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eg number 1).....irrelevant info.
Allow me to clarify the obvious.....either,
1) irrelevant info....eg joint admin, Part(b) etc
2) 100% wrong info....eg Debtors are WMB
3) a combination of both....eg see above
Any clearer?
WAMU response to FASB, or maybe WAMU was lying??? Again ACTUAL DD...............
The paragraph above seems to indicate the form of evidential matter necessary to demonstrate legal isolation is dependent on the type of entity under analysis. For example, Washington Mutual Bank ("WMB"), a subsidiary of the Company, is a federal savings association that is regulated by the Office of Thrift Supervision, the deposits of which are insured within applicable limits by the Federal Deposit Insurance Corporation ("FDIC"). In the event of its insolvency, the FDIC would be appointed as receiver or conservator under, and its receivership would be administered by the FDIC pursuant to, applicable provisions of the Federal Deposit Insurance Act ("FDIA") and the FDIC's rules and interpretations thereof. In such a situation, the most appropriate form of evidence used to demonstrate legal isolation with respect to qualifying securitization transactions within the meaning of the applicable FDIC rule would be an FDIC receivership opinion covering the transferred assets, since a federal savings association is not subject to U.S. bankruptcy laws in the event of insolvency.
and again from same document...not opinion!
QUOTE: "Based on our interpretation of paragraph 27 A, the amended language seems to indicate that a transferor would need to evidence that the transfer qualifies for a legal true sale and
also ensure that the assets would be isolated from the transferor, in the event of bankruptcy, receivership, or other insolvency. We believe evidence in the form of a legal true sale opinion, for securitization transactions, would not be necessary for a federal savings association, such as WMB, which is not subject to U.S. bankruptcy laws. We believe this position is consistent with the intent of paragraph 9(a) and those practices currently being applied by many other mortgage banking companies."
So how does your joint administration bs apply to WMB again???
Absolutely no need to based on past info posted being either irrelevant, 100% wrong or both.
Here's example of what actual DD looks like and it seem to suggest exactly what was claimed...that the FDIC may have retained ~$40B in WMI and/or WMB assets which possibly includes the Mortgage pools that secured the WMB Bonds.
FDIC Statement of Assets and Liabilities in Liquidation
No, he's stating facts which has ZERO to do with this "joint administration" foolishness. The WMI and WMIIC bankruptcies were "jointly administered", not the WMB Receivership.
What documents....you never provide anything but an erroneous interpretation of what you read.
The Debtors are WMB!!!...and you expect to be taken seriously??? 100% wrong every time
Read again.....slowly!!!
QUOTE: "WMI LIQUIDATING TRUST AGREEMENT, dated as of March 5, 2012 (this “Trust Agreement”), is by and among Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (“WMI Investment” and, together with WMI, the “Debtors”), as debtors and debtors-in-possession, William C. Kosturos, as liquidating trustee"
Keep on point....don't pivot to irrelevant issues that were never discussed.
Well??? The silence is deafening..................
The Debtors (WMB)........LOLOLOL
I understood exactly what you meant and so did many others here. Just a suggestion,...don't waste you time, I not going to anymore with these individuals.
Simply put...KKR et al bought $600M worth of WMIH Series B preferred shares with certain conditions.
The $600M cash held by WMIH on it's balance sheet is used to "control" the stock price.
Hence the cash, once held by WMIH will act as an "Embedded Derivative" and limit WMIH's pps.
This is what at present is our reality, but "IF" our interpretation of the FDIC's Initial Statement is correct there could be substantial distributions to Equity.
I am almost 100% sure that the WMB Bonds were secured by over-collateralized asset pools based on the offering info, so that $13.8B claim "should" be 100% covered.
Then all that remains is the $2.4B owed to DB and this IMO is where the $26B Asset Related Equity Adjustment, which was deemed an ASSET, will easily cover that claim.
At this point, in the context of ownership of former WMI assets, our Markers and possible distributions...... <ZERO!
Here is an actual case where rule 1015(b) is applied just like in the WMI filing in 2008. This one is only 12 pages and is exactly what was stated in the WMI bankruptcy filing,...read carefully. It has nothing to do with the BUNK being posted by matt.
Rule 1015(b)
When have I ever said escrows are worthless or did you forget, Escrows: $2-$10B???
You all never read anything yet confidently post this rubbish.
Btw try burning dirt in an internal combustion engine.
Get it now, the difference between direct and indirect???...SMH.
"Part(b)" has as much relevance to escrows as dirt has to internal combustion. Straight out of a comic book.
What it shows is how totally off your claims are that the WMILT owns WMIH. I would love for you to inform current NSM and WMIH shareholders that their shares mean nothing. LOL
Half of what you posted I never said, just another distraction from what you can't refute. Never once have I said that WMI does not possess any assets, in fact I hold an opposite view. The fact is how much, if any, nobody here really knows for sure.
Some clear facts............
- OLD COMMONS WERE CANCELLED
- COMMONS NO LONGER OWNS THE WMI ESTATE
You keep referring to "Joint Administration" and "Part(b)" but never explain what you mean and how that helps your Commons argument.
Do present this never seen before ""DD"".
The quicker people stop looking for these "missing" WAMU assets the better off we'll all be.
JPM got the deal of a millennium which was totally wrong and unjustified, yet it happened.
What we need is to find out what WMI/WMB "assets" were NOT transferred to JPM by the FDIC.
It's these assets IMO that we, holders of Escrow Markers, will ultimately benefit from.
WMIH has "ALWAYS" stated that WMIIC was an asset-less sub in every filing since 2012...FACT
The reason they waited till 2018 to dissolve it was to utilize it's shell to create WAND...IMO
This was done when a merger target, NSM, was found and there were tentative agreements made...IMO
In any event POR 7 and the LT Agreement states that "ALL" assets of WMI & WMIIC are considered LT Assets...FACT
Of these LT Assets, only "CERTAIN" assets were transferred to the WMILT on the ED in 2012...FACT
Does this mean there were other LT Assets that were "NOT" transferred to the WMILT in 2012...???
All WMIIC assets owned prior to September 26, 2008 were liquidated on the ED in 2012 and distributed to the WMILT.
When WMIH acquired the equity interests in WMIIC they had ZERO assets as they have always, and this PR stated.
Soon this delusion will be "debunked", as bk used to say.
I hope I'm not the only one noticing a clear trend of orchestrated negativity about the merger.
First the PR about fighting the merger, then the drop in pps and the increase in negative posts about WMIH/NSM.
IMO, this is only the beginning, I expect this negativity to only intensify in the coming weeks!
You mean like how it has been explained and proven months now that old Common shares are cancelled and therefore they DO NOT own the 'original WMI estate", yet some continue to question that fact???
The reason Chad Smith, Doreen Logan, Curt Brouwer, Yana Soriano and Helen Grayson (all WMILT employees) work for WMIH is because of the TSA between the WMILT and WMIH. That agreement allows for WMILT staff to carry out certain duties on behalf of WMIH. This is because WMIH lacks the staffing required to carry out these functions and also they would save on the cost of hiring additional personnel,...not because you believe WAND is the WMILT or Eclipse is Escrow.
Transition Services Agreement
Reference is made to that certain Transition Services Agreement, dated as of March 22, 2012 (as amended, modified or supplemented prior to the date hereof, the “TSA”), entered into by and between WMI Liquidating Trust (the “Trust”) and WMIH Corp. (formerly known as WMI Holdings Corp., “WMIH”). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the TSA.
The Trust and WMIH hereby agree to amend and supplement the TSA as follows:
Section 1. Services to be Provided.
Chad Smith
Work with external WMIH legal counsel on various WMIH legal issues
Prepare for, and participate in, WMIH Board of Director and Committee Meetings
Work with WMIH personnel and outside counsel and consultants to identify and analyze strategic opportunities
Supervise, coordinate and assist with WMIH SEC compliance matters
Other matters as determined in consultation with WMIH Chairman
Interact with WMIH auditors, as necessary
Doreen Logan
HR Support
Payroll processing, including review of time, payroll journal entries, payroll funding
Managing Branch Richards relationship (or any other payroll processing service used)
Accounting
General ledger set-up and management on Quickbooks
Posting transactions to general ledger
Preparation of monthly consolidation (e.g. 4-column) for submission to the CFO
General ledger management, research, reconciliations and monthly binder – all overseen and directed by WMIH CFO
Create and manage vendor file for Accounts Payable and annual tax information reporting – 1099s, etc; submission of 1099 for review; submission of 1099 for filing
State and Local Taxes
Preparation and filing of monthly B&O Tax return with Washington Department of Revenue
Preparation and filing of City of Seattle tax return on required basis (e.g. monthly, quarterly, annually).
in addition to many other WMIH duties
Never claimed I know what will come back, in fact I almost always use terms like "IF", "COULD", "ANY", "MAY" etc. All I'm saying now is that it makes zero sense and is illogical to me.
I keep harping because they keep posting the same dumb cr@p over and over and to date I still don't buy this supposed S4V. IMO they both make no sense.
I actually agree somewhat with the first part of your post from CSNY. That is the only way I can see WMIH benefitting from WMI assets. Where legacy assets generate business for WMIH in terms of servicing or otherwise, but not actual OWNERSHIP of the assets. A small percentage of the profits is possible through WMIH's 100% Equity in the former WMIIC but I'm not really "sold" on that idea.
I have no issue with showing a different side to the story, the one actually backed by facts and reality. I honestly don't know how they come up with these ridiculous notions.
Yes i honestly don't know how people continue to buy this obvious bs.
If WMIH can leverage the FDIC as former owners of WMB assets they could possibly gain some business from them. They will not OWN these assets as some are claiming.
QUOTE: "I have not been pushing this rubbish for weeks, I have been pushing this rubbage for many years!"
Stated perfectly!!! It's obvious you're using a bunch of irrelevant "talking points" and trying to make them relevant...they aren't.
QUOTE: "You clearly do not understand what Part (b) is, It is the Holding Company, you know"
Part(b) is nonsense and meaningless except for some. Empty rhetoric!!!
QUOTE: "WMIH owns the equity interests, former shareholders(of the Parent Company) own the assets!"
Exactly. WMI owns the assets and WMIH the equity interests in WMIIC only, which they said for years has ZERO assets. Equity interests in nothing = nothing! That's basic math.
That is what AZ posts not me and btw it's absolute rubbish. Also, WMB never had any shareholders remember? You've been saying that for days now. This has nothing to do with any WMI estate assets.
Before you post try reading something other than MB posts. Wrong again for the 50th time. APR does not apply to possible future events. It applies to present actions as evidenced by commons receiving a distribution. There you go again rewriting bankruptcy law.
If you actually read the initial bankruptcy filing you would know why the cases were "jointly administered". It has nothing to do with events that occurred 4 years later in 2012. It was done for administrative reasons, to save on fees and to avoid repetitive filings. This is the reality, what you posted is fiction.
If WMIH owned $10-$100's billions in assets why would they gift over 80% of this value to Series B holders (KKR, Citi etc) and Fortress for ~$600M?
This would be the dumbest merger deal ever by WMIH management. Why not hold off until these ""assets"" are returned and purchase NSM outright? This assets theory makes zero sense.
WMIH is owned by those who currently hold WMIH stock and will soon include former NSM shareholders, not the WMILT. Seriously the theories you guys are posting are becoming more and more ridiculous every day. Eclipse is NSM, that's pretty obvious to anyone who does realistic DD.
I have a few questions about the figures you used...........
- The $1.6T in securitized MBS's, in what time frame were these done. The last 10, 15, 20 years or more???
- How many of those securitizations matured or WMI have already received the cash for their interests,...prior to 2008???
- Where did you get the 5.16% beneficial interest figure from???
"When the CIC of WMB to JPM occurs, the nols are dead"
Same thing, even though the CIC theory is also wrong. Total misinterpretation of what it means.
Why are you repeating this to me over and over??? We're saying the same thing,...it's matt you need to convince.
100% false statement. If you actually read anything for yourself you would know this. What was stated was that ALL assets of the Debtors (WMI + WMIIC) (including any inter-company claims) will be contributed to the WMILT while 100% of the Equity of WMIIC will belong to WMIH. Hilarious that you mention POR 7 since it also stated that Common shares were CANCELLED! Did you miss that part???
Also once more, this is what APR actually means..........
QUOTE: "When an insolvent entity files for bankruptcy, it can be tough to be a creditor. But holding equity — stock in a corporation or a membership interest in an LLC, a limited liability company — can be even worse. Under bankruptcy’s “absolute priority rule,” creditors generally must be paid in full before equity gets anything. That usually means that holders of equity, or claims treated as equity, get nothing.
"Generally", being used because the rule is not actually ABSOLUTE since it can be violated, as was done in our case.