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Is that proof positive or are your speculating?
The company has stated in it's SEC filings ever since 2012 that WMIIC had no assets and no operations.
Sold out?
Billions?
Or, SG simply got us the best deal they could considering all things.
Simply put –
The P’s, K’s, and U’s stock; and the Prospectus that govern those securities were cancelled. Those securities were replaced with Escrow CUSIPs for those who signed releases. Along with that a new payout matrix was formed. (75%/25%)
Like you’ve said,
(quote) “I always say' ...
~ Know What You Own ~
I Don't EVER say',
~ Know What You Used To Own ~ ?” (end quote)
There's been a few message board individuals whom have contacted the FDIC over the past year or so in regards to the Purchase and Assumption Agreement. The FDIC reply was that the P&AA closed in 2014 and that JPMorgan was not going to be paying anything more.
Honestly, yes i do. Did JPMorgan get a good deal? Yes. Was it right? I don't agree with it.
But, wishful feelings of JPMorgan making some "Final Payment", is not going to change what happened.
Brian Rosen has stated that he intends to file an application to close the case by the end of October. When this happens will you finally put to rest this "Final Payment" nonsense?
Order Scheduling Omnibus Hearing on December 17, 2019 has been signed by Judge Mary Walrath.
http://www.kccllc.net/wamu/document/0812229191023000000000001
From the hearing held on September 26, 2019.
11:24
Brian Rosen: Your Honor, that would then leave us, as I’ve said before, the Griffin appeal as well as the D&O recovery. And, with that your Honor we still intend, notwithstanding the possible pendency of the Griffin appeal, to file an application to close the case. We think that there should be in no way a hindrance in doing that.
We intend to file that application, your Honor, by the end of October (10/31) because we hope that the D&O piece will be done and we’ll know the exact assets within the Estate. And, we would hope then to have that heard in a time frame to close the case by the year end.
Judge Mary Walrath: I will make sure it gets scheduled if you file it timely.
Brian Rosen: We will your Honor.
What's your point? You're quoting from the Sixth Amended Joint Plan. (the plan that didn't get approved)
Pg. 1
"Before the Court is the request of Washington Mutual, Inc.(“WMI”) and WMI Investment Corp. (collectively the “Debtors”) for confirmation of the Modified Sixth Amended Joint Plan of Affiliated Debtors (the “Modified Plan”)."
"On June 30, 2019, the DCR disallowed the remaining General Unsecured Claims. The remaining cash of $24,132 became available as unencumbered assets of the Trust."
Newflow - https://investorshub.advfn.com/boards/read_msg.aspx?message_id=151723043
As AZCowboy would say, he's not here to "point prove". He would also say, "I don't argue, nor do I debate".
I'm not trying to defend Hotmeat but i'm sure he has educated himself over the past 11 years on such things.
What could someone do in 11 years?
Go to college and earn a Bachelor's Degree? A Master's Degree?
Learn karate?
??
"initial distribution of" - "initial" being the key word
Got a link to the text below?
IMO, this has got to be the biggest load of crap i've read on any board in the past 10 years relating to WAMU.
You saw it?
Seriously!
There are 291 loans listed on Exhibit "Z". Of the 291 loans, 269 are Single Family Residential. Anyone of sound mind should come to a logical conclusion that the value of such loans are not in the billions.
Serious question, Large Green - have you ever looked at "Exhibit Z" to see how many and what kind of loans they are? (more of an emphasis on how many)
Do you believe their value to be in the billions?
Ha! You beat me to it.
The Underwriters received 1.4 million WMIH shares (pre-split before COOP) by having their claim placed in Class 19. So, of course they want to stay there. If their claim is forced to be placed elsewhere or jettisoned altogether then they will have to give up those shares, assuming they were not sold, or if so give up the cash equivalent to the value when they received them.
It’s that simple, imo.
It was possible to not vote for the plan and still receive Escrows.
I kept all of my paperwork, as i'm sure you did as well.
For the "Beneficial Holder Ballot For Class 19 (Preferred Equity Interests).
Item 2 was the vote on the plan, to "Accept the Plan" or "Reject the Plan". I rejected the plan.
Item 4 was the OPTIONAL Opt-Out Election. It stated that "By checking the box, you elect NOT to grant releases contained in Section 41.6 of the Plan." "Please be advised that if you check the box you WILL NOT be entitled to a distribution under the Plan". I left my box unchecked.
He was talking about nutty message board individuals who believe they'll soon be millionaires.
Because, what he said was...
"Brian Rosen: …someone might oppose that application to close the case under the theory that there are in fact additional assets available for distribution. You and i and others have talked at, round and round, several times over. We are unaware of any additional assets, although people keep talking about that. But, we would like to bring that to closure and we would like to close the case."
Maybe, just maybe...call me crazy (although i think this title fits others than me), but because there really is nothing for equity. (other than the remaining DEE shares for Class 22)
10:35
Brian Rosen: Your Honor, I’m happy to report that we’ve resolved this claim. Of the shares of stock, those shares of stock will be provided for other equity holders and there will be a cash payment to this underwriter of $65,000.
Judge Mary Walrath: Ok.
Brian Rosen: And, so, (?) the balance of the cash,…of the stock, will go to the other holders within Class 22.
Now that the agenda for the scheduled hearing on the 26th is out...any thoughts? Your post was marked.
Proskauer Bolsters Business Solutions, Governance, Restructuring & Bankruptcy Group with Addition of Brian S. Rosen
"August 23, 2017 (New York) – International law firm Proskauer announced today the arrival of corporate partner Brian S. Rosen in the Firm’s Business Solutions, Governance, Restructuring & Bankruptcy Group (“BSGRB”) in the New York office."
https://www.proskauer.com/release/proskauer-bolsters-business-solutions-governance-restructuring-and-bankruptcy-group-with-addition-of-brian-s-rosen
You forgot one. If, you ever believed, "WM = WMI = The Original Debtors Estate = The Liquidating Trust = WMIH's Target."
Now that the agenda for the scheduled hearing on the 26th is out...any thoughts? Your post was marked.
Top left corner. Click the square box with the green dot.
Then, click the paperclip attachment with the green dot,
Then, click the attachment underneath it...1bk2008-1229_20190702-11295
http://www.kccllc.net/wamu/document/0812229190702000000000001
Furthermore, i suggest you listen to the audio attached to the filing of the hearing on July 2, 2019. It makes reference of the distribution. (and to whom)
http://www.kccllc.net/wamu/document/0812229190702000000000001
It was in regards to LTI holders.
At one time, posted on the WMILT website.
"SPECIAL ANNOUNCEMENT DATED 12/14/2018:
In response to a handful of inquiries regarding the timing of a potential distribution to holders of LTIs, while the bankruptcy court agreed with the Trust's position regarding the expungement of claims, the bankruptcy court has not entered an order in connection therewith. Specifically, certain of the employee claimants have contested the inclusion of all claims in any order, claiming that the Trust failed to include certain claims in the applications that were submitted to the FDIC and denied and, as to which, the D.C. District Court confirmed. The bankruptcy court has requested additional submissions and the Trust does not anticipate a determination and entry of an order extinguishing claims by the bankruptcy court prior to March, 2019."
So, Brian Rosen is the spokesperson for Mr Cooper Group (COOP), now? LOL! Get real.
The WMI Liquidating Trust mandate prohibits the LT from doing anything more than liquidating any assets, converting to cash, and then distributing such cash.
"WMI Liquidating Trust (the “Liquidating Trust”) serves as a mechanism for liquidating, converting to cash and distributing the Liquidating Trust Assets(as further described in these FAQs) to the holders of beneficial interests in the Liquidating Trust (the “Liquidating Trust Beneficiaries”). The Liquidating Trust will not continue,nor engage in at any time,the conduct of any trade or business other than the liquidation and distribution of the Liquidating Trust Assets, and is intended to qualify as a “liquidating trust”for federal income tax purposes under applicable Treasury regulations."
There can not be a 'shares for value'.
And, according to your past postings the "Final Payment" will be 900 billion?
The Underwriters received 1.4 million WMIH shares (pre-split) by having their claim placed in Class 19. If their claim is forced to be placed in Class 18 or Class 22 then they will have to give up those shares or the cash equivalent.
Should we "Mark This Post" as well?
I’m simply posting the facts.
A portion of the cash component used towards the acquisition of NSM was raised by issuing unsecured senior notes, not via a bridge loan as you seem to believe.