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~ Yes, ... I Do, by Years' End ~
I always, always, always, sequence the documents in proper order' and address any and all dual track issues' when putting together the TRUE Process' ... (so, I'll just rattle off a few from memory)
1st: ) ... as I spoke about the R-45 attachment back in 2013' after the first WMIH-Corp yearly SEC report was submitted' (1st, as a 2012' partial year "Q" and then switched to a "K" - ? - whatever, doesn't matter) ... however, what was IMPORTANT' was the reveal of both a Capital Loss as well as an NOL was available to the new company'
don't get me started on that fake (dated) PLR that isn't WaMu, or the ... "gives rise to" ... nonsense ... BOTH ARE LISTED, just some slick wording, that's all' ...
Also, ... to date' ... simply review any newco' SEC submission up to, and including the most recent 09/30/2016 - 10-Q' - and BOTH Tax Allowances, are still available to WMIH-Corp (the details, details, details, are IMPORTANT) ... NOL's are currently being used ? and are also currently unrestricted' (Note 5)
2nd: ) ... as an IRS General Rule, a Capital Loss Tax Allowance, has a usable shelf life of Five Years' ... for WMIH-Corp ? ... the drop dead date for this is March 16th, 2017' ... 5 Years from the release of "WMB and its assets" ... "equity interest" ...
3rd: ) ... according to the WMI Action, and due to the fact that WMI's issues were with the FDIC' ... and, as actually the third party to ... "the Settlement" ... JPMC released with prejudice on 03/20/2012' ... one day after the Plan's Implementation ... WMI' ? ... not so fast' ... because the FDIC hasn't paid up ... YET' ... The Judge requested a "Status Update" on this Core Proceeding on 05/23/2016 from ... The Debtors" ... and the information that She (JMW) received in return ? ... must have been in the affirmative, because she then listed that Adversarial proceeding as (Closed') ...
4th: ) ... Then in the WMIH-Corp released, 06/30/2016 10-Q ? we see that WMIH-Corp reveals that ... It' Is Beginning To Dissolve WMI Investment Corp ...
5: ) ... there is also some, somewhat ambiguous language regarding the partial year considerations and that there is a mandate to maximize the estate as revealed in 2.4 of the GSA'
6: ) ... If' ... the FDIC does not fulfill ... "the Settlement" ... by way of its agreed upon payment to WMI' ... which initiates WMI's allowing for the separation of ... WMB and its assets" ... from the WMI Taxing Group ? ... the FDIC will be considered to be ... "In Contempt Of The Plan" ...
There is a whole lot more, but I'm sure you guys get the picture' ...
Yes, ... Times UP' ...
AZ
~ Thanks Guys' - Re; WMIH-Corp ? ~
let me begin by saying that in my continued conclusions and opinion ? ... Yes, all is fine ...
So, where would I begin ? ... with the actual Truth' regarding the sequencing and the process ? ... or, with what is and has been being presented that simply CAN NOT happen' ... The Plan Of Confirmation' is distinct and to the point' ...
How about this ? ...
WMIH-Corp is currently, NOT in a position to move forward in any financially meaningful manner, while the original claims between WMI and the FDIC continue to remain open' ... this issue' ?, is what WMIH-Corps holdup has been' ... the possibility of the original debtors claims being able to be reignited' ...
Once the FDIC completes its settled portion of the "WMI Action", Explained in Filing # 5885, and then incorporated in to "the Settlement" (the GSA), ... with payment to WMI for "WMB and its assets" ... which allows for the separation of "WMB and its assets" from the original WMI Tax Group ? ... then the currently open claims are finalized according to the agreement'
to date ? ... only the "equity interest" in "WMB and its assets" has been released' ...
sound familiar ? ... Yes it should, because also,
to date ? ... only the "equity interest" in WMI Investment Corp. has transitioned to WMIH-Corp' ...
Simply Put, ... the hard ownership encompassing "asset values" have NOT YET transitioned for either of these two entity's, WMB or WMIIC, ... "due to the fact" ... that neither have yet to be paid for' ... either by the FDIC concerning WMB, or by WMIH-Corp concerning WMIIC'
AZ
~ Yes, I'm Here' ~
AZ
~ That Is - Not - WaMu's PLR ~
Not only is this not WaMu specified in the header presentation of the document, ... but more important, is the fact' that the dates presented within this generic' PLR reference, do not line up to the WaMu time sequencing process, ...
... this PLR presentation is not WaMu ... the details matter'
AZ
~ Distro' YW' & NO' - None of It ~
I am not considering the Asset Backed Securities, in these WMB Note Holder "document filed" considerations at all' ... simply because the WMB Note Holders, within their submissions to the Court were NOT considering this available ... ABS Cert provided' ... accumulated returning monthly income earning stream ...
... Nope, I am only considering the WMB Note Holder' disclosed base WMI Common Share calculation, submitted as of the seizure date, predicated on the Washington Mutual, Inc. Corporate Structure revealed within the prior 10-K's and 10-Q's SEC' submitted by WMI' ...
the FDIC recently verified the existence of the Cert's ... accumulated returning monthly income earning stream ... when they recently approved the DB settlement for the alleged filing of poor performance, considering ONLY 99 RMBS Certs, with a base value of $165,000,000,000.00 ...
Yes the FDIC, upon seizing the ENTIRE, Washington Mutual, Inc. Bank Holding Company' ... was within its rights to settle this' however, as each and every prospectus reveals, ... these amounts can ONLY be obtained from the specified Cert' ... accumulated returning monthly income earning stream ... period' ...
So, ... do these DB' 99 RMBS Certs with a base value of $165 billion dollars actually exist ... ? ... obviously YES' ...
Have these DB' 99 RMBS Certs continued to perform within their designed function without collapse ... ? ... obviously YES' ...
Are these DB' 99 RMBS Cert, ALL THAT THERE ARE ? ... Nope' Not Hardly
So NO, ... Distro, my base calculations presented merely consider the Washington Mutual, Inc. Corporate Structure valuations' ... in the exact same fashion as did the WMB Note Holders, within their submissions to the Court (JMW) which put the brakes on Plan 6' ...
(rough math' ... for a uq' to receive what the WMB Note Holders submitted, roughly in the $8.00 per uq' range' ... $40 Billion dollars needed to be considered by all ... and remember' ... the WMB Note Holders, WON)
AZ
~ W3R' - As I have Said, ~
I honestly don't study and research the WaMu process' in that type of a specified numbers defined fashion' ... I have never invested in that manner' ... research first, invest second, decide whether to stay or not, gain as much profit as possible from as many areas as possible, ... (I decided long ago, that - WaMu - was a financial leviathan) ... all things considered' ...
Regarding - WaMu - the numbers are ~ Dynamic' ~ ... there are numerous moving parts, not to mention the Courts ultimate assignment of 1.95% FJR to be paid to a participant until a participants claim has been deemed completed' ...
... however' ... this question regarding some semblance of how much ?, does come up often, so I will share with you my own studied approach and conservative conclusions', always remembering that the numbers continue to be "Dynamic" in nature'
My "Base" consideration parallels, the same consideration that was originally presented to the Court by the WMB Note holders' ... the same WMB Note Holders, that turned Plan 6 up side down, ... by forcing the implementation of Rule 510(b), with a simultaneous accommodation of the multiple reasons that the Absolute Priority Rule (APR) needed to be removed' for a Plan to be approved' ...
The WMB Note Holders filed that their Bonds had a maturity of $1,000.00 per' (all were eventually integrated) ... with their individual offerings simply having different dates to mature, and applied different interest returns' ... also, in doing so, ... the Estate was addressed' ... referring to an Estate Owners common share be valued at $7.35 per 1.7 billion shares of common shares out' ...
Now STOP' ... these calculations utilized, by the WMB Note Holders, were a calculation considered at the 2008' seizure' ... These calculations DID NOT consider the Preferred Stock of WMI' ... however' ... Plan 6 DID' Fail, and Plan 7' WAS reworked to consider ALL participants, ... basically, the WMB Note Holders, ... WON' ... saving the Estate Owners in the process'
... So' ... I basically STOP there' and round up to an eventual return of $8.00 per common share ... "due to the fact" that Plan 7 was approved, and the WMB Note Holders played an important role in the process' ...
Humorously, I have referred to this as a play on the Judges terminology ... or, ... FOUR POSIT's ... as a -------
let me be specific' ... in my consideration, as I'm sure many are watching' ...
... So, ...
as a final Plan 7 approved consideration' ... IN MY OPINION, as a "STATIC" numbers consideration'
Tranche 5 = including ALL integrated WMB Note's ... most' (all have not achieved maturity yet, but those that have), will receive their face value assignment of $1,000.00, plus FJR (1.95%) from their receipt of their distribution, back to their individual maturity date' ...
while we know that Class 19' and Class 22 share a simultaneous distribution of 75% / 25% ... in my opinion, I believe there will be a few variable considering the FJR Court ordered to be paid to all classes (1.95%)
Tranche 6 = ... Class 19' P's and K's will receive their assigned face value, times a multiple of a conservative FOUR' while experiencing two FJR considerations' ... the first from the seizure to reorganization, and the second from reorganization future' ... (once APR had been removed)
Tranche 6 = ... Class 22' common uq's ... at the seizure a consideration of a dynamic number of $7.35 per share' ...
... I know that was long winded, however I did want to justify my conservative consideration of a minimum of $40 Billion Dollars in - Initial - Cash' ...
... I am Leaving A Lot Out' ...
AZ
~ AZ, Will Not Be Issued An LTI ~
Nope, Not Hardy ... as an owner of the original WMI entire estate, as evidenced by the receipt of my ... "tracking markers" ... and as an owner of Class 17b, WMB "subordinated debt" ... as I quote Nate, ... "Once I realized what they' were doing ? I decided, I can do this'" ... (me too) ...
AZ will never be issued WMI Liquidating Trust - Interest - (an LTI) ... these QSR's are defined to Court Defined, - LTI's only, ... and mean zero to AZ (27.1)
Yes, I suppose it is a shame that a few of the inexperienced, missed not only, ... a basic understanding of the "Master Loan Portfolio" ... the actual WMI Corporate Structure, ... the early relationships, ... all of the filings submitted prior to equity representation being approved 15 months post seizure, in Jan 2010' ... the presenters of the 201 filings that were not SEC mandated, ... and' ... were ultimately responsible for Plan 6's failure ... and S&G' simultaneous "standing motion" submissions' ...
The WMB Noteholders, did ALL of the heavy lifting, ... all the time knowing the process would need to follow subordination, and end with the true owners of the estate, ... equity class owners' ...
Not to mention, ALL of the reasons, APR was removed, including the legal mandate that Rule 510(b) was followed within the rework of the Tranche PayOut Matrix, ... (Attachment H) ...
However, ... truly ... an individuals choice ? being a shame ? is ALL that it is' ... everyone will not get the same portion of the WMIIC / WMI ... financially massive "pie"
- Everyone' Is Waiting Together -
AZ
~ If You Hold Markers, YOU DO STILL' Own The Original Estate ~
... All Of It' ...
AZ has always tried to help many over the years, with the presentation of the - linked filings' - and the legal dissection of the Delaware Allowed Legal Process, which allowed for a TWO Bankruptcy Process, and gave "WaMu" the legal availability to safely secure its massive values within its First Bankruptcy Filed, WMI Investment Corp, - Filed @ 10:15pm on 09/26/2008, ... from its Second Bankruptcy Filed, Washington Mutual, Inc.'s - Filed @ 10:16pm on 09/26/2008' ... and' ... move toward an eventual ... "Reorganization" ... (the now, WMIH-Corp)
The Plan initiated, was to keep separate, WMIIC' from WMI' throughout the TWO Bankruptcy process, only addressing the WMI' parent corp creditors, with the cash available and available tax refunds, as the MOR's verify ... (The MOR's are all specified to WMI') ... while WMIIC, had initially filed without any debt' ? or, without any creditors' ... WMIIC' was able to continue under the protection of The Federal Court, (JMW) ...
Both' attempts (yes, there were two) to have Plan 6 approved, only attempting to exit into reorganization addressing only The WMI Parent Corp issues, had Rule 510(a & b) "subordination" very serious flaws" ...
... the flaws within the plan' had many concerned' ... including, Nate Thoma ... the WMB Bondholders, were a force that needed to be addressed within JMW's Court' ... a precedent setting Rule 510 Federal Judge' ... the senior debt, combined with the subordinated debt' to be referred to as the WMB Notes' ...
Rule 510(b) "subordination" mandates that ALL Creditor Classes need to be addressed - First - ... Tranche's 1 Through Tranche 3, held all of the WMI creditor classes, as we saw the LT's Creditor Class Representation left in Nov 2013' once the Creditors had all been properly addressed'
... Tranche 4' the Piers Class 16, were a form of a WMI issued hybrid bond' ... Tranche 5, then became ALL WMB Issue's which obviously included the Bonds, or as referred to as the WMB Notes' ... leaving the ownership of the actual WMIIC / WMI Estate, to its rightful owners, Tranche 6' the equity owners of the - actual - estate' ... Rule 510(b) "subordination" had now been adhered to' within Plan 7's adjustments, and a confirmation of an approved Plan was now legally possible' (Plan 7)
Yes, ... it was the WMB Noteholders that brought the Rule 510(b) "legal rain" ... to the Plan's Approval, ... forcing "legal subordination" ... Nate Thoma was correct, when he said he' had some fans in Europe, after some 150 European Objections had been filed against Plan 6'
once it became obvious Plan 6' was not able to be approved, ... - they' - (actually the debtor's representation + an extensive list of WMB Noteholders') ... forced legal "subordination" (Rule 510(b)) be adhered to, and then applied the removal of APR ... three times' ... within greater detail, I may consider four reasons, actually' ...
1st: ) the simultaneous 75% / 25% "distributions" of = Class 19 & Class 22
2nd: ) The legal ability to - jump - over Classes 16, 17a, 17b, 18, 19, & 22, and distribute $75 million dollars and a credit facility to the newly reorganized company at implementation
3rd: ) "due to the fact" that WMB class 17b does not have any claims against the WMI estate, "distributions" may flow freely to subsequent classes'
... and Plan' allowed ... "distributions" ... are specifically described in the DS' ... "Goulding" ... and ... the, Approved Plans Confirmation Order'
1: ) cash
2: ) an LTI
3: ) a RunOff Note
4: ) common shares in the newly reorganized company
... If' ... the Plan's original intention was to have all financial returning issues flow through the WMI-Liquidating Trust ... ? ... only, the potential issuing of an LTI (# 2) or a RunOff Note' (# 3) would have been confirmed within the Approved Plan, ... however, That' is not how things actually are ...
... everyone is waiting together' ... and the massive WMI Estate, will soon begin to be realized within its successor exiting reorganized company, ... WMIH-Corp' ... the only difference will be "who" holds a greater piece of the pie' ...
AZ
~ I Understand, Everyone is Anxious ~
However, ... as I stated last week, ... If' ... You do not already own, an already issued, Liquidating Trust Interest (an LTI) ... don't let the LT's - QSR's - bother you, ... these reports only specify to what the Court has already determined to be a WMI Liquidating Trust Interest ... and specifically, the owners of LTI's ...
and, regarding the WMIH-Corp submitted SEC Filings, ... All of them are consistent within the process as it moves forward ... slowly ? - yes, ... but it is moving forward,
- Everyone' Waits Together -
AZ
~ This 09/30/2016, 10-Q Is A Process Continuation ~
This Filing is, Nothing More ... The Company, WMIH-Corp ... has already publically, and properly revealed that ... "It Is Beginning To Dissolve WMIIC" ... in the 06/30/2016 SEC Filed 10-Q ...
The Company, WMIH-Corp, ... is not obligated to continue to repeat itself' ... the process of dissolving WMIIC, has been disclosed, ... and obviously continues ...
The Company's already revealed, process of ... "Dissolving WMIIC" ... has - obviously - been revealed as somewhat time consuming, has not been completed or finalized quickly, and is no simple task, ...
as some have proffered of the simplicity of nothing more than the misconception of simply removing a meaningless and empty subsidiary, ... Nope' Not Hardly ...
My research has concluded, and as I have stated many, many, times ... The process of ... "Dissolving WMIIC" ... will take quite a long time, and will need to be multi-staged ... as the Company, will need to couple its "equity interest" ... as documented, owned in WMIIC, with the "asset values" originally secured, and NOW owned, by the TRUE owners of the original WMIIC / WMI estate ...
I'll say it Again, ... WMIH-Corp, ... will not go anywhere of any true' financial relevance, without FIRST addressing its originating estate, ... WMIIC / WMI ... and those of us that own the Original Estate
AZ
~ Hug a Piers' Holder - They Will Need It ~
I figure, the rest of us ? are going to be moving forward, s@@n'
LTI, holders ? = class 16, piers Holders ? ... are stuck with the WMI-LT and all that' ... the rest of us ? will be moving forward within the Approved Plan 7 distribution mechanics and WMIH-Corp ...
AZ
~ No Problem Guys and You're Welcome ~
These QSR's are a WMI-LT formality ... nothing more' ... anyone that hasn't been issued a Liquidating Trust Interest ... ? ... BY NOW ? ... isn't going to be ... this report means zero' ... regarding the much, much, bigger picture ...
WMIH-Corp, isn't able to go anywhere of any forward financially positive move ... ? ... without its creator' ... the Debtors Estate' ... WMIIC and WMI ... and everyone already knows, ... just WHO ? ~ and HOW ? ... the Original' Estate is currently owned' ...
AZ
~ If You DO NOT OWN' - LTI's ? ~
As in an already issued ... Liquidating Trust Interest ... ? ... This report is meaningless to you' ... This QSR is specific to ... Liquidating Trust Interests ... Only' ...
The owners of the original estate, designated by their Tracking Markers' ... hold the true value of the WMI Estate, ... and ... is why we' are not alone' ...
This QSR Report is financially meaningless to just about everyone ... everyone, that is currently involved' ... believe me folks, being issued an LTI was and currently is' no big financial recovery ... deal' ... No Big Deal'
AZ
~ Tanja' Yes, I also Agree ~
Yes, ... we'' ... are close, very, very, close as ... we' ... are all now aware of WMIH-Corps 06/30/2016 SEC 10-Q notification that ... "IT is Beginning to Dissolve WMIIC" ... (WMI Investment Corp) - (remember, WMIIC is the guarantor for the KKR Rights Offering) - (finally')
During the WMIIC / WMI, TWO' Bankruptcy Process, through to the 03/19/2012 approved and implemented reorganization, for one to have disregarded the nh's (especially the European's) will prove to be a financial error of massive proportion' ...
In JMW's Court, Rule 510(b) - Ruled the Day - JMW had made precedent rulings on Rule 510' and its subsets' prior to WMIIC & WMI ...
As discussed here the other day' ... the removal of APR addressed the simultaneous 75% / 25% distributions between class 19 and class 22' ...
... however' ...
The removal of APR (Absolute Priority Rule) also allowed AAOC' to mediate and' allow the reorganizational ... "gift" ... of $75 million dollars, plus a $125m dollar credit facility to go to the reorganized new company (WMIH-Corp) ... in lieu of a mandate to legally follow Rule 510(b) "subordination" ... and, the $75 m needing to go directly to Tranche 5' (the WMB nh's) ... the Bonds' ... both' European and US' or as referred to = the WMB Notes'
As I have said many, many, many, times' ... "much was missed ?" ... and' ... "much continues to be misrepresented ?" ... (why' ? no longer matters)
the releasing participants own the original estate'
AZ
~ Again, In My Own Opinion ~
and, on the subject of the removal of the Absolute Priority Rule' (APR) ... that among all of the "participants" (including the Court, itself) ...
there was - "Absolutely" - no question regarding the massive amounts of the WMI' Corporate Structure future values originally and legally able to be secured in WMI Investment Corp. ... the First Filing'
the only amended adjustment that was made, beyond the original submission was the adjustment from 70% / 30% ... to the final allowance and approved 75% / 25% ...
This issue, regarding the future "equity determined class" distribution recoveries, was obviously not a product of any serious contention for anyone involved at the time' ...
AZ
~ In My Opinion' ~
Yes, as LG said, I did research the removal of the Absolute Priority Rule (APR) by the Approved Plan ... and all that the removing of APR entailed' within a reorganization process ...
and Yes, the removal of APR was and is no simple task' ... removing APR required an exception to FED Rule 1129(b) be legally enacted' and able to be used'
... in order to accomplish this' ... the Plans Approving Court' needed to be shown, or understand the possibility of a "potential" future value of recovery overflow, that may exceed the actual Plans allowed "Priority Rule" distributions' (the numerical class designations, placed in their proper sequential order) ...
Prior to the Court ordered 2011' mediation beginning, ... the Class 19' TPS(s) were Court determined to be considered "Equity" and NOT allowed to be included in the "ordered" mediation, "due to the fact" that "Equity" (as Class 19 was Court referred to) was already represented ...
So, ... in my own opinion, ... and' ... "due to the fact" that the Court was obviously aware of the Court allowed "First Day Filings" and its obvious approval of the WMIIC separation of values ... that this was enough to allow the Court to inject the exception to Fed Rule 1129(b) and allow for the disregard of the Absolute Priority Rule' ...
P.S ... also, don't forget the distribution of the 1.4 million newco' shares associated with the DCR' last August 2015' ... which ALSO followed the 75% / 25% split' ... I know first hand, since I hold all classes, and the 75% / 25% split was followed
AZ
~ LG' Correct "Dissolve" is Very Important ~
WMIH-Corp's reveal in its SEC Filed 06/30/2016 10-Q, that WMIH-Corp - "IS Beginning to dissolve WMIIC" - is very, important
WMIIC is the documented and designated - "guarantor" - for the KKR Rights Offering, as revealed in January of 2015' ... so either,
KKR, has given its permission to allow this document fluctuation ? or, ... the Rights Offering is to be full filled' ...
However, ... when now considering - Two - SEC publically traded companies ? KKR & WMIH-Corp ? ...
considering the original rights offering, designating WMIIC as the guarantor ? ... there needs to be associated documention'
- basically, ... if' - the publically revealed ... "rights offering" ... is now scheduled to change or be adjusted ? ... legally' the (same) public needs to be updated and notified' ...
AZ
~ Well ? Everyone Waits Together' EOM ~
AZ
~ Speaking of BS ? ~
How about the LT - Not - reporting - ALL - of its involvement within ongoing litigation throughout years 2012' and 2013' in their QSR submissions ? ...
The LT' has been involved in things ... "other than" ... the employee claims' and the D&O Litigation'
AZ
~ Tanja and Board' - Excellent Work ~
Thank You Both within your dissection of the listed WMIIC / WMI, BK Court Filings'
AZ
~ NewFlo' The WMB NoteHolder Bond Issues Are Settled ~
These WMB Noteholder issues have already been finalized and have been settled' within the Approved Plan 7' (the US Notes) ... and the Adversarial Proceeding (the European Notes) - (now closed) ...
they' (all noteholders, on 03/19/2012 = implementation) ... have already settled ... "without prejudice" (just in case') ... and, their releases (41.6) are determined to be in effect upon receipt of their distribution' ...
Tranche 5' ... Class 17,(a&b) and Class 18, subordinated debt' - Rule 510(b) - ...
The Bonds, ... both US Issued ($13 B Total), and the (non-SEC reporting) European Issued ($20 B Total), became the responsibility of JPM as the defined receiver of WMB), as referred to in Exhibit G' of the Approved Plan 7' ...
Also, ... as stated' ... "due to the fact" ... that Class 17b, had no claims against the WMI Estate, distributions may flow freely to subsequent classes' ... so, ... Classes, 18', 19', 22', do not need to wait for JPM ...
in my opinion, ... as stated in Exhibit C to the DS', ... Goulding, ... and the approved Plan 7 Distribution Mechanics, can now take over' ...
Allowing WMIH-Corp to also be in a position to move forward'
a # 1;) cash
or'
a # 4;) common shares in the newly reorganized company (WMIH-Corp)
ADDED' ... I seriously doubt anyone will be issued a "Liquidating Trust Interest" (LTI) ... and, ... Run-Off Notes are no longer needed' ... referring to a # 2;) or a, # 3;) listed distribution' ...
AZ
~ Muyuan, My Best Answer ~
Would be that ... "timberlakes" ... future endeavors have actually zero to do with WMIH-Corp, WMIIC, WMMRC, or WMI' ...
I believe the blurb mention of WMIH is merely a "trailer" associated with the site' itself ... ("emerging growth") ... my opinion'
AZ
~ BBob' ... Also and Added ~
Participation is not quite so easy for an individual, ... they all have minimum requirements to participate as disclosed within their associated prospectus, and are designed to achieve their initially offering' - "base value" - within a short period of time' ...
generally within a year for finalization' ... once the "base value" is achieved, a Cert reports to the SEC every month, for the first 12 months of their monthly distribution, at which time, the Cert files to no longer need to report to the SEC ...
participation is available on the secondary market to a retail individual, but the initial offerings are generally institutional, and as I described, ultimately go private'
AZ
~ BBob' Maybe This Will Help' ~
an Asset Backed Security Certificate, encompasses the packaging of "like kind" debt, ... and then financially benefiting from the monthly return obligations assigned' ... generally a pure interest return, in the beginning years' ...
while a (RMBS') Residential Mortgage Backed Security, is defined to a certain type of an ABS-Cert'
ABS-Certs, can be a packaging of any type of debt associated with a tangible consideration' ... whether real property or signature debt' ... residential mortgages, commercial lines property debt, auto loans, credit cards, student loans, large commodity leases, ... All' Sorts of Things' ...
Washington Mutual, Inc. ... not unlike many financials, ... produced and participated in all of it' ...
AZ
~ Bob' Thanks and an obvious needed correction ~
I never mentioned - Weil' - in my presentations ... people that "assume" things, obviously make errors ... often times, ... costly errors ...
and second, ... the recovery was referred to as ... "fair and equitable" ...
... equitable = fair, impartial, even-handed, unbiased, unprejudiced ...
had the word "reasonable" ever been inserted, it would have indicated the result would be open to interpretation, ... it is not' ... it is what it is ... "equitable" ... as stated
If' you released as instructed to do ? ... Your tracking markers received designate you as an owner of the original estate ...
- Tracking Markers are not LTI's -
WMIH-Corp, ... is not in a position to move forward in a financial meaningful way, ... without addressing its own coupling to the original estate' ...
AZ
~ A Method to the Presentation ? ~
Yes, as always due to the acknowledgment of the forum' ... however, there is a specific reason that I chose to mention The Columbia School of Business' ... (relationships)
also, ... I will only use initials' ...
TL' ~ created a Washington Mutual, Inc. Financial Empire'
SL' ~ knew how to legally protect it'
WG' ~ is experienced and understands the process
WMIH-Corp is the perfect "Finance Service" investment' ... loaded with available powerful support and obvious forward moving value ? ... not to mention the debt structure available to it' once WMIH-Corp begins to act upon its ownership of the "equity value" held within WMI Investment Corp.
all able to be in a position to move forward without the need for any overhead' ... employees, brick and mortar locations ... etc'
AZ
~ Tanja, Thank You ~
Yes, I believe ... we' ... are very, very, close to our beginning to experience positive financial events moving forward' ... not anything to do with us, as the retail investors that have remained of course, ... but more to do with the actual process, who all is involved here, and where we' currently are' ... within the process' ... at minimum, my own projections are by years end' ... in my opinion, the ball is currently in WMIH-Corps - court - (pun intended)
I have presented the sequenced filings and legal process able to be utilized within a legally allowed - TWO - Bankruptcy organizational system' ... which allowed WMI' to secure value for an eventual exiting reorganized company' ... the now in tact, NasDaq' Publically Trading, Russell Index acknowledged, KKR and Citi among others' Financially Supported, ... WMIH-Corp ...
I believe the WMIH process was expected to move forward last year, it is impossible to disregard the sequencing of 2015's events' ... including WMIH-Corps SIC nomenclature change in May 2015' from 6035 to 6199' which is in fact, basically a temporary designation' ... (only three listed are DE) ... (also to the literal' ... it is a temporary SEC designation stating "Finance Services" ... not' ... Financial, sorry to be so picky, but these things actually matter)
There is / was substantially more going on here within WaMu' ... and I hesitate to go further into these issues, to any great detail' here', so I will only describe the simple basics' ... what is important - IS' - the legal process that is undeniable as has been presented, and, that all that released are now involved in the forward moves of the Entire' WMIIC / WMI Estate'
There is a legally allowed, and quite well practiced, investment technique and process, able to be utilized in an effort to financially benefit from the seizure of a ... "bank holding company" ... the process is well known and actually taught at a few university's, ... alumni of the Columbia School of Business' are some of the people that understand the process' ... WaMu was obviously on the radar' ... however, ... it very quickly became known that WaMu was no ordinary seizure and the values involved were extremely massive' ... so the plans changed early on' ...
AZ
~ Good' ... There Us More, Much, Much, More ~
There is substantially, ... More that lead up to the obvious seizure and filing of Two Bankruptcy's ... these documents can not be disputed as presented here on 12/09/2015 ...
~ The WMIH-Corp / WMIIC Connection' Supporting Documents ~
As the world watched, On 09/25/2008, The OTS / FDIC seized WaMu, ... or, ... to be factually correct, seized WMB', the banking subsidiary of the massive Washington Mutual, Inc. Estate ... Immediately, and on the very next day, 09/26/2008, the WaMu Estate, filed for two distinct and separate Chapter 11 Reorganization Bankruptcy Filings with the Delaware Court System' ... (initially KCC listed as Filing # 0001 & Filing # 0002)
The first bankruptcy filing was submitted for WMI Investment, recording no debt and no creditors, ... and ... the second filing was for WMI, which recorded assets at $32 billion dollars, with its liabilities recorded at $8 billion dollars' ...
The first of the TWO bankruptcy filings, entered for WMI Investment, was designed to maintain operations, move toward a future reorganization for the company, while the second of the TWO bankruptcy filings, entered for WMI, was designed to address debt, and pay with interest, all outstanding creditors' ...
Since these TWO bankruptcy's were quickly Court Ruled and Approved' to be procedurally joined, and for administrative purposes only, ... both' ... of the company progressions within the legal confines of the Delaware Court System were able to be accomplished ...
As the documents reveal, ... the first filing for WMIIC's chapter 11 reorganization, was never designed to allow creditor claims against it' ... again, ... as it initially filed with zero creditors and zero debt' ... and, as a subsidiary of the Parent Corporation, WMI ... WMIIC was allowed and destined to maintain its re-organizational operations throughout the entire Chapter 11 process, ultimately planning to exit bankruptcy as a reorganized entity' ... again, allowed by the Court to be financially separated from the WMI bankruptcy ...
... However, ... for WMIIC to maintain its operations, throughout the reorganization process, it needed a Court Approved functioning staff ...
William Kosturos, as the 10/02/2008 Court approved and named President and Chief Executive Officer of WMIIC ... along with A&M and it's national staffing and resources, were Court authorized to maintain and continue WMIIC's operations while it remained under Bankruptcy Protection, ... and merely joined procedurally only, (KCC Filing # 0025 - 10/03/2008) ... and for Administrative Purposes, (The Disclosure Statement - 01/09/2012 - [DN 9365]) along with document expedition to accommodate the WMI Bankruptcy ...
William Kosturos and the extensive staffing and resources available of Alvarez and Marsal, were Court approved, at the very onset of the 2008 process' to be placed appropriately, and be able to continue the seamless operation of WMIIC throughout the entire Bankruptcy and Reorganization Process' ... and ... again, Federal Court approved, being allowed to back date' - "nunc pro tunc" - to October 2nd, 2008, as Filing # 0246 reveals'
... Not only do all of the billing statements support this, but so does the sequence of events placed within the filings acknowledge this ... The procedural joining of the TWO BK's caused a tremendous amount of controversy during the Court Hearings and revealed within the relevant documents Filed' ...
Mike W and Esopus Creek' ... understood that' Pandora's Box had been carefully tucked away within WMIIC back in the early days and requested discovery of the joining of the bankruptcy's ... their requests, were consolidated within their (equity's) request for a shareholders meeting, ... and ... a review and discovery, regarding the procedural and administrative only, joining of the Two Bankruptcy Filings'
The end of 2009 and into early 2010 were tumultuous times, as the Court Hearings moved forward', equity's requests for depositions, a shareholder meeting, discovery of the BK joining, ... etc, etc' ... the links to the process are numerous, so I will spare everyone for now, ... what is ultimately important though is Filing # 0013' ...... Filed on 08/23/2010' ... The filing number, like many others was rolled back to the original issue being discussed'
This final Court Ruling on, 08/23/2010 lead to the beginnings of the four standing motions being filed, with the last Standing Motion' ... Filing # 8179 ... being filed on the eve of the Plan 6's Court Hearing to begin' ... July, 2011 ... Plan 6 obviously failed' ... and here we all are' ...
There are serious reasons, as revealed here, that the NASDAQ' saw value in WMIH-Corp and allowed it to be up listed' ... and ... also there was a reason that WMIIC was able to be listed as the Guarantor for the current and in place provided, Citi and KKR Rights Offering' ... Yep' ... the original WMI Debtors Estate Value that had been secured and separated from the WMI bankruptcy within the other WaMu Bankruptcy' ... WMI's own subsidiary, WMI Investment' = WMIIC
Filing # 0001 Filed 09/26/2008
The First of TWO' - WaMu Bankruptcy Filings, WMIIC(s) Filing for Bankruptcy Protection
http://www.kccllc.net/wamu/document/0812228080926000000000001
Filing # 0012 Filed 10/02/2008
The Request for Joint Bankruptcy Administration
http://www.kccllc.net/wamu/document/0812229081002000000000001
Filing # 0025 Filed 10/03/2008
The Courts Signed Approval for Joint Administration (notice the difference)
http://www.kccllc.net/wamu/document/0812229081003000000000002
Filing # 0013 Filed 10/02/2008
The Declaration of - Stewart Landefeld - ... "in support of" ... the administrative BK combining'
http://www.kccllc.net/wamu/document/0812229081002000000000002
Filing # 0065 Filed 10/13/2008
A&M and William Kosturos Request to be the Chief Restructuring Component (William Kosturos is currently the WMILT Trustee) - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081011000000000003
Filing # 0152 Filed 10/24/2008
Supplemental Declaration of William Kosturos - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081024000000000016
Filing # 0246 Filed 11/07/2008
The Request to backdate the naming of A&M and William Kosturos of designated CRO to be backdated to 10/02/2008
http://www.kccllc.net/wamu/document/0812229081107000000000004
Filing # 0013 Filed 08/23/2010
The Final Signed Order' (upon equity's request for discovery of the joining of the BK's) stipulating to "Procedural Purposes Only"
ORDERED: that consolidation of the above-captioned adversary proceedings is for procedural purposes only and shall not affect the parties substantive rights ... again' ... signed 08/23/2010 ...
http://www.kccllc.net/wamu/document/0812229100907000000000005
... I don't believe that anyone wanted a light placed on this WMILT's 03/29/2012 SEC 8-K ... filed a mere 10 days beyond the 03/19/2012 Implementation Date ... which actually named William Kosturos as the President and Chief Executive Officer of Investment ... dating back to Oct 2008 thru to the Reorganization ? ...
WMI Liquidating Trust ... Form 8-K ... Filed March 29, 2012
http://www.sec.gov/Archives/edgar/containers/fix067/933136/000090951812000138/mm03-2712_8k.htm
read, ... ITEM 5.02(c) ... and the reference to ... INVESTMENT ... "this'' ... is in direct reference to WMIIC" ...
Effective 10/11/2008 William Kosturos was named the CRO (Chief Restructuring Officer) of WMI' ... and between 10/20/2008 and the effective date' he was the President and Chief Executive Officer of Investment (WMIIC) ...
(c) Pursuant to the Agreement, William C. Kosturos, age 50, was appointed as the liquidating trustee of the Trust on March 6, 2012. Between October 11, 2008 and the Effective Date, Mr. Kosturos was the Chief Restructuring Officer of WMI, and between October 20, 2008 and the Effective Date, Mr. Kosturos was the President and Chief Executive Officer of Investment.
~ Tanya, That is Correct ~
... An ABS-Cert, is not ... owned' ... an ABS-Cert - is participated in' ... bk's continued misrepresentations are simply more evidence of a level of a lack of basic understanding ...
Both, of our legal system, and the complex financial products, that are available
AZ
~ Boarddork' ... 100% Correct' & Thanks ~
It has become quite obvious, that there were many, many, filings and submissions, not ever studied, read, or considered by the ~ Now' ~ irrelevant ...
But Yes' ... In absolutely No' uncertain terms' ... The associated "equity interest" ... to WMI's secured percentage of participation in "base value" of Asset Backed Security Certificates, originally secured and contained within, WMI Investment Corp. ... is very, very, well documented' ... and has been presented and linked to numerous times'
AZ
~ What Was WaMu's (WMI's) Actual Business ? ~
Didn't All WMI' Investors understand, exactly what Washington Mutual, Inc. ... as a Corporate Structure, actually do as a forward moving business entity ? ... Didn't everyone understand how Washington Mutual, Inc. actually made its income ? ...
Washington Mutual, Inc. ... utilized its Corporate Structure to Produce and Participate in, income generating, Asset Backed Security Certificates' ... ABS-Certs, which also included RMBS-Certs (Residential) ...
The following, is direct information from the SEC site' ... ALL' Registered and Financially able to, Financials ... were and are involved in these cash generating income vehicles' ...
Mortgage-Backed Securities
Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity. The entity then issues securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool, a process known as securitization.
Most MBSs are issued by the Government National Mortgage Association (Ginnie Mae), a U.S. government agency, or the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), U.S. government-sponsored enterprises. Ginnie Mae, backed by the full faith and credit of the U.S. government, guarantees that investors receive timely payments. Fannie Mae and Freddie Mac also provide certain guarantees and, while not backed by the full faith and credit of the U.S. government, have special authority to borrow from the U.S. Treasury. Some private institutions, such as brokerage firms, banks, and homebuilders, also securitize mortgages, known as "private-label" mortgage securities.
Mortgage-backed securities exhibit a variety of structures. The most basic types are pass-through participation certificates, which entitle the holder to a pro-rata share of all principal and interest payments made on the pool of loan assets. More complicated MBSs, known as collaterized mortgage obligations or mortgage derivatives, may be designed to protect investors from or expose investors to various types of risk. An important risk with regard to residential mortgages involves prepayments, typically because homeowners refinance when interest rates fall. Absent protection, such prepayments would return principal to investors precisely when their options for reinvesting those funds may be relatively unattractive.
~ Tanja, WOW' & an Excellent Submission ~
Regarding the moves forward for WMIH-Corp, and obviously the WMI-LT as they are combined within themselves' ...
If I may, I would like to add to your current 09/2016' timeline of events and your thoughts, ... enclosed is a letter from Sullivan and Cromwell to the FDIC dated 09/03/2014, just prior to the P&AA's Termination Date of 09/25/2014' ... I have always viewed this letter as an attempt to a reasonable solution between JPMorgan (Sullivan & Cromwell) ... and the FDIC' ...
Thank You Again for you posts and research over the years' ...
AZ
====================================
09/03/2014
Via FedEx
Federal Deposit Insurance Corporation,
Receiver of Washington Mutual Bank, Henderson, Nevada,
1601 Bryan Street, Suite 1701,
Dallas, Texas 75201,
Attention: Regional Counsel (Litigation Branch) &
Deputy Director (DRR -Field Operations Branch)
Re: Indemnification Obligations
Dear Sirs:
We refer to the Purchase and Assumption Agreement Whole Bank, dated as of September 25, 2008 (the "Agreement") by and among the Federal Deposit Insurance Corporation in its corporate capacity ("FDIC Corporate") and as receiver ("FDIC Receiver") and, together with FDIC Corporate, "FDIC") and JPMorgan Chase Bank, N.A. (together with its subsidiaries and affiliates,. "JPMC") relating to the resolution of Washington Mutual Bank, Henderson, Nevada ("WMB"). This letter supplements our prior indemnification notices and provides you with written notice of additional matters for which JPMC is entitled to indemnification under Section 12.1 of the Agreement.
JPMC has previously apprised you of the following matters: (1) Bank Hapoalim v. JPMorgan Chase & Co,, et al., Index No. 652799/2012, filed in New York State Supreme Court, New York County; (2) Federal Home Loan Bank of Indianapolis v. Banc of America Mortgage Securities, Inc., et al., No. 49D05 1010 PL 045071, filed in Indiana Superior Court, Marion County; (3) Federal Home Loan Bank of Chicago v. Banc of America Securities LLC, et al., No. 10-2-36526-5 SEA, filed in Washington Superior Court, King County; and (4) John Hancock Life Insurance Co., et al. v. JPMorgan Chase & Co., et al., filed in New York State Supreme Court, New York County and removed to the Southern Federal Deposit Insurance Corporation
District of New York, No. 12 Civ. 3184 (RJS). Despite your previous awareness of these matters, JPMC hereby provides supplemental notice that each of these matters gives rise to JPMC's indemnity rights. In each of these matters, plaintiffs assert causes of action based on alleged misstatements and omissions of material fact by various entities, including WMB subsidiaries WaMu Capital Corp., Washington Mutual Mortgage Securities Corp. ("WMMSC"), and/or Long Beach Securities Corp. ("LBSC") in connection with residential mortgage-backed securities ("RMBS") underwritten or issued by those entities prior to the Agreement. JPMC has settled claims in all four of these matters. Copies of the notices or stipulations of dismissal in these actions are enclosed for your reference.
Additionally, JPMC has previously apprised you that the securities claims for which JPMC is entitled to indemnification also include securities claims based upon WaMu and/or Long Beach RMBS securitizations that were settled prior to the commencement of formal litigation. These include claims asserted by two insurance companies, a bank and a state pension system, all settled on terms that are confidential. Further, JPMC has previously apprised you of the settlement of HSHNordbankAG, et al. v. JPMorgan Chase Bank, N.A., et al., No. 652416/2011, filed in New York State Supreme Court, New York County, which included the settlement of securities claims based upon WaMu and/or Long Beach RMBS securitizations that were settled prior to the commencement of formal litigation. Again, despite your previous awareness of these matters, JPMC hereby provides supplemental notice that each of these matters gives rise to JPMC's indemnity rights.
Our informing you of the settlements in these matters is not a request for consent nor should it be construed as implying that Section 12.20 functions as a condition precedent to JPMC's indemnification rights with respect to claims for which FDIC is responsible. As you know, the liabilities assumed by JPMC were limited to those on WMB's "Books and Records," with a "Book Value," when WMB was closed. JPMC did not assume any WMB liabilities that did not have a book value on WMB's books and records at the time WMB was placed into receivership, nor did it assume, for those liabilities on WMB's books and records, liability for any amounts in excess of such book value. Thus, any liability for conduct that precedes WMB's closure remains with the FDIC.
Thus, this letter merely serves to apprise you of these settlements, as well as to inform you that, because the claims at issue were clearly retained by the FDIC, the amount of this settlement, as well as any costs or expenses JPMC incurred in the process of settling and defending against the claim, are subject to indemnification pursuant to Section 12.1 of the Agreement. We understand the FDIC Receiver consents to our defending and, if—as here— we deem it to be prudent, settling such claims to this extent. As you know, and as the FDIC has acknowledged in court, if the FDIC disclaims responsibility for any liabilities that may arise in connection with these actions and instead asserts that Section 12 of the Agreement does not apply to any such liabilities, then the FDIC may not purport to exercise its rights to direct the defense of these actions or determine whether to settle them. Federal Deposit Insurance Corporation
As you are aware from previous correspondence notifying you of the FDIC's indemnification obligations in other matters,. the matters identified in this letter are not intended to be exhaustive or to constitute a statement that no other facts have or may come to our attention that could result in claims for which indemnification is provided, and we reserve the right to supplement this notice as additional facts or circumstances may arise.
Robert A. Sacks
Enclosures
cc: Lawrence N. Chanen
Alla Lerner
Annette C. Rizzi
Joanna Jagoda
(JPMorgan Chase Bank, N.A,)
(Via Email without enclosures)
Richard Osterman
James Wigand
David Gearin
Kathryn Norcross
(Federal Deposit Insurance Corporation)
(Via Federal Express with enclosures)
Brent McIntosh
(Sullivan &Cromwell LLP)
(Via Email without enclosure)
https://www.fdic.gov/bank/individual/failed/wamu_jpmc_notices/Residential%20Mortg-Backed%20Sec_Redacted.pdf
~ Obviously, A Necessary Follow-Up ~
To be confused regarding these complex issues, is understandable' ... however, to remain confused ? is obviously an individuals choice' ...
* WMI' utilized its Corporate Structure to produce monthly income generating investment vehicles, referred to as Asset Backed Security Certificates (the last one completed its packaging in 2007)
* WMI' also chose to participate in its own products produced, by submitting for a percentage of participation of a Certs' associated "base value" ... generally to a participation greater than 25% of a base value' to be eligible for an "equity certificate" at a future point in time'
* WMI' produced hundreds of ABS-Certs which incorporated the debt combination of like kind tangible assets' ... and, were obviously not limited to Residential Products'
* Each ABS-Certificate is a Legal Entity within itself' ... Each Cert' has an assigned Prospectus made readily available to each and every participant'
* WMI' utilized WMB as its Certs "servicer" (listed hundreds of times, associated with hundreds of Certs)
* Revealed within a Certificates Prospectus, ... are the rights of the FDIC, associated with the possibility of a "servicer" falling within financial difficulty' ... the need for an OTS / FDIC seizure or bankruptcy are two issues' specifically listed' and described'
* The FDIC is within its legal rights to allow a claim against the associated "servicer" which WILL BE PAID' from the, "mortgage generated monthly income returning revenue" ... as described within hundreds of ABS-Certs ...
* The now publically revealed Deutsche Bank settlement for "alleged allegations" of poor performance regarding *99 Residential Certs, in which DB was the "trustee", with an original "base value" of some $165 Billion Dollars' ... is not only legally able to be allowed by the FDIC, as the seizing entity for the entire' WMI Bank Holding Company' ... but is also PROOF POSITIVE, of the mortgage generating monthly income returning pools complete existence' regarding All of the associated ABS-Certs' ... as prospectus revealed' ... This pool of ABS generated monthly income earning stream, is the only pool of money available to the FDIC to entertain the possibility of accepting an associated "Claim" ...
* Also, ... according to a prospectus' ... The FDIC is only able to allow a claim associated with a "servicer" ... obviously WMB' ... and obviously as a "servicer" only, ... only able to be transitioned to JPM, as the receiving bank as a "servicing entity" in the same fashion' ...
* This $3 billion dollar DB Claim, ... will Not be paid by a mere tapping of the "FDIC's Insurance Fund", ... it is Not a part of Class 17A or Class 17B, ... or any other combination of guesses or thought up nonsense' ... This Claim IS however, legally allowed to be paid by the FDIC, in its own discretion, from the associated mortgage generated monthly income returning pool of money, again, generated by a participants participation in these specific *99 RMBS-Certs' ...
* There are hundreds of Asset Backed Security Certificates associated Prospectus that can easily be accessed on the SEC Site, and reviewed by anyone that is actually interested in knowing what you actually own' as a releasing participant and now a participating owner of the Original Washington Mutual, Inc. Estate'
AZ
~ TEMO' ... IMO' ... Before' ~
I don't associate any of the WaMu process to any political movement' ... I suppose that is or could be a possibility, however, I just don't think like that, or believe that to be true' ... IMO ? this is the legal system, and is regarding massive amounts of assets and cash' ...
I literally focus 100% on legal process and the documents that are available, and their time sequencing' ... obviously beginning with Filing # 0001, associated six times with the adversarial proceedings, (thankfully now, all closed) and the main filing # 0001' of course, which allowed WMI Investment Corp to come under the protection and custody of the Federal Court System - FIRST - (09/26/2008 @ 10:15pm)
So, to answer your question, I believe we' will see some of the mechanics begin to move prior to the end of this third quarter 09/30/2016' ... "due to the fact" ... that WMIH-Corp revealed in the 2nd quarter 10-Q 06/30/2016' that they' were beginning to dissolve WMIIC' ... WMIH-Corp Did Not need to reveal this, unless this was actually needing to be revealed, because this statement was True' ...
AZ
~ PM' Not to But In' However ~
The answer to your question is NO' ... The now revealed, FDIC allowed claim for the Deutsche Bank "alleged allegation" ... of poor performance regarding these specifically mentioned *99 Residential Certificates, ... does come from the same pool' of ...
"the mortgage generated monthly income earning stream, associated with all of the ABS-Certs, participated in by WMI, and held secured within WMI Investment" ...
however, ... the DB returning cash' can only be associated to the *99 Residential Certs' ... Not' the entire pool' ...
The now revealed settled Claim for $3 Billion, between the FDIC and Deutsche Bank, ... actually proves the true existence, of the entire Pool' of accumulated cash, held on behalf of the original seizure' ...
But, NO' the DB issue, is now separated from our own process, ... as we now see some 200 + investors filing against DB for their own piece of the settlement' ...
AZ
~ A Request For' - Federal Oversight, ~
regarding TWO' filings, both submitting a request for; ... Reorganization' ... is what WMI Investment Corp., ... and ... Washington Mutual, Inc. filed for' and - both' - actually received' ...
AZ
~ So, ONE "Twist" at a Time, - k ? ~
Stating that WMI never issued "Bonds" was, once again, another error of so very many presented and displayed ...
I provided the ... "cusip" ... for them, ... you' want to twist the conversation ... I'm not interested unless the facts' are misrepresented ...
AZ
~ And Wrong' ... But' Once Again ~
WMI' - Washington Mutual, Inc. (s) (The Parent Corp) ... had a covered bond program, cusip beginning with # 939322 ... multiple offerings'
WMB' - Washington Mutual Bank (also) had a covered bond program, cusip beginning with # 93933 ... multiple offerings'
The FDIC refers to WMB Bonds' ... (now, - WMB Tranche 5 - Class 17a and Class 17b)
The old news article presented, references ... WMI Bonds' ...
ACTUALLY READ the ... the Case Filings' ...
...it IS' right there in PLAIN ENGLISH.
Quote from the FDIC site':
On September 25, 2008, Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was named receiver. Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank
...BTW, WMI "never" issued Covered Bonds.
...I'll believe the FDIC-R announcement, the P&AA, the confirmed plan and related documents (GSA) over a news reporters erroneous reference to WMI.
Quote:
By Al Yoon | NEW YORK, Sept 26
Covered bonds issued by Washington Mutual Inc jumped on Friday after U.S. regulators affirmed the supporting assets would be assumed by JPMorgan Chase & Co, easing investor doubts of how the securities may be treated in a bank insolvency.
~ No Problem, slick' Yep, I remember ~
I remember it all' ... everyone does' ...
WMIH-Corp, is now the reorganized Washington Mutual, Inc. ... Estate' ...
and as recently disclosed, will s@@n become'
the reorganized WMI Investment Corp. - And - the Washington Mutual, Inc. Estate' ... Both' ... as WMIH-Corp begins to dissolve WMIIC'
AZ
~ The Process, Will Be Done in a Proper and Legal' Sequence ~
1st ) the eight years of the now accumulated amounts of "Cash", as the direct result of the monthly income returning funding, which has been generated by WMI's percentage of participation, in Asset-Backed Security Certificates, ... originally secured and placed under the protective custody of the Federal Court within the FIRST Bankruptcy Filed' ... WMIIC's ... will need to be released to the Owners of the Original Estate' ... That' proverbial Slate' needs to - First - be cleared' ...
THIS' POOL' of now accumulated monthly returning "Cash" held, since the seizure, is also where the DB' settlement funding for their ... "alleged allegations" ... of a lack of performance regarding these defined, 99 Residential Mortgage Backed Security Certificates, ... will simultaneously also be released from' ...
This' agreement', was NOT the result of a Court Decision, This settlement was a result of a term sheet documented, agreement' ... a $3 Billion dollar settlement' ...
so the agreed amount of the settlement, needs to also' legally be associated to these exact same 99 RMBS Certs' ... None of these DB specified, 99 RMBS-Certs stopped performing or collapsed, or they would have needed to be listed and reported to the Court'
(DB' gets theirs, when ALL' of the accumulated "Cash" is released)
2nd ) ... once the "slate" is clean ? ... WMIH-Corp will be able to "truly" ... begin to dissolve WMMIC' ... WMIH-Corp will be in a position to approach the owners of the Estate, and begin to couple its own owned "equity interest" with the "base value" of hundreds of ABS-Certs, ... again, ... now owned by the releasing owners of the Original Estate' ...
3rd ) The only thing of value that WMIH-Corp has to bring to the negotiation table, is the allowance of shares within itself' ...
The numbers are massive, so WMIH-Corps part' will need to be done in multiple statges'
AZ