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.
Anyone who stated that JMW's signature was required was lectured and dismissed as being clueless. It was unfortunate for Zee that some of us have a good memory and don't fall for that constant BS.
Question...who was it that was insisting that JMW's signature was not required on the LT's order again??? Thanks
After the recent responses from the WMILT and the FDIC to our many queries, i'm almost 100% convinced that I've wasted the last 7 years hoping a sizeable return from my Equity Interests (NOT COOP).
Anyone who believes that Billions in cash will emerge out of thin air be distributed to our Markers and COOP are not functioning in the realm of reality which IMO will soon be shattered when the true facts are revealed.
We, as of this moment, could receive a couple $$ from the remains of the LT after Piers and a few other debts are finally paid, but this is solely dependent on how much those debts will further deplete the LT's coffers.
In spite of that apathy I still have a large vested interest in this case whether I believe we'll be compensated or not. In addition to that I post in an attempt to dispel the many lies being proffered as fact by...well!!! At the end of the day your inane speculation about my views are of zero consequence.
Once the Employees don't appeal JMW's order we should have "some" answers before the end of February.
Soon enough we'll see how much of his claims are correct and how many are BS, as has been the case in the past.
You are correct...they have the full 21 days to file a NOTICE OF APPEAL meaning the actual appeal document would be due at a later date.
Was a total $$ value ever given for those "Exhibit Z" loans? According to my recollection they were not worth Billions.
I've made that very point many times here...how does our ownership being diluted from 100% to <20% not be viewed as gifting of assets to KKR and other non-releasing parties.
Quote: "WMIH-Corp Will Now Be The Recipient Of Exactly What WMI Was"
So all some new Investor, with extremely deep pockets, has to do is to now load up on COOP shares just before the pps skyrockets from these coming legacy assets???
Name one major issue where your ""DD"" was proven to be correct. Stating facts after the fact, ie hindsight, does not count.
Refer to the text you yourself posted about how abandoning stock does not mean assets are abandoned also. Even though the stock was abandoned, COOP as the current holder does not become the beneficiary of any assets that were once WMB's.
All that would accomplish is to further delay an outcome that was already decided. Total waste of time and money!!!
I'll believe it when I see it materialize. Until then I'll believe what the facts show. To be honest our DD has so far been severely lacking.
Could you list some of the boards major accomplishments in terms of accurate analysis? I can guarantee the misses far exceed the hits!
Yes that is their mandate and was demonstrated by some of the other deals they brokered during the crisis where a fair price was paid for distressed assets. It can also be shown where the FDIC attempted to "gift" Wachovia to Citigroup, but not before Wells Fargo stepped in a paid $15B for their assets. It's all about how connected a buyer is/was and that seems to have been to JPM's great fortune.
That $4B was eventually returned to the Debtors as part of the GSA and was used to pay most of WAMU's $8B Bk debt. Your claim is not accurate.
To each his/her own...we asked and were answered as far as i'm concerned. Good luck to those who choose to ignore the LT and the FDIC and place their full faith in a MB poster with an atrocious record for being accurate.
EDIT: I received a PM earlier today alerting me that our proofs of claim in the Libor litigation will also follow the FDIC's current waterfall priority ie (1)Snr Notes --->(2)Sub Notes--->(3)Equity. This means that close to $14B will be required before we receive any distribution from that settlement. The only alternative scenario where that would not apply is if our claims of being a Creditor of WMB/WMB Receivership is still actionable and was not released. Under that circumstance we could possibly share in the Libor distributions along with the Snr Notes.
I'm almost 100% convinced now that there is nothing or very little left to return. Could I be wrong?...Yes, but I don't believe I am.
EDIT: Agreed...until the LT is closed or we are convincingly told that, "nothing's there", that lingering belief will not go away. I've been ready for an "all or nothing" answer for a long time now.
I have no idea what A+M is doing, it could be what we suspect or simply the "Hogs gorging at the CASH trough". We need to understand that those we depend on don't care about our need for clarity. They IMO will be happy to drag this farce out for as long as it takes to get paid.
I only speculate about Piers, nothing else. For all we know some additional Class 18 subordinated claims could suddenly "pop up" resulting in even less being left for Equity or further delaying any distributions to lower classes.
The acknowledgement by JPM of that $30B ""find"" without a doubt proved that the FDIC dissipated WAMU's assets without fair compensation (5thAT). It clearly illustrates how this case was rigged against Equity from the onset and openly demonstrates the failure of those who were supposedly representing our interests. This boldfaced disclosure made in 2015 is now moot since we had all Released in 2012, unless the LT has somehow preserved, and not released the FDIC from those 5thAT claims.
Piers payment won't be delayed because of those MARTA claims. The difference between MARTA and the EC's was that one was initially deemed by the LT as allowed while the other was disputed from the onset. That IMO is the reason why the LT specifically set aside the money in the DCR for those claims. The only delay to Piers being paid asap is the Employees appealing JMW's ruling.
The LT and the FDIC have spoken re the existence of assets and unlike many here I was prepared for that outcome even though it was disappointing. To those suffering from AIWS (Alice In Wonderland Syndrome), keep babbling on sycophants.
Wasn't sure about MARTA being denied in another jurisdiction and therefore it was not considered, so yes it could indeed be moot.
I do however wonder how/why we as interest holders in the LT were never alerted about the pending proofs of claim in the Libor litigation.
I do not recall seeing those claims ever mentioned in any of the LT's filings even though all past and pending court issues have been routinely reported since 2012.
This revelation, if indeed new, will only fuel the current distrust shareholders have with regard to the LT's conduct on all stakeholders behalf.
I was aware of the possibility that MARTA lost their case in another court but wasn't sure if I remembered correctly. If that's the case it could be that their claims have as much merit as the Employees claims did.
It's possible that since 2012 those claims could have been resolved but until shown to be true all we can rely on is what was presented in the LT's last 10K. That the MARTA/ATU claimants will be allowed to refile their claims once recoveries become available to Class 18. That statement is difficult to explain away IMO.
That should have been how it should have been handled, Piers debt paid as a creditor in a higher class, yet their payment was delayed for years due to a claim from a lower classed claimant. It only makes this appear even more to have been a delaying tactic either to allow for other developments to occur and/or to extend the case for billing purposes.
Could have something to do with Piers being a hybrid security ie debt/equity.
On a similar note, seems to me that even though the Employees claims are denied there are other Subordinated Class 18 claims that are still outstanding. From the LT's 2018 10K, the MARTA/ATU claimants are allowed to refile and certain Class 17B claims (albeit minor) are disputed and will be litigated.
QUOTE: "On May 16, 2012, the Bankruptcy Court, citing the Stipulation, found that the plaintiffs’ new proofs of claim had been filed prematurely, and stated that the claimants would be allowed to re-file their proof of claim only if and when recoveries are available to Subordinated Claim holders (Class 18)."
QUOTE: "By orders, dated December 29, 2011, the Bankruptcy Court held that the Misrepresentation Claims should be subordinated pursuant to section 510(b) of the Bankruptcy Code. Accordingly, holders of Misrepresentation Claims would be entitled to receive their Pro Rata Share of Liquidating Trust Interests only if their Misrepresentation Claims were deemed Allowed Claims and recoveries were to reach Class 18 (Subordinated Claims)."
Obviously not any more.....
My sentiments exactly....oh well.
Don't forget that they may want to finally claim their WMCT assets (3%) so those additional billions can increase the pps. Finally an end to all this theoretical horse crap after all these years. At least on my part.....
The answers are disappointing but at least we can stop with the nonsensical dreaming...well at least some of us.
Enough with all the fake BS....that response today proved we all are clueless...including Zee.
It may be difficult for some here to accept but we've finally gotten the answers that we were awaiting. There is nothing left and we were all wrong all these years. It's disappointing but that is our reality.
GLTUA
That's what they stated on the website...anyhow we parse the language there are no assets left. We were all 100% wrong.
They are telling us like it is....THERE ARE NO SAFE HARBOR ASSETS. All the crap we've been promoting all these years is BS. It's over!!!
When you mix 10% facts with 90% opinions...………………………..
QUOTE: "COOP, the reorganized WMI’, would own 3% plus some additional segregated values as are listed ... due to the fact that this WM Capital Trust was originally set up as ... a Foreign Base, Private Equity’ as well as a CMBS (Commercial Lines), it’s actual present tense values are difficult to determine …"
Quote: "1.73 Common Equity Interest: Collectively, (a) an Equity Interest represented by the 3,000,000,000 authorized shares of common stock of WMI, including, without limitation, one of the 1,704,958,913 shares of common stock of WMI issued and outstanding as of the Petition Date, or any interest or right to convert into such an Equity Interest or acquire any Equity Interest of WMI that was in existence immediately prior to or on the Petition Date or (b) a Claim, other than with respect to the Dime Warrants, which pursuant to a Final Order, has been subordinated to the level of Equity Interest in accordance with section 510 of the Bankruptcy Code or otherwise."
Again merely a description of what represented a Common Equity Interest. All now irrelevant due to Sections 23.2 (Cancellation of REIT Series), 23.3 (Cancellation of Preferred Equity Interests) and 25.2 (Cancellation of Common Equity Interests).
Exactly...according to Z's theory ALL 1.7B shares of Wamuq would be eligible to receive a distribution whether they Released or not. Just because assets are bankruptcy remote doesn't mean bankruptcy decisions can't affect their outcome. Read WAMU's 2005 letter to the FASB re Safe Harbor, it's discussed in it.