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~ LP, ... First, Thank You For Your Continued Presentations ~
In My own Opinion, and my own conclusions reached, ... I believe that each defining Plan 7' ... WMI I' Plan 7, Settled Class' ... Is' defined to a "return of investment" directly associated with its own original financial support' ...
I do not believe that a Class 17, WMB Noteholder Supporting Trust', and their accumulated returns, are able to be utilized to complete a creditor Class 16' or a piers security, ... nor in the same respect, ... do I believe that a releasing common (uq) shareholder, is able to gain access to an accumulated return, associated with an Original WMI Issued Class 19' preferred security, and their' Specific Trusts, Originally Assigned ...
These WMI I Class segregated, WaMu Investments, ... are seriously indivualized, per their own defining prospectus ...
Bankruptcy Rule 1129(b) explains how the court system takes the need to remove APR to specific issues, Very Seriously ... the following are the Plan 7' Mediated Settlement Result' ... that were presented to Judge Walrath for her approval of the Plan 7 Confirmation, ... and the specified allowances needed to remove APR'
One, ... the allowance of the AAOC settled $75,000,000.00 to jump over the classes and go directly to financially support the exiting new company, ultimately owned by the releasing class participants ...
Two, ... the WMI reorganizational settled allowance for the class WMB 17a's, to receive LTI's and the agreement of the settled payment for their associated WMI I Litigation, fees and expenses ... then, to take their rightful position in Tranche 5' ... awaiting a "Receivership Certificate" to be issued by the FDIC' ... once the WMI II (the WMB Action) dual tracking litigation, had reached a settled result (now, thankfully done & done),
Three, ... the allowance for the dimeq' Class 21's to receive their associated WMI I, reorganization Class 12' settled distribution, and their associated tracking markers initially issued, to have now disappeared' from a Holders account, due to their WMI I, reorganization completed Settled amounts ...
Four, ... and the most unpopular, misunderstood and severely misrepresented, ... yet quite documented ... was the eventual allowance of any original WMI-LT left overs, ... to be RE-Distributed ... simultaneously 75% / 25% to the class 19's and the class 22's ... in the same fashion as the DCR's release of 1.4 million shares of WMIH-Corp back in August of 2015' ... (obviously without the LT ever finding a need for issuing an - Interests - in the LT, or an LTI's, beyond Class 17a)
A WMI I, Plan 7 Reorganized Settlement, ... defines each releasing Class, to a ROI, associated with its original financial support ...
These are my own conclusions ...
AZ
~ I'll Acknowledge Your Question, WHEN ~
YOU, ... Stop using the word "capped" or any derivative of that word' ... when discussing any security beyond a Class 16' ... I have NEVER used that term, it is not a correct descriptive ...
How about I ask you a question ?, ... Why did you choose' to buy WMI Preferred Securities ... ? ... because you actually understood their underlying financial support', ... ? ... or, simply because someone else' thought it was a good idea ? ... or ? ...
I know why I did' ...
AZ
~ IMO ? That IS' An Impossible Question To Answer ~
Lumping a potential amount of return, into one singular amount' and then using an incorrect dividing ratio for the entire return, ... just isn't based within the actual facts' ... or, what would actually be legally possible' ...
... it is currently "Impossible" for me' or anyone like me' ... to actually be in a position to see where the "Trusts" and their specific financial state are at this current point in time' ... the TWO' Bankruptcy's Filed placed all forward moving financial returns into a holding pattern' ...
(Prospectus Issued) There are hundreds of Trusts' that WMI Participated in as a Corporate Structure ... that is the reason WMI Investment Corp. needed to be placed under the Courts Protective Custody "FIRST"
(Prospectus Issued) There are the Trusts' that supported the Original WMB Notes, issued out of Europe' ... and then, associated with Great Western and American Savings' ... absolutely powerful financial mechanisms' ...
(Prospectus Issued) There are the Trusts' ... that supported the WMI Issued Preferred Securities' ...
The accumulated amounts of returns generated by these "Trusts" is immense after all of this time' ... (nunc-pro-tunc, since Oct 2nd 2008) ...
However, ... these amounts are NOT legally able to be pooled into one lump sum' ...
AZ
~ And WHY, The Term "Capped" is Deceiving ~
Only the Last Creditor Class ... Class 16 Piers were Plan 7 determined to be "capped" ... using this term for any alternative class, would not be correct'
However, ... ALL classes are determinative to their receipt of a return associated with their nomenclature' ...
A Class 17 WMB Bond' is connected to the Original WMB Supporting Trusts, referred to by WMI' in its Filings, as the WMB Noteholder Program' ... issued out of Europe' ... Those Supporting Trusts continue to operate ...
Class 18' are Rule 510(b) ... yet to be completed by WMI I (JMW)
Class 19 WMI' Preferred Securities are' and continue to be, Supported by their own Supporting Trusts' ... actually, these WMI Original Preferred Issued Supporting Trusts are Quite Significant ...
I just do not believe that everyone has studied and researched each of the Supporting Class support system, by way of a direct approach to a Prospectus' assigned to an individual Class' ...
The Class 16, Piers Securities, had a Prospectus' ("capped" and limited within Plan 7's Approval)
The Class 17, WMB Bonds, have a Prospectus' (their supporting trusts are ongoing)
The Class 19, WMI Preferred Issued, have a Prospectus' (their supporting trusts are ongoing)
The Class 22, Commons are the Owners of the WMI Estate' (as is the case in all publically traded Corporate Structures)
AZ
~ Yes, ... I Agree, The Numbers Are Large ~
The difference I have with much of the conversation, ... are Specific to the Class Definitions ...
AZ
~ The California Judges Reference to the DTC ? ~
Well, ? ... in my opinion, ... The California Superior Court's ... reference to the need for a verification of the DTC Notification last Friday on the 16th, ... would have been in Direct Reference to a specified, ... Trust Defined Prospectus Mandate' ... for a DTC Notification ... (defined as a requirement in a - Trust' - prospectus)
AZ
~ MyPlace, ... These Are My Views ~
Regarding the WMIH-Corp failed October 2015' Issue ? ... In My Opinion, I actually believe that after Judge Collyer' had Ruled to NOT ALLOW Deutsche Bank to be an "Intervenor" in the WMI II' (the WMB Action) Litigation, ... that,
along with Judge Collyer's Submitted and Signed Opinion on June 17th, 2015, ... that ... there were many people that believed the process was expected to move quickly to a completion of (a "Settlement") of the dual tracking WMI II' Litigation, ... allowing the New Company, WMIH-Corp, to actually be in a position to move forward without restriction, within a reasonable period of that particular time' ... myself included'
Just take look at the sequence of events that occurred in 2015' ... It would not appear that I was the only one that believed that the new company (WMIH-Corp) was going to possibly be in a position to move forward back in those days' ...
Again, In My Opinion, ... it was the FDIC-C and JPMC' ... that figured out a way to Legally ALLOW Deutsche Bank to be included within the ... "Settlement" ... Judge Collyer had only submitted an Opinion on the matter' ... Not' a defined Ruling' ...
Anyway, ... I actually turn the financial page quite rapidly, ... and I no longer consider the failed attempt as anything relevant at this point in time' ...
I believe that the FDIC-C and JPMC actually played the legal system to their own advantage in an effort to BUY' additional time' ... after Judge Collyer had submitted her Opinion' ... and assigned the ... "Stay Order" ...
turn the page' ...
we now know what we now know, ... and' ... it would appear that the final step was put into proper motion last Friday' ... is the timing of this event drug out to June of 2017' a coincidence ... ? ... No, I do not believe so' ...
Back in January, of 2017' ... the Debtor Representation, submitted to Judge Walrath's Court, a WMI I' procedural time delaying schedule' ... which she Signed' ... Now ?, ... here we are, ... we' are now scheduled to return to Judge Walrath's WMI I Court in Mid-July ...
the Jan 2017 Signed scheduling order, like everything around here, is a bit ambiguous as it leaves out a few relevant issues' ... relevant concerns associated with the completion of the employee claims, as defined in the original claims order from 2012' ... on purpose of course' ...
AZ
~ Tzebedee, ... I Follow All of Your Posts ~
And, ... I appreciate your knowledge as revealed, ... My bailiwick is, "Document Dissection and Time Sequencing" ... with business experience in our legal system ...
In My Opinion ... ? ... Everything Is Just Fine, ... The New Company, ... WMIH-Corp, ... Is Finally Free of the Claims Held OVER' in the Original Plan 7, WMI I' Settled and Reorganized ... proverbial Closet, ... as WMI II, (the WMB Action) was continuing and forward moving' ...
now, ... ? ... the newco can actually begin to flourish freely ...
ALL things are able to move forward from here, ... The remaining WMI II' (the WMB Action) "Settlement" was revealed to us all last August, 2016' ... and the final requirement has now been completed, ... Last Friday, ... actually happened' ...
AZ
~ Yes, Some WMIH-Corp Reality ~
The newco's stock price has been preset and controlled, ever since the BOD's didn't acknowledge knowing that the stock had actually started trading back in 2012' ... ? ... Really ?
The public presentations of study and research were supposed to be able to be subdued ... a purposeful attempt at a controlled newco' narrative ... ? ... That ? Didn't Work
WMIIC' was never supposed to be discussed ... ? ... The WMI I Process, was publically displayed
Judge Collyer's "dual tracking" WMI II, (the WMB Action) was expected to go unnoticed ... ? ... That ? Didn't Work
The Original WMB Noteholder Program, ... was never expected to be openly discussed, or participated in on the secondary market, ... post' 03/19/2012 Plan 7, Implementation ...
The associated monthly ABS -Cert produced returns, ... now having been held and accumulated since Oct 2', 2008, should be quite a large number, ... All Things Considered ...
WMI I, is now Settled ...
WMI II, is also now Settled ...
AZ
~ Again Well ? Maybe I'm The Only One That Remembers Viewing, the Original Redacted Copy of the P&AA, ~
... I guess a few of you guys just missed taking the time to actually review the Original FDIC Presented copy of the Redacted Version of the P&AA ...
Now ? ... the original ... Redactions' ... have disappeared ... I saw this update of the P&AA, as relevant ...
AZ
~ Well ? Maybe I'm The Only One That Remembers Viewing, the Original Redacted Copy of the P&AA, ~
... I guess you just missed it' ...
Now ? ... the original ... Redactions' ... have disappeared ... I saw this update of the P&AA, as relevant ...
AZ
~ The Now Updated P&AA Agreement ~
As is now updated and presented on the FDIC Site, ... Without' ... the need for any redactions, ... means that Friday's California Superior Court' ... (finally) ended and completed ... the WMI II (the WMB Action) ... Litigation ...
The following is from the original Settlement Document ...
"The DBNTC-JPMC-FDIC Settlement remains subject to judicial approval in a procedure to be filed by DBNTC in California, and if approved, will result in the dismissal of the four WAMU-related actions pending in the U.S. District Court for the District of Columbia and the appeal pending in the U.S. Court of Appeals for the District of Columbia Circuit."
~ Guys, Take a New Look at the FDIC Site ~
Everyone, ... Take a moment to access the FDIC Site, ... and take a new and updated look at the linked' Original P&AA Agreement between the FDIC and JPMC' ...
... The P&AA Agreement is no longer presented by the FDIC, ... in a Redacted Form' ...
(only the signature page is blocked)
This is excellent ... last Friday ? was a banner day'
AZ
~ How Much ? - Well ?, It Should Be Quite A Lot ~
The following is originally from the ... the WMI Action, ... which obviously moved forward, and has now been announced as completed and ... "Settled" ... WMI II' Litigation' ... (the dual tracking ... the WMB Action ... litigation in DC) ...
so who's fault is it for ones choice to disregard the dual tracking litigation ? ... hhmmmmm ? ... who's fault is it for ones choice to not release as instructed to do at WMI I's, Plan 7 Approved, Implementation (03/19/2012) ... ? ...
43. By supplemental indentures or other agreements relating to each of the Indentures, dated as of November 1, 2007, WMB assumed all obligations of the issuers pursuant to the Indentures. Pursuant to the terms of certain Indenture Guarantees, dated as of November 1, 2007, WMI guaranteed WMB's obligations under the WMB Predecessor Notes.
44. WMI asserts a subjugation claim against WMB for any amount it is obligated to pay pursuant to the Indenture Guarantees or any other guarantee of WMB's obligations, as described in paragraph 37-39 of the Proof of Claims and Exhibit F to the Proof of Claim.
46. Plaintiff's expressly reserve their rights to make additional claims against WMB for reasonable payment for the use-value of such property, plus interest, until such time as the property is returned to Plaintiff's use.
Obviosly, ... this all went to a Settled Result' ... So, ... how much is ... USE-VALUE ... PLUS INTEREST' ... UNTIL SUCH TIME as the PROPERTY is RETURNED to PLAINTIFFS USE ... ? ... "it is what it is ... Right ? ...
AZ
~ GaryH, Yeppers - Finally - Right ? ~
Friday was a huge' deal, ...
As we all witnessed, ... The completion of WMI II's "Settlement" ... now realized ? ...
This, shuts down and completes the original open ended claims that have restricted WMIH-Corp ... ever since the 03/2012 WMI I' Reorganization ...
This brings the Class 17 releases, originally brought forward from Plan 6' To finalization ... as Class 17' will have deemed to have released upon receipt of their distribution ... as stated by the FDIC Claims Department, ... to be issued ... "Receivership Certificates" ...
The WMB Noteholders, ... will now be ... deemed to have, ... Dismissed With Prejudice ... updated from their original 03/19/2012' ... Dismissed Without Prejudice" ... A VERY, VERY Big Deal' ...
As we were updated via press release, in March of 2016' and then again in August of 2016' ? ... there should be another press release on the near horizon ...
AZ
~ So, Who Disregarded the Importance of the WMI II dual tracking Litigation ? ~
I think that' should be quite obvious to everyone at this point in time, ... after all, ...
WMIIC Filed for Bankruptcy Protection First' @ 10:15pm on 09/26/2008' ...
WMI Filed for Bankruptcy Protection Second' @ 10:16pm on 09/26/2008' ...
The WMB Noteholder Claims were filed, ahead of the Bar Date' on 12/30/2008' ...
and' ... this last Friday was a banner day' ... there is NO', ongoing ... WMI III ... This completes the Judicial Notices' ...
everyone involved as a Class Participant released' as instructed to do, back in February of 2012' ... Right ? ...
WMI II's releases that concerned us' ? ... were between JPMC and the FDIC ... now' done & done
Again, ... for those that missed ? or simply disregarded the WMI II dual tracking litigation ?, ... not to worry, there is NO, WMI III litigation' ...
AZ
~ WMIH-Corp, Now ? Watch the PPS' ?, the Volume ?, and a soon to come, Updated' Press Release ~
First' ... was Judge Collyer's Opinion Filed on 06/17/2015' ...
Second' ... we saw the March 2nd 2016 Steering Committee Press release ...
Third' ... we saw the publically announced "Settlement" in August of 2016' ...
======================================================
... This ? ... IS' ... WMI II' (the WMB Action) ... now, finally ... as we all witnessed on Friday, ... IS' now coming to a close' ...
TEXT; Case 1:09-cv-01656-RMC (IS' ... DB vs FDIC) ... and' ... Case 1:09-cv-00533-RMC (IS' ... WMI and WMMIC vs FDIC-C)
======================================================
A) Approval order -
1) Determining that the Trustee acted reasonably and in good faith within the bounds of its discretion in entering into the Settlement.
2) Finding that Certificate holders received legally sufficient notice of this proceeding and an opportunity to object.
3) Barring any Certificate holder from asserting claims against the Trustee based upon its prosecution of the Action and negotiation of, and entry into, the Settlement, and
4) Declaring that the Settlement and each of the documents pursuant to which it was effectuated - the Settlement Agreement and the Trustee-JP Morgan Agreement - is binding on the Trusts.
B) Allocation order: directing that the Settlement Proceeds be allocated among the Trusts and amount the classes of securities issued by each Trust based on the Net Loss Percentage
or based on such other methodology as this Court approved.
======================================================
RECITALS
WHEREAS, Washington Mutual Bank ("WMB") or certain of WMB's affiliates were the Seller, Sponsor, Depositor, or Servicer for those certain residential mortgage backed securitizations identified on the attached Exhibit A;
WHEREAS, on September 25, 2008, the Office of Thrift Supervision closed WMB and appointed the FDIC as receiver and the FDIC accepted the appointment; on the same day the FDIC Receiver sold certain of WMB's assets and liabilities to JPMC pursuant to that certain Purchase & Assumption Agreement among the FDIC Receiver, FDIC Corporate, and JPMC, dated September 25,2008 (the "P&A Agreement'');
WHEREAS, certain WMB Entities are parties to certain Governing Agreements, and certain WMB Entities or JPMorgan Entities have, at times, acted as Servicer, Bond Administrator, or Master Servicer for certain of the Trusts pursuant to certain of the Governing Agreements;
WHEREAS, pursuant to the Governing Agreements, WMB and certain other WMB Entities have contributed or sold loans originated by various entities to the Trusts (the "Mortgage Loans");
WHEREAS, the Trustee has alleged that certain Mortgage Loans held 'by the Trusts were contributed or sold to the Trusts in breach of representations and warranties contained in the Governing Agreements (the "Rep and Warranty Claims") and that certain Mortgage Loans held by the Trusts were not serviced in accordance with the Governing Agreements (the "Servicing Claims");
WHEREAS, the Trustee filed a proof of claim with the FDIC- Receiver asserting the Rep and Warranty Claims and the Servicing Claims and subsequently commenced the action titled Deutsche Bank National Trust Company v. FDIC, et al., No. 09-cv-1656 (RMC) (D.D.C.) (the "WMB Action") to litigate the Trusts' Rep and Warranty Claims and Servicing Claims;
WHEREAS, the FDIC and JPMorgan dispute all of the allegations made by the Trustee, including all claims and allegations of any breach of any provision of any Governing Agreement, whether specifically asserted in the WMB Action or not, and each waives no rights and preserves all of their respective defenses;
WHEREAS, the FDIC and JPMorgan contend that any Rep and Warranty Claims and Servicing Claims, to the extent they exist, relate to conduct that occurred prior to September 25, 2008 and are in many instances time-barred;
WHEREAS, the Parties have disputed in the WMB Action the allocation of responsibility, if any, between JPMorgan and the FDIC-Receiver for the Trusts' Rep and Warranty Claims and Servicing Claims;
WHEREAS, various disputes exist between the FDIC and JPMC concerning their respective rights and obligations under the P&A Agreement, including but not limited to claims for indemnification under Article XII thereof and all claims asserted in the Related Actions (defined below);
WHEREAS, the Parties, through counsel, have engaged in extensive arm's-length and good faith settlement negotiations, including through a mediation facilitated over the course of multiple months by Robert Meyer of JAMS;
WHEREAS, the unaudited receivership balance sheet summary for WMB published by the FDIC-Receiver for the period ending December 31,2015 stated that, as of that date, the current assets of the WMB Receivership Estate were approximately $2,756,378,000; the WMB Receivership had approximately $7,206,000 in administrative liabilities; holders of WMB senior debt held allowed claims in the WMB Receivership in the amount of$6,077,557,000; and the Receivership had other allowed general unsecured claims in the approximate amount of $19,250,000;
WHEREAS, the Parties have agreed to settle and resolve, fully and finally, pursuant to this Settlement Agreement (i) all claims alleged in the WMB Action by the Trusts against the FDIC and any other claims that the Trusts have against the FDIC under the Governing Agreements or otherwise, and (ii) as between the FDIC and JPMorgan, all disputes relating to WMB, including all claims asserted in the WMB Action and the Related Actions (defined below) and all disputes concerning indemnification under A1ticle XII of the P&A Agreement, except as expressly preserved in this Settlement Agreement; and
WHEREAS, pursuant to a separate agreement that was negotiated confidentially by the Trustee and JPMorgan, to which the FDIC is not a party and which imposes no obligations on the FDIC, the Trustee and JPMorgan have agreed to enter into this Settlement Agreement and to other terms in order to settle all disputes between them, including all claims alleged in the WMB Action by the Trusts against JPMorgan and any other claims that the Trusts have against JPMorgan under the Governing Agreements (the "Trustee ~ JPMorgan Agreement").
=========================================================
and, ...
TEXT; Case 1:09-cv-01656-RMC Document 200 Filed 09/01/16
Upon consideration of the Joint Motion to Continue the Stay Pending Full Effectiveness of the Parties' Settlement, it is hereby ORDERED that
This action shall continue to be STAYED. The parties shall promptly notify the Court when the Settlement Agreements become fully effective, as provided therein (or, if it does not become effective, when the Settlement Agreements are terminated).
SO ORDERED,
Dated: 1 Sept., 2016 (Signed) Hon/ Rosemary M. Collyer United States District Judge
========================================================
and, from the FDIC site' ... now ? ... done & done'
"The DBNTC-JPMC-FDIC Settlement remains subject to judicial approval in a procedure to be filed by DBNTC in California, and if approved, will result in the dismissal of the four WAMU-related actions pending in the U.S. District Court for the District of Columbia and the appeal pending in the U.S. Court of Appeals for the District of Columbia Circuit."
AZ
~ ItsMyOption, ... No the DB Trusts are Cash Producing Machines ~
and don't forget, ... Deutsche Bank, only made allegations of poor performance, the poor performance aspects of the case were never actually proven, ... as we all now know, ... this went to "Settlement" ...
however now that WMI II's Settlement is being realized ? ... the accumulation of the Cert produced monthly returns will need to be distributed to all of the ... "Beneficial Owners" ... there are hundreds of Trusts, well beyond the 99 DB RMBS Trusts ...
anyway, ... How about a bit of WMIH-Corp fun though, ... (after a long time, ? AZ is in quite a good WaMu mood, this afternoon) ...
what is possible for the newco' ... ? ... well, ... here are some originally issued WMI' (Parent Corp) ... issued, REIT Trusts' ... that report that they continue to operate as subsidiaries of WMI Holdings Corp' ... hhhhmmmmm ? ... interesting, Right ? ... (yeppers, ... these are the original WMI issued, TPS Trusts') ... I find them intriguing' ...
remember, these are monthly cash return producing, distributing home equity loans, originally packaged out of a sub of WMB, ... University Street' ...
Washington Mutual Preferred (Cayman) I
Originally issued in March of 2006, base valued at ... $750,000,000.00 totaled' ...
Washington Mutual Preferred Funding Trust I, operates as a subsidiary of WMI Holdings Corp.
and Also Issued in March of 2006, base valued at ... $1,250,000,000.00 totaled' ...
Washington Mutual Preferred Funding Trust II, operates as a subsidiary of WMI Holdings Corp.
So, the process continues and Trust II is formed; with a $1,000,000,000.00 Base valued offering
Washington Mutual Preferred Funding Trust III, operates as a subsidiary of WMI Holdings Corp.
And, the process continues and Trust III is formed; with a $1,000,000,000.00 Base valued offering
Washington Mutual Preferred Funding Trust IV, operates as a subsidiary of WMI Holdings Corp.
So then in October of 2007; ... this last one, - IV -, issued $1,000,000,000.00 ... dollars worth' ... (Washington Mutual Preferred Funding Trust IV, a Delaware statutory trust (“WaMu Delaware IV”), closed the sale of $1,000,000,000 of its Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities,)
anyhew, I'm sure you guys get the picture' ...
So, These WMI ISSUED Trusts, are roughly five Trusts, base valued, at roughly $5 Billion Dollars Total' ... consisting of home equity loans, packaged' between March of 2006 and October of 2007' ... ALL ARE; OPERATING as Sub's of WMI Holdings Corp' ... (the now, WMIH-Corp) ...
and, considering that these were home equity loans, ... now, after some ten years, probably mostly refinanced into a new loan ?, or paid off' ... etc, etc' ... but the Cash supporting the base values' ... would not have disappeared ...
GO WMIH-Corp' ... the releases you needed ? ... are completed'
AZ
~ Austin, ... From Memory, ~
Let's see, ... this is the sequence ...
1 ... Administrative Claims ... (now ? allowed to be paid to JPMC ... the additional necessary FDIC and JPMC releases, now in tact' ... )
2 ... Depositors addressed ... (already handled, within the JPMC receipt of the transition of WMB's deposit base, in Sept 2008')
3 ... Creditor Classes ... (all already paid and completed within the WMI I, Reorganization)
4 ... any ALLOWED general unsecured ... (Class 18' ... employee claims, ... this is involved' within the current return to Judge Walrath's Courts scheduling order ... ) ... (and this is where DB was allowed by the FDIC -C, to have a general unsecured claim against the R' ... a far cry from actually receiving any money') ...
5 ... shareholders ... (the Estate)
So now, ... it is critical for one to know just exactly what Securities you actually hold, ... and, ... where their returns can actually come from' ... also, ... hot meat is wrong' ... along with his continuing misrepresentation that I EVER said that the P Securities were ... "Capped" ... an amazing continuation of misunderstood documented facts ... shameful, in my opinion ... anyway' ...
Today IS a great day, ... I'll leave it at that' ... ASAP' ... Right ?
AZ
~ A Few Thoughts After Todays Court ~
First, ... Thank You to those that provided us all with the Court Room actions as they occurred ...
Upon hearing of the ... "ASAP" ... personally, I immediately went back to reread the following from the FDIC site, ...
"The DBNTC-JPMC-FDIC Settlement remains subject to judicial approval in a procedure to be filed by DBNTC in California, and if approved, will result in the dismissal of the four WAMU-related actions pending in the U.S. District Court for the District of Columbia and the appeal pending in the U.S. Court of Appeals for the District of Columbia Circuit."
~ Sometimes, Yes That Is Correct ~
There are Active Trusts Operating as subsidiary's of WMIH-Corp (fna; WMI Holdings Corp.) ... and then there are also Active Operating Trusts, that were originally participated in, the reason for the First protective BK Filing, ... WMI Investment Corp. ... (WMIIC, filed @ 10:15pm, just one minute ahead of WMI's filing @ 10:16pm, ... slick')
The WMI-LT was a product of the WMI I, reorganization, ... registered as a Delaware Grantor's Trust, ... defined as a Pass-Through Trust (the reason you needed to submit taxing information with your class releases, prior to Feb 8th, 2012' ...
In My Own Opinion ? ... it has been active members, hirelings, or simple drones, that have been utilized by private equity' ... in attempts to discourage and sway the people' from the true reality' of what has been at stake regarding a true Return on your Investment' ...
Nothing' was ever going to be able to move forward in any meaningful financial manner, ... not until the FDIC and JPMC releases, which were imbedded within the "dual tracking" WMI II (the WMB Action) litigation, were ultimately completed' ... Now ? as has been publically announced as "Settled"
The "Trust(s)" have continued to perform' ... DB' and the updated FDIC's balance sheet are the proof' of a small portion of them' ...
Now ? ... Class 17' ... the Tranche 5, WMB Bonds' are next up as WMI II's dual tracking litigation, now announced as "Settled" actually finalizes' ... and then, it is back to Judge Walrath's Court and the completion of WMI I, Class 18' ... and then the beginning of the end' ... (finally)
AZ
~ Boris, No I Do NOT Use The Word Capped ~
If quoting me in particular ? ... I would appreciate an attempt at accuracy ... I have never used the word, ... capped ... when referring to an original 03/2012 released Class 19 Security' ...
However, I (firmly) believe that an Original Releasing Class, is limited to its original defining prospectus allowances and the particular Class specified definitions ...
although, truly ruled to be capped' the same applies to a Class 16' ...
A WMB Class 17 Bond ? ... as originally prospectus defined, ... can actually be converted to a common share of its holding benefactor' at its maturity date' ...
A WMI Class 19 Preferred Security ? ... as originally prospectus defined, ... can ALSO' be converted to a common share' ... Think About That Possibility ... ? ... as an original Debtors consideration at the reorganization ... and then carry that consideration forward to the present' ...
However, ... I actually do believe in the Approved and Judges Signed, 02/23/2012 Plan of Confirmation, ... and points 8 & 9' as stated within it' ...
The good news is ... ? ... Now, WMI II is now settled' ...
AZ
~ Sorry Guys, Your Conclusions ? ~
Any conclusions regarding the split distributions being global, from the beginning to the very' end ? ... Are Not based on the factual and documented information ...
Simply saying the same thing over and over again ? ... doesn't change the process, moving forward ... it is what it is' ...
also, being upset with the ... messenger ... ? ... also, doesn't change anything'
AZ
~ Yes, Releasing Class 19 & Class 22 Maintain a Separation ~
... If' ... ? ... a 02/2012' (41.6) Plan 7 Approved, WMI Reorganizational releasing participant, ... actually believes that they' ... are in a position to receive a "Liquidating Trust Interest" ... an LTI' ... (emphasis on the word, Interest in the Liquidating Trust' ... beyond Class 18 ... ? ...
... Then fine' ...
Simply Put ?, ... I DO NOT believe that the issuing of additional LTI's by the LT, ... is neither factually, or mathematically ... Possible' ...
The LT will eventually conclude, and subsequently distribute it's original Court Approved ... left over remains' ... or, the attorney groups will use up all of the leftovers ... the documents do specifically state that these LT' specific RE-Distributions will be distributed at the 75% / 25% ratio, between Class 19 and Class 22 ...
Within a consideration of my conclusions and, In My Opinion, ... this LT ... this Liquidating Trust, ... continues to present this issue in a confusing and distracting manner' ... purposely ...
AZ
~ ItsMyOption, Yes I Agree ~
Actually ? ... I am closely watching the new company (WMIH-Corp) for some sort of a sign that the newco' is in a position to finally move forward in a meaningful manner' ...
With WMI's litigation completed at the 03/2012 reorganization ? ... and WMI II, now announced as settled 08/2016' ? ... Now, as we wait for the Courts final approval ? ... The Claims have now all been addressed and dealt with' ... including, WMI's original claim as it's status as a creditor against WMB ...
If I were to take a guess ? ... I believe we' will have news either just ahead of the shareholders meeting ? ... or, at the meeting itself' ...
Good Luck To Everyone'
AZ
~ So, You Are Drudging This Up Again Why ? ~
Look, ... I studied the WMI Specific Reorganizational, sequenced documents, and I did my best to report my findings' in an effort to help' everyone' in preparation for what ever is planned for the future' ... we' are still inundated with hedge fund participation ... right ? ...
You and a few others are hanging on to the, 1st quarter of 2012' presented propaganda ... including a specific calculator ? no less ? ... that is fine' ... but don't tell me that I'm wrong with nothing more than, wishful thinking, as your reasoning' ...
The Signed Plan of Confirmation is specific ... the specific reasoning for the need for the removal of APR are also defined' ...
... simply put ? ... you are wrong' ... period' ... had a preferred security been Plan 7 earmarked for a global return of all things owned by the Estate ? ... the Preferred securities would have converted to common shares as they are prospectus designed ... turn the page' ... I Know What I Own'
the 75% / 25% simultaneous distribution, is specified to be limited to ... the RE-Distribution of anything that is left over in the WMI-LT, ... and NO, ... there will be no more Interests in the LT, (LTI's) ... issued' ... it has all been a skilled distraction ...
The WMI-LT's main function, is to be utilized as a Pass-Through' ...
AZ
~ ItsMyOption, Yes, I Will Do My Best ~
So First ? I begin with the knowledge of all of the non-stop nonsense that ... we' ... have all put up with, ... by a group of "intertwined" BOD's and WMI-LT representatives' ... their combined silence regarding relevant issues ? is NOT appreciated'
Second, ... I have extensively studied and researched the, WMI II (the WMB Action) dual tracking litigation in Judge Collyer's Court' ... which as stated earlier, the Claims were originally filed on Dec 30th, 2008 and the actual litigation began in March 2009'
Third, ... I done my best to have followed and segregated all of the associated case numbers' ... Both' WMI and WMI II
Fourth, ... DB' had already actually filed with the Court, a request to be allowed to be an "intervenor" in WMI II, (the WMB Action) ... Document # 83 (Pacer) ... and, was specifically addressed by Judge Collyer, and, DENIED their request ... Document # 97' ... and' ... I found her reasoning stated, quite impressive' and interesting' ...
So, that is what I know ? and why I can not understand just how in the heck, DB appears to be inserting itself into a WMI II litigated result, where Judge Collyer, has already denied DB to be able to insert themselves as an "intervenor" (document # 97)
So, these are my reasons for referring to this Cal Probate issue as a "distraction" and that it would or should be considered to be "third party" ...
I hoped that helped'
AZ
~ When WMIH-Corp Moves ? There Will Be NO Questions ~
in my opinion, ... it will be quite obvious that the process has finally started' ...
WMI's, Reorganized' Implementation Date was 03/19/2012' ... and, all of the class participants needed to have their releases submitted in order to participate (41.6) ... all except Tranche 5 WMB Class 17' ... (class 17's releases were brought forward from Plan 6)
WMI II's, Settlement' was publically announced on 08/19/2016' ... and, the remaining releases needed' between the FDIC / JPMC / WMI' ... are now thankfully' ... "settled" ... Judge Collyer needs to complete and, ... "Approve" ...
(documented) Class 17 ... "will have deemed to have "released" as of receipt of their payment"' ...
(documented) The Noteholders' ... "will have deemed to have dismissed with prejudice upon the courts final approval" ...
(documented) The FDIC' is to issue "Receivership Certificates" to ALL WMB Bondholders' ... Class 17' Tranche 5 WMB
AZ
~ Mr Panda, No, I Guess Not ~ Is there certain concern that you have regarding this? In your opinion, does DB probate exit trigger final resolution of the FDIC receivership? I thought last year settlement settles all remaining suits against the FDIC receivership. Am I missing anything else?
... Actually, No' I believe that you are doing just fine' ...
I have also followed the "dual tracking" litigation going on in Judge Collyer's Court for some time now' ... The Original Claims were filed just ahead of the original bar date, ... on, Dec 30th, 2008' ... and then, moved toward the opening of active litigation on March 20th, 2009' ... WMI II (the WMB Action)
In My Opinion ?, ... This particular WMI II (the WMB Action) litigation, opening in D.C in Judge Collyer's Court, became active litigation simultaneously' with the Original WMI (the WMI Action) filed in Judge Walraths' Court, which lead to Filing # 5885, Nov 2010' which described the charges placed against the FDIC, which then lead to the "the Settlement" ...
What I am saying is that, ... what appears to be the intentional distractions, are becoming quite obvious' ... and Yes' ... I do see the "third party" litigation in the Cal' Probate Court as a convenient ... "distraction" ...
The August 19th, 2016 Settlement' ... ? ... appears to have the correct case number' and the correct parties to the settlement' associated with the actual case' which would be, WMI / JPMC / FDIC' ... only' ...
anyone else, would ? or should be considered a "third party" ... as Judge Collyer had actually Ruled' ...
Keep up the Good Work' and Thank You
AZ
~ Mr Panda, A Discussion Question ? ~
Do you have any thoughts on Judge Collyer's original ruling ... To Specifically "Deny" DB's Motion To Intervene ? ... (as referenced, WMI II ... the WMB Action)
Case # Civil Action No. 09-1656 (RMC) ... as, specifically referred to in the 08/19/2016 "Settlement" document
DB's Motion to Intervene ... document # 83'
Judge Collyer's "Denial" of DB's request ... document # 97'
AZ
~ WMI II - or, the WMB Action ~
WMI II which is referred to as the WMB Action, actually began "dual tracking" on December 30th, 2008' ... and' ... has now lead to the August 19th, 2016 publically announced "Settlement"
The March 2012' WMI Reorganizational Class Participants, were given an opportunity to be included in the complete and entire process by a submission of their class releases needed' (41.6)
The WMI II litigation (the WMB Action) also encompasses needed releases to be completed and finalized' ... the releases needed, are to be finalized by the Original Filing Noteholders' ... and' ... as stated, upon a Final Court Approval, will have deemed to have "dismissed with prejudice" ...
On a specific note, ... This doesn't actually involve us' ... we' ... have already provided our own releases in proper fashion' mandated by Feb 8th, 2012' ... we have actually been waiting for WMI II to be completed and the Original Noteholders Litigation, to also be completed' ... (thankfully' the Settlement was announced last August)
Currently, in December, 2016 ... an additional third party filing was submitted, ... again, which doesn't concern us, ... however, ... it is also currently being addressed' ...
This third party litigation, submitted in Dec, 2016' ... involves the Trusts and WMMSC' ... the Trusts are attempting to complete, once and for all, all of the numerous individual legal filings for ... foreclosure' etc, etc, ... that do not have proper and or complete documentation' ...
This third party litigation, will set to rest some 130,000 mortgages, encompassed within the Trusts' with existing document flaws, in one swift final action, ...
Again, this does not actually involve ... us ... specifically' ... this now additional third party litigation involves the Trusts' and their attempt to not be in a position to be held legally responsible for having to now correct well over 130,000 document flawed mortgages' ...
AZ
~ Plan Approved and Court Ordered ~
and' now ? a precedent setting Court Ruling which has been utilized in subsequent cases' referring specifically to Judge Walrath and the WMI now settled Reorganization' ...
~ FJR Interest (ours was plan approved set at 1.95%) ... is to be paid ... "on your claim" ... not to be ... "included in your claim"
(a Class 17 WMB Bond' is deemed to have released upon receipt of its designated return),
Class 17 WMB Bonds all have a maturity date (WMB sr's, were sold only to accredited investors and WMB jr's, were sold on the secondary market)... each WMB Bond' will receive a return of value equal to its individual date of maturity, plus 1.95% until the FDIC's issued "Receivership Certificates" complete and finalizes their claim' ...
(a releasing),
Class 19 Preferred Security's (P's and K's alike) are able to exceed their prospectus' stated security value' ... SO' ... "due to the fact" that a Class 19 has yet to be addressed regarding their claim ? ... a class 19 security has been accumulating unlimited' 7.75% prospectus based interest from the Original Date' ... Sept 2008 ... thru to present tense, and then ALSO was given an additional FJR (1.95%) interest accrual accommodation' since the Approved Plans Implementation Date', March 2012' ...
(a releasing),
Class 22 Common Share (uq's) ... are the actual owners of the Entire WMI Estate' ... who's claim is not a determinative or value specified issue' ... the releasing uq's simply get - all of the original estate' and all that financial value will subsequently involve' ...
Currently ... we are waiting for WMI II (the WMB Action) to be finalized, with the remaining releases intact and completed' ... at which time the NoteHolders' (there are 120 original institutional filers in WMI II)
~ will be deemed to have NOW' changed from originally releasing without prejudice on 03/19/2012, to NOW " releasing with prejudice" ~
I hope that was helpful'
AZ
~ ItsMyOption, Oh Sure, Quite Easily ~
Here, maybe this will help, ... a class 19 security originally issued by WMI' does not have a maturity date' ... they are prospectus designed to continue to accrue interest until, under a normal circumstance', the issuing company is able to address the security in a forward moving manner, or convert them to common shares' ...
Our Own Class 19's have been accumulating their prospectus associated interest (7.75%) ever since the 2008' seizure and subsequent BK filings, ...
Then ? ... the Court assigned FJR (1.95%) to be paid ... "on your claim" ... NOT ... "included in your claim" ...
So, a Class 19 Security, has now been accumulating its prospectus designated interest since Sept of 2008, now to the present tense, ... and then ALSO, since your claim has not yet been paid ?, ... there is an ADDITIONAL FJR Court assignment back to the March 2012' Plan Implementation Date' ...
So, ... Yes' ... a Face Value consideration ? - oh yeah' - that ? and then some ... just consider the magic of an amortization table (twice' ? applied and compounded ?) ... 7.75% calculated from Sept 2008' and then an additional 1.95% calculated from March of 2012' to your eventual claim payment'
Yes, Like You, I also hold both classes ... class 19 preferreds and class 22 common share uq's ... at a 51% / 49% ration ... plus, I got interested in the WMB Bonds, the class 17 subordinated debt' ...
truly, its all good, ... the WMI Estate is a Financial Leviathan ...
AZ
~ It Has Been About The Necessary Releases ~
Again,
the WMI's releases, ... were submitted by the class participating reorganizational participants ... (41.6) ... back in Feb of 2012
the WMI II' releases, ... have now been finalized within the - WMB Action - and its settlement ... August 2016'
AZ
~ The Actual Process ? Doesn't Work That Way ~
It is an issue of simply where the segregated class returns are able to come from ...
Piers, ... Class 16' ... a creditor Class capped hybrid' and a true high risk investors, complete waist of time'
WMB Bonds, ... Class 17' ... all have a designated maturity date, ... plus a Court assigned FJR (1.95%) until their claim has been realized ... soon, as is documented to be issued an FDIC, ... "Receivership Certificate"
Preferreds ... Class 19' ... have an original face value, but they do not have a maturity date' ... so, as court ruled, ... they will continue to accrue interest' until their claim is realized, plus again, a Court assigned FJR (1.95%) ... also remember, FJR is paid, ... "on the claim" ... Not' ... "included in the claim" ... so, in my opinion ? preferred securities will receive their recovery as the FDIC moves toward finalizing the receivership ... and' ... acomidates the ... the Settlement
Equity Class Estate Common Share's ... Class 22's ... Own the Entire Estate, ... WMI Investment Corp. ... and the Trusts generated, monthly income returns, now held for some 104 months' ...
The Original WMB, Noteholder Program, along with ... WMI II, the WMB Action, ... Prove the existence of, ... the Trusts' ... there are more, ... many, many, many more'
AZ
~ Guys, This ? Is Where Our Views Separate ~
WMI' ... has now reorganized', as of 03/2012' and the class participants have released
WMI II' (the WMB Action) has now Settled', as of 08/2016' and once again, ... the necessary releases are included and now completed ...
... The releasing common shareholders - in our case the uq's - as in all companies, actually own the Entire WMI Estate' ... this reality' has upset participants, ever since equity's representation was originally allowed ? ... and, ever since the final mediated result' allowed the common shareholders inclusion ...
The removal of the Absolute Priority Rule (APR) was NOT GLOBAL' and in my own opinion ? ... was ? and has been purposely mis-represented' ...
The removal of the Absolute Priority Rule (APR), ... was the result of a Court ordered, "mediated settlement" and each occurence of APR's removal needed to be approved by the Judge within the "Signed" Plan 7' Final Confirmation Order
One, ... the allowance of the AAOC settled $75,000,000.00 to jump over the classes and go directly to financially support the exiting new company, owned by the releasing class participants ...
Two, ... the WMI reorganizational settled allowance for the class WMB 17a's to receive LTI's and the agreement of the settled payment for their associated WMI fees and expenses ... then, to take their rightful position in Tranche 5' ... awaiting a "receivership certificate" to be issued by the FDIC', to accomadate the Noteholders eventual payment' ...
Three, ... the allowance for the dimeq' Class 21's to receive their associated WMI' reorganization settled distribution, and their associated tracking markers initially issued, to have now disappeared' from a releasing class 21 holder's account, due to their WMI' reorganization completed Settled amounts ...
Four, ... and the most unpopular, misunderstood and severely misrepresented, ... yet quite documented ... was the eventual allowance of any original WMI-LT left overs, ... to be RE-Distributed ... simultaneously 75% / 25% to the class 19's and the class 22's ... in the same fashion as the DCR's release of 1.4 million shares of WMIH-Corp back in August of 2015' ... (obviously without the LT ever finding a need for issuing an - Interests - in the LT, or an LTI's)
Now that the completion of WMI II's releases have been settled, ... everyone should understand just exactly what they own ? ... and where their returns can come from ...
the 75% / 25% distribution ... is not GLOBAL to the entire process' ... it is document stated to be limited to any possible WMI-LT leftovers, to be potentially - RE-Distributed - ... the individual allowances for APR's removal were specified, ... Rule 1129(b)
... wishful thinking' ... does not change the documented process, as it is now about to move forward ...
AZ
~ ItsMyOption, First' - Thanks ~
The FDIC uses the word "Dividend" in lieu of the word "Cash" all over the FDIC site' ...
ie; the FDIC's use of the term, ... dividend distribution, to them, ... would mean an actual' ... cash distribution, to the rest of the normal people' in the financial world ...
just sayin'
AZ
~ JWW, Well ? To The Literal ? ~
That statement would also be correct ... As stated in Filing # 0001' ... WMI' (now the reorganized WMIH-Corp) ... "owns the equity interest in WMIIC" ... reference; Stewart Landefeld ...
So, as stated, WMIH-Corp, ... only maintains ownership of the said ... "Equity Interest" ... while the releasing shareholders actually own the Original WMI Estate ...
... (a difficult subject for some) ...
We are dealing with very, very, smart and cautious people here'
AZ
~ JWW, ~
Yes, I found the WMIH-Corp CC references to WMI Investment Corp., ? ... Only One Of the TWO' of The Company's reported subs, to be quite interesting to say the least' ...
"Dormant" ... Yep, now there is quite an interesting choice of a description for a ... ABS-Cert producing money warehouse, that is being maintained by A&M, who is being paid for by the WMI-LT' ... that actually doesn't have any of its own assets or liabilities ... ? ... and as of 06/30/2016, "is in the process of beginning to be dissolved" ...
hhhhmmmm' ... sounds somewhat consistent with WMIIC's original filing for bankruptcy protection (First) to me'
... Yep, ...
AZCowboy, WMIIC is "only a dormant subsidiary coming out of the CH11 which doesn't drive any of WMIH's value" they said at the conference call
~ 2221, Well ? I Read and Read and then, I Read Some More ~
All humor aside, ... Yes, all of this information regarding all that are WMI, involved ?, is and has been released in numerous ... "Official Documents" ... there are five informational documents that have the participating members information' ... this has never been a big deal to me, ... I didn't file any of these docs, ... I just came across them ALL' while researching and studying the entire WaMu process' ... nothing more than to be a bit interesting, is all
The two that I found most interesting, are the two that list the releasing piers holders and the other listing the releasing equity holders' ... some of the entry's are the same on both documents' ... NT' is one of those' ... along with a family member' with the same last name' ... it truly doesn't matter though ... in my own opinion ... to each his own as I say'
The way I look at things regarding ... WaMu, WMI, and now WMIH-Corp, ... everyone made their own choices based on their own level of Due Diligence, ... again, not any big deal to me,
AZ HOW DO YOU KNOW such a detail information about Nate? ???? Information you only get it for an official document