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Ron, please don't forget that JPM still needs to make "the Final Payment" of around $900B for "WMB and it's assets".
"=>AZ is Right<="
I don't follow what you're trying to say.
In March 2012, Michael Willingham's original 1,000,000 WAMUQ shares converted into 34,503 WMIH shares.
In Oct. 2012, MW received 165,154 restricted stock awards.
In Aug. 2013, MW received 98,039 restricted stock awards.
In Feb. 2014, MW received 50,000 restricted stock awards.
In June 2014, MW received 35,842 restricted stock awards.
In April 2015, MW received 38,462 restricted stock awards.
In June 2016, MW received 42,553 restricted stock awards.
In June 2017, MW received 83,333 restricted stock awards.
In June 2018, MW received 74,627 restricted stock awards.
Total = 622,513
On July 31, 2018 the merger was completed. Upon the merger Michael Willingham was no longer a Director of the company.
“In connection with the closing of the merger, and pursuant to the merger agreement, William C. Gallagher, Diane B. Glossman, Michael J. Renoff and Michael L. Willingham have resigned from the WMIH board of directors”
https://www.prnewswire.com/news-releases/wmih-completes-merger-with-nationstar-mortgage-300689699.html
On October 10, 2018 a 1 for 12 reverse stock split occurred.
622,513/12 = 51,876 total COOP shares
Then what happened to his OTHER 478K shares THAT HE HAD BOUGHT from the mill he had @ .20 to start with
It's highly likely that Willingham owns a lot less than the 622,513 shares because of the 1 for 12 reverse stock split that occurred on October 10, 2018.
WAMUSHAM
HAS HE NOT BEEN GIVEN SHARES ALL ALONG THE WAY
Stop with his original 1 mill that ended up 83K
WHAT HAS HE BEEN GIVEN EVERY YEAR SINCE THAT THAT is why he would be close to a mil
This is what is in his acct
2018-06-29
Option Award 2018-07-02
7:09 pm N/A
N/A WMIH CORP. WMIH Willingham Michael
Director 74,627 $1.34 622,513
(Direct) View
PSTTTT and that WAS LAST year so add another 74,627 and call it 700K shares
And with that, the asinine theories stay alive as well.
at least the escrows stay alive for now.
Why don't you read a COOP SEC filing every now and then, you might learn something. Hint: Look at the last 10-Q filed 11/01/2019. (Page 3)
anybody know the "Authorized Shares" are ???? Not Available
Share Structure
Market Cap Market Cap:1,124,016,690 : 01/08/2020
Authorized Shares: Not Available
Outstanding Shares:91,087,252: 10/25/2019
Restricted: Not Available
Unrestricted: Not Available
Held at DTC: Not Available
Float: Not Available
23 of 129
"44. With the closing of the Debtors’ chapter 11 cases and the final distribution being made, the Trust Advisory Board and the Liquidating Trustee will have completed all of their respective duties and responsibilities. Accordingly, it would be appropriate for the Trust Advisory Board to be released from further responsibilities and to replace such individuals with administrators to complete the wind-up and dissolution of the Trust."
"45. Since the Effective Date, Charles Edward Smith and Doreen Logan have served as officers of WMILT, together with the Liquidating Trustee, developed all information for and facilitated all public filings, and are aware of the many issues that have confronted WMILT. The Liquidating Trust Agreement shall be amended to provide for the appointment of Mr. Smith and Ms. Logan as administrators to complete the wind-up and dissolution of the Trust and to release the Trust Advisory Board and the Liquidating Trustee from obligations in connection therewith."
http://www.kccllc.net/wamu/document/0812229191114000000000001
SplitT, I think I missed this one also. Smith and Logan are hanging around after the 10th? I thought the 10th was lights out for the LT? Was it disclosed somewhere that Smith and Logan are hanging around after the 10th?
The 838,802 shares are in addition to the 91,087,252 outstanding shares.
Last 10-Q: page 40 https://www.sec.gov/Archives/edgar/data/933136/000093313619000069/mrcooper0930201910-q.htm
Weighted average shares of common stock outstanding (in thousands):
Basic 91,080
Dilutive effect of stock awards 117
Dilutive effect of participating securities 839
Diluted 92,036
Reiko, Thank you for the answer, one more question, were the KKR Common shares held in reserve/escrow or are they in addition to the Oct.25, 20219 share count?
According to the last 10-Q as of October 25, 2019 the outstanding common shares were 91,087,252. KKR's Series A Preferred Stock converted into 838,802 common shares.
If the company decides to increase the amount of authorized shares they will need to announce a special shareholder's meeting. There needs to be a shareholder's vote in order to approve such an event.
Watch for a possible 8K to increase authorized shares BY A SUBSTANTIALLY AMOUNT LIKE close to WHERE WE WERE BEFORE
Monicalaw, does this help you remember?
"No, You will see by Jan 20th....Best...Mon"
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=83075151
"Sorry, I am not allowed to share that information....But I am positive that we will be Pleasantly Surprised....Best...Mon"
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=83076751
What ever happened to that huge settlement that JPM was to make towards our escrows on January 20, 2013 according to your supposed credible sources?
What ever happened to that huge settlement that JPM was to make towards our escrows on January 20, 2013 according to your supposed credible sources?
And, there's no documented $24 billion 'Settlement' between the FDIC and the Estate, as you claimed years ago.
~ Well, For Those Still Struggling With The Completion Of The WMI-LT ? ~
... Here’s the latest SEC Filed WMI-LT’s ... QSR ...
Docket # 12708 Filed 01/03/2019
For Period through 10/01/2019 to 12/20/2019
http://www.kccllc.net/wamu/document/0812229200103000000000001
Oooops’, ... so, there’s no considerations for any 75/25 distribution ratio pipe dreams, ... and no, there are NO LTI’s, that are going to be Issued ...
just sayin’
AZ
It was a minimum of $40 billion.
"Monday, 11/07/16 11:37:50 AM
... I know that was long winded, however I did want to justify my conservative consideration of a minimum of $40 Billion Dollars in - Initial - Cash' ...
... I am Leaving A Lot Out' ...
AZ"
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=126370890
Yep, I knew that too. And,, if you or anyone cares to do the search, you will find that he also GUARANTEED that there would be a LEAST a $140 billion recovery to the escrows, MOST of it in CASH! See if he still calls for that..
There is not going to be any "Final Payment" made for "WMB and it's assets" no matter how much you wish for it to come true. Look at how this notion has affected your sanity.
The FDIC's Receivership is NOT Closed,
because JPM has not made "the Final Payment" for "WMB and it's assets". The FDIC can't close the receivership until "the Final Payment" for "WMB and it's assets" to the FDIC to close the GSA of WMI's Plan 7.
Yes, RB. JPM is very tarty in making "the Final Payment" for "WMB and it's assets" to the FDIC to close the GSA of WMI's Plan 7.
The "the Final Payment" for "WMB and it's assets" was already made years ago, remember?
"Wednesday, 08/30/17 11:41:30 PM
"The PAA was completed with the "Final Approval" on June 30th along with the "Final Allocation" and JPM and the FDIC got their money on, or before June 14th. It happened.
JPM got their $645MM at the same time the FDIC got "the Final Payment" of around $900B for "WMB and it's assets" which completes the CIC. DBNTC and other Trustees received their Trusts distributions shortly thereafter, which finalized the PAA and Receivership and CIC with "the Final Payment" to the WMI Estate. IMO, on Sept 5th.""
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134277327
Yes The P&AA is Closed.
The P&AA is closed to anymore negotiations between The FDIC and JPM regarding responsibility and valuation of "WMB and it's assets".
FDIC's response shortly after closure of P&AA;
$299 Billion for "WMB and it's assets".
The FDIC's receivership of WMB is NOT closed.
At least, at this time we have not been publicly informed of it's closure.
The GSA of WMI Plan 7 is NOT closed.
At least, at this time we have not been publicly informed of it's closure.
Both the FDIC and WMI await JPM's "the Final Payment" for "WMB and it's assets".
Various periods 9/26/08 - 3/19/12 (Total compensation for all entities or persons during this period is $271,085,212.87 million)
http://www.kccllc.net/wamu/document/0812229120801000000000003
AMOUNTS PAID BY WMI LIQUIDATING TRUST PURSUANT TO THE LIQUIDATING TRUST AGREEMENT FOR CERTAIN COMPENSATION AND FOR SERVICES RENDERED AND EXPENSES – for the periods covered between 3/1/12 to 8/31/19
3/19/12 - 5/31/12 $3,572,092.16
http://www.kccllc.net/wamu/document/0812229120730000000000007
3/19/12 – 8/31/12 $9,261,919.18
http://www.kccllc.net/wamu/document/0812229121022000000000005
3/19/12 – 11/30/12 $5,827,590.00
http://www.kccllc.net/wamu/document/0812229130125000000000003
3/1/12 – 2/28/13 $3,650,694.10
http://www.kccllc.net/wamu/document/0812229130425000000000019
3/1/12 – 7/31/13 $9,632,818.49
http://www.kccllc.net/wamu/document/0812229130719000000000019
4/1/13 – 8/31/13 $3,930,215.32
http://www.kccllc.net/wamu/document/0812229131028000000000001
3/19/12 – 11/30/13 $5,985,633.50
http://www.kccllc.net/wamu/document/0812229140129000000000001
9/1/13 – 2/28/14 $7,120,254.51
http://www.kccllc.net/wamu/document/0812229140428000000000005
1/1/14 – 5/30/14 $8,494,599.20
http://www.kccllc.net/wamu/document/0812229140722000000000001
4/1/14 – 8/31/14 $2,552,664.88
http://www.kccllc.net/wamu/document/0812229141021000000000001
7/1/14 – 11/30/14 $2,787,226.21
http://www.kccllc.net/wamu/document/0812229150116000000000001
10/1/14 – 2/28/15 $2,762,403.86
http://www.kccllc.net/wamu/document/0812229150407000000000001
12/1/14 – 5/31/15 $1,829,448.53
http://www.kccllc.net/wamu/document/0812229150715000000000002
10/1/14 – 8/31/15 $1,842,094.09
http://www.kccllc.net/wamu/document/0812229151109000000000001
6/1/15 – 11/30/15 $1,427,640.67
http://www.kccllc.net/wamu/document/0812229160208000000000001
10/1/15 – 2/29/16 $1,213,416.82
http://www.kccllc.net/wamu/document/0812229160421000000000001
1/1/16 – 5/31/16 $1,355,801.38
http://www.kccllc.net/wamu/document/0812229160728000000000003
5/1/16 – 8/31/16 $1,085,337.43
http://www.kccllc.net/wamu/document/0812229161025000000000002
4/1/16 – 11/30/16 $843,822.43
http://www.kccllc.net/wamu/document/0812229170118000000000002
10/1/16 – 2/28/17 $1,810,053.63
http://www.kccllc.net/wamu/document/0812229170425000000000001
2/1/17 – 5/31/17 $1,416,409.00
http://www.kccllc.net/wamu/document/0812229170719000000000001
5/1/17 – 8/31/17 $1,272,271.06
http://www.kccllc.net/wamu/document/0812229171018000000000023
7/1/17 – 11/30/17 $1,105,771.94
http://www.kccllc.net/wamu/document/0812229180122000000000001
7/1/17 – 2/28/18 $912,971.83
http://www.kccllc.net/wamu/document/0812229180419000000000002
2/1/18 – 5/31/18 $733,473.39
http://www.kccllc.net/wamu/document/0812229180717000000000001
1/1/18 – 8/31/18 $726,925.94
http://www.kccllc.net/wamu/document/0812229181008000000000001
1/1/18 – 11/30/18 $1,288,306.31
http://www.kccllc.net/wamu/document/0812229190129000000000001
11/1/18 – 2/28/19 $1,121,582.79
http://www.kccllc.net/wamu/document/0812229190423000000000001
02/01/19 – 05/31/19 $1,484,645.50
http://www.kccllc.net/wamu/document/0812229190724000000000001
04/01/19 – 08/31/19 $1,188,732.58
http://www.kccllc.net/wamu/document/0812229191031000000000004
= $88,237,146.73
------------------------------------------------------------------
Total paid for the periods covered between 09/26/08 to 08/31/19
$271,085,212.87 + $88,237,146.73 = $359,322,359.60
Reiko.....how about Rosen and all the rest off the gang of pirates who were swilling at the trough for 12 years...all told about a billion was expended to bring this bk to closure... Lodas
Don’t exaggerate, their total fees are just a little over $101 million.
For the period between October 2, 2008 through March 19, 2012 Alvarez & Marsal was paid $73,474,940.91 million. Here's Alvarez & Marsal's filing requesting an order for approval of compensation for services.
http://www.kccllc.net/wamu/document/0812229120618000000000073
So, between the period of October 2, 2008 through March 19, 2012 Alvarez & Marsal was paid $73,474,940.91 million.
For periods between...
03/19/12 - 04/30/12 $20,806.40
05/01/12 - 08/13/12 $3,013,367.07
09/01/12 - 11/30/12 $1,944,459.06
12/01/12 - 02/28/13 $1,852,785.45
03/01/13 - 05/31/13 $2,036,143.62
06/01/13 - 08/31/13 $1,383,550.21
09/01/13 - 11/30/13 $1,642,380.76
12/01/13 - 02/28/14 $1,633,432.57
03/01/14 - 04/30/14 $1,059,024.62
05/01/14 - 07/31/14 $1,023,369.99
08/01/14 - 11/30/14 $1,155,356.76
12/01/15 - 02/28/15 $902,685.28
03/01/15 - 04/30/15 $512,583.53
06/01/15 - 08/31/15 $635,101.23
09/01/15 - 11/30/15 $392,329.47
12/01/15 - 02/29/16 $486,546.53
03/01/16 - 05/31/16 $521,789.27
06/01/16 - 08/31/16 $438,183.01
09/01/16 - 11/30/16 $418,857.67
12/01/16 - 02/28/17 $823,352.57
03/01/17 - 05/31/17 $783,308.99
06/01/17 - 08/31/17 $679,166.16
09/01/17 - 11/30/17 $420,937.56
12/01/17 - 02/28/18 $554,091.41
03/01/18 - 05/31/18 $517,612.80
06/01/18 - 08/31/18 $432,174.01
09/01/18 - 11/30/18 $442,000.78
12/01/19 - 02/28/19 $526,746.39
03/01/19 – 05/31/19 $684,714.36
06/01/19 – 08/31/19 $598,049.68
= $27,534,906.91
$73,474,940.91 + $27,534,906.91 = $101,009,847.82
so, my question begs the answer, that there were indeed assets within Wmi, that A/M were managing to the tune of over a billion in legal fees...
The P&AA closed in 2014. 5 years and counting for this so-called "final payment". Never mind the fact that a few inquiring individuals have contacted the FDIC over the past few years in which they (FDIC) have stated that the P&AA has closed and JPM is not paying anything more.
"The "Final Payment" theory is a myth created and promoted by ron. It's not real!"
If so, WHY wasn't the PA&A closed sooner?
Using your 'theory', the PA&A should have been over in days, or weeks, at most.
I think it was 6yrs.
Yep.
Mr. Cooper Group (COOP) had also previously redeemed $100 million in aggregate principal amount of the 6.500% Senior Notes in October 2019.
From the Mr. Cooper Group Third Quarter 2019 Financial Results.
"Announced retirement of $100 million of unsecured senior notes due 2021, which settled in October"
https://www.sec.gov/Archives/edgar/data/933136/000115752319002146/a52120690ex99_1.htm
From the Earnings Call Transcript...
"Additionally, as we communicated recently, the company called 100 million in senior notes, which settled in early October, which was another step in the direction of strengthening our balance sheet."
https://seekingalpha.com/article/4301245-mr-cooper-group-inc-coop-ceo-jay-bray-on-q3-2019-results-earnings-call-transcript?page=2
"During September, we announced the retirement of $100 million in senior notes due in 2021, which settled in early October. We expect to continue retiring senior notes, although as we pointed out previously, we plan to do so on an opportunistic basis rather than at a steady cadence and during certain periods, we may choose to build liquidity."
https://seekingalpha.com/article/4301245-mr-cooper-group-inc-coop-ceo-jay-bray-on-q3-2019-results-earnings-call-transcript?page=5
That's a second 100m in notes in the last 6 months pipe bizztard
However, not every Class 22 "U" holder will receive shares.
Note 7: Disputed Equity Escrow
"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. Furthermore, consistent with prior distributions and pursuant to the Plan, no fractional shares (nor any cash-in-lieu of fractional shares) will be distributed. Due to the minimal number shares in the DEE, and the fact that the DEE Agreement does not contemplate the issuance of fractional shares or the payment of cash-in-lieu of fractional shares, substantially fewer legacy common shareholders will receive shares in the redistribution."
http://www.wmitrust.com/wmitrust/document/8817600191101000000000001
The remaining shares in the Disputed Equity Escrow (DEE) will be distributed to Class 22 ("U" holders) only.
The remaining shares in the Disputed Equity Escrow (DEE) will be distributed to Class 22 ("U" holders) only.
Does anyone know how many coop shares one escrow P will get? One escrow K (should be 1/40th of what an escrow P gets)?.
This is redundant. The Series R Preferred Stock and the Prospectus for them were both cancelled.
“Each share of the Series R Preferred Stock may be converted at any time, at the option of the holder, into 47.0535 shares of our common stock (which reflects an approximate initial conversion price of $21.25 per share of common stock) plus cash in lieu of fractional shares, subject to anti-dilution adjustments. The conversion rate will be adjusted as described herein upon the occurrence of certain make-whole acquisition transactions and other events.”
https://www.sec.gov/Archives/edgar/data/933136/000095013407025343/v36123b2e424b5.htm
I completely understand what he's doing.
Just for an example, lately there’s been some who’ve asked AZcowboy to provide the “Proof” of what he claims to have of the “Fair & Reasonable class specific recovery” that we’ll receive. Proof that he has yet to show. (I don't believe it exist)
So, it's simple, anyone who has been a staunch believer in him and doesn’t question the validity of his information by needing any such proof will be deemed as one of the ‘limited’ that he’ll help. This will make it easy on him.
However, those that may question his veracity of the facts by asking for any such proof, proof that he simply can't provide because it doesn't exist, will be deemed outside of the ‘limited’. It's his way of saving face. It’s his way ‘out'.
I do not understand, I am lost. Please help?!!!?
Yes, i rejected the plan, however, i granted my release in order to receive my transitional shares in WMIH and Escrow CUSIPs.
Deflect, deflect, deflect.
Now, how about you show the so-called documented proof that you claimed years ago that exists relating to the $24 billion "Settlement" between the FDIC and the Estate?
~ XOOM, She' Rejected Plan 7', But ?, Plan 7 Has Now Been "Fulfilled" Anyway ~
... so, Plan 7' was not able to be disrupted ...
Post # 589756
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=151405785
Another "P" Holder ?, that rejected Plan 7' ?, ... but it doesn't matter' ... skipping' over a lot' ...
AZ
More importantly, ask AZ to show proof of this so-called documented $24 billion 'settlement' that he also claimed years ago.
Do you still believe ~ $24 B to return? since you called that number many years ago..
"WM = WMI = The Original Debtors Estate = The Liquidating Trust = WMIH's Target ... That is what ol' AZ says"
"I stand firm' ... after a combination of my studies and research' ... The Original Debtors Estate has always been the Target' for this exiting reorganized company ~ WMIH ~ for a very, very, long time ... The plan IMO' began in late 2007' ... Plan 6 is now becoming a realization' and is happening before our very eyes', ... Plan 7, merely aligned the basic structure to accommodate the inclusion of ... "equity classes 19 & 22" ... the mediated result, accomplished ~ the elimination of the possibility of a ... "litigation morass" ... which would have brought ... "litigation" ... beyond the six year time limit, pre assigned to the Purchase and Assumption Agreement' ... (they had to settle)"
"Again, ... I believe the Original Debtors Estate, now represented by the Liquidating Trust ... is ... WMIH's target ... for the ~ illiquid ~ returns coming from the FDIC-R"
"... WM = WMI = The Original Debtors Estate = The Liquidating Trust = WMIH's target' ... and again, ... I believe ... we will soon experience a, ... WMIH stock for value exchange with our own Liquidating Trust regarding illiquid assets to be returned to the LT' ~ originally and improperly assigned by the FDIC' at the time of the initial seizure ..."
And, the best for last...
"~ ... WMIH-Corps' ... "accretive acquisition" ... will be WMIIC(s) ... "IS eliminated upon consolidation" ..."
Not word for word
44:13 – 51:28
Alice Griffin: And, I’ve taken pains to explain to people my understanding, and Mr. Rosen confirms it, that the Escrow Markers were simply to facilitate distribution of stock. There’s no more reorganized stock. That’s not how, if you were going to get a cash payment, you would get it by check. This is what’s happened, your Honor. Those Markers have a zero value, it says zero in people’s accounts. And, what’s happened is a number of brokers have simply said, ‘Look, there’s no money in here, we’re going to close it out and extinguish it’. And, people’s Markers have disappeared. The other thing is we have in this eleven years, we’ve had a number of people who have gotten substantially older. You’ve had people who have been invested in Washington Mutual for a long time. Like, for example, one shareholder with whom I communicate…
Judge Mary Walrath: I don’t need the details, alright.
Alice Griffin: …in their late seventies, even, and older. And, they’re forgetful. That’s why I said a piece of paper, just a written acknowledgement.
Judge Mary Walrath: Well, I’m not going to order them to send a separate piece of paper to every single shareholder, given the unlikelihood that there’s going to be any further distribution to that class. I’m just not going to require that.
Alice Griffin: I think due process requires something because if something happens and there is a change of circumstances, a lot of people are going to be out of luck. Some people have died and probably didn’t even tell their relatives that they had any of these legacy…
Judge Mary Walrath: There’s nothing I can do about that. There really is nothing I can do about that.
Alice Griffin: I think there is something the Trust can.
Judge Mary Walrath: Does the Trust have a record of the Class 19 and 22?
Alice Griffin: There is a list, it’s document 9662, that has a list of each class. For the Preferred it’s only in street names, the brokerages, but in the retail it’s all of their names. And, we got that from KCC which obviously got it from the Trust somehow.
Judge Mary Walrath: Well, then you have it.
Alice Griffin: We have the list of Common. So, Common could even be protected, but not Class 19. We have…
Judge Mary Walrath: I thought the Pre…is 19 the Preferred?
Alice Griffin: Yes, ma’am.
Brian Rosen: It is, you Honor.
Judge Mary Walrath: Then, you have it for the Preferred.
Alice Griffin: We do not, we have it for the Commons. In document 9662 all of the Commons names are out, people’s names and addresses and what they released. They’re fortunate, but…
Judge Mary Walrath: Ok.
Alice Griffin: ...the Preferred we only have street names; Etrade, Scottrade, and so on. And, I think we should have…so at least, and this is a good point…
Judge Mary Walrath: But, the brokerage firms would have that information…
Alice Griffin: The brokerage…
Judge Mary Waltrath: …for the Preferred.
Alice Griffin: Your Honor, that can’t be considered to protect us. They get rid of their records for every few years.
Judge Mary Walrath: Then, that’s an action you have against them.
Alice Griffin: So, if something did happen 22 would be in a better position because they at least have document 9662 to show that they released, how many they released, and it even says what date they released. But, the retailers within Preferred would not have that protection. So, just send a letter…
Judge Mary Walrath: Does the Trust have…
Alice Griffin: …to the Preferred.
Judge Mary Walrath: …that information?
Alice Griffin: There are fewer Preferred.
Judge Mary Walrath: Please, stop. Let me ask the Trust. Do you have any information with respect to Class 19 Preferred?
Brian Rosen: No, your Honor. We do not.
Gordon Novod: Your Honor, again Gordon Novod, for the record. Just one brief comment, any notice requirement, if we’re talking about sending out millions of letters to people its going to cost a lot of money.
Judge Mary Walrath: Yeah, I’m not requiring a letter to each individual.
Gordon Novod: Ok, thank you.
Judge Mary Walrath: I’m talking about whether or not there is a record that can be delivered to the court and docketed.
Gordon Novod: Thank you, your Honor.
Judge Mary Walrath: Thank you. (short pause) Well, since the Trust does not have that information, I’m not going to require that the Trust retain it. And, you state that docket number 9662 has it with respect to Class 22 and apparently you have a copy of that so, that is available on the court’s dockets. So, I’m not going to require the Trust preserve any additional, irrelevant documents.
Alice Griffin: May I ask a question?
Judge Mary Walrath: You may.
Alice Griffin: Your Honor, when you look at 9662; by the way there are many fewer; there are a lot of Common but many fewer on the Preferred. There are only about 6000 where as the others are many more. And, I wondered why isn’t there Preferred information and I think it’s because there are so many institutions that probably would prefer that information. But, somebody made the decision at some point not to put the Preferred’s information there. And, that would have protected us.
Judge Mary Walrath: The Trust doesn’t have that information. I’m not going to order them to create it or to maintain what they don’t have. And, I also disagree and will overrule the objection to the closing of the case. There’s nothing that requires all appeals to be concluded before a case can be closed. And, there is a remedy in the event that the appeal is successful. The court can administratively reopen the case, without any adverse consequence to you Ms. Griffin or any of the Common or Preferred share holders. In fact it would be a detriment to the people you are arguing on behalf of, to leave the case open and let what funds there are be eaten up in expenses. So, I accept the Trust’s report that there are no additional assets of which it is aware that need to be liquidated or otherwise administered, that all claims have been resolved, and there’s no further purpose to keep the Trust in place or the bankruptcy case open. So, I will grant the motion to close the case.
As I said she is a corrupt judge to have allowed all this to happen. IMO.
Now I will add, cruel, as well. She shows zero regard for the shareholders and what we have been through all these years.
What she should've said is that there likely will not be a distribution to markers from this LT, however I cannot comment on anything that could come from outside the LT.
Instead she said this:
Judge Mary Walrath: Well, I’m not going to order them to send a separate piece of paper to every single shareholder, given the unlikelihood that there’s going to be any further distribution to that class. I’m just not going to require that.
Yep. Cruel.
Merry Christmas Mary.
Thanks for the coal.
What was said...
Not word for word.
27:19 – 30:20
Judge Mary Walrath: What’s wrong with closing the case and in the event you’re successful on appeal, reopening the case?
Alice Griffin: Well, because I’m concerned that the Trust will basically deploy all of the assets…in the last filing…
Judge Mary Walrath: They are going to distribute all of the assets…
Alice Griffin: Right.
Judge Mary Walrath: But, they go to the creditors….er…they go to people in classes above you.
Alice Griffin: But, we won’t be able to get any relief. And, one of the things that…
Judge Mary Walrath: If you reopen the case why can’t you get any relief?
Alice Griffin: We can’t recover the 1.4 million shares that were paid to the Underwriters, that came out of the Class 19. If Judge Andrews rules in my favor…
Judge Mary Walrath: Yes.
Alice Griffin: …those shares…how are they going to be recovered?
Judge Mary Walrath: Well, that’s an issue whether or not this bankruptcy case is open or closed, and then reopened.
Alice Griffin: No, I disagree…
Mary Walrath: Why?
Alice Griffin: …because, for example, those shares…they were 72 million face in preferred, so they translated to about 1.4 million. The reorganized debtor had a reverse split, so now you’re down to about 120 thousand. They are publicly traded on the New York Stock Exchange. And, they’re valued, I checked yesterday, about one and a half million. ($1.5 million). Where is that going to come from?
Judge Mary Walrath: Well, that is a issue…whether or not I leave this case open or close it, isn’t it?
Alice Griffin: Well,…
Judge Mary Walrath: How are you helped if the case is never closed…
Alice Griffin: It’s not that it’s never going to be closed.
Judge Mary Walrath: What is the difference between you trying to recover that, in the event that you win before Judge Andrews, and then file whatever action you need to…
Alice Griffin: If I prevail with Judge Andrews I will ask Judge Andrews, if the case is still open,…Judge Andrews of that money that’s sitting for Class 18…take it out of that.
Judge Mary Walrath: There is nothing that prohibits the Trust now from making a distribution to Class 18.
Alice Griffin: I’m aware of that, your Honor.
Judge Mary Walrath: Ok, so, you’re not asking to stay any distributions into Class 18 of the funds remaining in the Trust?
Alice Griffin: Well, I understand. Well, actually, i…Mr. Rosen has said for some time that the distribution wouldn’t happen until the Spring. And, that it would happen in the first quarter. I was hoping there would be a final resolution so that we could take care of all of that before the case was closed.
Judge Mary Walrath: Well, that’s beyond our control.
Yes, I heard the same thing. I think it was about 28-29 minutes into the audio where the judge seemed to suggest that none of the shareholders would be served by keeping the bankruptcy cases open.
You are more than welcome to type up a transcript of the court hearing, yourself. It's time consuming.
Well, You 'conveniently' left out what was said by BR and then what was said in response to that to the Court by AG. So, *IF you really are interested* in what happened, put the Entire Court Transcription Part that occurred BEFORE this point of time (ie., before 40:44) in the Hearing!
What was said...
40:44
Brian Rosen: Your Honor, KCC is the claims agent that was approved by the court. KCC was delivered the information by DTC, as part of also being the valeting agent pursuant to the plan. Your Honor, KCC is aware of what is referred to as the Escrow Markers, that are referred to in the application. The Escrow Markers, your Honor, are out there, and honestly, it’s the Escrow Markers themselves which are causing a lot of confusion, because people see those in the accounts and they believe, therefore, they’re going to be getting future distributions. And, they won’t be getting any future distributions. And, that is why we’ve said in the application that we wanted…or were planning to have the Escrow Markers cancelled at this time.
Your Honor, in the…the comment that was made by Ms. Griffin, it was ‘one can speculate, and I won’t', was how it started out, your Honor. To me, the only relevance would be, if in fact, something would happen to be a pot of gold at the end of the rainbow, but we don’t see that, your Honor. Therefore, the Escrow Markers and these who had what release or who had given what release would have any relevance at that time. And, as I said, and as the court acknowledged, and as counsel just said, we don’t know of any additional assets out there. And, we’ve said that repeatedly. But, your Honor, we are told that in the event that something might happen, that KCC might be able to resurrect those Escrow Markers and therefore have the evidence that Ms. Griffin is looking for, as far as, who might have given a release 7 years ago or 8 years ago at this point in time. But, there’s no need for anyone to preserve any records in order to do that at this time. It is something that might be able to be recreated by KCC.
Judge Mary Walrath: Let me ask you a question, can it simply be downloaded on to a…I know when we close cases, typically, KCC is required to provide the claims list, etc., to the court. Can there be a delivery of a download of…
Brian Rosen: I apologize, your Honor. I’ve just been told that KCC does not have that information, it’s through DTC and through the brokers at this time. So, the answer is no. That’s why the Escrow Markers were created.
Judge Mary Walrath: Well, why don’t we leave the Escrow Markers in place?
Brian Rosen: Again, your Honor, that could be done, but that will just lead the people once again, retail equity as Ms. Griffin refers to them, believing when they see something in their account that they’re going to be getting a distribution.
Judge Mary Walrath: Well, but…
Brian Rosen: Your Honor, Mr. Smith suggests that we leave the Escrow Markers in place and we’ll put an FAQ on the Trust website explaining what value they may have, which will be no purpose whatsoever, but we’ll do that, your Honor. We’ll leave the Markers there.
Please read the full message and the sentences in the context of that whole paragraph and do not try to mis-represent what I said.
I am stating verbatum what BR & WMILT stated in court hearing yesterday. You better listen to Audio of yesterday's hearing before you ask such stupid questions.
What I stated is what BR/WMILT stated exactly: They said they do not keep/own the Escrows information. They were saying that they got it from DTCC and brokerages got it from there too and that's what is being displayed on our accounts...
And in yesterday's hearing, they were sticking to their original intention of asking DTCC to delete the Escrow Markers 1 Year from BKs Close until AG disputed their assertions that 'Nothing was going to Come to Equity Classes' and had to literally BEG the Judge again and again to compel WMILT not to 'Erase The Record' of Reatil Equity-holders holdings proof...After a lot of back-and-forth, the Judge finally put Chad Smith on the Spot by asking him what was the necessity to 'Delete' the Escrow Markers to which WMILT/BR did not have a Valid and reasonable answer and finally Chad Smith grudgingly said something to the effect that they will 'not try to delete the Escrow Markers'...But WMILT/BR have said so many things in front of the Judge that they will not later adhere too, as we know very well by now!
I don't want to go 'on and on' to guys who just want to quote things out of context and waste my time... You can hear the Audio of yesterday's hearing if you are *Really Interested*...
When are the safe harbor assets supposed to return to WMIIC?
What was actually said was....
29:48
Judge Mary Walrath: So, you're not asking to stay any distributions to Class 18 of the funds that are remaining in the Trust?
JUDGE TO AG NOTEWORTHY "SO YOU ARE NOT ASKING TO STAY THE DISTRIBUTION TO CLASS 18 AND ALL THE FUNDS REMAINING WITH THE TRUST."
ALL THE FUNDS REMAINING WITH THE TRUST?.HOW CAN THERE BE REMAINING FUNDS IF THEY CAN'T PAY CLASS 18 IN FULL?.
Court Hearing on December 19, 2019 Audio File
52 Minutes
http://www.kccllc.net/wamu/document/0812229191219000000000002
That's correct.
From WMIH’s Amendment of Series B Preferred Conference Call on December 12, 2017.
11:17
Brian O’Neill: Accent Realty
[Q: Brian] I’d like to ask you a question in relationship to the, the other side of this, the issue of WMIH which is the payment of Escrow. Does WMIH expect to receive any funds, whatsoever, if WMI, the Liquidating Trust income of say,… i think i’ve heard figures of 2.5% or is there any indication that there’s going to be any payment to you as well as Escrow?
[A: Bill Gallagher] I don’t think that has anything to do with WMIH Corp, uh, Brian. Any of that is for either the Liquidating trust or other Estates or Companies that are not related to this.
[A: Tom Fairfield] So, is your question…do you…is there the potential for WMIH Corp to receive further funds from the Liquidating Trust from the original Bankruptcy?
[Q: Brian] I just…i want to know whether there’s any connection between the two? So, if i ask the question whether you’re expecting to receive any income from that, for planning purposes…whether there would be, you know,…it’s still a possibility? Is it still a possibility that you would receive that income?
[A: Tom Fairfield] No. The only interest that the WMIH Corp has remaining in the Bankruptcy is there was a small litigation trust which has been substantially resolved. And, we’ve received our share of the proceeds. But, there’s a very minor immaterial amount of money remaining. And, if it isn’t spent on expenses we could receive a de minimis further payment. And, that’s it. There’s no other expectation of money from the Bankruptcy.
It was 2.5% but that was about litigation proceeds received by the WMILT, not about supposed Safe Harbor assets. Yet another MB myth long debunked.
Maybe that person signed up for a free two week trial?
https://investorshub.advfn.com/boards/learnaboutfree.aspx
How can a poster who isn’t a paying member still posting after hitting their limit? Things that make you go hmmmm.
Ron, how quick do you forget. Payment was already received over 2 years ago, according to you.
Wednesday, 08/30/17 11:41:30 PM
"The PAA was completed with the "Final Approval" on June 30th along with the "Final Allocation" and JPM and the FDIC got their money on, or before June 14th. It happened.
JPM got their $645MM at the same time the FDIC got "the Final Payment" of around $900B for "WMB and it's assets" which completes the CIC. DBNTC and other Trustees received their Trusts distributions shortly thereafter, which finalized the PAA and Receivership and CIC with "the Final Payment" to the WMI Estate. IMO, on Sept 5th."
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134277327
The Title to "WMB and it's assets",
must move to JPM with payment before JPM can take responsibility for the WMB Notes.
Payment for "WMB and it's assets" to close the GSA needs to happen tomorrow morning and, before the Gavel goes down to Closing the Cases.
The Title to "WMB and it's assets" must move to JPM with payment before JPM can take responsibility for the WMB Notes.
WMB Note holders have NOT Released anyone yet and they are coming to the Hearing to make sure they get paid.
FDIC/JPM; Litigation Morass?
If she didn't release she would not own any Escrows at all. If she didn't release she could not state that she's an owner of "WMI Liquidating Trust (the “Trust”) interests".
I got that, but I still think she does not own any valuable escrow since she did not release!! Thats why she is fighting so hard to get paid something before this ends and at the cost of BBob and gang...
She not gonna get it though
It states..."Alice Griffin (“Griffin”), Pro Se, former owner of Washington Mutual, Inc. (“WMI” or the “Debtor”) preferred equity and owner of WMI Liquidating Trust (the “Trust”) interests..."
Look at it this way. If you at one time owned WAMPQ shares and signed your release, you no longer own those WAMPQ shares, they were replaced with Escrow CUSIPs. You are now considered a former owner of Washington Mutual, Inc Preferred equity and are now an owner of WMI Liquidating Trust Interests.
Yeah I noticed that too but could not give any credibility to it since BBob talks to the contrary...
Quit making things up. Judge Mary Walrath never said this. What was said...
Alice Griffin: Your Honor, it’s sorta like when you talk about what could come in the recoveries. I cannot prove definitely that there is going to be a recovery to Class 19 and Class 22, which are pari passu, but there certainly is a possibility there could be a recovery. And, I don’t believe anyone here can say otherwise. There’s never been an unambiguous statement.
Now, the Liquidating Trust has updated it’s FAQs section on it’s website in part because, i think, of my agitation in which it said WMB…they don’t expect anything from WMB and the WMB waterfall in the FDIC, which is understandable. Right now it seems to be insolvent to the tune of 14 billion.
Judge Mary Walrath: Alright, but either way…again, let’s go back to if they had tried this and what if the Liquidating Trustee had lost? There would have been a 100 million contractual claim, creditor claim, ahead of Classes 19 & 22.
Alice Griffin: Right, but if something came in, in excess that…
Judge Mary Walrath: Well, but…isn’t better…
Alice Griffin: I would rather have them then as creditors then have them diluting Class 19 by 1%.
Judge Mary Walrath: …rather than them getting 100% before you got anything?
Alice Griffin: Well, it depends on how much comes into the waterfall, your Honor. If it’s enough…because it’s capped as a creditor claim. It’s capped. Once they’re paid it’s over.
Judge Mary Walrath: Ok, but getting (100%) 100 million dollars versus getting 1% of your recovery, which could be anything. Isn’t getting 100% worse for you than sharing 1%?
Alice Griffin: I don’t...it depends on what comes in, your Honor.
Judge Mary Walrath: Currently, how much has come in?
Alice Griffin: Well, we don’t know.
Judge Mary Walrath: You’ve got nothing under the recovery waterfall...
Alice Griffin: No.
Judge Mary Walrath: …right?
Alice Griffin: Class 19 and Class 22, we’re pari passu with Class 22 getting 25% and Class 19 getting 75%. And, just for illustration, your Honor…basically, you need 10 billion dollars for the face securities in Class 19 to get Par. But, hypothetically, if there were twice that much it would mean that the Underwriters would get actually more like 144 (million).
Judge Mary Walrath: But, you would also get more than 100%.
Alice Griffin: Right.
Judge Mary Walrath: So,…
Alice Griffin: If they were capped to a creditor claim and say 20 billion came in…if they got their full 72 (million) they would get that, but Class 19 would not be giving up any value to these interest holders.
Judge Mary Walrath: But, if they had a creditor claim of a 100 million, that would be paid before you got anything.
Alice Griffin: Yes, absolutely.
Judge Mary Walrath: Based on what is currently anticipated that would be a worse recovery for you if they got their 100 million.
Alice Griffin: Currently, you Honor. But, we…a good many of us feel that there’s a possibility we could get substantially more than par.
And as the judge said to coffee girl, "So if ten billion dollars comes back, you wouldn't want the underwriters to get even one percent?"
That statement was very telling to me. Why even say that? Yep, very telling.
JPMorgan found a $30 billion 'unexpected bonus' in the remains of Washington Mutual
Jul. 1, 2015, 1:47 AM
https://www.businessinsider.com/r-jpmorgan-builds-up-apartment-loan-leader-from-wamu-rubble-2015-7
"In September 2008, JPMorgan Chase & Co executives sifted through the rubble of Washington Mutual, the failed home-loan bank that they had just won in a US government auction.
They found something unexpectedly good: about $30 billion of mortgages on apartment buildings, which earned strong returns whether the economy was performing well or not.
"It was an unexpected bonus," JPMorgan chief executive Jamie Dimon told Reuters in an interview, adding that the apartment-lending business is the single most valuable asset that JPMorgan acquired in the auction.
Washington Mutual's apartment-lending business was the biggest of its kind in the US and Dimon has made it even bigger. JPMorgan now holds some 20% of the US bank loans on apartment buildings.
Before the crisis, the bank ranked closer to 20th. JPMorgan now has $52 billion of these loans outstanding, giving it a stronghold in a market that is increasingly important in the US after the housing crisis brought down the homeownership rate.
Within JPMorgan, apartment lending is a relatively small business, accounting for less than 2% of its $2.6 trillion of assets. But the unit is seen as a model for how JPMorgan wants to run its lending business overall: Make smart lending decisions in good times, like now, so that it can be strong enough to buy distressed assets on the cheap during bad times.
That's how JPMorgan's apartment-lending business grew so much during the crisis: The bank bought assets from Washington Mutual and Citigroup Inc at low prices, which are generating solid income now. The bank is plowing income from crisis assets back into its business to make it more efficient and better prepare it for the next downturn."
JPM knows it and prepared for it back in 2015, waiting for WMILT to close the two cases. JPMorgan found an unexpected $30 billion