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Yes it will. The theory that Preferred (Pq, Kq + Reits) will be paid face and possibly all dividends since 2008 and Commons get the rest does not hold water.
If you read from pg 59 of the POR where Treatment of Preferred and Commons is discussed you will see ALL old stock along with ALL their documents were cancelled.
This was done to allow Commons to be paid simultaneously with Preferred even though they were subordinate to all other stock.
We were reissued Preferred and Common Equity Interests which now represent our ownership of the WMI estate and follows the POR's designation of 75%/25%.
All the former rights of old WMI Preferred and Common stock cedes authority to the rights of our new Equity Interests as stated in the POR.
The sole purpose of our Escrow Markers is for the distribution of shares in the Disputed Equity Reserve. 1.5M was already distributed and there is 1.4M left to be distributed at some point. The ~$40M that will be left after Piers are paid will be distributed to us when we are issued LTI's. IF there are additional funds via legacy interests in Trust assets they will IMO also be distributed by the WMILT using LTI's. This will occur once the interests are returned, valued and liquidated into cash.
That's incorrect. JPM received the assets and the investors interests in the TPS assets were converted to WMI stock that was equivalent to Wampq and Wamkq stock. The Reits, as evidenced below, were also cancelled along with Pq and Kq's.
POR pg 59
Quote: "23.2 Cancellation of REIT Series: Notwithstanding the provisions of Section 23.1 hereof, on the Effective Date, all REIT Series shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect. For the avoidance of doubt, this Section 23.2 shall have no effect on, and shall not result in the extinguishment or cancellation of, the Trust Preferred Securities and, in accordance with the Global Settlement Agreement, JPMC or its designee is the sole legal, equitable and beneficial owner of the Trust Preferred Securities for all purposes."
A cursory examination of this theory will reveal to most that it's nonsense...except for a few that is.
I don't see any point debating comprehension with anyone who doesn't get what...Liquidate, Convert to Cash AND Distribute means. Utter waste of time imo.
Quote: "The REIT Preferred Series of TPS, P, and K shares are supported by the Cayman Trusts. The Trust are still performing and even received fresh 2018 Mortgages from JPM as put-backs. Hence; the DC Dual Track and CA Probate."
More proof you don't read and/or understand. Only the TPS were supported by the Cayman Trusts but those underwent the "Exchange Event" and all the assets went to JPM as per the POR. The investors in the TPS had their interests converted into WMI stock equivalent to the PQ and KQ which were called Reits. PQ and KQ stock were NEVER backed by any Trusts, that is false and their Prospectus's clearly confirm that. Even worse is the claim that Commons were also never backed by any Trusts, that is utter bs. Good grief!!!
Show exactly where it was suggested that "ALL" or the "ENTIRE" 300M AS was to be used for any S4V? English 101.
The harsh truth is that the limited facts available do not support the S4V theory, in fact it easily debunks it.
Really??? See posts 537817 + 537829.
I sometimes wonder if those in charge at WMIH are aware of the comical bs that's posted here about the company. Seems somehow the post RS 300M AS will be used for the most elusive S4V. SMH
Quote: "SHOW ME ONE CANCELLED ABS-CERT PROSPECTUS, ONE'"
Can you read??? The POR Cancelled Wampq + Wamkq Prospectus's in addition to Wamuq Certs. Nobody is talking about ABS-Cert Prospectus's. That was made up by you just now to deflect from the truth and is just sad really. It is truly amazing that you don't even know the difference. Let me help...one was issued by WMI for shares while the other was issued by an SPE for the Trust assets. Posting a bunch of irrelevant links to Trust docs won't prove anything.
Apparently you don't understand the meaning of ALL...let me repost.
Quote: "23.3 Cancellation of Preferred Equity Interests: Notwithstanding the provisions of Section 23.1 hereof, on the Effective Date, all non-REIT Series Preferred Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect."
The all in "All Documents" includes the Prospectus for Preferred Stock and the same applies to Commons...get it!!!
This has nothing to do with the ABS-Cert Prospectus, again misrepresenting what was posted. Do you even know the difference between the Prospectus for the Wampq and Wamkq stock and the Trust Prospectus??? It doesn't seem that you do...what a surprise! LOL
This is too funny.
Class 17 are an FDIC issue with nothing to do with us directly,...but indirectly their payment may result in the process moving forward more quickly to a final resolution.
A for your Commons theory the facts below says it all, which nobody can explain away or deny occurred.
Quote: "23.3 Cancellation of Preferred Equity Interests: Notwithstanding the provisions of Section 23.1 hereof, on the Effective Date, all non-REIT Series Preferred Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.
Quote: "25.2 Cancellation of Common Equity Interests: Notwithstanding the provisions of Section 25.1 hereof, on the Effective Date, all Common Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.
Again, seems you don't know what LIQUIDATION Basis of Accounting is or refuse to accept what it is. The LT cannot account for assets not yet in it's possession. Those QSR's as of now mean nothing when it comes to possible SH assets.
With a Z...
Last I checked I received almost 20 shares of WMIH per Wampq, not 0.034 shares per Wamuq. When if anything comes back in terms of legacy, that another 75% of that, not 25%. Old WMI Commons do not own the WMI estate, they are forever gone. That fantasy will soon go up in smoke just like almost every prediction "A" makes.
If by "he" you meant AZ, please refer to posts 536857 + 537604. They both present the same wrong answer for PQ, even though I posted a correction in response.
$0.17/PQ (per $1M) is quite a bit off from $4.23/PQ.
$10B returning would give PQ $1000/share
$1B returning would give PQ $100/share
$100M returning would give PQ $10/share
So obviously $40M returning, based on accurate releasing numbers, would give....
PQ ~$4.23/share
TPS ~4.23/share
KQ ~$0.11/share
UQ ~$0.0084/share
Prefs: $40M X 0.75 = $30M -----> PQ = $3B out of $7.5B in Pref debt
$3B/$7.5B X $30M = $12M -----> $12M/3M PQ shares =$4.00 per share
Commons: $40M X 0.25 = $10M -----> 1.194B UQ released
UQ = $10M/1.194B = $0.0084 per share
The figures quoted in the other response are completely wrong!!!
"These 75/25 to the end promoters, are NO BETTER than those same misleading presenters from the first quarter of 2012’ ... remember, only 2/3rds of the WMI (wamuq) common shares actually Released, ... Any many people were swayed into converting their holdings"
Those who bought Prefs instead of Commons did so because they saw greater returns for that investment, not because anyone was fooled into doing so.
"We’, ... are not done ... It has been my opinion that these 75/25 to the end promoters, were once again, as in 2012, setting up the innocent people for discouragement and premature exit from everything WaMu."
What an utterly specious and ridiculous argument. Escrows can't be sold or traded, so insinuating that there is some conspiracy to fleece Escrow holders is utter nonsense.
"The GSA was between WMI and the FDIC ... not’ with the Shareholders"
The shareholders own the WMI estate which is now represented by the WMILT...again more nonsense. The GSA being between the FDIC and WMI is irrelevant since we are the ultimate owners of any WMI assets that are still there.
Seems you didn't get my angle. I was channeling the poster that takes issue with being questioned. I have always contended that ALL cash returned will be split 75$/25% between Preferred and Commons. That has not and will not ever change unless it does not happen. No S4V or FV for Prefs and Commons seeing the rest.
Don't ask questions, I might get exposed!!! SMH
The only time cash changed hands was when investors purchased Participating Interests from the Trusts and the cash was then transferred back to WMB. The purpose of WMB "transferring" loans to it's SPE subs was to symbolically transfer ownership of the loans from WMB to the SPE. By doing this WMB reduced it's capital ratio requirements and also protected those assets from seizure (Safe Harbor). The transfer of assets from WMB to a qualified SPE was considered a "true sale", which was a major requirement for Safe Harbor protection back then.
Based on what I've seen there is no set standard percentage since a company could vary their holdings from one Trust to another. WAMU seems to have had a different investment strategy to most other institutions so 25% is not out of the question. IMO, it could range anywhere from 5%-25%, depending on the Credit Rating of the assets.
Got it...thanks!!!
Seems odd that they didn't list OIP with the other mega holding Corp entities at the top but instead buried them in the middle of 1000's of small retail holders.
Quote: "According to HM then WMB was sold entirely to JPM and so 26% of zero is zero. The only beneficial interest is from the 40B of mortgage assets that were retained by FDIC."
Jerry, you just don't seem to grasp the process of securitization. If WMB sells 100's of loans to individual customers and those loans remain on it's books, then those loans are not protected by SH.
If however WMB "transfers" those same loans along with 1000's of others to SPE's which then securitizes them and places them into Trusts, that loan in now off WMB's books and could not have been seized or sold to JPM.
Securitized loans placed into Trusts are no longer WMB's property, but may be a beneficiary of some percentage of the cash generated by the PI/BI's retained by it's SPE subs, along with WMI as the parent co.
Until there is an accounting of any such PI/BI's or of what exactly the FDIC may be"holding", it's nothing but a guessing game. Again, securitized Trust assets and PI/BI's are protected by SH!!!
The link in post 537230 by Dmdm
What about the 400-600M WAMU commons held by the TPG consortium of investors? It doesn't look as if they released those shares.
Actually they were wrong, individual owners of WAMU stock released 252.86M shares, and that doesn't even include those that released through Brokerages.
I'm not seeing TPG's (Bonderman) 400M-600M WAMU shares listed as being released on that list. That could account for a large part of the 30% that did not release.
Business Entities: 733.28M shares released / 40.7M rejected plan
Individual Holders: 252.86M shares released / 38K rejected plan
The numbers don't lie......
TPS: 93.2% released
Series R 96.9% released
Series K 90.8% released
Commons 70% released
So there was a partial cancellation of shares???
How exactly would that work,...are there any other examples of this occurring...EVER???
So AZ, when the LT is left with ~$40M or so in LT Assets after all other claims are paid, (Piers, interest, GUC's etc) how will that cash be distributed to Equity Classes 19 + 22?
KCCLLC, the DTC, Escrows...how exactly???
Quote: "~ NO,.. I will never be issued an LTI ~"
By all means keep defending tHIS nonsense...LOLOL
Why is a link never provided for the neutrals to reference since I already know it's rubbish? Posting this false and fake nonsense serves no good purpose. This is even worse than the "Project Eclipse" debacle, it's embarrassing.
Please stop making up stories to support non existent events. JPM never "settled" any RICO claims and ANICO litigated against the FDIC and LOST. Again more bs!
One side asserting RICO doesn't mean that JPM was found guilty or that RICO claims were even pursued. Provide one link proving RICO claims were filed in court! Just more of the "Eclipse is WMIIC" type BS. Zero Credibility!!!
Quote: "ARE you HM, he is the one posting about NO cash or shares."
When did I post about that??? I'm having a serious problem with a certain clique of posters constantly being dishonest about my posts.
No I don't...I just have serious issues accepting DD from failed and debunked sources.
Quote: "YES...Eclipse is WMIIC."
Read the PR/filing that was put out with that distribution, they explained that partial shares were paid for in cash. Were you also a pre-holder? I believe that also had some bearing. Not 100% sure but maybe someone else could chime in.
This document has been posted "ad nauseum", I don't get the resistance to stated facts...please specify what exactly is not clear from the highlighted text below.
Quote: "In accordance with the Plan, the Trust will issue Liquidating Trust Interests to WMI’s former shareholders if, and only if, the Trust is able to monetize Liquidating Trust Assets in amounts sufficient to pay-in-full claims held by beneficiaries of the Trust who are senior to members of Classes 19 and 22, and then, only if a shareholder had satisfied timely all conditions applicable to receiving any such Liquidating Trust Interests. There can be no assurances that the Trust will be able to monetize assets in a manner sufficient to give effect to the foregoing.
So based on the above official LT statement, when Piers are paid in full, how will the ~$40M left be paid to Classes 19 + 22???
It would be advisable that you did less posting and more reading so that you would understand what has transpired and is set to transpire soon. Making basic errors like the ones you constantly post is definitely not helpful.
Almost everything in that post was never claimed by anyone and proves that you read and understand nothing posted here. No argument?...just make up false claims and attribute them to others. That's truly sad!
BOB....Liquidate has multiple meanings so for extreme clarity they followed it with exactly what the assets were to be converted into...CASH, which will then be distributed These attempts to spin facts are truly sad as anyone with the most basic grasp of English understands what the LT meant.
Quote: "I showed you plain and simple stupid,it can also mean dispose of via a sale or transfer!!!"
All I see is the self fulfillment of your own silly statement with these interpretations...they make zero sense. S4V is a figment of overactive imaginations. Deal with it!!!