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~ Well ? It NOW' Depends On What YOU' Owned And Released ~
Your Original (segregated, tracking markers) received for your Class Releases' ...
Currently' ? and aligned with my own conclusions and calculations' ? ... YOU (and me')' ... are NOW' going to deal with a publically traded company, with a real BOD's and real shareholders' and REAL SEC Responsibility's ... a New Company, that needs to do business with the Original WaMu Class Releasing Participants' ...
... So' ? ... The Newco' (WMIH-Corp) is mandated to do business with the Individual Owned Classes Released' ... (Reference = S. Landefeld as Filed')
This ? Is why have tried to prepare everyone for the future events that I HAVE ALWAYS believed were on the horizon, Once these "Settlements" were finally completed' ... (thankfully now completed)
So, ... In Short ? ... WMIH-Corp will do business with just exactly who this Newco' needs to do business with' ... FIRST' ...
AZ
~ It Is A "Shares For Value" Event ~
Calculated at the current decimal level pps' ... aligned with an original and initial' returning cash infusion, and a recognition of the actual releasing owners of the Original WaMu Estate' ... (~ Know What You Own ~) - (No' LT' Propaganda Nonsense double talk')
WMIH-Corp doesn't have any negotiated value "other than" shares of itself' ... the "credit facility" will not need to be used' ...
WMIH-Corp, in its present tense, is trading at SEC 06/30/2017’ properly reported value
this coming event has zero to do with the existing market, post the implementation date 03/19/2012 ... the initial' cash infusion will align perfectly with the calculated share distribution' ...
the reorganized newco' (WMIH-Corp) needs to do business with the Original Owners of the Estate' ... First' ...
... My Opinion ? and, My Conclusions' ... I believe that a 4 or 5 multiplier of the original share transition, to the original releasing owners of the estate' ... is coming' ...
Simply Put ? ... If $890,000,000.00 million dollars (ish) is initially returned to newco ? ... existing owners will need to be issued a multiple of 890 / 200, or 4.5 to 5 times the original distribution of the reorganized company that a participant received for their associated Class Release ...
Again, ... My Conclusions and My Own Opinions' and reasonably Rough Calculations' ...
AZ
~ Reorganized WaMu (WMIH-Corp) Present Tense ? ~
I've just never been convinced that everyone, has truly taken the time over the last five plus years' since the Implementation of Plan 7 on (03/19/2012) ... to actually take a moment to review what they' ( ... We' ... ) are involved in' the "dual tracking" litigation at hand, and the financial enormity of it' ...
The WMB Noteholders, ... are' ... the ad-hoc, "Steering Committee" as they are referred to in March of 2016' as the "Settlement" occurred later the same year, in August 2016' ... now, as that "Settlement" requirements have all been completed' ...
There were the "Settlements" achieved in through mediation in the bankruptcy court' ... as well as' ... three additional lawsuits' ... again, now completed' ... (thankfully)
Added: ... Oh and for those that do not recognize for whatever reason ? ... the following text provided ? ... This is direct text from the Disclosure Statement
I surely hope that ... "everyone" ... at a minimum, class released as instructed to do (41.6) back in first quarter of 2012' ...
~ ex, Did You Miss The Jan 2011 Opinion ? ~
Or the Bench Ruling from Judge Walrath ... also in Jan 2011 ? ... which lead to Plan 6’s failure as submitted ? ...
I mean, when there are 13 documents filed “in support of” Plan 6’ by the debtor ? ... and 12 of them needed to be filed under “Seal” ? ... you gotta know, something is up ? ... Right ? ... yeeesh’
... If’ ? ... a few of you were here to simply fall on a sword for a cause ? ... Fine’ ... I’ve only cared about the Truth ? and the Massive WaMu Financial Returns, ... Money’ ...
AZ
~ LG, Yes I Agree, On Paper ?, True Value Is Still Less ~
However, ... IMO, as ... We’ ... have been, ever since 03/19/2012’ ... We’ ... remain in a controlled environment for an obvious purpose ... everyone can see that’
... We’ ... are presently quite close to the original exiting transition numbers’ ... again, IMO for a distinct purpose, which should soon be revealed ...
WMIH-Corp, as the reorganized WMI’ ... (Still), Owns 100% of the “Equity Interest” in WMI Investment Corp. ...
If I were to take a stab at what’s coming ? ... I would say that the LT will try and save face by another preemptive’ Press Release, ... just like the LT’s need to already restate it’s position a few times, ... most recently when the company had its conference call ...
I’m currently watching for anything ... including the transition of my own Tranche 5, original Class 17b, Now Class 18, WMB Bonds ... with their already Nasdaq assignment of a JPMC designation along with, ... The WMB Fixed Income Security’s are no longer listed “In Default” ...
AZ
~ Uptick, How Is This So Difficult ? ~
Wmih-Corp is trading at SEC Filed 06/30/2017 Value’
Any WMB Bank, NOL Tax Advantage and possible value ? ... is now gone with the completed P&A Agreement between the FDIC and JPMC ... WMB IS Gone from the Original Consolidated TAX Group ...
The credit facility has never been used’
The Cash associated with 100% of a B’ Preferred transition, has never been enough for a true M&A ... that ? was never going to happen’ anyway
The relevant dual tracking litigation just recently got completed ... my goodness’
AZ
~ 2221, I Truly Appreciate Any Honest Study Presentation ~
... wwhatthe’s presentation here yesterday, included ... the view presented took time to present, and was very well done’ ...
The way I Currently View Things, ... We’ ... have a, TWO (WMIIC & WMI) ... debtor representation still ongoing, ... as well as a, ... Reorganized Nasdaq Publicly traded company (WMIH-Corp) ... with Real Shareholders and a Real Board of Directors ... Truly, TWO separate issues’ ... (legally) ...
The returning values ? In my opinion ? ... yes, are quite massive’ ... and they will be coming from multiple areas ...
AZ
~ ADDED; PIERS’ Have Achieved “Basis” @ 06/30/2017 ~
So, No 13% interest paid associated with the 2nd lien notes, since, WMIH-Corp, ... did not actually use the credit facility for other than its operations necessary ...
... ouch’ ... Right ? ... sorry piers class creditors, this is the ending result for trying to take it all’ ... or trying to take, too much ... ? ...
no, no ownership markers ?, no newco’ shares ?, capped ? and now ?, no 13% ? ... “dollar for dollar” ... some quite “colorable” events, all thing considered ...
AZ
~ Here Are The WMIH-Corp “Tells” I Am Watching ~
... 1st, ... for a public update or an 8-K, with a reveal of a WMIH-Corp. new company updated process, since all of the 09/30/2017 end of date reporting periods are coming due within a few weeks ... again, there are some SEC filings due ... “as of” period ending 09/30/2017
... 2nd, ... to the current date it appears to me as of 06/30/2017’ (the last Q’ report released for review) ... that WMIH is being held at literal value ... .98 cents plus or minus.13 cents ... with WMMRC showing a net value of $32 million ... and roughly 206 million shares out ...
... 3rd, ... evidence that WMB, Class 17 (the Notes) have (17a & 17b) ALL, transitioned to JPMC, along with WMB’, now that the P&A Agreement is completed ...
...4th, ... evidence that Class 17b (WMB Subordinated Notes) have now properly “subordinated” to Tranche 5, Class 18 ... now that the FDIC’ has completed its business with the WMB Seniors’ Class 17a ... and Class 17b, now subordinated to Class 18, receives alternative LT distributions on a pro rated assignment ...
... 5th, ... and ? A properly updated FDIC WMB Balance Sheet, would be appreciated ...
In My Opinion ? There will be news (positive news), ... ahead of the soon to come SEC Filings, ... date certain filing requirements as of 09/30/2017’ ...
AZ
~ JB92106, That ? Is Actually Correct ~
Yes, ... We’ ... Actually Are Ahead of Schedule, ... WMIH-Corp was originally projected to still owe roughly $108 million dollars of the original $130 million in Run-Off Notes’ ... projected balance remaining as of 12/31/2017’
Now, paid off in full, and the liens released as of 10/02/2017’ ...
AZ
~ What's Next ?, Well, NOW You Will Get To See ~
Now ?, You (and me) will get to experience and see, just exactly what was attempted to be legally kept from you, had Plan 6 actually been approved and the entire "dual tracking" legal process, ultimately end at the PIERS (hybrid) Creditor Class' ...
... (I say it is a lot', yes $Billions') ...
the relevant changes made in Dec 2011' (mediation) after Plan 6 failed were, the proper subordination of the WMB Bond's (forced by the WMB Bank Noteholders "Accredited Investors") ... Now the WMB Bonds are gone to JPMC along with WMB' ...
... and'
The Process, eventually ends with Tranche 6, as it rightfully should' ... The WMI Preferred Offerings Holders, and the WMI Common Shareholders'
In My Opinion, ... We' ... will be now be notified of the sale of WMMRC', by WMIH-Corp, now that the associated debt' has been paid off ...
(the plan to sell off WMMRC' was a part of Plan 6's original submission, Now ? with the debt paid off ?, this can also be done')
AZ
~ The WMIH-Corp Debt Is Now' Paid As Of 10/02/2017 ~
~ The Plan To Sell WMMRC, ~
Was part of the original Plan 6’ submission ... I don’t think that future consideration changed with the transition from the failed Plan 6, ... to the approved Plan 7’
AZ
~ LG, I Doubt That WMIH Wants Any Of This ~
WMMRC' was simply a necessary part of the original process' consideration' ... WMMRC was kept functioning, due to the fact that there were concerning Loans' that had not been packaged into an ABS-Cert` at the time of the seizure' ...
... Loans that required PMI Insurance are usually crap to begin with' ... But, JPMC got to service the whole WaMu load' ...
The Original WMI remaining PMI Insurers within WMMRC, (4 of 7 now remain) needed to be kept active upon the 09/2008 seizure, while JPMC continued to service the loans that originally needed PMI' Insurance' ...
... NOPE' ... WMIH-Corp, paying anything for WMMRC would be a stupid forward moving financial decision' ... If I were to take a stab at this ? ... I would say that JPMC got this load of WMMRC crap, along with WMB' the bank' ... and JPMC paid' for whatever is remaining in there' ...
heck, the original insurance securitization bond, which has been held in HI' the whole time, is worth more than WMMRC at this point in time anyway' ...
heck, WMIH-Corp, ending up getting a couple of bucks for WMMRC plus the return of the original WMI bond' ... ? ... and' ... Turn The Page on that'
AZ
~ LP' Yes Or A Pre-Determined Decimal Residual ~
The plan to sell off WMMRC' is just exactly what was originally submitted to the Court, in the Plan 6' and its design' submission' ...
So, Now that the P&A Agreement has been completed (per the FDIC site), between the FDIC & JPMC, ... and the transition of WMB has now been completed ... ? ... WMMRC in "Run-Off" (mode) is NO LONGER NEEDED' ...
Now, As well as the associated WMMRC "Debt" which needed to be paid off First' ... again, as was announced as completed, last Friday 09/29/2017'
In My Own Opinion ?, This is all good, very, very, good' ...
... We' ... should ALL know quite soon now'
AZ
~ IMO, WMMRC Is Being Sold Off ~
IMO, ... The WMIH-Corp(s) PPS is being purposely held at the March 2012, exit into reorganization $1.00 level ...
The remaining WMMRC, debt was paid off last Friday the 29th of Sept
WMIH-Corp,(s) move forward will be the ... Tell’ ...
AZ
~ Lodas, Well Done & Thank You ~
I am a fan of yours, as I read all of your common sense presentations' you are also a true "investor"
... Thank You, ...
I basically stopped adding WMIH-Corp in Nov of 2013' ... and as the year transitioned, I began accumulating WMB Fixed Income Securities between Jan 2014 and June of 2015' ... (no easy task) ... the WMB Bond purchases on the secondary' dried up around March of 2016, just ahead of the "Settlement" signing in June of the same year'
anyway, ... IMO, WMIH-Corp is trading for less than simple value at these numbers, ... so I placed an AON order at the open and was filled (I was actually surprised') ...
good luck to you' as well ...
AZ
~ Again, I Won't Argue ~
... "It Is What It Is" ...
Just about ? ... everything that I can think of has been attempted to discourage any retail participants from remaining involved' on this WaMu / WMIIC / WMI / WMIH-Corp ...
I have absolutely no idea who everyone truly is ? or, what their intentions may be' ...
... I added this morning' ... a lot' ... for two reasons' ...
1st, I can afford to'
2nd, I believe as S. Landefeld stated, that the "Equity Interest" in WMI Investment Corp, is worth more than 206 million shares X's 90 cents per share' ... 9 years later ?
... Not To Mention the value of WMMRC, which can now be sold (the original zelin' plan)
as in 2012 when I loaded up at the 50 cent level' ... once again, WMIH-Corp is able to be purchased for less than true value' and is now without debt' ...
(my own DD, and my own money)
AZ
~ Thanks Bond' Yes, It Can Be Confusing ~
These issues are complex, and this WaMu intertwined "dual tracking" legal process' has been a process like no other that I ever remember' ... World Class Firms' ...
... We' ... were never expected to ever initially be involved, yet were ... We' ... still expected to still be here after all of this time' ...
Plan 6 was supposed to end at the PIERS', and the WMB Noteholders were supposed to accept a Class 12 General Unsecured placement' ... That ? didn't work out' ...
... I'm still here' ...
AZ
~ Simply Separate the Issues' ~
... As I said back in 2013' ... a Capital Loss IS NOT an NOL' ...
WMIH-Corp as the reorganized Washington Mutual, Inc. ... still has the availability of a Capital Loss Tax Advantage' ... within the IRS guidelines' ... timing issues were extended due to the Stay placed on the continuing litigation, ... now "Settled"
WMIH-Corp as the reorganized Washington Mutual, Inc. ... NO LONGER has the ability to claim NET OPERATING LOSS (NOL's) Tax advantages associated with the banking sub, WMB' ... now that WMB has transitioned to JPMC with the completion of the P&A Agreement' ...
... The NOL Tax Advantage is no longer available' ...
AZ
~ JusticeWillWin, Well, I Just Believe J. Carreon To Be Correct ~
To be more specific, I agree with him' and I also agree with his premise and his presentation to Judge Walrath' ...
As a business owner myself, ... what he said has always made sense to me' ...
I am legally able to utilize an IRS Tax Advantage associated with any "LOSS" ... However, ... If I decide to SELL, or COMPLETE a contractual arrangement TO SELL' the asset associated with the depreciation I am claiming, SO GOES The Tax write off' ...
Beyond reading the case files in BOTH Judge Collyer and Judge Walrath's Court, ... I also listened attentively to all of the Court Proceedings and took notes associated to what I believed would become relevant into the future' ... I found Carreon's presentation to Judge Walrath quite interesting' ... to me ? ... it made sense'
I believe that J.Carreon Told Judge Walrath the TRUTH regarding this issue' ...
AZ
~ JusticeWillWin, Specific To Your Question ~
The information regarding the removal of any NOL' Tax Advantage associated with WMB' ... being is no longer available once the original, SALE OF THE BANK, WMB, was ultimately finalized' and completed ... was revealed in Judge Walrath's Court'
This exchange is referenced in the "Open Court Transcript" as J. Carreon is introduced to Judge Walrath by J. Mastando (Weil) ... and, answers Judge Walrath's specific question regarding any future Tax Advantages' ...
As has been revealed in all of the SEC K & Q filings by WMIH since its reorganization, ... WMIH has been legally able to use this tax advantage' ... for a zero taxation responsibility', while the relevant litigation had continued, ... Now "Settled" of course' ...
NOW that the P&AA has been completed and the transition of WMB to JPMC has been finalized, ... The NOL Tax Advantage associated with WMB is now also GONE" ...
* The P&AA Contract between the FDIC & JPMC was put into effect on 09/25/2008' ...
* WMB was always going to eventually be sold to JPMC'
* The NOL Tax Advantage was always going to go away with the completion of the original sale of WMB to JPMC'
* The NOL Tax advantage has had ZERO to do with any other M&A moving forward, The NOL Tax Advantage was specific to WMB'
AZ
~ Yes, My Friend We' Are All Fine ~
The Class Supporting Trusts' ... have continued to perform as they were originally designed to' ... ALL OF THEM' ...
In my opinion ? ... as a current holder of WMB Fixed Income, ... Class 19' released markers, ... Class 22' released markers, ... as well as a reasonably large current position in WMIH-Corp, ...
... ALL OF These securities will produce an unbelievable ROI' ... the necessary settlements have held us back, ...
AZ
~ Matt, ... That Is Correct ~
There are other specific WMIIC /WMI examples, ... however, ... WMMSC is an easy one for everyone to follow, with their segregated signature of approval necessary on the Globic "Settlement", Executed Copy, ... as well as their current and continuing segregated SEC Filings' ...
Again, ... WMMSC is a prime example of what DID NOT transition to the control of the WMI-LT propaganda machine ... the WMI-LT, manages the Court Approved DCR' ... mere peanuts as far as I am concerned ...
These facts are Obvious' as of 08/19/2016' ... or the LT would have needed to also sign' off on the relevant Globic Settlement Documents ...
Some folks ignore presenters' ... yes, myself included, ... However, I began to ignore the LT and its total load of nonsense pushers, ... once the lady @ KCC, our claims administrator told me just what ... wasn't going to ever be able to happen' ... Truth' ...
Yep, ... the infiltration has been real and motivation from many sides, ... from dont_b_kruel, ... to the gb, ... to the bp, ... as board refers to as the GAS team ...
and don't ever forget just who said in 2009' that Weil' would represent equity, helped file against equity in 2010, helped TPS try to blow this deal up, and then, tried to get Judge Sleet to intervene in Judge Walraths decision to Approve Plan 7' back in January 2012' ... yeppers, ... the mb's conflicted once' a chase attorney ...
AZ
~ LG, You Are Welcome ~
As many others, I believe that, ... We' ... both also believed the WMIH-Corp process was moving forward in 2015' ... as those on the inside, believed once Judge Collyer submitted her opinion on 06/17/2015' ... that in the same fashion as the WMIIC / WMI Reorganization, ... once the opinion was submitted, these additional issues would move quickly forward as well' ... But ? ... We' ... were delayed' ...
... Until NOW, though ... the Globic' "Settlement" and its requirements have been completed ...
In My Opinion ? ... for some reason ? ... the proverbial "lid" is still on' ... However, ... I doubt for much longer'
AZ
~ Lets "Tweek", This' Just A Bit ~
09/25/2008' ... the OTS seizes WMB, places the FDIC in charge, the FDIC transfers WMB and its assets to JPMC ...
09/26/2008' ... ALL WaMu "Legal Hell", breaks loose' ... @ 8:00am, the TPS REIT, "Exchange Event" is triggered', converting them' to a WMI' Preferred ... @ 10:15pm, WMI Investment Corp Files for Bankruptcy Protection, ... @ 10:16pm, Washington Mutual, Inc., Files for Bankruptcy Protection ...
... the multiple legal battles begin' ...
The TPS REIT series fight against their exchange event triggered, to a WMI Preferred, and LOSE' ... ultimately converting along with all WMI preferred series, as a class 19'
The WMB Bank Noteholders, refuse a class 12' general unsecured nomenclature, collect their fees and expenses for their litigation expenses in the TWO BK's as described in their prospectus, force subordination and, transition to a class 17, and ultimately WIN' ... a few years later in August of 2016' ...
JPMC, originally thinks that WMI's deposits, ... held in WMI's bank, WMB are simply theirs' ... they fight that nonsense and LOSE' ...
The FDIC makes peace with WMI in the GSA, and JPMC as allowed to be an "Intervenor" is include after the comma' ... the relevant Parties, are the FDIC and WMI' ... JPMC's part doesn't really mean diddly in the GSA ...
Plan 6' fails, ... the D.C. Dual Track is to powerful' ... The WMB 120 Accredited Investors, are ... Funded, Powerful, and Legally Right ... Rule 510' ... Subordation beyond a WMIIC WMI, filers Creditors' ... MUST be followed' ... WMB didn't file' ...
Plan 7 is Approved and Implemented on 03/19/2012' ... WMIIC / WMI, reorganize into WMIH ...
The WMB Bank Noteholders ad-hoc Steering Committee, ... continue to "STEER" the "Settlement" necessary to complete the D.C. Dual Tracking Litigation, ...
The "Settlement" is agreed to and signed off on by the relevant the Parties' ... Deutche Bank, The FDIC-C, The FDIC-R, JPMC, and WMMSC, ...
WMMSC, ... is a stand alone' entity, ... among others' and needs to sign in agreement ...
WMB Bonds, ... are transitioning to JPMC with the finalization of the P&AA as WMB moves to JPMC' ... JPMC's signature of approval covers the WMB Bonds ...
WMIH-Corps ability to use the NOL Tax Advantage associated with WMB' ... stops ... as the WMI bank, WMB completes its final move in total, to JPMC' ...
==================================
... We' ... those of us that own WMB Fixed Income, those of us that class released, and those of us that currently participate in WMIH-Corp, ... OWN, ,.. the financial leviathan that was the Original WaMu ...
the WMB Bonds (class 17)
WMI Investment Corp (class 22)
The WMI Preferred Offering + the REIT Series (class 19)
WMMSC, services $58 billion in asset backed securities as of 06/30/2017 (class 22' and WMIH)
WMI Capital Corp, (class 22' and WMIH)
and, ... much, much, much ... more' ...
... We' ... ALL wait together' ...
AZ
~ Now ? WMMRC Can BE' Sold, By WMIH-Corp ~
Now that the associated "debt" has been paid off by WMIH-Corp, ... WMMRC Can NOW BE "Sold" ... (probably to JPMC ?) ... (a portion of Plan 6's Business plan as presented) ...
Now That WMI's Bank - WMB - has completed its transition to JPMC' ... with the completion of the P&A Agreement' ...
So, go the Net Operating Tax loss Advantage (NOL's) originally able to be used by the reorganized company ... NOL's Are GONE'
...THIS IS, Plan 6, reworked, to an Approved Plan 7' to adjust the Subordination Matrix ...
I have been saying this ? as well as other reveals' for years now,
AZ
~ Alti' Your "Fears" Are A Legitimate Concern (IMO) ~
... However, some of your presentations directed toward me ?, have not been appreciated' ... but I won't hold that on you' as I respect you as a long time, All Things WaMu, participant' ...
Turning The Page, ... (I hope you will as well' my intentions to help the people have always been based in Truth' and above board' intention)
Again, ... In My Own Opinion ? ... I look at all of us ? as more of a present tense' ... "necessary acknowledgement" ... ? ... We' were able to be lied to, mislead, discouraged, and beat on, since December of 2011', up to and until these "Settlements" have BOTH' been finalized' ...
However, Truth Be Told ? Basically the Fact of the matter is, ... Here We' Are, just the same' ... Irrelevant of WHO likes it or not' ... Right ? ...
However, Back to your concern though, ... In My Own Opinion ? and as a product of my own conclusions ? ... This IS NOW about ALL OF THE INVESTORS, the LARGE Institutional Investors' and the SMALL Original Class Releasing Participants (41.6) ... Alike' ...
and' ... ALL OF THE Returns', WHICH, WE' will participate in as well' ...
... If' ? ... We Lose ? So Do They' ...
... If' ? ... We Receive What Rightfully belongs to the Estate ? So Do They' ...
~ Everyone Has Waited Together ~ Individual and Institution ... Alike'
In Closing this thought ? ... Had the FDIC planned on reniging' on the "Settlements", now completed ? ... I seriously doubt that they would have signed on to the publically revealed documents' ... The Legal Battles' (the Litigation Morass) ... would have continued' ...
I believe that ... We' ... are OK' ... NOT because of who We' Are, But because of who we are with in the recovery' ...
AZ
~ Johnny, First ? Thanks For ALL You Do ~
Well ? I can only speak for myself and how I approach the documents and their sequencing' ...
First ? ... I look at the "Bates Format", and see just exactly who the Plaintiff(s) are as listed ? ... as well as the Defendant(s) ...
Then ? I quickly scroll to the "Signature Block" ... and see IF' ? the document has been ... Agreed Upon ? ... or has been' ... Approved' ... by someone that actually matters' ... If ? all of that is in order ? I will then read and consider what is being stated' in said document ...
The GSA, which was a "DEFINED" part of the Failed Plan 6, and the eventual Plan 7's Approval, ... specified between the parent corporation, WMI and the FDIC' ... and then, with JPMC listed AFTER the "comma", as JPMC had been allowed to be an "Intervenor" ... (Filing # 5885 Described the legal issues that were being "Settled" between WMI & the FDIC, these were, serious charges and serious business)
and now as we have all witnessed, the "dual tracking" litigation being completed, ... The "Settlement" ... and, the Parties, involved IN that "Settlement" ... are equally as important' ...
NOTE: ... Who ? are the "Signers" ... Deutsche Bank, The FDIC-C, The FDIC-R, JPMC, and WMMSC, ...
In the same fashion as the Steering Committee, The WMB Bonds, ... had WMMSC also been the property of JPMC, WMMSC would NOT have needed to be a "Signer" to the actual, "Settlement" ... (WMMSC was, who I was referring to the other day, with their OWN reported, 06/30/2017 SEC Filing, $58 billion (ish') of loans, continuing to need to be serviced)
Now ? Back to Your Question' ?
~ RD, Let Me Take A Stab @ It' ~
First ? Thank You Nosch and IPrelude, ... Yes, I agree, ... It was always the Europeans, the Original "120 ACCREDITED" WMB Bank Noteholders, ... that were integral in their own ? and, in our ultimate involvement in Plan 7's Approval ...
those same WMB Bank Noteholders, that actually - "STEERED" - the completion of the "Settlement", ... however, those that also DID NOT need to actually "SIGN" the "Settlement" ... (as the WMB Bonds, went to JPMC at the "Settlement" JPMC signed the "Settlement" on their behalf) ...
=================================
The PIERS' ? ... are defined to ONLY what was originally allowed to be placed within the DCR' (Disputed Claims Reserve) ...
From The WMI-LT, as of 06/30/2017
~ My Point ? Stick To The SIGNED' Documents, ALL OF THEM ~
The WaMu "dual tracking" legal process was' very involved, and has been misunderstood and misrepresented by many' ...
... Keep the now completed WMIIC / WMI / WMIH-Corp legal process and "the Parties" separated, ... and' ...
~ Know What You Own ~
AZ
~ Moving Forward, ~
From The WMI-LT, as of 06/30/2017
~ Actually, WMI's Securitization Returns Are ~
... A portion of the parent owned' through its subs securitization returns are, filed (in July 2017) as of 06/30/2017, ... $58,228,000,000.00 ... (forget the change' - AZ doesn't count change' when investing)
Plan 7's (attachment H) Approved, ... Tranche 5, Class 17 WMB Bonds' (WMB's senior & junior debt)... went to JPMC as the Receiver for WMB ...
NO' Possible Claims for ... "Tort" ... were ever followed through on' ... The "Settlement", (now Two of Two) ... is complete
~ Keep the Parties and the Process(s) Separated ~ & ~
~ Know What You Own ~
AZ
~ LP, Well ? In My Own Opinion ? ~
Basically, YES, ... I believe so' ... I believe WMIH-Corp, ... is able to do business with the FDIC' ... in the very same manner as any corporate structure is also able to' ... I do my level best, to keep all of these issues segregated' ... and just who is who' ...
S. Landefeld made some very, very, integral and relevant points, within the original documents filed in the beginning days ... "First Day Filings" ...
WMIH-Corp, ... as the Approved Plan 7' Reorganized WMIIC / WMI, ... OWNS' 100% of the "Equity Interest" in WMI Investment Corp. ...
AZ
~ Ober' ... YES ... ~
AZ
~ Johnny, Thanks &, Back At Ya' ~
Although wrongfully accused, ... I NEVER' pushed for anyone to purchase anything' WMI or WMIH-Corp - EVER - ALL I EVER did was reveal my own DD, study, and research, associated with these WaMu massive values in the billions of dollars, as well as regarding this extremely involved and intertwined WaMu ... "dual tracking" ... Legal Process, and ALWAYS' in an effort to help ...
The process that was utilized is revealed within the WMI SEC 10-Q, that I have now presented, ... now' that the FDIC has made its announcement publically,
... The Supporting Trusts are described, as well as the process utilized' ...
The WMB Noteholders (120 Accredited Investors) Litigated for their OWN property in Judge Collyer's Court and obviously ... WON' ...
To everyone and anyone that released as instructed to do ... ? ... understand that there are, Like Kind, Supporting Trusts associated with everything that was WaMu' ...
It Is ALL GOOD' ... whether ones Class Release is associated with, ... WMI Investment Corp, ... The WMI Preferred Offering, ... The Reit Series upon the "Exchange Event" completion', ... as well as the WMB Noteholder Program' ...
AZ
~ Now ? Is The Time ~
The FDIC's Announcement is excellent news' ... as referred to, ... "Claims Against the Receiver" ... are being acknowledged and' ... the P&A Agreement is completed' ... WMI's Bank, ... WMB' ... has now transitioned to JPMC' ... (finally)
... So today for the first time ever, ... I will post a segment of my own DD, regarding the "dual tracking" Legal Process which included the, ... WMB Noteholder Program' ...
* WMB Senior Debt, was only available to Accredited Investors ...
* WMB Junior Debt, was only available on the secondary market, and were no longer available for purchase past the signing' ... June of 2016' ...
With the completion of WMB's transition to JPMC, ... So goes the WMB Fixed Income Securities (Tranche 5, Class 17), along with their Original Supporting - Trusts - as they are described below' ...
The Following, IS' exactly what the WMB Senior Debt Litigation in Judge Collyer's Court was over; ... (now Settled !)
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Note 5: Covered Bond Program
In September 2006, WMB launched a €20 billion Covered Bond Program ("the Program") intended to diversify its investor base, lengthen the maturity profile of its liabilities and provide an additional source of stable funding. Under the Program, the Company may, from time to time, issue floating rate US dollar-denominated mortgage bonds secured principally by its portfolio of residential mortgage loans to a statutory trust not affiliated with the Company, which in turn will issue Euro-denominated covered bonds secured by the mortgage bonds.
At June 30, 2008 and December 31, 2007, €6.00 billion in principal amount of Euro-denominated covered bonds with an average interest rate of 4.08% and $7.78 billion in principal amount of mortgage bonds, which are included in other borrowings on the Consolidated Statements of Financial Condition, have been issued and are outstanding. Mortgage bonds are floating rate instruments with the applicable interest rate payable on mortgage bonds tied to short-term interest rates. Euro-denominated covered bonds (and related mortgage bonds) issued on September 26, 2006, mature on each of September 27, 2011 and September 27, 2016, respectively; additional Euro-denominated covered bonds (and related mortgage bonds) issued on May 18, 2007, mature on May 19, 2014.
At June 30, 2008, rating agencies required 13.4% over-collateralization with respect to assets comprising the cover pool. Over-collateralization requirements may change from time to time based on rating agency requirements, market conditions and composition of the cover pool.
To be included in the cover pool, mortgage loans must satisfy eligibility criteria which are as follows: (a) no mortgage bond issuer event of default would occur as a result of including the mortgage loan in the cover pool; (b) current ratings on covered bonds would not be adversely affected as a result of including the mortgage loan in the cover pool; (c) the mortgage loan does not have an outstanding principal balance greater than $3,000,000; and (d) the mortgage loan is approved for inclusion in the cover pool by the rating agencies. The foregoing eligibility criteria may change from time to time subject to approval by the rating agencies. The Company may add and remove mortgage loans from the cover pool that collateralizes mortgage bonds.
At June 30, 2008, outstanding Euro-denominated covered bonds were rated AAA by each of Standard & Poor's and Fitch, and A2 by Moody's. Euro-denominated covered bonds were on "negative watch" by Moody's and Fitch. Mortgage bonds are not rated. Under current program covenants, due to the recent downgrades of Washington Mutual Bank's long-term rating by Moody's and Standard & Poor's, the Program may not issue additional covered bond series.
There are no material contingent liabilities, guarantees, or reimbursement programs entered into between the Company, its affiliates and the issuing trusts established under the Program. The Company is obligated to reimburse the issuing trusts for certain fees and expenses (primarily rating agency fees and trustee service fees) associated with the issuance of covered bonds as such fees and expenses become due; however, these are not material.
The statutory trusts formed in connection with the Program are not qualifying special purpose entities ("QSPEs") that meet all the conditions for non-consolidation in FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities ("Statement No. 140"). The statutory trusts are special purpose entities ("SPEs") (which also meet the definition of variable interest entities), for purposes of FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities ("FIN46(R)"), but do not qualify for consolidation in the Company's financial statements. Specifically, under the Program documentation, the Company's interests in the statutory trusts do not cause the Company to absorb the majority of expected losses or entitle it to receive the majority of residual returns, if any, upon the liquidation of the statutory trusts. The statutory trusts' variable interests, including the covered bonds they issued, and the swap and the guaranteed investment contracts into which they entered, collectively absorb the majority of expected losses. Finally, the Company does not control the exercise of decision-making over the statutory trusts and has no voting rights with respect to the statutory trusts.
In addition, the Company created a separate account to guarantee payments to the statutory trusts SPEs. The separate account does not guarantee payments to an issuing trust. Rather, it constitutes an account to support payments under the mortgage bonds, which are direct obligations of the Company's principal banking subsidiary, WMB. Pre-funding arrangements for direct obligations of the Company or its subsidiaries would not affect consideration of the obligations by downstream holders of the obligations. The documentation for the Program does not entitle or obligate the Company to absorb potential gains or losses from the statutory trusts.
The issuing trusts enter into swap arrangements which economically hedge the interest rate and currency risks borne by those trusts. Those risks result from the differences between cash inflows from the mortgage bonds held by the trust and cash outflows of the covered bonds issued by the trust. The Company does not satisfy the conditions to consolidate the trusts and therefore is not subject to accounting requirements under FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, ("Statement No. 133") with respect to those derivative instruments.
The Company has no reporting or disclosure obligations under Statement No.133 regarding foreign currency hedges and FASB Statement No. 52, Foreign Currency Translation, with respect to foreign exchange transactions. The Company is not the issuer of the Euro-denominated covered bonds; its obligations under the Program are denominated in US Dollars. In addition, it is the non-consolidated statutory trusts, rather than the Company, that are parties to the currency hedging arrangements related to the Program.
At June 30, 2008 and December 31, 2007, loans totaling $9.74 billion and $9.09 billion were pledged to secure borrowings issued under the Program.
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THIS WMI SEC FILED 10-Q, WAS AVAILABLE FOR REVIEW ON 08/11/2008
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2008
https://www.sec.gov/Archives/edgar/data/933136/000104746908009146/a2187197z10-q.htm
az
~ Class 17, Went To JPMC Along With The Bank, WMB ~
The P&AA is completed ...
... Tranche 5, Class 17, the WMB Bank Noteholders, the "Settling" Steering Comittee, the WMB Bonds, ... the participants in the Original WMB Noteholder Program ... ARE ALL, One in the same, ... and ALL, ... snrs & jnrs, ... went to and have now transitioned to, JPMC along with WMB ...
from here, we move forward, ... this is all good, ... very, very, good' ...
AZ
~ LP, Yes WMIH-Corp Will Also Be A Recipient As Well ~
I also believe that BBan & HotM, are reasonably correct as well, ... However, ... ONLY Within The Confines Of The WMIIC / WMI Reorganization ... specifically' ...
WMI's subs, also had segregated funds placed in accounts at the WaMu Bank' ... WMB' ...
Not to mention the WMIH-Corp ownership of WMIIC's ... "Equity Interest" ... S. Landefeld made references to both' of these issues, ... originally 29 accounts, reorganized only into an accounting for 6' at Plan 7's Final ... 23 have not been accounted for, ... Not Yet' ...
To ALL, ... Yes, I stand by my research, study, and conclusions as presented, ... The massive WaMu returns, WILL Financially' touch, ... not only the Plan 7, Class Releasing (41.6) participants, but also the Tranche 5, Class 17 Bondholders, ... as well as this new company ... WMIH-Corp ...
Most of you ALL, already Know, ... I have NEVER believed in the ... "we believe" ... load of an empty shell corp, with some NOL's ... as well as, I Do Not believe that the B's will convert ...
The A's ? ... Yes, @ VWAP = $1.1072 ...
The B's ? ... I Seriously doubt' will need to be converted
AZ
~ Bob, That Is Understandable, However ? ~
At this point in time ?, ... Now that;
Both' WaMu (WMIIC / WMI in 2012' and, WMB in 2016), ... "Settlements" ... are completed ?,
The FDIC - WMB Balance Sheet, shows proper sequencing and accurately, as well as it will soon be updated ?,
JPMC has acknowledged the Administrative Expense', ?,
This third quarter 2017' ends in a few days ?,
The, ... the WMB Bank Noteholdets, the Steering Committee, the WMB Bondholders, the Tranche Five, Class Seventeen WMB Bonds, ... ALL ONE In the SAME, ... are now in agreement, without actually NEEDING to sign the "Settlement", ...
This newco, ... WMIH-Corp, as well as the entire dual tracking legal process, is now "finally" clear to move forward ...
Within my five plus years of trying to help everyone, ... I hope everyone has at minimum, taken the time to check your accounts and individual Broker profile, for accuracy ...
No financial stone was ever left unturned ... these people that have been running the entire process, ... are very, very, smart ...
AZ