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No it does not. That’s why I was reading up on the agreement and that wording there got me even more confused because under the agreement the Trust Preferred Holders receive a settlement on their Trust Preferred Shares, but it didn’t include Series R Preferred Shares. Also, when it got to Common Class 22 it also stated, the same wording, they are entitled to nothing of the Equity Interest. I think there’s a difference between Trust Preferred and Regular Preferred. So, like I mentioned, I’m confused and or mistaken in my understanding of the wording. Something definitely does not make sense. I, personally am starting to feel, “ I got Hosened.” Lol!
Still I’ll continue reading.
Bbanbob, I may be mistaken or misunderstanding, but as I read more of the Sixth Amended plan 7, it states that we gave up any and all Equity Interest in the Debtor, Debtor’s subsidiaries and Reorganized Debtor after the effective date, according to the Plan. I’m not sure but it made me sick to my stomach when I read that.
Still, Of course not. A foolish mistakes is a feeling of an act of mistake. A state of mind not a state of being. I know the difference.
You’re welcome.
Red, excuse my typo: I meant to type Dec. 2020; not Dec 2029
Red, Don’t forget about American Savings Bank and Keystone Escrow shares that matured in 2017 and during restructuring extended til Dec. 2029.
Still, so the Underwriters are fools for switching to Class 19? They foolishly gave up money in hand for escrows in dreams. Ok, keep telling yourself that. They knew exactly what they were doing. More Profits.
Pick, I read that as long as the escrow Cusips are in your account(s) the Trust is not Dissolved.
WMILT Frequently asked questions.
Large, this one a little different for the same year.
https://www.fdic.gov/about/financial-reports/corporate/cfo_report_3rdqtr_15/0915_cfo_report.pdf
Large, I’ve always wondered why there hasn’t been another FDIC Financial Report publicly released since 2015. I’ve search but didn’t find any present day information. Just the old one you provided.
https://www.fdic.gov/about/financial-reports/corporate/cfo_report_3rdqtr_15/0915_cfo_report.pdf
Olti/Alti, I think it’s time to let Willy go. Lol Bashing him continually is not going to get us paid any sooner, if at all. Remember, for him to be part of the Equity Committee and attending the round table meetings, he had to sign a Non Disclosure Agreement. So I can’t be mad at him for not wanting to be sued for breaching the NDA. Especially for some ungrateful strangers. Tell me would you jeopardize your livelihood and all of what you worked for just to please a stranger that in a quick breath will have no problem stabbing you in the back? No, you wouldn’t because before anyone else it’s you self preservation. Also, it’s no secret that Rosen reads what’s on this board, he mentioned it a few times in open court. With that being said, maybe Willy is here also.
One more thing, what happened to World Gardener? She too was on the Equity Committee. Can she share any information with the rest of us? Just look at it in that point of view. I’m not trying to start an argument with you Alti just looking at it from a different perspective. He was forced to keep his mouth shut and divulging inside non-public information would make it illegal. Look at how they shut down Atty. Aya Griffin and they let her off easy with a $1000. Fine as a warning but if she goes against the agreements, I would imagine that it will be more severe than just a small fine, maybe they’ll go after her licensing. Remember this is the Government and also the Government: DBA/Banking Institutions, that’s who we are going up against and they will do whatever they need to do even rewrite laws. Hence, FDIC can now take the Holding Company and it’s Assets into receivership as well.
Is History repeating itself? Also, was there any mentioning of Keystone being paid back in 2020?
In December 1992, American Savings Bank, Keystone Holdings, Inc. and certain related parties brought a lawsuit against the U.S. Government, alleging, among other things, that in connection with the acquisition of American Savings Bank they entered into a contract with agencies of the United States and that the U.S. Government breached that contract. As a result of the Keystone acquisition, the Company succeeded to all of the rights of American Savings Bank, Keystone Holdings and the related parties in such litigation and will receive any recovery from the litigation.
In connection with the Keystone acquisition, there are 6 million shares of the Company's common stock currently in escrow. In addition, as of December 31, 2007, the escrow included $75.9 million in cash dividends paid on escrowed shares as well as interest accumulated on those dividends. Under the terms of the escrow arrangement, upon receipt of net cash proceeds from a final nonappealable judgment in or settlement of the litigation prior to the expiration of the escrow, one share (together with the dividends and interest attributable to such share) will be released from escrow to the Keystone investors for each $18.4944 of net proceeds received by the Company. In September 2007, the escrow agreement was amended to extend the expiration date from December 20, 2008 to June 30, 2020. As a result of the amendment, in 2007, the Company received cash payments totaling $17.2 million from the escrow. Additionally, the Company is entitled during 2008 to receive quarterly cash payments from the escrow, each in an amount equal to approximately 2% of the then value of the escrow. Thereafter, the Company is entitled to receive quarterly distributions from the escrow, each consisting of 130,435 shares of the Company's common stock and the dividends and interest then in the escrow attributable to such shares.
Interesting: Why is Tom Fairfield, still presently listed as COO for WMIH Corp in Seattle Washington?
You’re welcome, but the credit goes to Ron and AZ, they provided the nuggets, I just mined it for you. Lol
Here you go Goodie, pg. 6 https://www.sec.gov/Archives/edgar/data/1545078/000119312519294873/d834622dex991.htm
Awww man! I pressed the prompts to ask my(our) question regarding future Dividend distributions and was totally ignored. Smh. Maybe I didn’t do it right but my intentions were there and was totally prepared getting my professional voice on and my Zoom outfit ready, shirt, tie, jacket and pajama bottoms. What a waste of an outfit! Lol
They sure was! Apparently they didn’t listen to the last conference call where Jay mentioned they were already ahead Going into the 3rd Quarter and we’re going to hit there quotas. I didn’t even bother posting rejecting those spreading the rumors because it was just a waste of time. I just waited so the facts could proved them wrong and it did.
You’re welcome Boris, but the credit really goes to It’sMyOption. He’s the one who emailed and got a response from the FDIC and posted it for us.
Austin, yes this is very interesting. As soon as I read it, I had to read it again, and then again a third time, just to make sure I wasn’t playing with my own emotions. Lol
Thank you Dave, I appreciate your efforts and sharing with the board. In my opinion, there is a few gold nuggets in that response. Several assets that weren’t included among many liabilities and also the receivership is not closed and still trying to maximize to the benefit of the estate. Also, the current dividend status is on the FDIC website. My opinion using the word current tells me that status will change with any returns to the estate. Again thank you I appreciate you, your efforts and for sharing with the rest of us.
Also, I forgot to mention. There is no need for Financial Report Requirements in the Caymans. Hence, Preferred Caymans Series R. They are also known as, “The worlds most popular offshore banking and hedge fund location.”
They’re in the Caymans
They’re with the Preferred vacationing in the Caymans. Silly Rabbit, Trix are for kids!
Lodas, I think you’ll need to reread the Purchase and Assumption Agreement. “assets of the Assets are not part of the Agreement.” Also reread the Disclaimers in WAMU ASSETS ACCEPTANCE CORPS. What you stated is not correct. Also, WMI is still the owner of the Equity Interest of the businesses that are still in business and earning interest on a daily basis. Right after the exiting of bankruptcy there was $26,701,895,190.00 in asset’s money listed on the ABS-15G Form. Do you really think $1,888,000,000. “Reinstatement fees” pays for 26 Billion dollars in cash. JPMorgan paid $1.888 Billion in reinstatement fees not a purchase dollar amount for the Assets. Over the years the wording has changed but in the beginning, that’s the way the agreement was worded. I’ve spent the last 13 and half years reading and researching what I own.
Biz, Is that your synopsis after reading the filings or just your opinion? Can you elaborate please? Thank You.
Appaloosa, Center Bridge, Owl Creek and Aurelius also traded on Inside Non Public Information, I don’t see you harping all over them. JPMORGAN also had an NDA and they were working the back channels with the FDIC.
Still, maybe so but he also helped many understand the procedures and actions that the company was performing. The good he brought out ways the bragging, hands down any day. Not to mention, he was telling all on this board that COOP was the tell way before many caught on and many totally missed the boat. I do give him credit where credit is due. I believe that people including yourself should move on from the NDA and the bragging about the money he made. It’s has gotten really old and boring. Also it sounds like he’s being hated for making a lot of money while many didn’t listen and just sat around moping, complaining and arguing amongst each other. I feel the same about AYA being called the Coffee Lady, I think that’s rude and offensive when she has shown that she has more balls than many here on this and the other boards by going up against Rosen and the Bankruptcy Court Judge. How many did that? Many have talked a good game but no one stepped up to the plate and for that she’s being ridiculed. I see why Ghost made up his own board. I’m not trying to start a rift with you just want you to look at it in a different perspective, that’s all.
T, thank you for posting this information. Like I mentioned in the past, this is and was a tax free and tax credit transactions. All the way till the end, even as far as donating to a charity for another tax credit. Now as the example states it’s an example of how companies long term transactions do not need to be reported to the IRS. The Long Term Transaction part speaks volume. Maybe I’m misreading and not really understanding but to me this is a good ample for us. They are being Recognized but yet to be Realized Gains. What are your thoughts or that of the think tanks members from boardpost. If you don’t mind that is.
Sussman fell and had a brain injury and then had complications due to COVID.
You too are also welcomed. Have a great day as well and stay safe and healthy.
I wouldn’t have a problem with that at all. I still would like to show my appreciation to both AYA and AZ. Also, to include bbanbob, large, newflow and several others. They are more than welcome to meet me at my 6 bedroom Villa in a Resort Community in the Caribbean with all the amenities including a Private Chef, maids and butler, helicoptered to a from the airport or they can ride in the Rolls enjoying “The White Glove Treatment” as my guests.
Someday I would like to just sit down and have a intellectual conversation with AYA and thank her personality.
What many have forgotten and stopped paying attention to is that during bankruptcy the Parent Company was still in business. WASHINGTON MUTUAL INC. Since the beginning was allowed and referred to as Debtor in Possession.
NOTE:
A business in the midst of filing Chapter 11 may continue to operate. In most cases the debtor, called a “debtor in possession,” runs the business as usual.
They’ve been in business and in their Safe Harbored entities are the beneficial equity interest hiding in plain sight. They’ve been accumulating all along for 13 years. Remember, Peter bragged about how they were strategically prepared for the takedown. Now, we wait for the Resurrection.
Nranger, I think it’s a internal data code not a number of shares code. Jmo.
Oberthal, I hope he’s enjoying his $Millions$ Vacationing, but jokes aside, I hope he’s well and not sick. There’s a lot of that going around.
Lodas, what I found interesting, but yet frustrating is that, I went on to the site that provided me with the information regarding escrow shares in bankruptcy( investopedia) and as of July 21, 2021 it has been updated better yet rewritten and they conveniently removed some important wording like holders of cancelled shares still are beneficiary holders of those shares and any assets returned after closing pertain to those holders. I have posted that information here before and provided the source( Investopedia ) now the source has been altered by removing that information. I remember the day I was born and the very first thought on that day, so I know what I read and where I read it and now it’s gone. This frustrates and angers me, that they can do this. One thing that stood out to me when I was working as a Broker in Training in downtown Manhattan, one of the Managing Partners yelled out to us, “ We Are God, We Control Everything And Everybody Out There Are Pho.King Losers!”
This is their Attitude and it couldn’t be more obvious and blatant.
Escrow Common shareholders have rights to any returns to the Company after Preferred is paid, but in this situation both Preferred and Common are Pari Pissu.
Just so you know in Bankruptcy court, holders of cancelled shares are still the beneficiary holders of any assets or money returning back to the company. Why do you think Corporations cancel the stock and eliminate common equity, so they can be the sole beneficiary holders of the assets being returned. It’s in black and white.
Rosen, also said there was nothing for Equity and Equity couldn’t be included, yet here we are.
Newflow, I had mentioned that a few weeks back. I also mentioned they have control of Admin and the Moderators. Not to mention, they had mentioned conversations from the Yahoo Board in Bankruptcy Court back in the day. Also, the Yahoo Board was mentioned in News Articles that were published. This would not be any different. Look at the Foolery that Divided that Board(Yahoo)and they are doing the same here.