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As I said I would, I had asked the contacts at the FDIC to answer the questions 1-7
1. Is WMI listed as a creditor too WMB ?
2.What was the total $ and estimated assets transferred to JMPC and what was left at the holding company.
3.What was the asset balance on the seizure date. What specifically was transferred from WMB/WMBfsb and transferred to JPMC to date?
4.Do you have a true and accurate account of the all assets and liabilities in the P&A?
5.What was the true or estimated cash and assets at time of seizure for wmb /wmb fsb ?
6.Is the P&A closed.
7.Can wmi/wmih proceed independently of the status of receivership?
The contacts replied with the updated page. To which I replied,
Board Dork LARGE GREEN FDIC update inbound...
Both of you hats off to the great post of the day. Az Cowboy is a given as that Cowboy knows how to Gallup ..period.
Seriously guys nice post. I will update you as to what these Fdic contacts have to say as I went a little past the polite stage on Friday. They responded well but were starting to dodge my pointed questions like a skinny kid in a mean game of dodge ball.
I am getting past the polite stage now as they know, I know that they are lying through their teeth and the gig is up. The game is changing for sure.
Good Post Regards...as well as many others are contributing and are appreciated.
B
Az Helpful?
As always extremely helpful! I would not evening be close to being able to work this thru if you had not provided keys to the matrix. As you have provided some crucial keys those have allowed me to further my own understanding and provided a "hack" to the complex "hall of a thousand doors". Complexity like I have never seen. Thank you again for your time and generosity in sharing your own D.D.
Much appreciated and extremely helpful regards,
B
Cause you never ask a question that you do not know the answer too because you could get a response that would not be productive to your agenda , and further more solidify information or an outcome you do not desire!
Counsel Regards,
B
Az Cowboy
WMIIC / WMI / WMIH-Corp legal process and "the Parties" separated, ...
I get what your saying I believe. In talking with the FDIC-R they are brutally forward in emphasizing the NO connection between What they seized (WMB) "the bank" and what entities filed for Bk chap 11 .
I have been banging on them to release what the have in accounting for what they received. Talk about "they are peaches an cream", until I get to the point of a list of what they seized and the book value that JPM has paid to date.
My specific question is where do you see the recovery flowing from? And what is the mechanism you see for them doing it?
I am getting more of it daily "thanks mostly to your direction"but this a no joke about the complexities of this legally and Financially.
Thanks Az for your insights and sharing much appreciated. Are you really from AZ/ Got lots of fam in Casa "the big house" as well as Tuscon.
Best regards,
B
FDIC and FDIC-R has no real money for us because we own stocke in WMI/WMII/WMIH. I would think you need to look for the money that was isolated here
The assets that are to be held and distributed by the Liquidating Trust (the “Liquidating
Trust Assets”) comprise all of the assets of Washington Mutual, Inc. (“WMI”) and WMI
Investment Corp. (“WMI Investment” and together with WMI, the “Debtors”)) as of March 19,
2012 (the “Effective Date”), other than:
(a) Cash to be distributed by the Reorganized Debtors (i.e., the Debtors on and from
the Effective Date) pursuant to the Plan as Disbursing Agent to holders of
Allowed Administrative Expense Claims, Allowed Priority Tax Claims (to the
extent applicable), Allowed Priority Non-Tax Claims, Allowed Convenience
Claims, Allowed WMI Vendor Claims, and Allowed Trustee Claims;
(b) Cash necessary to pay the fees and expenses owed to certain Creditors’
professionals pursuant to Section 41.15 of the Plan;
(c) Cash necessary to reimburse the Reorganized Debtors for fees and expenses
incurred in connection with initial distributions made by the Reorganized Debtors
as Disbursing Agent;
(d) Creditor Cash on the Effective Date; and
(e) the equity interests in (i) WMI Investment (all the assets of which shall be
contributed to the Liquidating Trust, including any Intercompany Claims), (ii)
WM Mortgage Reinsurance Company (“WMMRC”), and (iii) Washington
Mutual Bank (the stock in Washington Mutual Bank was worthless and was
abandoned by WMI shortly before the Effective Date).
AZ COWBOY,
You around my man? Things are getting kind hot all over?
Any thoughts?
Much appreciated only three posts left got to save them.
Regards,
B
POOF MY H'S just went poof gone and cash balance increased accordingly !
Who know this all looks like its on auto pilot now....
WTF regards,
B
FROM the BIG MEN Susman & Godfrey. So we are flying solo! The mold has been cast! We retain Alvarez and Marshall whom been billing the crap out of the estate. So that answers the question.
Edgar G. Sargent <esargent@SusmanGodfrey.com>
Fri 9/29/2017 11:08 AM
Steve Susman and Justin Nelson forwarded me your emails about the Washington Mutual bamkruptcy. We do not currently represent the Trust or any other wamu entity and so I'm afraid we do not have any information about how things may be proceeding.
All the Best,
Edgar Sargent
Flying naked regards,
B
BBANBOB,
Thanks pard not enough coffee to crank the brain I guess....yes and thanks.
Good catch
B
AS STATED WAMU THE BANK , NOT WMI THE HOLDING COMPANY for the BANK.
Holding co regards,
B
Questions for contact at FDIC. Remember they are NOT the receiver OF WHAT YOU OWN.
1. Is WMI listed as a creditor too WMI?
2.What was the total $ and estimated assets transferred to JMPC and what was left at the holding company.
3.What was the asset balance on had that WMB/WMBfsb and transferred to JPMC to date.
4.Do you have a true and accurate account of the all assets and liabilities in the P&A?
5.What was the true or estimated cash and assets at time of seizure for wmb wmb fsb
6.Is the P&A closed.
7.Can wmi/wmih proceed independently of the status of receivership.
Lucky Panda
So yours, Flows and ? oh I will check it in the morning. Reo yes and take a look at the the break out of what is at wmi its way past 50 Billion.
God Bless all and whom ever you praise.
Night All
ZZZZ Regards,
B
OK time is UP. ANY ?'s for the FDIC RECEIVER tomorrow? From my last post and previous posts tonight any other questions, because I only saw one that was related to our recovery and No it is not GOING TO COME FROM THE RECIEVER.
OH by the way those who think that it was an FDIC update was per the 2nd QTR ending in June it was not. It IS CURRENT AS OF THE 25th!
Regards,
B
You need to go back and reread the court rulings and get up to speed. I really appreciate the questions however i am chasing my tail so to speak in trying to answer all these questions that have been answered by the courts or its proceedings. Know what you own is the basis for all knowledge and if you do not actually know the difference between what has been resolved and where the case is I cannot make a ten year recap post for you or anyone. We were waiting on the update from the receivership due to what JPMC and DBank where in legal quarry over not as to the receiver saying oh crap I got all your money THEY DO NOT BECAUSE THEY DID NOT SEIZE WHAT WE OWN!
I am sorry I am not trying to be an ass or sound like a Jerk its just if you do not know what you have shares in I can't help you. The questions I will be asking of the FDIC 2morrow are simple but they will not be to do they have money for equity because WMI/WMII/WMIH are not in receivership and never were from Jump street day 1 they Filed for BK Chap 11 and were not part of the receivership.
Now as to what WMI/WMII holds is a whole different conversation that's what we know some about, but not all or at least very little.
Why because of , Safe harbor, trusts, Certs and more That is where the money is not with the receivership. The Receiver does not have the Holding Co that's what you own if you have escrow.
I am almost out of post for the day so I cannot answer anymore really. KNOW WHAT YOU OWN in the words of AZCOWBOY!
Cowboy regards,
B
You are looking for the return from the receivership ...They do not have it because they never seized what you own! You do not own "THE BANK " WMB that is what the receiver has and is resolving. You own The old holding company shares (escrow) and were granted a portion of the NEW Co WMIH! Your recovery (if it comes) "i think it will" That will come via the Escrow shares and the New shares WMIH, not from WMB (the bank) that was seized and is in receivership still waiting to be fully resolved and terminated. As AZ states KNOW WHAT YOU OWN!
It is a simple as I can get it.
Simple regards,
B
GET THIS PLEASE 1.2.3..
1.Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc.
1.a Washington Mutual Inc. (WMI, the top-tier holding company) and Washington Mutual Bank
(WMB or the Bank),
2.The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase Bank, N.A. (JPMC) for $1.9 billion.
3.The next day, September 26, Washington Mutual, Inc. the bank’s holding company and related subsidiaries filed for Chapter 11 voluntary bankruptcy in Delaware, where it is incorporated.
4.According to Washington Mutual Inc.’s 2007 SEC filing, the holding company held assets valued at $327.9 billion.
I think some people are still confused. WASHINGTON MUTUAL BANK (WMB THE BANK)the bank is what was put into receivership NOT The Holding compamy WMI
SO IF YOU THINK THE ALL THE MONEY IS IN THE (WMB) THE BANK YOU ARE INCORRECT. WASHINGTON MUTUAL BANK IS WHAT IS IN RECEIVERSHIP THAT HAS NOT BEEN TERMINATED.
ANY QUESTIONS?
Respectful regards,
B
Let me repeat WMI/WMII IS NOT PART OF THE RECEIVERSHIP...SO No monies will not becoming back from the Receivership as the the FDIC did not seize WMI/WMII they seized WMB WMB's assets are not coming back to WMI/WMII from the receiver. As stated there are claims against the receiver but the receiver does not have money that will flow to WMI/WMII.....Just so we are clear did everyone get that?
Re-read again please.
B
I will take questions to be asked. I only have 6 posts left after this one for the day so As of tonight 9 pm central I will close down the questions to be asked and post what I am going to ask of her for all to see.
So, do not get mad at me or think I am blowing off anyone's questions or responses as I only have six post left.
Yes Newflow I will ask it as I think it is important that be answered.
Question Regards
B
HOLD THE PHONE Janice's assistant called back Debbie. She again was awesome.
1. THE RECIEVERSHIP OF WMB IS NOT NOT terminated and they have no idea when it will be.
2. WMI IS NOT any way a part of the recievership and she is doe not know what was safehabored as it is out side of WMB and the FDIC.
3. WMI/WMII will not be held up by the wmb receivership.
4 Senior Creditors will see aprox 40 cents on the dollar.
5. WMI is free to pursue or do as it wishes as its own entity.
6. Before you all beat me to death I am just a messenger!
As Janice's assistant she will be glad to answer any questions she can from me. She accept an email from me so as I may get some questions you want me to ask (preferable from the senior well read board members I will be glad to ask them) I hope this helps. It would be really good if the Big man called or emailed.
Regards,
B
And for what it is worth Janice wont answer crapola now and my in's to S&G have gone silent as well. So if I get any updates will let ya all know. Trying a few back doors right now, but it looks like they are all on the look out for some Ass Named Johnnyiwantsome...LMBO
Johnny regards,
B
On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC)
Royal,
LMBO I believe we are head towards a significant recovery, I hope for those how have toiled in this and worked to understand it will be rewarded.
Royal regards,Peace out for now
B
AZ Cowboy,
Spoke with my Counsel and CPA whom happen to be friends as well. As over the years they have heard me speak of the case I reviewed with them my thoughts, and alot of your research as well. They were serious when they said "this Az guy has a total understanding of "The Process" so kudos to you as these hitters were impressed. I told them I think Money and a little injustice got him focused like a Laser many years back. My CPA said Ya think ;). Well back to work as the day calls! Thanks again for the incredible D.D. and kindness to all...simply brilliant!
B
AZ Cowboy,
Great D.D.! Thank you for all the hard work you are putting in,and unselfishly sharing! Many Thanks,
Thanks regards,
B
Safe Harbor A better understanding. I hope this helps everyone as this should provide all a good understanding of why the money is not being reported as by the receiver as a asset of the estate.
Key words Isolated,securitization,or loan. Think now about those words and how they apply here.
a. Safe Harbor
The goal of the FDIC in addressing the legal isolation concern was succinctly stated by the FDIC’s General Counsel in Financial Institution Letters issued in conjunction with the proposed rule and the final rule as adopted:
[color=red]
If the transferred assets [in a securitization or loan participation] are not sufficiently isolated from the insured bank or thrift, its creditors or the receiver, the transfers would not qualify for sale treatment under GAAP and the transferred
assets would continue to be reported as assets on the [transferor] institution’s balance sheet.[/color]
The rule responds to those questions by reassuring interested parties that, subject to certain conditions such as fraud, the FDIC - as conservator or receiver - will not seek to reclaim, recover or recharacterize as property of the institution or the
receivership financial assets transferred by the institution in connection with a securitization or participation. Accordingly, the rule should resolve the legal isolation issue for insured depository institutions.
The rule confirms existing
FDIC practice in dealing with securitization and participation transactions.28
With respect to the legal isolation issue, the rule provides a safe harbor determination for
transactions that fall within its terms.29 The FDIC rule states:
(b)
The FDIC shall not, by exercise of its authority to disaffirm or repudiate contracts under 12 U.S.C. 1821(e), reclaim, recover, or recharacterize as property of the institution or the receivership any financial assets transferred by an insured depository institution in connection with a securitization or participation, provided that such transfer meets all conditions for sale accounting treatment under generally accepted accounting principles, other than the “legal isolation”condition as it applies to institutions for which the FDIC may be appointed as conservator or receiver, which is addressed by this section.
12 C.F.R. § 360.6(b).
The rules define a “participation” for purposes of the rules to mean:
28 FIL-57-2000 (Aug. 19, 2000). See FIL-95-99 (Oct. 15, 1999).
29 The FDIC also stated: “The rule is not intended to describe the exclusive circumstances in
which legal isolation may occur.” 65 Fed. Reg. at 49191.
24
the transfer or assignment of an undivided interest in all or part of a loan or a
lease from a seller, known as the “lead”, to a buyer, known as the “participant”,
without recourse to the lead, pursuant to an agreement between the lead and the
participant. Without recourse means that the participation is not subject to any
agreement that requires the lead to repurchase the participant’s interest or to
otherwise compensate the participant due to a default on the underlying
obligation.
12 C.F.R. §§ 360.6(a)(3), 709.10(a)(4).
The safe harbor raises the issue of the disposition of a participation that does not appear
to fall within the express terms of the rules, for example, because of elements of recourse in the
transfer. The discussion of the rules by the FDIC in the Federal Register releases accompanying
adoption of the rules supports the view that other transfers would be safe from potential
repudiation It states that: “If the available evidence provides reasonable assurance that the
transferred assets would be beyond the reach of the powers of a bankruptcy trustee or receiver
for the transferor, then a determination that the transferred assets have been legally isolated
[from the receiver] is appropriate.” 65 Fed. Reg. at 49189.
With these statements as a predicate, the FDIC preamble further provides:
[A] transaction that purports to be a sale (not a participation) of all of a financial
asset, even if it includes recourse against the seller, which would be characterized
as a sale under the general legal view, should not need to be encompassed by the
rule; the FDIC would not be able to recover transferred assets as a result of
repudiation. In the case of a completed sale, the FDIC would have nothing to
repudiate if no further performance is required. Even in the case of a sale
transaction that imposes some continuing obligation, a repudiation by the FDIC
would relieve the FDIC from future performance, but generally should not result
in a recovery of any property that was transferred by the institution before the
appointment of the conservator or receiver.
65 Fed. Reg. at 49191.30 Accordingly, if a transfer of assets to a third party was a "true sale"
under applicable state law, this FDIC gloss on section 360.6 indicates that the FDIC could not
30 The rule provides that a participation must be “without recourse” in order to qualify for the
safe harbor of the rule. The FDIC preamble discusses public comments submitted in
connection with the rulemaking for this provision concerning the meaning of “recourse,” and
the preamble supports the conclusion that “without recourse” is not a simple, bright line
concept, but may be compatible with the possible existence of certain types of potential
obligations of the transferor to the transferee after the asset transfer has occurred. See 65
Fed. Reg. at 49190-91. In its parallel rulemaking, the National Credit Union Administration
(“NCUA”) discussion of the same issue is somewhat more illuminating. See 65 Fed. Reg. at
55440.
Regards,
B
I believe it changed with Dodd Frank.
Regards,
B
Bond-007
Thanks for the breakdown. That should help everyone alot.
Safe harbor regards,
B
How many times must it be said that you cannot have a BK that is filled with Money! So you do not have the money in the Company that is filing on the balance sheet that is presented. Isolated and safe habor and off balance sheet is something different.
B
Nice we are starting to move ...thank God!
Lets keep it rolling.
Moving regards,
B
INCREASED POSITIONS SO THESE GORILLAS MUST HAVE IT ALL WRONG! According to the "will see you at ZERO crew" these monsters with ties to the inner circle and research teams that have the very best tools in the shed are just spending millions to ride it down to zero....They are in bsn to loose money right shorties? They are here for the fun of loosing money right crew? A smart person may heed some signs before the get burnt.
Wittenberg Investment Management Inc. bought a new stake in WMIH Corp. (NASDAQ:WMIH) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,838,946 shares of the financial services provider’s stock, valued at approximately $2,299,000. WMIH Corp. makes up 1.0% of Wittenberg Investment Management Inc.’s holdings, making the stock its 21st biggest position. Wittenberg Investment Management Inc. owned approximately 0.92% of WMIH Corp. at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of WMIH. Alliancebernstein L.P. grew its holdings in shares of WMIH Corp. by 60.0% during the 2nd quarter. Alliancebernstein L.P. now owns 164,200 shares of the financial services provider’s stock worth $205,000 after purchasing an additional 61,600 shares during the period. Balter Liquid Alternatives LLC purchased a new position in shares of WMIH Corp. during the 2nd quarter worth $190,000. Bank of New York Mellon Corp grew its holdings in shares of WMIH Corp. by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 801,345 shares of the financial services provider’s stock worth $1,001,000 after purchasing an additional 38,148 shares during the period. Rhumbline Advisers grew its holdings in shares of WMIH Corp. by 17.2% during the 2nd quarter. Rhumbline Advisers now owns 219,250 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 32,254 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of WMIH Corp. by 0.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 889,930 shares of the financial services provider’s stock worth $1,113,000 after purchasing an additional 4,655 shares during the period.
They must be idiots all these large institutional investors.
Increased position regards,
B
PEYTON,
I AM SHOWING 301,687 vol and 1.08 even
WOWALTERS
Dual-tracking of mediation and confirmation they move the case along and sort the parts of the case to resolve holding everything up till the end. You are citing dual tracking foreclosure not litigation.
Hope that helps regards,
B
BBAN,
NICE! Ironic, is it not two years too the date and the same date as the anniversary??? ....just so Ironic.
Az is looking sharper every minute ...not that we did know it, but I got a gut that says he pegs the back end of this to a tee.
Regards,
B
Royal
A good possibility given many tea leaves. On another note I have chimed up a few more contacts to see what I can smoke out. Will See.
Regards,
B
Tagar C. Olson current relationships:
First Data Corporation - director
KKR & Co. LP - head of financial services
NYU Langone Medical Center - overseer
WMIH Corp. - director
If it is in the Realm of a company I think its safe to say it would be First Data
Thanks I.M.O. I will refrain from speculating on the causes that drive this share price because
A. I am not qualified to do so.
B. This is a totally different animal than most stocks.
Yes the increase in positions is a good sign at this point.
Regards,
B
WMIH Corp. logo Wittenberg Investment Management Inc. bought a new stake in WMIH Corp. (NASDAQ:WMIH) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,838,946 shares of the financial services provider’s stock, valued at approximately $2,299,000. WMIH Corp. makes up 1.0% of Wittenberg Investment Management Inc.’s holdings, making the stock its 21st biggest position. Wittenberg Investment Management Inc. owned approximately 0.92% of WMIH Corp. at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of WMIH. Alliancebernstein L.P. grew its holdings in shares of WMIH Corp. by 60.0% during the 2nd quarter. Alliancebernstein L.P. now owns 164,200 shares of the financial services provider’s stock worth $205,000 after purchasing an additional 61,600 shares during the period. Balter Liquid Alternatives LLC purchased a new position in shares of WMIH Corp. during the 2nd quarter worth $190,000. Bank of New York Mellon Corp grew its holdings in shares of WMIH Corp. by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 801,345 shares of the financial services provider’s stock worth $1,001,000 after purchasing an additional 38,148 shares during the period. Rhumbline Advisers grew its holdings in shares of WMIH Corp. by 17.2% during the 2nd quarter. Rhumbline Advisers now owns 219,250 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 32,254 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of WMIH Corp. by 0.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 889,930 shares of the financial services provider’s stock worth $1,113,000 after purchasing an additional 4,655 shares during the period. Institutional investors own 41.18% of the company’s stock.
Link
Increase position regards,
B
uptICKME,
I am glad you are not holding your breath...cause you would expire. THE trusts are there for anyone with a little work to find. Do you remember a EVENT that happened. You can verify it yourself.
The trusts are there for you to review yourself. Heck I already as well as 20 other board members have shown you a way. So I will not assist you other than what has already been done so you can keep up the comments and that is ok.
I will not take your bait. Keep working it and you will find them as they are easily found. Apply then your findings to the waterfall and you should arrive a sweet tidy number for equity. Again its your money on the line,,,,or not.
More honey with sugar than vinegar regards,
Please hold a common decency among humans.
B
According to my calculations 58 Billion plus interest.