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THE LIST......All kudos to AZ.........
1) The NOLS will be eliminated when the JPM CIC occurs
2) The J. Carreon proffered testimony states that when the CIC occurs the NOLS will be eliminated
3) Specific Trusts back the Preferred Markers (PQ + KQ) as their only source of returns...Garbage!
4) Commons own the Original WMI Estate...Garbage!
5) Elements of WMB will be returned to WMIH
6) WMIIC is Eclipse
7) We will NEVER be issued LTI's
8) APR is still applicable to WMI Estate distributions to Pref and Commons...Garbage!
Anyone who is literate in the minimalist level could understand certain facts that are not debatable. That is obviously not a trait that some possess or even worse deny solely for egotistic reasons. These traits do not exude "CLASS" sir.
Yes there is no reason why they couldn't write NEW policies to create added business/revenue for WMIH. But as fred incorrectly alluded, WMMRC does not have any secret assets.
Why?...because of the denial being displayed by some when clear facts are presented, the chief culprit of this foolishness being.........
What are you even talking about??? WMMRC's assets (reinsurance policies?) are in run off mode of which 90% or so will/has be contributed to the LT for payment of it's current debt. Good grief!
IMO the dilution from issuing shares will be mitigated by increased revenues for the company. In the short term there may be an effect but over time as additional revenue is factored in, this will reverse itself. Also, the increased liquidity in terms of shares available on the market will be a huge benefit to the pps.
OLD WMI STOCK: WAMUQ, WAMPQ, WAMKQ and REITS- ARE CANCELLED, VOID, EXTINCT FOREVER!!!
They were replaced by newly issued Preferred and Common Equity Interests that represent our ownership of legacy WMI assets. These Interests will receive distributions according to the POR, ie Prefs: 75% and Commons: 25% of everything returned whether bankruptcy or Safe Harbor assets.
Clearer now?
I am referring to the cancelled shares issue only...not the entire case. I've always been very specific as to what my disagreements with posters here are about.
What part of what I just described is untrue?
I posted facts and some refuse to accept it.
Feel free to email Mr Walsh yourself to confirm.
The end.
Sometimes when one's deep seated false beliefs are challenged, the initial reflex is to double down on those beliefs instead of accepting the truth being presented.
That $4 minimum claim was corrected by the company weeks ago. It was an error.
Slowly but surely REALITY and FACTS are beginning to dawn on some, others, not at all!
No need to ask that. Once all classes above equity (Piers) are paid from the bankruptcy estate, everything that remains will be distributed to our Markers 75%/25%.
What we need to know is whether there are Safe Harbor assets outside the bankruptcy estate and how they will be distributed. I sent another 2 questions querying this issue and A&M...i hope to get an answer soon.
I am confident it will also be 75%/25% since former commons and prefs were all permanently cancelled and only our Common and Preferred Markers now exist.
QUOTE: "Confirmed, all securities issued prior to the filing were cancelled as of the effective date of the plan."
Meaning all securities issued PRIOR to the BANKRUPTCY filing were cancelled, ie Wamuq, Wampq, Wamkq and Reits.
Our Preferred and Common Equity Interests issued by the WMILT on the ED in 2012 are still there.
You misinterpreted what he said.
Oh i see, the documents don't mean what they say and even when confirmed by the LT it still doesn't matter. Good luck with that conspiracy theory.
Well LG, if some insist on continuing to deny reality, they are i'm sad to say, beyond the assistance anyone here can provide.
QUOTE: "Investors may be trying to tailor their research to what and how they invested versus the actual facts of the filings."
ABSOLUTELY 100% ACCURATE!!!
I sent this question to the LT/KCC yesterday and this was their response...as i suspected!!!
I will attempt to get him to answer further, carefully worded, questions and post those response as made available.
*****************************************************************************************************************************
Peter Walsh <PWalsh@kccllc.com>
To:xxxxxx xxxxxx,!NA KCC WMITrust
Jun 6 at 3:56 PM
Confirmed, all securities issued prior to the filing were cancelled as of the effective date of the plan.
From: xxxxxx xxxxxx [mailto:xxxxxxxxx@yahoo.com]
Sent: Wednesday, June 06, 2018 2:10 PM
To: !NA KCC WMITrust
Subject: Cancellation of WMI Securities
Could you confirm that ALL WMI issued stock prior to the bankruptcy filing, Wamuq, Wampq, Wamkq and Reits, were all permanently cancelled along with ALL their respective Certificates and Documents representing formerly held Rights and Interests to, and in the former Debtors estate???
Thank you.
*****************************************************************************************************************************
Please visit the following website to read the KCC legal notice:
http://www.kccllc.com/Email-Disclaimer/
All this talk about bankruptcy remote Safe Harbor assets,..what do you think would happen if the bankruptcy was closed tomorrow?
Would Safe Harbor still prevent assets being returned to their owners, our Markers, according to the unanimously agreed to 75%/25% split?
Are they returned to the now cancelled WAMUQ common shares which were formerly "owned" by the WMI Estate???????
This clearly demonstrates the utter stupidity of this theory.
The only Preferred securities that were backed by specific Trusts were the TPS.
When the "Exchange Event" occurred in 2008, those assets were stripped from the investors.
Their Interests were then converted into the now cancelled Reit stocks classed with our Preferred Equity Interests.
The actual TPS and the assets that backed them went to JPM and was confirmed by the bankruptcy court, with prejudice!!!
Also,..per CBA09, the cash generated by these direct WMB subs/spe's would have been pledged to WMI as the parent company, NOT WMB.
WMI would then redistribute these funds received to WMB and other WAMU subs as needed.
This imo says that the benefits from any assets held by the FDIC must be released to the legal "successor in interest" of the Debtors (WMI + WMIIC), ie the WMILT.
There are two important documents called the Series R and Series K Prospectus's.
One should take some time to read these docs for accurate information.
After doing so, erroneous statements like "Preferred backing mortgages" would not be made.
This is the reason why no one has ever produced a list of such MBS's or Trusts,...they don't exist.
As for WMIH ""controlling"" ALL Markers...Really??? I don't recall ever receiving a distribution from WMIH, but i do recall those from the WMILT!
Does WMIH's current business classification allow it to be able to purchase and operate a bank franchise as WMI did?
I see this as the next major progression in the quest for diversification of the company.
No it's not since we were immediately issued Preferred and Common Equity Interests to represent our ownership rights of legacy WMI property.
Only WAMUQ, Wampq, Wamkq and Reits Stock and their respective documents outlining pre-bankruptcy rights were cancelled.
Same destination, but with a new vehicle and using a different route!!!
Assuming there were Billions in securitized assets held by FDIC remote WMB SPE's, NONE of those assets could be seized by the FDIC to be sold or reclaimed by the Receivership.
The Interests these SPE's held as company assets fall under these protections and IMO were the Available for sale securities WAMU held to the tune of $25B as of June, 2008, a mere 3 months before the seizure of WMB.
Very little detailed info is known about this $25B asset WAMU owned in terms of which SUB/SPE held them and what happened to them after the seizure of WMB.
Yes, if we're reading the FDIC statement correctly they possess ~$26B in unliquidated assets.
Once DB's $2.4B debt is settled the remains would be ours, granted if we're correct.
The WMB $13.8B Bond claim against the FDIC is imo covered by a designated asset pool as recorded in the original offering documents.
Absolutely not...I was referring specifically to the WMB Bonds. Those Bonds are now an FDIC/JPM issue, not a WMILT issue. Totally separate assets being conflated.
Edit: Yes. Based on the limited info available I believe there are sufficient assets where Equity could see a substantial return from the FDIC.
Dm...the WMI Preferred stock (not securities like TPS) were NEVER backed by "specific Trusts" as claimed by AZ, this is 100% fiction. This is not IMO but rather a clear statement made by WMI in the Prospectus's for the offerings. Since there were no supporting Trusts, logically there can be no liquidated cash accumulated related to those non existent Trusts. Any accumulated cash to Prefs or Commons will be from SH assets or excess unsold WMB assets liquidated, where the proceeds are returned to the former WMI estate for distribution to our Markers...not the cancelled WAMUQ, Wampq, Wamkq or Reits stock.
Series R Prospectus....pg S-17
Our ability to pay dividends on the Series R Preferred Stock will depend upon the operations of our subsidiaries.
We are a holding company and our principal source of cash is dividends and other distributions from our banking and non-banking operating subsidiaries. If we are unable to receive dividends from our operating subsidiaries, we may not be able to pay dividends on the Series R Preferred Stock. Federal laws and regulations limit the amount of dividends and other distributions that our banking subsidiaries, Washington Mutual Bank and Washington Mutual Bank fsb, are permitted to pay or make, and, although Washington Mutual Bank fsb may currently pay dividends to Washington Mutual Bank without prior approval from the OTS, such approval is currently required in connection with the payment of a dividend or the making of a distribution by Washington Mutual Bank to us.
Hope this clears up one of the continuous misrepresentations being made on the board. The facts don't lie!!!
WMI Series R (Wampq) Prospectus...pg S11
QUOTE: "We use estimates in determining the fair value of certain of our assets, which estimates may prove to be incorrect and result in significant changes in valuation.
A portion of our assets are carried on our balance sheet at fair value, including: our MSR, trading assets including certain retained interests from securitization activities, available-for-sale securities and derivatives. Generally, for assets that are reported at fair value, we use quoted market prices or internal valuation models that utilize observable market data inputs to estimate their fair value."
Just because a document mentions mergers, equity, notes, bonds, interests etc etc, that doesn't mean it automatically applies to us.
These are all generic terms used throughout the financial field and may not even apply.
When has the DD "guru" ever posted an opinion with a single link to back the claims made?
Honest question.
Could you elaborate further on what you're trying to state with that post?
Is it that any legally unencumbered Delaware Trusts where WMI or WMB held beneficial interests could be consolidated into a single surviving Trust?
From the document it would seem that WMI or WMB would have to hold all beneficial interests or that all holders of beneficial interests, including 3rd parties, and all Trustees would have to unanimously consent to a merger.
I oppose because some of the things he posts are 100% wrong and proven to be. As I said, if someone has the answer, they would convey it clearly so everyone could understand. Vagueness in an answer usually means one has no clue and is attempting to conceal that fact.
Btw....the estate does not own WMIH,..whatever that's supposed to mean! The sooner more here start enlightening themselves rather than "cheerleading" for certain failed DD, the better off we'll all be.
If someone has all the answers that we seek, why wouldn't they just post them in plain English so that the least knowledgeable here could easily understand???
What's the point of being vague and unclear in the messaging to others?
I do however suspect I know the reason for this..............
These bonds are referred to as the WMB Senior and Subordinated Noteholders, Class 17a and 17b. Apparently AZ owns a position in them, he may know based on what he owns.
It would be great if we could finally get a small peek behind the curtain as to the real story here.
Either way the chips fall...Zero or Hero, at least we'll know once and for all!!!!!!!
Based on the Inception Balance Sheet, the FDIC had -$40.2B in Asset-related equity adjustments (A-rea) or alternatively referred to as Non-cash adjustments (N-ca).
If you look at Note 8, it explains what A-rea or, N-ca are:- Unrecorded Assets or Claims, determined to have existed as of WAMU's failure are deemed Discovered Assets and Liabilities, respectively.
We know that there is a $13.8B Bond liability against the Receivership, leaving a $26.2B Non-Cash Unrecorded/Discovered Asset...also referred to as a Net Asset (Deficit) at Inception earlier in the document.
From the originating documents for the WMB Bonds we see that these Bonds were "covered" by an assigned and substantially over-collateralized pool of mortgages, pledged to an assigned Trustee.
These imo were not sold to JPM and therefore fully secured the FDIC $13.8B liability, leaving again the $26.2B asset free and clear of any substantial lien against it.
What these assets are is anyone's guess,...Safe Harbor, WMI estate, WMB SPE assets etc but it seems the FDIC is using creative accounting to conceal them.
The point being, the FDIC seems to possess assets in excess of it's Receivership liabilities,...which at some point, must be eventually distributed.
The only remaining liability of the Receivership being the $2.4B owed to DB per the Globic settlement...and after that Equity?
Not directly. She tried to gain the power to seize Holding Companies, like WMI, so essentially the FDIC would control ALL assets under the Receivership. Luckily for us this power grab came long after our case.
The WMB Bonds have nothing to do with WMIH or the LT. This is an FDIC and possibly a JPM related issue.
DC Action never involved the WMB Bonds and in any event the court decision deferred priority to the GSA, ie the court accepted the GSA/POR as the official resolution.
Wamuq shares were cancelled since 2012 and no Trusts were ever aligned to Pref stock except for the Reits which were formerly the TPS before the "Exchange Event" in 2008.
Just correcting some of the erroneous info being posted!
That post was the result of a discussion I had with mordicai re the FDIC's repudiation powers and my subsequent research on the subject.
The FDIC by law can reject and abandon contracts that place a financial or administrative burden on the receivership.
These powers are far reaching in some cases, especially where fraud is involved, but they are not absolute.
What the journal states is that qualified safe harbor assets, securitized before December 31, 2010 are exempt, in terms of the FDIC reclaiming and recovering those assets.
Therefore under safe harbor rules all qualified WAMU securitizations cannot be reclaimed or recovered since they were all originated before the 2010 cut off date.
www.federalregister.gov