME,LOL.GOT IT.
Yepperini?.
No LTIs?.I showed proof filed in the court,can you show proof that no LTIs?.
So dont you think its a joke?.Company like JPM files for ch 11, will be under bk judge like the judge here, reorganize, screw the shareholders and transfer all assets to another JD's own company and continue,rinse repeat?.
Read about Change In Control and effects on ORIGINAL SHAREHOLDERS.
lodas could you please elaborate?.
are you really in 80's agewise?.
What do you mean by not the shareholders?.
"WMI did not die in chapter 11, it just morphed into another name... the assets are still theirs, not the shareholders"
JUDGE HAS THE RESPONSIBILITY ALONG WITH DEBTORS COUNSEL< ,PERIOD.
What was the value of the assets?
What was the value of the liabilities?.
What were shareholders getting for releases and assets in $s?.
By stating fair and reasonable,did you make shareholders believe your words, while lying?.
You said that shareholders got shares and warrants in front of a govt committee,does it make you a liar or unfit for a judge?.
Obama and eholder, good friends of cancer patient jd.
LT IS DOING WHAT JPM WANTS TO.
LT & Its Counsel work for the interests of creditors and they tried their best to disband equity and pass it to AAOC and JPM.
They were caught red handed for doing insider trading.
JPMs plan was to get the bank back door from FDIC and Sheila Bair being in politics and FDIC head,JPM sent their negotiators Cavanauh and co to DC with WMI books and records.
They all spoke,they talked to rating agencies,news outlets like CNBC relayed fake news and GS&CO,and other companies like GS shorted WM all the way down to $1.69 from $45,ofcourse Creamer played his part.
WM was kept out of do not short list and was never offered TARP, but surprisingly FR offered help to some unknown banks from outside US,great job BB(you will ask for ice water in hell along with HP JD TG SB), just kidding.
TPG never talked about it though they had $7B investment and being part of BOD,ofcourse it was offshore money,but they kept silent.BlackStone must have made a killing along with insiders like KKR.They are sucking these companies with a long history like 100+ years under CH11 or CH7.Pathetic.
If the wealth is concentrated only among few, will the society be balanced when one is eating very well and other 10 not doing well at all?.It should be balanced.JD is a billionaire and got cancer.Does he really need Billions for his family and kids?.He did a crooked job thats why still sticking to jpm though got cancer and funding LT,nervous mess.
Weil was hacked,but it was never informed to BK court.Thats a big dark spot to look into.
All jmo for fun.
YES, IN AN ELECTRONIC BOOK ENTRY FORM.
WE GET PAID FROM DCR JMO
the DCR is a separate taxable entity for U.S. federal income tax purposes, and all
distributions from such reserve are taxable to the reserve as if sold at fair market value. Any distributions from the
DCR will be treated for U.S. federal income tax purposes as if received directly by the recipient from the Debtors on
the original claim or equity interest of such recipient.
Footnote 2
The balance in the DCR could increase if prior disputed claims are refiled, as allowed by
approved stipulations.
I am sure LT is referring to MARTA.
REDISTRIBUTE ONLY TO CLASS 22
During the quarter, the Trust resolved all remaining disputed equity claim. Therefore, the DEE will be in a position
to redistribute the remaining shares, net of any shares that are sold to pay tax obligations. The shares currently held
are held on behalf of former common shareholder interests (Class 22). Therefore, any redistribution will only be
made to Class 22.
ASSETS HAVING BEEN MARSHALLED -
COOP SHOULD SHOW THE ASSETS SOON.
WHY IS TAB STILL EXISTING?.
THEY SHOULD ISSUE LTIs FOR CLASSES 19 & 22 IMO
Subsequent to the Bankruptcy Court approving the closure of the chapter 11 cases, the Trust will remain open for a
period of time in order to wind-up its operations. Following a final distribution of cash to relevant beneficiaries of
the Trust, no additional distributions (of cash or equity in Reorganized WMI) will be made. As provided for in the
Plan and Liquidating Trust Agreement, any funds remaining on hand immediately prior to the dissolution of the
Trust will be donated to one or more charitable organizations.
No mention of LTIs.
mord...CLAIMS WERE CALCULATED at $1.69/share which was decided by the court.
Even voting was calculated based on this.
AG DID A GREAT JOB - THIS TIME BR SAYS
judge please close the cases so that LT can distribute THOUSANDS of former equity holders patiently waiting for 11 years.
LOL, IMO.
BORIS, sp should be atleast $30/sh.
12 WMIH + 1 NSM + Recent acquisitions + Legacy assets + NOLs.
ITS GREAT TO MEET YOU THIS WAY.I NEVER MET RECENTLY ANYONE BORN IN THE ERA YOU WERE.HOPE THE NEW BEGINNING IS STARTING FOR MR.COOP.
Thanks BOB.
BOB, PROTECTED CELL WAS TRANSFERRED OR SOLD OR WHATEVER BUT THE TSA WAS WITHDRAWN AND IT WAS FILED IN AN 8K RECENTLY.WMMRC WAS DISSOLVED AS PER BLACK STONE's ZELIN'S REPORT WHICH PROJECTED TO 2019.
"RECONSOLIDATION" SHOULD HAVE HAPPENED OR HAPPEN AS PER TREASURY AND ORIGINAL SHAREHOLDERS SHOULD GET COMPENSATED AND NOLs SHOULD BE FULLY UTILIZED.
WMILT SHOULD ISSUE LTIs OR CASH OR BOTH AS A MATTER OF FACT.
I SOLD MY SHARES TODAY AND BOUGHT OPTIONS(just starting).
JB KKR CITI ALONG WITH FORMER InsiderTraders ,FORMER BOD OF WMIH,FORMER BOD OF WMI Holdings Corp,FORMER BOD of Washington Mutual Inc,FR,HP,BB,TG,JD,FORMER FDIC CW and a director of a law firm representing FDIC in courts(fox guarding the hen house),FORMER Chair OF SEC who excluded WM from do not short list....all must be watching this case.It took this long because of these crooked super powerful,GREAT THING IS WE SURVIVED.
MR.BOND DID NOT EVEN TALK ABOUT THEIR INVESTMENT,OFCOURSE HE WAS ON JPM BOD TOO.
WHERE IS NSM + ASSETS + NEW BUSINESSES + NOLs VALUE IN THE SHARE PRICE?
Its trading at $1 WMIH share, its not reflecting any of the NSM value + other assets and recently acquired assets.
NSM had 90 Million O/S before merger trading at around $18/share which WMIH bought with around $22 cash.
Now Mr.Cooper has 90 Million o/s each share(12 WMIH shares) trading at around $12.
What is missing is the NSM value + other recently acquired assets + other legacy assets like Longbeach mortgage company...etc.
This is atleast should be trading around $30/share.
Bought lodas.
LODAS good or not,but $15 calls for Jan 15th and April 100 each.Any thoughts?.
JPM PAID $1.88 Billion, 1% premium for the $188 Billion "ASSUMED" DEPOSITS
AS INITIAL PAYMENT.
FEDERAL RESERVE SAYS BILLIONS WMI - $328, WMB -$307
AS PER FEDERAL RESERVE WMI - $328 Billion WMB - $307B
The average (per bank) assets of the 465 banks resolved by the FDIC between 2008 and 2012 was roughly $1.5 billion, with a total of $680.3 billion. The largest depository institution ever resolved by the FDIC was Washington Mutual, which was resolved in 2008 and had total assets of $307 billion prior to failure. Return to text
3. Lehman's pre-bankruptcy total assets were $691 billion. The second-largest bankruptcy in American history was the bankruptcy of Washington Mutual, Inc., the savings and loan holding company that owned Washington Mutual; its pre-failure total assets were nearly $328 billion. Both Lehman and Washington Mutual filed for bankruptcy in September 2008.
https://www.federalreserve.gov/newsevents/speech/fischer20160622a.htm
AS PER FEDERAL RESERVE WMI - $328 Billion WMB - $307B
The average (per bank) assets of the 465 banks resolved by the FDIC between 2008 and 2012 was roughly $1.5 billion, with a total of $680.3 billion. The largest depository institution ever resolved by the FDIC was Washington Mutual, which was resolved in 2008 and had total assets of $307 billion prior to failure. Return to text
3. Lehman's pre-bankruptcy total assets were $691 billion. The second-largest bankruptcy in American history was the bankruptcy of Washington Mutual, Inc., the savings and loan holding company that owned Washington Mutual; its pre-failure total assets were nearly $328 billion. Both Lehman and Washington Mutual filed for bankruptcy in September 2008.
https://www.federalreserve.gov/newsevents/speech/fischer20160622a.htm
stocksjo...I agree that, but does P&A pay anything to preferred which is out of POR7 if preferred already satisfied thru POR7?.
stockj... in the bankruptcy filings and confirmation order it was mentioned that no party was getting more than 100% liquidation preference.I am not against prefferred share holders.I own 1500 P escrows and around several 10K k's.
REIKO..yesterday i responded to your comment and i mentioned about Fiduciary duties.Could you please respond to that.I believe you are very very knowledgeable.
Reiko..
Yes common and preferred shares were cancelled but those INTERESTS were transferred to LT,JUST FYI.
Clear?.
If preferreds is taken care full by Reorg and Plan(LT), who would get paid from FDIC?.
Do the preferreds still get paid by FDIC one more time?.
Just curious to know.
Thank you.
FDIC has the fiduciary duty to maximize the value of the assets sold,it can't sell a bank owned by a holding company because FDIC did not have enough funds to cover itself incase if the bank collapses.They seized the bank on a hypothetical scenario.
WMB capital rations were strong and they had enough liquidity.
Could somebody post the audio of the recent court hearing.Thanks.
"MATERIAL RECOVERY" FOR EQUITY HOLDERS
LTIs GUARANTEED SOON
9. To be clear, recoveries for current WMI equity holders are not limited to the
stock of the Reorganized Debtor. Upon satisfaction in full of all claims, interests in the
Liquidating Trust will be reallocated to include WMI equity holders entitling them to
participate in the recoveries of the Liquidating Trust. This is another potential source of
material recovery for WMI equity holders.
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LTIs GUARANTEED SOON
9. To be clear, recoveries for current WMI equity holders are not limited to the
stock of the Reorganized Debtor. Upon satisfaction in full of all claims, interests in the
Liquidating Trust will be reallocated to include WMI equity holders entitling them to
participate in the recoveries of the Liquidating Trust. This is another potential source of
material recovery for WMI equity holders.
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