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~ Shamu, Yes An Interesting List For Sure ~
Thanks to all of you participating members, that have taken a moment to open up the link that I provided earlier ... this particular document was filed as an update to an original, ... “Kosturos Declaration” ... and was not originally labeled with a sequenced filing number’ ... or, ... a proper date’ ...
Turning the page’ ... and considering what is important to, Us’
In my opinion, ... when reviewing this list ?, ... I believe a simultaneous return to the Feb 29’ 2012 MOR (Filing # 10004, Filed On 03/30/2012) ... is important to consider and quite relevant as well, ... (the Feb 2012’ would be the last relevant financial disclosure and reveal’ filed just ahead of Plan 7’s 03/19/2012 Implementation Date) ...
Retained Earnings pre-petition @ 09/26/2008 = $16,739,175,191.00
Retained Earnings pre-petition @ 02/29/2012 = $20,770,848,942.00
an increase of some, $4,031,673,751.00 ... cash, generated by segregated subsidiaries between 09/26/2008 and 02/29/2012’ per the last required and necessary MOR needing to be submitted prior to Plan 7’s Implementation ...
Also note’ ... that there is an additional entry for, ...
Retained Earnings post-petition @ $1,043,405,792.00 ... dates only at 02/29/2012’ ... This entry reveals the “Liquidation Preference” ... Only’ ... for the Liquidation Preference financial consideration and specifically date structured consideration in between 9/26/2008 & 02/29/2012
AZ
~ I Don't Know What You Own "Either" ~
... I Only Know What I Own' ... and Why' I chose each segment of the available WaMu securities'
just sayin'
AZ
~ You Are Welcome and That's Fine', I Understand ~
I completely get the anxiety and the frustration that everyday innocent people caught up in this extremely complex, "multiple venue tracking" issue have been going through for a very, very, very, long time now' ...
However' ... NOTHING of the original WaMu values has ever disappeared' ...
only the lies ?, the nonsense financial models ?, the lies about the LT and what its legal parameter's actually are' ?, ... and, the daily attempts to discourage you ... have been obvious to me' ... I've done the work' and I can not be moved' ... most of the nonsense I actually find quite humorous'
warrants to be issued to you by the LT' was my favorite' however now ? I have a new favorite being presented by the very same conflicted one' ...
... "Kosturos has the power to release the FDIC from the WMI' claim against it" ...
So, Exactly What Claim is that ?, that is NOW' being bandied about ? ... I have never seen a WMI' Claim against the FDIC that has NOT been Settled by the GSA' ? ... let alone a WMI Claim Against the FDIC, that Kosturos could actually be able to forgive' ... my goodness'
AZ
~ Legally Held, Safe Harbor' Returns' ? ~
... Will Get Released For - Everyone - At The Exact Very Same Time ...
as the reorganized WMI', WMIH-Corps. portion ?, Releasing Institutional Investors portion ?, and, Releasing Individuals portion ?, ... ALL at the exact' very same time' ...
... In My Opinion ? the process will begin prior to a 2017 year end' ...
I believe, WMIH-Corp will be "The Tell", ... it should become very obvious, if the massive amount of "Cash" legally held, Safe Harbor returns have begun to be released' ...
AZ
~ The Original WMI' "Cash" Returns ? ~
... Now' able to become WMIH-Corps "Cash" Returns ? ...
Came in the form of Cash' from WaMu's multiple packaging and investment participations' ...
Anyone that actually owns a WMI Preferred Security' ? (a P' or a K' series ?), ... hopefully would have taken the time to read an associated WMI Preferred Offering Prospectus' ... WMI's Preferred Offerings (P's and K's) actually paid non-cumulative dividends, four times a year, ... always in arrears of the preceding quarter' ... ($0.0775% & $0.04% respectively')
An ABS-Cert ? or an, RMBS-Cert ? ... functioned in a different Prospectus Revealed manner' ... generally returning dividends on a monthly basis, between the 21st and the 25th day of the month' ... (generically' in the neighborhood of $0.045%, after paying the "servicing fees")
An Original WMB Bank Fixed Income Offering ? ... again, are designed to their own prospectus' ... (along with everything WaMu ?, I also own WMB Fixed Income Securities', but I doubt many other retail participants do' ... distressed debt' is generally a hedge fund play, I just paid attention to what they' were doing, and also jumped in to own some of that')
WMI's original Cash Raises' ? (Debt Offerings) ... also have their own promised rates of returns' ... The most prevalent to everyone would be Tranche 3' ... Commercial Capital Bancorp. ... yes WMI', paid itself back ...
~ Know What You Own ~
AZ
~ WMIH-Corp Will Now Be' The Recipient Of Exactly What WMI' Was ~
The Washington Mutual, Inc., "Cash" generated returns', cycled through their extensive list of subsidiary's, ... along with, ... Washington Mutual Investment Corp., ... Commercial Capital Bancorp., ... and the original, WMI Preferred Offering' ... etc, etc, etc, ... referred to as third parties in your submitted release document'
... Able to now start properly functioning again, now that Plan 7 has been completed (03/2012), and now that the D.C. Litigation has been completed (08/2016), and now that ALL of the Litigation requirements are finalized (the Globic' settlement completion (06/2017)
Washington Mutual, Inc.
Master Retention Checklist
http://www.kccllc.net/wamu/document/0812229081011000000000003
Washington Mutual, Inc.
Master Retention Checklist
... Non-Debtor Affiliates ... that are Directly associated with the Plan's Reported Retained Earnings' ...
AZ
~ Hey FWHZeke, Here’s An Early Christmas Present’ ~
I have been meaning to post this for you for awhile now, ... but I keep getting caught up in other research’ ..
anywhere, Here ya go’ ... you’re gonna like this link’
http://www.kccllc.net/wamu/document/0812229081011000000000003
“PLEASE TAKE FURTHER NOTICE that “Schedule A” and “Schedule B” to the Kosturos Declaration were inadvertently omitted from the initial filing.” ... Really ? ...
... “inadvertently omitted ?” ... yeah, Okay den’ that’s funny, ... how about the truth ? is More like ?, ...,
... “purposely omitted ?” ...
AZ
~ ? Something Is Still Missing', Maybe It Is The Actual Process ? ~
* The "Exchange Event" Happened (8:00am on 09/26/2008)
* WMI Investment Corp., Was "Secured & Protected" Within The First WaMu Bankruptcy Filing (10:15pm on 09/26/2008)
* The Two Failed Attempts at a Plan 6 Approval Were Real'
* The "Mediation" leading to Plan 7's Approval, Actually Happened' (late 2011)
* The Continuous Performing "Trusts" are Obviously Real (the Globic' Settlement, The Preferred Offering, The CCB's, the WMB Noteholder Program, WMIIC', etc, etc, etc,)
* The distinct wording in the Plan 7 Release Language (41.6) is Real' ...
... ? ... So' Is It Possible ... ? ...
That the WMI reorganized new company', ... WMIH-Corp' ... is the actual recipient of the Performing Trusts distributable dividend returning "Cash" ... at the very same time as the Class Releasing Participants' along with' everyone else' that is also involved ? ...
Maybe' Just Maybe', the newly reorganized WMI' the new company (WMIH-Corp) doesn't actually have a need or a responsibility to re-issue a replacement P Security' or, actually have a responsibility to redeem a K' Security ? ...
Maybe' Just Maybe', ... WMIH-Corp receives its Own' participating percentage of a, Trust Generated Cash Distribution', at the same time as us' ... ? ... Now that "Globic" has been Settled and Completed'
Maybe', This is why the newco CHOSE' to pay off the "Notes" prematurely ... ? (as revealed on 10/03/2017) ...
I've studied, read, sequenced, and researched these documents, along with the "dual tracking" litigation' and, I DO NOT believe that anyone able to be held legally accountable has actually lied' ... So' something just isn't right' ... and maybe that something is in the actual process' ...
Anico said OK', ... AAOC' said OK', ... The Senior Noteholders said OK', the Junior Noteholders said OK', ... The CCB Trusts said OK', ... the PIERS Representatives said OK', the Equity Representatives said OK', ... Judge Walrath said OK', ... the WMB Bank Bondholders (the ad-hoc' Steering Committee), needed to continue and complete their own dual tracking litigation in D.C. ...
... Something just doesn't add up' ? ... and it may be within the actual Forward Moving Process', that is aligned with Trust Distributions' ...
AZ
~ Nosch, Yes, An Excellent Observation ~
This is not over ... the FDIC acknowledged the wrongful taking of WMI’s property in Filing # 5885’ ...
Remember, The GSA was between WMI & The FDIC ... with JPMC listed because they were allowed by the Court to be an “Intervenor” ... Your signed release (41.6), released the JPMC Entities’ and their People (Persons) ... as JPMC was a third party’ actually chosen by the FDIC and not chosen by WMI’ ... this just makes sense ...
However, an important distinction is That regarding the FDIC’, ... You only released the FDIC’s People (Persons) ... You DID NOT release the FDIC-C or the FDIC-R ... as “Entities” ...
AZ
~ An Important Distinction Regarding Plan 7 ~
Remember, The GSA was between WMI & The FDIC ... with JPMC listed because they were allowed by the Court to be an “Intervenor” ... Your signed release (41.6), released the JPMC Entities’ and their People (Persons) ... as JPMC was a third party’ actually chosen by the FDIC and not chosen by WMI’ ... this just makes sense ...
However, an important distinction is That regarding the FDIC’, ... You only released the FDIC’s People (Persons) ... You DID NOT release the FDIC-C or the FDIC-R ... as “Entities” ...
This ain’t over
AZ
~ AT', I'm Okay, I Sincerely Hope You Are As Well ~
I'm glad you are here and one of the posting participants' ... sometimes I have to read one of your posts more than once' ... But I get it'
... Life happens to everyone' ... and affects us to our individual capability' ...
AZ
~ Temo', DM', and Folks ~
Just a few of my own thoughts' ... In My Own Opinion ? today's conference call does not change a thing' ... not one thing' ... I totally know why I'm involved here' and so do all of the institutional participants' ...
The newco' ... ~ WMIH-Corp Will Be The "Tell" ~ well ahead of any reveal of information to the public, via a CC, or an 8-K, press release, etc. ...
today's CC ? changed nothing' as far as I'm concerned ... Some of The Trusts are SEC private entity, which continue to be active' and producing, according to their individual prospectus released' design' ...
what we have here' is a Board of Director's that is trying way to hard not to say something' ... If' ? they truly don't pay any attention to the trading pps' of the company ? as was stated' ? ... then why did / does the now extended, Credit Facility' continue to need with an ... "Embedded Derivative Function" ? ... Really ?
The time has now come to use their own game for individual profit making' ... while I wait for the truth and true financial reward to begin to be revealed' ...
A Propaganda Machine ?, ... Hedge Funds ?, ... Powerful Private Equity ?, ... and a Secret Handshake group of a BOD's ... that obviously are going out of their way' to NOT tell the shareholders something' ... ? ...
AZ
~ Nope', J. Carreon (A&M) Said That To Judge Walrath ~
I was just paying attention' & That' has always' has made sense to me as well'
..."When WMI's bank, WMB' gets removed from the Consolidated Taxing Group ? ... so goes the associated tax benefit" ...
Again' ... All I do is Pay Attention
AZ
~ Aren’t You The One That Was Just Saying ~
Earlier today, ... That the D.C. Action, ... Globic’ ... Just Ended ? ...
so, which is it ?, ... Nopey ? ... Yeppie ? ... or, ... I just can’t remember what I saidie’ ...
AZ
~ Mr Chilln’ ... Good, That’s Cool ~
AZ
~ Is ? WMIH-Corp Involved in any capacity’ with Any Of Its Predecessor’s WMI’ Privately Operating Trusts’ , In Any Form ?, past, present, or future tense ~
Cayman A-1 & A-2, and Preferred Offering I, II, III, or IV ...
... or,
Commercial Capital Bancorp, HFC 1, CCB IV, V, VI, VII, VIII, IX ...
... or,
Any participation within over 300 original residential pooling & serving agreements ...
AZ
~ You Tell Me’, What does your own DD Tell you ? ~
... Are you planning on waiting around for the WMI-LT’ for a couple of more years until 2019 ... ? ...
do you believe LTI’s will ever be issued beyond Tranche 5’ to your released 90,000 common holdings beyond Tranche 5 ... ?? ...
.... Did JPMC buy all of’ WaMu for a Billion Eight ... ? ...
... Did the WMB Bank Noteholders (the ad-hoc Steering Committee) ... waist their time ? ...
... as I posted the linked class releasing numbers yesterday, ... did the 186 million of the original 200 million shares of newco’ at reorg, get issued to a bunch of simple minded releasing knuckleheads ? ...
... Was the WMI Noteholder Program, issued out the UK a figment of my imagination ? ...
... Is the Original Preferred Offering, ... Real ? ...
... Did the REIT Series, ... Exchange Event ... Happen ?
... Did the, Commercial Capital Bankcorp’ ... Trusts’ Get Paid ? ...
I can keep going’ ... so, you tell me’ ... ? ...
AZ
~ JJ, Yep I’ve Truly Worked Hard On This Elusive Investment ~
And I’ve tried to post and release’ only the relevant segments to the innocent retail participants that found themselves caught up in this WaMu deal’ ... 30% of the original commons not releasing ?, plus all of the jumping bean security switch around nonsense of 1st quarter 2012’ ... ? ... and then’ the icing on the cake’ ... was when that, - dont_b_kruel - ... put a giant burr under my saddle’ ... (the rest you know) ...
Here’s what I do know’ ... there isn’t diddley’ that any of us can do to change what is to come’ ... it is what it is ...
So, ... As my own due diligence has continued ... ? ... I have wrapped my brain around what reality truly is ... ? ... so, I can be prepared ... for what is to come’
AZ
~ Well ?, I Am Currently Keeping a Watch on Many Things ~
The Least of all, is anything related to the LT issuing any LTI’s to Tranche 5’ and beyond’ ... yeah’ right’ ... (that one still makes me laugh) ...
Nope’ .., to me ? The LT is nothing more than a usable Pass-Through mechanism ...
To be ... used’ ... for my advantage, in the same fashion as the LT was ... used’ ... to my advantage when my class 21’s (dimes) and their return distributions were placed into my account as a class 12’ general unsecured recipient ...
... No’ ... No’ conversation is necessary’ ... just put the distribution(s) in my account’ ...
AZ
~ Doc’, My Take ? Is Everything Is Just Fine ~
Now ? As an actual long time investor ?, (since the 70’s, pre-WaMu’ seizure) ... I can finally view WMIH-Corp on its own merit’ and, on the extensive amount of due diligence, study, and research, aligned with its original predecessor, ... Washington Mutual, Inc. ... the work on this, that I have done over a five plus year period now’ ...
I have finally, and I mean FINALLY’ ... been able to totally disregard the WMI-LT, and all of its irrelevant propaganda and word twisting nonsense, it has presented ever since its inception on March 6th, 2012 ...
The new company (Wmih-Corp), has paid off the notes prematurely, as announced on 10/03/2017’, ... and the LT will now go its own separate way as recently announced in its request for an additional extension, out to a minimum of 2019’ ... “see ya” ...
If you hold Tranche 4’ PIERS Class 16’s ? ... you are in for a wait’ to probably get zero additional, especially after the lawyers get all done, ... again, ... lawyer chow, To Be paid to a minimum of 2019’ ...
If you continue to hold your original release issued tracking markers ? ... and / or ... shares of the newco’ WMIH-Corp ? ... just relax, and sit back and watch the hedge funds and private equity now’ begin to work their magic’ ...
... The Notes Are All Now Paid Off, prematurely ?, The D.C. dual track is completed ?, along with the Globic Settlement ?’, ... All now done ? ... These LARGE investors will want to move’ ... irrelevant of who or how many of us are still remaining ...
AZ
~ Because’ They Can Still Manipulate the PPS’ Until 01/05/2018 ~
ADDED; ... or at minimum until 12/29/2017’ ...
Remember, ... just who ... we’ ... have had to deal with here’ ...
A propaganda machine
Hedge Funds
& Some Quite Powerful Private Equity
Take a moment to Review my transitional numbers that I posted yesterday ...
AZ
~ Johnny, (B), Yes That is 100% Correct ~
Everyone, ... Watch the newco’ ... WMIH-Corp ... IF’ ? newco tapped into the Trust produced Liquidation Preference Cash, during the third quarter of 2017’ ... WE’ ... will know very soon’ ...
IF’ ? the newco’ WMIH-Corp, actually waited to tap into the Trust produced Liquidation Preference Cash, until the fourth quarter of 2017’ ... WE’ ... will not need to be told until March of 2018’ ... (however, it is doubtful that they waited, in my opinion) ... Globic’ is completed’ (thankfully)
The KKR originally provided replacement credit facility ?, ... is just being renewed and amended to the company’s positive ...
AZ
~ Good Morning Everyone' ~
This mornings "press release" was expected by everyone, and was obviously going to need to be revealed by WMIH-Corp', as well as the announced "conference call" was also reasonably expected as well' ...
In My Opinion ? ... I find this announcement and the amendments mentioned to the original credit facilities agreement to be all positive as we' move forward' ...
A few of these issues mentioned are truly quite interesting' ... First and foremost', ... to me as an investor' ... is the transitional pps' lock revealed to be now at a defined pps of @ $1.35' ... So, NO More 50 cent transitional variable nonsense, ... ($1.75 - $2.25) ... so, it should be a bit easier to maintain knowledge of what is going on, as each quarterly report is released', with a pps of $1.35 being the new base' line' ...
WMIH-Corp 10-K For Period Ending 12/31/2016
https://www.sec.gov/Archives/edgar/data/933136/000156459017004292/0001564590-17-004292-index.htm
Risks Related to the Embedded Conversion Feature of the Series B Preferred Stock
The embedded conversion feature of the Series B Preferred Stock has caused wide fluctuations in our earnings and on our balance sheet and is likely to continue to do so due to the requirement to reflect the fair value of the embedded conversion feature in our financial statements.
The Series B Preferred Stock is a hybrid financial instrument that contains a mandatory conversion into WMIH’s common stock under certain circumstances. Under applicable accounting rules, the fair value of this embedded conversion feature must be determined at the end of each reporting period. Upon any conversion of the Series B Preferred Stock in accordance with its terms, the Series B Preferred Stock will convert into common stock based on the outstanding principal and accrued interest, subject to a floor of $1.75 per share of WMIH’s common stock and a ceiling of $2.25 per share. The embedded conversion feature results in a derivative liability primarily when WMIH’s average stock price exceeds the conversion price and a derivative asset primarily when WMIH’s average stock price is less than the conversion price. Any change in the fair value of the embedded conversion feature will constitute other income or expense, as the case may be, in the applicable reporting period. Upon conversion or redemption of the Series B Preferred Stock, any asset or liability related to the embedded conversion would be eliminated. Although a non-cash item, the valuation of the embedded conversion feature has fluctuated widely during the reporting periods and significantly impacted our balance sheet and operating statement.
The embedded derivative was recorded as a result of the variable conversion feature in our Series B Preferred Stock and the change in fair market value is reflected as the other income or expense item “change in fair value of derivative embedded conversion feature” which resulted in $201.5 million of other income and $54.6 million of other expense for the years ended December 31, 2016 and December 31, 2015, respectively.
Derivative Embedded Conversion Features
The Company has recorded a derivative embedded conversion feature of the Series B Preferred Stock which is adjusted to its fair value as determined using Level 3 inputs described below under fair value measurement. The change in fair value of the derivative embedded conversion feature is calculated at each reporting date and recorded as other income or other expense on the statement of operations
Restricted Cash
Restricted cash includes (i) amounts held for the express purposes of paying principal, interest and related fees on the Runoff Notes (as defined in Note 7: Notes Payable) pursuant to the terms of the Indentures (as defined in Note 7: Notes Payable) and (ii) proceeds of the Series B Preferred Stock offering held in escrow
~ READ', The "Material" Or NOT, I Won't Argue ~
... It's obvious to everyone who has taken the time to study and research ALL that has been made available to everyone' ...
For anyone to not entirely understand the multiple segments of the WaMu process' is one thing, and in my own opinion, quite understandable' ... Yes This ? Is and Has Been very, very, complex "dual tracking" litigation' ...
However, ... holding on to a concept, for the simple reasoning that one wants it to be true' ? ... Is, In My Opinion, A Waist Of Time' ... ("wishful thinking"' is not a reality in my "financial" world) ...
just sayin'
AZ
~ Your POINT' IS NOT Document Supported ~
The ONLY ... POINT' ... That Actually matters ? ... IS' What Is Documented and Is Actually Possible' ...
AZ
~ ADDED', The LT & It's Trustee ? ~
... IS NOT' Controlling Any Of, ... The Original Trust Supported Certs or any of the WMI Debt Structures originally Issued', ... The Original Preferred Offering, which is currently being discussed ? ... and their, "Supporting Trusts' ... or again', ANY' of the Actual Trusts' for that matter' ...
... IF' ? ... Anyone still continues to believe that the WMI-LT (propaganda machine) is actually relevant to the large financial returns available here' ... "Snap Out Of It" ...
I suggest one reads' a WMI-LT QSR' ... or reads' the LT's recent request for an extension out to a minimum of 2019' - Good Luck with all of that' PIERS Holders -', ... or, ... read' Attorney Rosen's response to Johnny (B) ...
AZ
~ Simply Because a K' Prospectus DOES NOT ALLOW' For That ~
Believe me, It would be very, very, helpful to everyone, if a few of the active participants, would simply take the time to actually read', what an original WMI Preferred Security Issue' and their Prospectus' Actually Allows For' ...
The P' Series Security's were NOT amended'
The K' Series Security's WERE needing to be amended' right after the Judge submitted her 09/13/2011 Opinion' ...
Everyone should take the time to truly' ~ Know What You Own ~
AZ
~ WMIH-Corp, "Thinking Out Loud" ~
I found myself reviewing some of the Original Releasing Security Numbers', as stated in a Press Release' by the WMI-LT on July 30th, 2012' ...
Class 19', P Series' Reit Securities Released = 3,729,654 shares, which converted into a total amount of (newco) WMI Holdings Corp Shares of 73,849,313
Class 19', P Series' Series R' Preferred Stock Released = 2,906,414 shares, which converted into a total amount of (newco) WMI Holdings Corp Shares of 57,548,706
Class 19', K Series' Preferred Stock Released = 18,166,776 shares, which converted into a total amount of (newco) WMI Holdings Corp Shares of 8,992,818
Class 21' Dime Warrants Released = 76,243,149 shares, which converted into a total amount of (newco) WMI Holdings Corp Shares of 4,165,700
Class 22' Common Equity Interests Released = 1,215,051,844 shares, which converted into a total amount of (newco) WMI Holdings Corp Shares of 40,702,317
So, my first' (quite surprising) observation' was simply how many shares of the original WMI-Holdings Corp., and the amount of its original exiting 200 million shares were actually obtained by the Plan 7' releasing security holders' ...
Reit Series = 73,849,313
Series R' = 57,548,706
Series K' = 8,992,818
Dime's = 4,165,700
Commons' = 40,702,317
Add' Commons = 927,862
-------------------------
Total Amount = 186,186,716 of the original 200 million'
Turning The Page' ...
First I began considering that the reorganized WMI, now WMIH-Corp' is the actual recipient and holder of any of the "Overfunding" ? (back in 2006' it was 133.33% of the issued amount, at 98.5% funded and issued at inception')
Then I began to consider simply how much actual cash' it would cost (newco) WMIH-Corp to actually take actions in an effort to properly address the Preferred Series Prospectus' ...
... So If' ? ... WMIH-Corp is going to issue a "Replacement" P' Series Security' ? ... WMIH-Corp would need to Re-Issue a combined total P' Series Securities of 6,636,068 (a new cusip' would be needed', as your tracking markers would still be needed' to be kept in tact', for additional continuing, and future distributions')
... So what would be the cost of this ? ... well, once a "Shareholder Of Record", has been properly determined' ... Then a non-cumulative quarterly dividend would need to be paid in arrears' ... or' ... 6,636,068 X's $19.37 per newly issued Preferred Security received' ... totaling a cost of = $128,540,637.00
... And IF ? ... again as prospectus amended on 09/15/2011' ... The cost for (newco) WMIH-Corp, as the Original Issuer', ... chooses to "redeem" the K' series security's, ... it would be an amount of 18,166,776 released shares X's $25.25' ... totaling a cost of = $458,711,094.00
A combined total cost for the newco' (WMIH-Corp) of $458,711,094.00 + $128,540,637.00 = $587,251,731.00 ...
(an interesting number' ? remind anyone of anything ? $587,251,731.00 ... Yeppers' ... it sort of surprised me as well, ... $600 million' minus the fees' ?)
WMIH-Corp will continue to be required to pay the newly issued P' securities their non-cumulative quarterly dividend, ... and the K' series securities would be fulfilled as they were originally prospectus promised' as well' ...
... These considerations' DO NOT take into account any of the Original Estate Owned Result' originally secured' by S. Landefeld, within WMI Investment, Corp., ... obviously owned by the Releasing Owners of the Actual WMI Estate' ... The Common Shareholders' (uq's) ...
SEATTLE, July 30, 2012 WMI Liquidating Trust (Press Release)
http://www.wmitrust.com/wmitrust/document/8817600120730000000000001
AZ
~ 2221', No' That Is Not How The Process Is Designed ~
Maybe this will be helpful, ... The forward financial movements, are segregated by the Class associated "Trust" financial mechanism and the original Cash that supported them' ... (the Cash' is past and present tense')
... Every WaMu Security' was Always supported by underlying Trusts' ... whether a WMI original debt offering ? a packaging of CCB's "Capital Commercial Bancorp.,) (yes, Tranche 3, WMI paid itself back first') ...
or a packaging of ABS-Certs, or RMBS-Certs (Asset Backed Security Certificate' or a Residential Mortgage Backed Security Certificate', ... respectfully', plus numerous other' debt structured issues' WaMu was into everything'
Class 22', RELEASED, ... uq's' ... by WMI Investment Corp., and a lot of other stuff' ... a released uq' ... designates ownership of the WMI Estate' ...
Class 19' RELEASED, ... P' Series' ... By the Original, ... "WMI Preferred Offering" ...
Class 19' RELEASED, ... K' Series' ... is a derivative of an original P' Series' ... supported by the same "WMI Preferred Offering", ... But with a different issue' prospectus designated allowances and non-cumulative quarterly interest rate of returns' ...
Helpful ?
AZ
~ Yep', I READ' Docs & only Post Associated Opinions & Thoughts in a Discussion Forum ~
... But, ... before I actually spend any of my own hard earned "Cash" ... ? ... I get seriously involved in the study of a Securities' associated Prospectus ?, the (Signed) Court Filings ?, as well as the SEC site' ...
I can not say this enough to the folks' ... seriously, ... ~ Know What You Own ~ and ~ Watch Your Six ~ and' NO, ~ I Will Never Be Issued An LTI ~ and' YES, ~ JPMC Only Received The Servicing Rights for The Massive WMI Loan File ~
the documents and the filings, will tell you' the Truth' ... not any sort of nonsensical presented financial models', slick typing skills', or word twist' ... (I hate to type)
AZ
~ Reading A K' Series Prospectus Is Helpful ~
The K' Series Securities originated on 09/06/2006, ... and then ? ... take a moment to Read' their submitted "Amendment" produced on 09/15/2011' ...
neither of these extremely relevant documents and the K' series allowances and restrictions are difficult to locate' ...
~ Know What You Own ~
I have a need to know, because knowing ? is important to me, hopefully I have also been a help to others as well'
In My Opinion ? as prospectus revealed, ... the K' Securities, will be redeemed by their "Original Issuer" (WMIH-Corp) into their documented allowable result' ... $25.00 plus a non-cumulative quarterly dividend of 4% annual, or 25 cents per quarter' = $25.25 ... WMIH-Corp gets to keep the overfunding of the Trusts' ... probably, now well beyond the original amount', ... originally reported @ 133.33% of original issue'
Also, In My Own Opinion ? as also prospectus revealed ... An Original, P' series will be a reissue of a newco preferred', ... mandated that newco (WMIH-Corp), will begin to be responsible for the aligned P' series dividend as well' ... and' ... will probably restrict their ability for a new owner to redeem them (a newly issued P' series) for five years future' again, just like presented in the original documents' ...
PIERS ? well they are obviously connected to an Interest Issued in the LT' ... or as referred to as an Issued (LTI) in the WMI-LT, and, working through the LT's issues ? well that's going to be awhile' ...
Class 22 (uq's) ... well common shares' ... ALWAYS' ... are the true owners of the actual estate' ...
anyhew' (Yeppers, it's all good, and knowing what is truly possible ? in my world ?, is helpful)
AZ
~ ItsMyOption, YES' That Is Exactly Correct ~
and Yes, I agree, ... as I have been saying' ... Watch the newco' (WMIH-Corp) it' will be ... "The Tell" ...
The credit facility's provided ... "embedded derivative function" ... has already served its purpose', by an accounting trick used in controlling the pps' ... (in my opinion) ... (and shameful')
WMIH-Corp's pps' needed to be controlled, "due to the fact", that WMIH-Corp is not in a legal position to do business with the original releasing owners of the estate' ... with either a falsely' enhanced ? or a falsely depressed, ... public NasDaq SEC' pps' ... for WMIH-Corp to deal with the Original Releasing Owners' of WMI ? it has to be a fair' consideration' ... (or else')
So, while the D.C. litigation had been and was continuing' ... a pps' controlling mechanism was going to be needed' ... the restricted amount of cash' was not chosen randomly' ... and' ... upon a review of the Q' reports since 2015' ? ... the "embedded derivative function",' which caused the accounting ability to report an "embedded derivative asset'", actually began this year, in early 2017' ... obviously, after the August of 2016 Settlement had been announced' ...
... Believe me' ... There are many very, very, very, smart people involved in literally ever aspect of the control and the participation in this newly reorganized, ... WMIH-Corp' ...
... The massive amount of encompassing WaMu value's has always been there' ...
But again, you are correct' ... once the newco acknowledges any receipt of the "Cash" ? ... the new company's shares will be aligned with the value ? currently divided by 206,380,800 shares reported out' ... which' ? I also believe will soon change' ... (re: S. Landefeld, ... WMI' owns 100% of the "Equity Interest" in WMI Investment Corp, ... or, the actual releasing owners of WMI's protected WMI Investment Corp., the releasing Class 22's as I look at this)
AZ
~ I'm Not The Only One' Not By A Large Margin ~
... The actual list of the current participants is very, very, extensive' ...
however, the amount of the retail innocent' people ? that were purposely mislead during the first quarter of 2012' ? just ahead of their critical time limit allowed to submit their documentation to be able to participate ? ... was to many' ... and the lies and nonsense presented was' shameful' ...
I decided after the reorganization in latter 2012', not to sit idely by and allow that to happen again' to innocent and unknowing regular investors' ...
the documents reveal that the debtor's knew' of the future values, in their two' attempts at a Plan 6 approval ? as well as they also knew' on Sept 15th, 2011, of the massive values aligned with a Plan 7 obvious and ultimate Approval' coming soon', after the September 2011 Judges Opinion' was filed' ...
... watch what happens' ... WaMu's massive future generating values ? have never ever disappeared' ...
AZ
~ The 75% / 25% Is Only' For ANY WMI-LT "Left Overs" ~
This issue has been misrepresented and misunderstood' ... as the promotion of this possibility' has been promoted and pushed by the WMI-LT' propaganda machine itself' ...
I stand firm on this' ... these Trust Supported' SEC regulated securities are not in any position to be combined' ..., as people have been wrongfully lead to believe' ...
as recently released, the WMI-LT has ongoing litigation issues until at a minimum of 2019' ... as well as revealed in the same document' ... The WMI-LT will maintain its status as a Grantor's Trust' (a Pass-Through mechanism')
WMIH-Corp' is now in a position to move forward, now that the Globic' Settlement has been completed' ...
If you remain focused on the LT' ?, "Snap Out Of It"
AZ
~ As The Study & Search For WaMu' "Truth" Continues ~
I have followed and have had a general understanding of the continuing, D.C. "dual tracking litigation" in Judge Collyer's Court, post Plan 7's Implementation in March 2012', as well as, the WMB Bank' Noteholders status as they were listed as' Plan 6 "objectors", for quite a very long time. (yes, the "Road King" survived, July of 2011')
The WMB Bank Noteholders, referred to as the ad-hoc' Steering Committee, and their refusal to accept a debtor's offer of a class 12, general unsecured' nomenclature, was a very important condition, their refusal lead to the two Plan 6 attempts and ultimately, were an integral part' of both of Plan 6's failures'
... and now, present tense, as we have all followed the completion of the D.C. "dual tracking" Litigation with the "Globic" Settlement' .... Now thankfully completed' ...
However', turning the page' ... I have continued to question an original overlooked, yet relevant detail, and the study of this issue has been ongoing and current' ...
The issue I have questioned' is, ... "why ? was there a need for the debtor' to amend a K' preferred series prospectus, just two days after Judge Walrath had submitted her 09/13/2011 Opinion' ?" ...
and, I finally believe that in finding the difference between the original issue on 09/06/2006, and the need to amend on 09/15/2011 ? I have found the answer' ... The Original WMI Debt Offering Supported Trust's, and their continuing supported values, ... were' and continue to be, ... very, very, real ? as well as very, very, valuable'' ...
The original K' series prospectus issued on 09/06/2006, allowed for the actual security owner' to redeem their purchased securities after a five year period, or as documented, not able to be redeemed' by their owner until September of 2011' ... between Sept 2006 and Sept of 2011' a K' Series purchaser, was able to receive their quarterly dividends, but they were not able to actually redeem their purchased securities for a five year period' ... not until September of 2011' (documented)
however', ... on 09/15/2011', just two days after Judge Walrath's September Opinion, ... the K' series were "amended" to remove the "Right To Redeem"" from an individual security owner's right, and then place the same "Right To Redeem" under the power of the "Original Issuer", WMI', now of course reorganized into WMI-Corp ...
... I find this to be a very important' detail' ...
Had Plan 6 originally been approved' ? none of this issue' would have mattered, due to the Plan 6 attempt to eliminate all classes' beyond PIERS' the class 16 hybrid', with all of WMIIC / WMI's future values going to those that had been, or would be chosen to be able to participate in the exiting' possession of the reorganized new company' ...
However, Plan 6 had failed' ... and the debtor submissions knew that the future WMI' values' were still going to be there, ... so, ... the K' series prospectus needed to be amended to give the "Right To Redeem" to the "Original Issuer" and not to an individual security owner' ...
I've worked very hard on this and, Here are my conclusions' ...
WMIH-Corp has already "tapped" into the (Original WMI' Debt Offerings) Trust produced "Cash" now available since "Globic" has been completed, ... during the third quarter of 2017', and in doing so, must also subsequently address the "Shareholders of Record" issue, as well as an associated dividend' distribution' ... so, here is how I believe these issues will be handled by the newco' ...
An original WMI' "P" Series Security, will be transitioned into a WMIH-Corp Preferred Security, ... and' will continue to produce the quarterly non-cumulative dividends generated' ... HOWEVER' ... in the very same fashion as the original prospectus, a newly issued WMIH-Corp "P" security, WILL NOT be redeemable by it's new owner, for a five year future term' ... Sept of 2023' and forward to a new WMIH-Corp Preferred Series Holder' ...
An original WMI' "K" Series Security, now as Sept of 2011' amended, to now be able to be redeemed by the "Original Issuer", (now, WMIH-Corp) ... will be' redeemed for a cash return and will no longer be a newco' financial consideration moving forward ... $25.00 plus a non-cumulative quarterly dividend of $0.25 OR' $25.25 as redeemed, and again, eliminated as a financial future moving issue, upon a cash issued' to an original releasing holder' ...
These Original WMI' Debt Offering Securities, were overfunded to approximately, 133.33% of their original issue back in 2006' (documented), ... so WMI' now having reorganized into WMIH-Corp' ... was the actual owner of all overfunded associated "Cash" ...
So, ... WMIH-Corp is now the reorganized recipient of the same' and, again in my own opinion ? ... will accommodate an original released "P" holder, with the issue of a WMIH-Corp "Preferred Security", WMIH-Corp will also begin to pay the original non-cumulative dividends on a quarterly basis, and' ... and will, In some form or fashion' will limit the time period that a new' owner' is allowed to actually redeem their newly issued WMIH-Corp preferred securities' ... probably similar to the original issues of a five year term limit for an owner's ability to redeem them' ...
The original released K's will be "Cash" redeemed by WMIH-Corp (now, considered to be the original issuer, and will move on' ...
WMI Investment Corp. and its "Cash" values are continuing, as are the percentage of participation in the Trust's also obviously continue' ...
Upon a public' acknowledgement by WMIH-Corp, of the "Cash" associated with the Original WMI Deb Structures' ... the newco's pps will obviously move forward as well' ...
WMIH-Corp will no longer have a need for a "credit facility", let alone a "credit facility" that also came with an, "embedded derivative function" ... (slick, but still shameful, in my opinion)
These are my own views, opinions, and forward moving conclusions' ...
AZ
~ WMIH-Corp, IS’ / WILL BE’ The “Tell” ~
If ?, you / or anyone’ has been focused on the WMI-LT ?, ... “Snap Out Of It” ... If ?, the wording in their recently filed requested extension ?, doesn’t begin to ring a few “reality” bells ? ... well’ then, I just don’t know ...
... We’ ... will all know at the very same exact time, ... when, ... the “Embedded Derivative Function” ... designed pps’ controlling mechanism, ... Is No Longer Necessary’ ...
WMIH-Corp, is not able to go’, anywhere financially relevant, ... Without ALSO’ Addressing US’ ... and Yes, ... I believe things will become financially positive, and will begin to be realized prior to 2017’s end, ... since I believe that WMIH-Corp, has already “tapped” into some of the “Liquidation Preference” “Cash”, available from the Performing Trusts, ... “tapped into”, back in the third quarter 2017’ ...
If I am correct ?, ... then as prospectus designated, ... a reveal of the shareholders of record, and an aligned divi’ must be paid ... again, always in arrears ...
Watch the newco’, ... WMIH-CORP, and your release issued ... “tracking markers” ...
AZ
~ PIERS Class 16 ? Not Until Year 2019' at Minimum ? ~
So, Any PIERS Holders ? ... Well ? might as well sit back and' settle in for the long hall' ...
Those Interest Bearing Notes ?' were paid off as announced on 10/03/2017' ... (early)
and' ... according to the WMI-LT ? ... well ? they' (AZ's favorite propaganda machine) ... well ? as stated in the extension request ? the WMI-LT is going to need to continue to fool' around to a minimum of until 2019' ...
according to the LT's latest request for an additional extension ? ... I seriously doubt the LT' will have enough of any actual relevant amount of' - left over's - to pay the last light bill' ...
... Nope' ... NO Tracking Markers' (Estate owning established' markers' ? which will soon become' quite important)
... Nope' ... NO Transitional newco' Shares'
... Nope' ... NO Control over the attorneys chewing through the remaining, "lawyer chow" ...
... And as I said many years ago' ... the PIERS Class 16' (the last creditor class ?) ... at the end', as revealed, maybe sometime at the earliest in 2019' ... will be left impaired' ...
for the last creditor' ? the PIERS Class 16's ? ... considering the future end having already been revealed in the request for an extension ? ... the earliest for any final reconciliation won't be until 2019' ... and probably longer, if there's any LT designated' money left'
And For ALL of the Rest of Us' ? ... Well, as stated in the request' ... "The WMI-LT will maintain its status as a, ... "Grantor's Trust" ... Yeah, No Kidding', You betcha' it will ... That is the ... "Pass-Through" ... mechanism that I have been posting about' ...
AZ
~ JJ, Good to see you here’ ~
The Judge originally Ordered the Result’ ... The eventual result was then achieved and submitted on 12/12/2011’ ... All the Judge did’ was tweak and approve, ... “The Settlement” ... the contractual agreements time line started at the submission of the same, ... 12/11/2011’ ...
AZ
~ Kate’ I’m Totally Not Worried ~
Among many things and issues studied ?, ... I’m rolling with my own study, research, and knowledge of what DB and JPMC’ were up to’, regarding the D.C. dual track, ... the now Settled Globic, ... and also, aligning the Globic’ Settlement with the Dunn & Phelps release of ONLY an 11.9% loss ratio’ ?, I actually thought that number was going to be higher’ ...
... The Trusts’ Are obviously quite real’ ... and JPMC, was obviously ONLY ABLE TO, receive the servicing rights’ for the WMI’ Loan File’ ... and, NO’ ~ I Will NOT be issued an LTI ~ beyond Tranche 5’ ... nonsensical propaganda, nothing more’ ...
... And’ as a current investor ?, ... I also believe WMIH-Corp currently meets all of the SEC’s requirements to be issued, ... REIT Status ... 01/02/2018 would be a great start date’ ...
Let’s see what happens ...
AZ
~ Johnny (B), Just To Reaffirm My Own Views ~
Regarding my earlier post’ ... In case there is any confusion ... ? ... The way I few things, ... We’, ... are’ and will be’ totally fine’ ... The point I was making, was just how many and just how much is, and has been, involved in this tremendously complex, multiple tracking, ... now ALL Settled, ... litigation ...
... Times Up’ ... Everything’ and I mean EVERYTHING’ looks different by the 2017’ years end’ ...
... The answer, ... is, ... A ... Plan 7’ Will Be Completed’ ...
AZ