Democracy starts with you, tag your it! ...Thom Hartman
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.
Yes! This is Chapter 11. This means there is supposed to be sausage in the cellar. Only certain assets are needed for liabilities haircuts. Debtor only required to put out just enough (as we’ve seen) in the kitty for re-org bills and ‘lawyer chow’. KMart wasn’t a Chapter 7 liquidation either....assets were there to retrieve. As we’ve all seen. WMI is no different.
It’s been kinda funny to watch the years of teeth gnashing by those who don’t get the difference between chapter 11 and 7 liquidation.
Hi Xoom! imo, former WMI now WMIH (owns Mr cooper, trades as COOP) cash/assets outside chapter 11 are far greater than everything that is in the Mr Cooper box we/WMIH bought.
Imo, there will be some corporate event coming to fair and reasonably designate this ownership by percentage of for those who released. Specifically buying COOP, and I have thousands, doesn’t specifically grant me ownership of the other legacy WMI assets that I chose to grant releases to receive after the ending of both bankruptcies.
Coop will ride the coattails of this coming WMIH corporate event, but will not be the primary beneficiary of what those who released, are in line to receive.
They want everyone to give up and sell out cheap.
AZ, quote "A purchase of a “COOP” share today’ ... will not be treated in the same manner by the Parent Corporation as a Plan 7 released share received in 2012’ associated with the reorganized WMI, or WMI Holdings Corp. ... "
Yes, this is what I was trying to say in my long rambling post. Yours is so much better here.
My broker has always said the markers can't be removed and only be redeemed by a corporate event from WMIH - which is now soon to come, imo, as both BK cases are officially closed.
AZ quote "... I gotta go' for now ... but think about that separation of "ownership" for a bit' ...
Well, I'm thinking about an imminent corporate event from WMIH the Holding Company (re-org'd WMI), to exchange old holding company WMI interests, for new holding company WMIH interests...........via escrow tracking markers for those who released. : )
HLCE
WALRATH has signed FINAL DECREE AND ORDER
I’m betting the WMB Bondholders are gonna throw an epic fit over all of these delays from Alice in wonderland
New filing: Motion to Appear for WMB Bondholdets
https://www.kccllc.net/wamu/document/list/3853
Wonder what this is about?
Are they going to be there to push to close the cases?
The LT only speaks for assets in Chapter 11. They are not speaking about the entire estate that exists outside of Walraths court.
This is Chapter 11, not Chapter 7 liquidation. There is leftovers to be had to even be Chapter 11.
lol, keep reading some more then...
This was Chapter 11 not Chapter 7. Debtor only required to disclose enough assets to wash out the dirty liabilities seeking a haircut. Everything above and beyond that, this $300B enterprise called WMIH now trading as COOP, doesnt have to disclose the rest.
Once both Bankruptcies are terminated, then pigs are going to fly.
Nothing different in my Schwab. My P markers have been clickable and opened up to a bonds trading window for a few years already. My U markers give me no options as before.
For mine, nothing new to report as some are seeing at TD
Lawyers have ruined this country by suing over every fart and accident that occurs. Just because you can extort money, doesn’t you should.
AG literally is the Starbucks ambulance chaser. Yes, coffee is hot. Good grief
One day when this is all over, I’m dying to see what and how it was done. ......after nearly 12 bloody years digging through internet minefields and dead ends while trying to figure it out myself. To know will - almost - be as gratifying as the returns from my release. Almost ;)
Your wrong. JW can close it any day now. Further, the closing order is written to accommodate closing without AG the hot coffee ambulance chaser. You can file all the objections TPS wants, but JMW is gonna shut this last minute circus s&$! show down in 3-2-1.....
All we are waiting on, imo, is Class 18 claims getting their settlement checks, as described in the motion. Once Class 18 is shown to be paid as settled, the BK Trustee has 2 weeks to review, and JMW's signature is gonna drop faster than a Mai Tai at sunset.
We may actually be hours from a signed order....
Thanks AZ. We are thankful for you !
I wonder if Judge Walrath will sign after the 28th? I thought I read the Bankruptcy Trustee required 14 days to review?
So 14 days gets us roughly around Nov. 28, then factor in Thxgiving and stuff(ing)....
I haven't been looking for her signature too hard until after Turkey time, if I'm understanding this right.
you answered your own question.
So why did AG pursue this? It just delays the bankruptcy closing and does not do anything to help escrow holders; in fact, it almost certainly helped to wipe out the last bit of LT cash that might have gone to escrows.
There will be no LTI for cash pledged to the Chapter 11 minimums.
I agree, it was written in a confusing way. But you summed it up nice and concise.
Good times ahead.......
Well, Rosen and the judge did laugh about not having any more 'crazies' and spilt coffee types throwing wrenches at the last second.
This is filed to keep TPS and other disgruntled types from letting the air out of our tires. We are rolling towards the exit and our final destination.
Next legit filing, should be posting to close the 2 BKs
Here's been the holdup. another....New filing. stipulation between WMILT and Nutmeg https://www.kccllc.net/wamu/document/0812229191028000000000002
Maybe now BriRosen will file to end the 2 BKs
Agreement highlights:
1) LT pays Nutmeg $65k
2)Nutmeg releases Debtors, LT, its successors and assigns
3) WMILT shall release the Disputed Equity Escrow shares, AND remove all D&O claims from the registry
Maybe since WMIIC filed BK first before WMI, I wonder if it’ll be the first to file the ‘final decree’ ?
Griffin is TPS's trojan horse. IF she were to be successful (not) you better believe TPS and others will be following right on her heels and this will never end.
Note 6 mentions a distribution only to Common shareholders of reorganized WMI who released.. the former holders of Common stock. No 75/25
and further "The shares and any cash that may be distributed on behalf of the shares are held in a separate escrow account that is not recorded as an asset of the Trust."
Notes 8 & 10 both mention a release of funds/shares held by the DCR/DEE at the NEXT distribution by the trust....
Pretty cool if you ask me : )
Griffin literally is......." the hot coffee spilled in my lap and I didn't know it'd hurt'.... ambulance chaser.
She had years to object. She waited until the last second, for the benefit of maximum extraction (extortion). She asked for $3M. She's hoping for nuisance treats to get outta the friggin way. Nobody will ever see a dime whether she worked it out or not.
Anybody could see she'd never win, its years too late..... A large Hail Mary at your expense of time; and money to those who fell for it.
She should've released her P's, as should many others have.
an overnighted signature could mean no excuse for further delays. They can't say they weren't notified or served. No excuse to delay this final hearing to close the cases.
if there was ever an appropriate time to say "when a big hammer gets paid, I get paid".....its now.
All those insiders and heavy hitters released. They own the same tracking markers as I do, through the DTC. No one can steal any of it. The big boys wouldn't stand for it.
How could a separate trustee like Wells Fargo for example release money to only certain tracking markers and not others? How would they even know who's who, or who's not and pay accidentally?
Why in the world would one of many Trustee legally mandated fiduciaries risk their whole business and jail time? Makes no sense. Way too many eyes on this.
And even if they tried, I guarantee those that got paid will start squealing or spending. Those bypassed will always find out in the end.
If the WMILT, Mike Willianghma, and Douglass Southard were in charge of any 'safe harbor' Chapter 11 legacy distributions,..........then I'd seriously be worried about it. But thank god they aren't. I trust the DTC and 3rd party Bank Trustee fiduciary in place mechanism, as represented by my escrow tracking markers, that is 10000% outside of their reach. thank friggin god.
absolutely. totally agree.
context. and usage.
Rosen shot Griffin a warning with that statement. She could be disbarred for many reason here, if he wanted to push it. He didn't, she was warned by that statement, and she's gone awfully quiet since.
"Purported"? That was a..... 'go ahead make my day'...... shot across the bow. ie, do you really want me to throw down in court to Walrath what I really know about your purported holdings and intentions .....
pretty much agree with you.
It's not Rosen's or the court's legal mandate to be concerned with anything more than necessary to exit Chapter 11 re-organnization. The judge by law had to make sure that a creditor class wasn't getting more than it was entitled to. remember the posit. She knew.......what was between the lines, as did Rosen when he stated in 2011 that equity would be free to pursue the other things outside the court.
I agree, how Rosen speaks has actually meant a lot more than how it's spun here in MB land.
If the debtors WMI had filed 2 BKs in Chapter 7 liquidation, than you better believe everything would be listed and up for grabs.
your escrow tracking markers are your 'filed claim' ticket with the DTC, if one released.
No one can take it from you. No one can steal anything.
It sits outside the WMILT's tentacles under the fiduciary bank trusts outside this bankruptcy.
Every month since 2008, and every month for years going forward, money is added to these accounts as homeowners pay their mortgages, refinance, or liquidate.
...in safe harbor....
25% is only regarding the 'certain' assets given to the WMILT in POR 7. 75/25 is solely a WMILT assets in liquidation. WMILT tentacles are only squeezing a portion of the legacy WMI estate.
The lions share lives on and awaits those who released, after the (2) bankruptcies are finally terminated.
Chapter 11 is not liquidation of the entire estate. Only a liquidation of a bare minimum necessary to re-organize, so the debtor can move on, live long, and last strong.
Chapter 11 is to liquidate just enough of the estate assets to cover the bills being reorganized.
If that is true that "she wants 3 million Q's", it could be because that is only what she released.....Qs. Not her P's.
She is trying to back door her terrible mistake.
ha, the only thing he has to give her is sidelong glance and a wag 'buh-bye'....
Understand that her appeal is moot. No one has to settle anything with her. Her claim is pari pasu with TPS.... if she had released, but she didnt release and the court and Rosen know it (“purported”), and therefore she has no standing to complain or appeal anything. But most importantly TPS agreed to file no appeals in Plan 7. Alice is a dog barking at a parked car.
Brian Rosen can close both BKs without even acknowledging what ol Griffin is spinning her wheels on.
excellent explanation. this should clear up a lot for the actual real retail people still posting here. all the 'others' will continue post as confused and angry
This isn't Chapter 7 liquidation This is Chapter 11