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~ This Simple Division of Values', May Help ~
1:) ... A&M's ... WMI / WMIIC, warehoused accumulated cash' ... Court Ordered, ... "nunc pro tunc" ... to be serviced and managed' ... "on behalf of the affiliated debtor" ... is owned by the owners of the original estate, or, the releasing tracking markers holders', ... and will be released and distributed when the (10) business day letter, notifying A&M that their services are no longer needed ...
(a financially positive result for all Original Estate Owners, designated by their release and receipt of their tracking markers)
2:) ... a WMIH-Corp, "equity value" ownership of share exchange, ... for the Estate Owners "asset value" ... will be necessary if WMIH-Corp wants to obtain ownership of the correlating, hard asset value associated with the equity value ownership of the same
(a financially positive result for all Original Estate Owners, designated by their release and receipt of their tracking markers)
3:) ... WMIH-Corp is in a position to begin to have and own' an actual hard asset value as it couples the equity value with the asset value ...
(a financially positive result for All, shareholders of WMIH-Corp, ... us' ... KKR, Citi, Hedge Funds, etc etc' )
Good Luck to Everyone' ...
AZ
~ WMIH-Corp, It's Owned "Equity Value" Fortune, and KKR, Citi, etc ~
... Lets discuss, WMIH-Corp And The Fortune it Owns' in "Equity Value" of the Original WMI / WMIIC Estate ...
Basically, ... WMIH-Corp, ... is worth an economic recovery valued fortune, considering the appreciative ... equity value ... that WMIH-Corp, the now considered Reorganized Washington Mutual, Inc. Estate', ... actually owns ...
... However' ... WMIH-Corp and its subsidiaries ... appreciative "equity value" fortune' ... is all currently only, an appreciative "equity value" on paper' ... and not' an actual' hard asset value which can be realized ...
remember' ... the hard assets - ("asset value") - of the massive WMI / WMIIC (WaMu) Estate', became the owned property of the releasing participants at the Plans Implementation' in March 2012' ... (releasing participants, to be represented by the WMI-LT ... a March 6th, 2012 Court Initiated ... Grantors Trust' referred to as a Pass-Through Trust)
however the ... appreciation, or the appreciative value, since March 2012' referred to as the - ("equity value") - of those hard assets became the calculated value' correlated with an economic recovery, and the owned value, of WMIH-Corp as the reorganized debtor' from the Plan defined' date certain, March of 2012' ...
so, until WMIH-Corp is able to be in a position to convert that appreciative "equity value" into literal value' ... or' ... is able to couple the "the "asset value" (owned by releasing participants) ... with the "equity value" (owned by WMIH-Corp)' ... everything' ... remains at a standstill' ...
... Here' ... if a person bought a home in March of 2012 ... worth $200,000.00 and paid cash' ... and now in May' of 2016 ... that same house has appreciated in value to $1,000,000.00 ... there is a definable appreciative "equity value" of the home of the increased value of $800,000.00 ...
HOWEVER' ... the appreciative equity value of the home' CAN NOT be cash value realized, until the home' ... or ... the actual Hard' "asset value" is actually sold' or liquidated' ... That' ... is when the "equity value" owned by the homeowner' ... can become a financial reality'
So' ... WMIH-Corp, ... owns the appreciative "equity value" of the original massive WMI / WMIIC estate' ... however, ... WMIH-Corp can not realize its equity value gained since a recovering economy defined a date certain of March of 2012' (or at Reorganization) ... until ... WMIH-Corp gains ownership of the underlying hard' "asset value" ... which is currently still owned by the releasing participants' ...
AZ
~ HM' ... I have been open regarding WMB Bonds ~
... There isn't any secret here, regarding my ownership of WMB' bond holdings ... I actually own many things WaMu' ... I just never participated in any creditor class ownership' ...
Yes, I own WMB Bonds, along with a large position in the now, NasDaq publically traded WMIH-Corp' ... along with a tremendous amount of extremely valuable WMI' Original Estate' designated ownership tracking markers in numerous security's ...
I released everything' as instructed by the Court' ... all of my, class 19 P's, class 19 K's, class 22 uq's' and class 21 dimeq's
(the 21's were Plan designated as a class 12' general unsecured WMI creditor class and are now completed)
and, I received 100% of the transition newco' shares and the subsequent distributions associated since
here's the issue' ... those that had the information "told" to them ? ... simply don't understand ...
those that actually read the Approved Plan 7' ... were able to understand the process' ... (truth is' ... I've actually read and studied the entire WaMu process, ... however, ... I have had over four years, ... my own serious study's and research began after the 2012' reorganization ...
After I read and studied the Approved Plan 7 ? ... Class 17 became extremely interesting' ... and once I had my positions in proper order ? ... back in 2013 ? (my last WMIH buy' was in Nov 2013 @ $1.04 ? ...
I started working on Class 17 securities' ... lets see' ... from Jan 2014' through roughly June of 2015' was my last purchase ...
and, you are correct, ... they' are "definitely" not easy to get ...
AZ
~ Regarding WMIH-Corp, - BOD's Share Awards ? ~
... ALL ... WMIH, compensation shares, already received by the WMIH-Corp BOD's ... prior to their own' public acknowledgment of the company's trading, Sept, 2015' ... should be returned to the WMIH, general stock pool' ... "other than" ... any transitional shares - fairly - received for a release submitted ...' (in my opinion)
AZ
Released 04/10/2012
"While the Company is aware that its new common stock is trading on the “pink sheets” on an unsolicited quote basis, the Company has not taken any steps or actions to list or otherwise facilitate any trading in its new common stock. The Company believes that it is important to remind its shareholders and the market generally that the Company has no control over the trading of its securities on the pink sheets"
and then, on 09/22/2015, ...
Released 09/22/2015
"On September 22, 2015, The NASDAQ Stock Market LLC (“NASDAQ”) notified WMIH Corp., a Delaware corporation (the “Company”), that NASDAQ has approved the listing of the Company’s common stock, par value $0.00001 (the “Common Stock”), on the Nasdaq Capital Market (the “Listing”). The Common Stock will continue to trade on the OTC Markets OTCQB electronic quotation system under the symbol “WMIH” until market close on Friday, September 25, 2015. The Company anticipates trading on the NASDAQ will commence at market open on Monday morning, September 28, 2015 under the symbol “WMIH”.
The Listing fulfills the Company’s obligation pursuant to Section 23(a) of the Company’s Designation of Rights and Preferences of 3.00% Series B Convertible Preferred Stock, which requires the Company to use its reasonable efforts to list its Common Stock on a national securities exchange after becoming eligible to do so and upon approval of the Board of Directors"
AZ
~ Yes' ... Absolutely ~
Everything helps, ... especially the research and study of what exactly occurred' ... starting at the beginning' ...
If You released and hold your tracking markers ? ... YOU" ... are an owner of the original' WMI / WMIIC debtors estate' ...
and, ... this money bus' isn't going anywhere without the "stuff" ...
AZ
~ Simplified ? This is How I See Things' ~
a) Willingham saved equity' ~ (AZ says, Thank You)
b) Willingham brought Gene Davis on board at the reorganization ~ (AZ says, Thank You)
c) Gene Davis secured the deal with KKR' & was given a 50k share bonus' for securing the deal' ~ (AZ says, Thank You)
d) KKR has now demanded the right thing' be done ~ (AZ says, Thank You)
... NOW' ... we can ~ ALL ~ move forward
AZ
~ Biz' ... That's Right ~
Had KKR not forced the issue of the acknowledgement and announcement of a WMIH-Corp up-list ? (NasDaq) ...
as part of the issued "Rights Offering ? ... honestly, ... I believe this group would have continued on with their SEC get of SEC Jail Free Card' ... by simply stating that they' never authorized the stock trading to begin with' in the first place' ...
However' ... Always Remember' ... when KKR came on deck back on Jan 5th 2015, ... KKR also became a WMIH-Corp shareholder, along with the rest of us lowly releasing equity peeps' ...
and then, ... KKR brought in Citi and a bunch of hedge funds' ...
AZ
~ Nope' ... One of These Days You Will Figure This Out ~
... You, ... me, ... none of us' mattered ... at all'
We'
... You, ... me, ... equity, and its representation, coming on deck, substancially, - "after the fact" - in January of 2010' ... became a legal pain in the "oops" ---, and, were mediated and settled allowed to be in' ...
Just for a time, ... everyone, simply forget about "equity" and read just what the planned process entailed and planned for the eventual exiting reorganized company' 09/26/2008 to 01/11/2010 ... the now WMIH-Corp' ...
that's always been a problem, ... many people, believe this massive WaMu money deal, revolves around them' ... it never did' ...
... You, ... me, ... and all releasing equity participants were merely given an opportunity to get in the bus' ...
and, ... here we are' ...
AZ
~ GH' ... Yes' This IS Different' ~
The BOD's did not acknowledge the stock beginning to trade back in 2012' @ reorg' ... however, ... KKR made them (BOD's) acknowledge and announce an up-list, ... in my opinion, KKR made them do this, to create SEC shareholder responsibility' ...
- Something is up all right' - this BOD's actually being ... "forthright" ... with the shareholders, is definitely out of character for this group' since the reorganization' ...
Released 04/10/2012
"While the Company is aware that its new common stock is trading on the “pink sheets” on an unsolicited quote basis, the Company has not taken any steps or actions to list or otherwise facilitate any trading in its new common stock. The Company believes that it is important to remind its shareholders and the market generally that the Company has no control over the trading of its securities on the pink sheets"
and then, on 09/22/2015, ... the company acknowledges its up-list to the NasDaq ... and somewhat blaming the need for the up-list on the rights offering' ... (blaming the up list on the rights offering was left out of the press release) ... BUT' ... up-list we did' anyway ... and with that company acknowledgement, came enhanced SEC responsibility to the shareholders'
NO MORE' ... get out of' SEC Jail, free card' - by being able to say that they' - (BOD') - never authorized the trading in the first place' ...
Released 09/22/2015
"On September 22, 2015, The NASDAQ Stock Market LLC (“NASDAQ”) notified WMIH Corp., a Delaware corporation (the “Company”), that NASDAQ has approved the listing of the Company’s common stock, par value $0.00001 (the “Common Stock”), on the Nasdaq Capital Market (the “Listing”). The Common Stock will continue to trade on the OTC Markets OTCQB electronic quotation system under the symbol “WMIH” until market close on Friday, September 25, 2015. The Company anticipates trading on the NASDAQ will commence at market open on Monday morning, September 28, 2015 under the symbol “WMIH”.
The Listing fulfills the Company’s obligation pursuant to Section 23(a) of the Company’s Designation of Rights and Preferences of 3.00% Series B Convertible Preferred Stock, which requires the Company to use its reasonable efforts to list its Common Stock on a national securities exchange after becoming eligible to do so and upon approval of the Board of Directors"
~ WMIH Shareholder Meeting via; WebCast ? ~
This is excellent' ... So, lets recap, ... for 2013, 2014, and 2015 (s) shareholder meetings, ... any Audio or Video recording was not allowed' ...
However, ... now ? for 2016 (s) meeting, it will be presented via; a WebCast ? ... for all to see ?
Well' ... let's hope that something good is finally publically revealed, ... or ... the WebCast' publically revealed nonsense that we' (shareholders) have been enduring for the last four years, won't look very good on a "resume" for any of the BOD's moving forward' ...
It may be tough to get another Board position after this, for any of them' ... That is if, its just a public reveal of the same ol' bunch of bunk' ...
... AZ is thinking that finally, ... finally, the process planned for, may be starting' ... Good Luck to Everyone
AZ
~ You Bring Up Good Points ~
... I'm just zeroed in and focused on just exactly where, when, and how, - the / any' - actual violations of a publically traded company, WMIH-Corp, have occurred' ...
and ... exactly who has participated in the process, since the March 2012 Reorganization, as "enablers" to any questionable action'
AZ
~ Interesting' However So Far' ? ~
Other than conversation regarding the funding disclosed as paid, which was revealed in last Octobers release ?, I don't see that any financial distributions, or compensation packages issued, ... that have actually been made by WMIH-Corp, as being a "line cross"
Actually, the funding spent last October was well within their legally defined' availability to pursue' ...
in my opinion ? ... that' ... isn't WMIH-Corp(s) problem' ...
AZ
~ AT' Go Back Before the WMIH BOD's ~
Go back to before the 03/2012 Reorganization, and prior to the placement of the WMIH-Corp BOD's ...
... I actually had the same question' ...
So, consider going back to a time period, post January 2010' and then pre March 2012' ... and then, move forward watching for the consistency' ...
... The WMI-Liquidating Trust ... which actually didn't become a legal entity until March 6th 2012' ? ... never ... needed, - pre or post' - to be "restructured" ... That's humorous'
AZ
~ WMI-Liquidating Trust is and has been Paying A&M ~
Here is the most recent Quarterly Payment submission by the WMI-LT' ...
Filing # 12182 ....... Filed 02/08/2016
http://www.kccllc.net/wamu/document/0812229160208000000000001
Every one of these quarterly reports submitted by the WMI-LT are available for review since the 03/2012 reorganization'
I stand firm on my point' ... The WMI-LT should NOT be paying A&M to manage and service, WMIH-Corp(s) subsidiary, WMI Investment' ... since the exit into reorganization back in 03/2012'
Not while WMIH-Corp is under SEC mandates for truthful, factual and full disclosure to shareholders'
Especially now, since the new company's announcement of its up-list to the NasDaq platform
AZ
~ An Obvious WMIH-Corp / WMI-LT / WMIIC Observation ~
The Legal (servicing and management) A&M - faucet - was turned on "nunc pro tunc" back in October of 2008' ... however, ... no one' took the time to turn off the (servicing and management) A&M - faucet -, after the 03/19/2012 WMIH-Corp exit into reorganization' ...
Had the WMI Liquidating Trust not been paying roughly $500,000.00 per quarter to A&M ... to manage and service WMIH-Corps subsidiary, WMI Investment Corp ? ...
The WMI-LT could have breached the $50,000,000.00 debt threshold and the representation would have changed as disclosed' ...
Simply Put; ... WMIH-Corp can not continue to allow a WMI-Liquidating Trust, (a third party entity) to pay Alvarez and Marsal, (a fourth party entity) ... to manage and service WMIH-Corp's own SEC filings displayed subsidiary ... WMI Investment Corp' ...
WMIH-Cop' should have been paying for this - "outsourced" - management and service, if needed' ... since, the reorganization back in March of 2012' ... NOT the WMI-Liqidating Trust'
WMIH-Corp = Party # 1
WMI-Investment Corp = Party # 2
WMI- Liquidating Trust = Party # 3
Alvarez and Marsal = Party # 4
So, ... Party # 1, ... CAN NOT have Party # 3 be Paying, Party # 4, to service and manage Party # 2 ...
Lets get it together boys' ... we have a SEC mandated information correct' 10-Q due for period 01/01/2016 thru 03/31/2016
... and' their is a shareholders meeting on the horizon' ...
Here; is the relevant text regarding the $50mm debt threshold'; ...
"(d) If, during the term of the Liquidating Trust, the aggregate outstanding amount of the Liquidating Trust Interests representing (i) Allowed Claims, (ii) the greater of Inter creditor Interest Claims or Post petition Interest Claims in respect of such Allowed Claims, (iii) Disputed Claims, (iv) the greater of Inter creditor Interest Claims or Post petition Interest Claims in respect of such Disputed Claims, and (v) contingent, un liquidated Claims, is $50,000,000.00 or less, (X) one (1) CC Member who is not a CC Subcommittee Member (as defined below) shall without any further action by the Liquidating Trustee, the Trust Advisory Board, the Bankruptcy Court or any other Person, resign, and (Y) within twenty (20) Business Days of such event, the EC Members shall appoint a new member of the Trust Advisory Board and notify the Liquidating Trustee of the identity of the new member in writing."
~ Well, ... Things' Changed Last Year ~
Once KKR' included an up-list to the NasDaq, as one of WMIH's, last years requirements of the January 5th 2015 Rights Offering to be fulfilled ? ...
To be accomplished, along with ALL' of the other requirements necessary to be finalized by July 5th, 2015 ?
... Things Changed ...
with KKR's requirements within' the protection of its own investment ? ... KKR also protected all shareholders' ...
AZ
~ Since WMIH Announced IT's Up-List ? ~
Since WMIH-Corp publically announced its up-list to the NasDaq ? ... WMIH-Corp, became responsible to be totally truthful and forthright to its shareholders' ... within its release of 10-K's and 10-Q's
at the 2012 reorganization ? ... WMIH denied any knowledge of the start of the OTC trading' ... However' ... THAT' ? is no longer the fact of the matter' ... not' since their own announcement'
WMIH-Corp can not continue to allow a WMI-Liquidating Trust, (a third party entity) to pay ALvarez and Marsal, (fourth party entity) ... to manage and service its own SEC filings displayed subsidiary ... WMI Investment Corp' ...
WMIH-Corp = Party # 1
WMI-Investment Corp = Party # 2
WMI- Liquidating Trust = Party # 3
Alvarez and Marsal = Party # 4
So, ... Party # 1, ... CAN NOT have Party # 3 be Paying Party # 4, to service and manage Party # 2 ...
Lets get it together boys' ... we have a SEC mandated information correct' 10-Q due for period 01/01/2016 thru 03/31/2016
... and' their is a shareholders meeting on the horizon' ...
AZ
~ Guys, My "Stickied" Post # 441970 is Helpful ~
I did a lot of the early research and most of it' , is presented within the post, that was Stickied here, on the bulletin board' ... Again, post number 441970 ... 12/09/2015
Here we are, with WMIH-Corp, ... after Four Long years now since the WaMu reorganization, ... WMIH-Corp, should be in a position to fully acknowledge its own SEC, revealed 10-Q, and 10- K subsidiary, WMIIC, ... properly and factually ... and obviously containing the COMPLETE Truth'
Regarding the Liquidating Trust ? ... The WMI-LT, ... as an exiting and legally registered "Grantors Trust" ... is not in need of, nor can it be legally "restructured" ... enough already, ... again, four years ?
Also, As a NasDaq publically traded company, producing SEC mandated filings 10-Q's and 10-K's to past, present, and possible future shareholders, ... WMIH-Corp has obligations to be forthright regarding itself, along with its two subsidiaries ...
Again, ... I would suggest a review on my December 2O15 beginning of the connections ...
After four long years and multiple filings presented, ... WMIH-Corp should be responsible for its own subs ... and our WMI-LT money should not continue to be squandered, paying for the operations of a WMIH sub' ... a publically traded company's sub' - WMIIC
AZ
~ Maybe' - Maybe, I May be Going' ~
However, if I do end up going, ... I will not be going alone, and' I will not be the one asking - our' - questions to the WMIH-Corp Board of Directors' ...
~ regarding voting ? ~ ... that isn't my place to comment' ...
all I'll say is that, in my opinion with some 206m shares out, and the A's and the B's able to also vote ? ... well, I'm sure you get the picture
AZ
~ Questions To The WMIH BOD's ~
a few questions to the WMH-Corp BOD's from a concerned, WMIH-Corp shareholder,
... Now that WMIH-Corp has exited reorganization, some four years ago, and is currently, a NasDaq publically listed corporation, ...
Would one of the Board of Director members comment on a two part shareholder question ?
Initially, in 2008 Alvarez and Marsal, were Court designated to be the, servicing, management, and restructuring component for the original "debtors in possession", WMI Investment Corp' estate' ... and subsequently, as the actual orginal, "debtors" estate Washington Mutual, Inc. was maintained by attorney group WGM' ... Now, being that WMIH-Corp is the WMI / WMIIC bankruptcy exiting newly reorganized corporation,
First; Can the Board of Directors answer, to the current group of shareholders, a logical reason that WMI Investment Corp, one of WMIH-Corp(s) two SEC disclosed and designated subsidiaries, continues to be serviced and managed by Alvarez and Marsal ?
and, Second; Can the Board of Directors answer to the current shareholders a logical reason, the 2008 Court assigned, WMIIC servicing, managerial, and restructuring component, Alvarez and Marsal' ... continues to have its' ... "debtor" and "debtor in possessions" ... Court assigned functions and responsibilities, continue to be paid for by a third party entity ? ... After four years have passed since the company's reorganization, A&M's services continue to be paid for by the WMI Liquidating Trust, which was not placed into service until March 6, 2012' ... and' obviously as a legally registered "Grantors Trust" is not in need of restructuring'
and as a follow up, ... Why isn't the current WMIH-Corp Board of Directors managing the entire publically traded company, WMIH-Corp along with both of its TWO subsidiaries ?
All WMIH-Corp shareholders are quite aware of the fact that the WMI-LT does not need to be "restructured" and the maintenance and management of the WMIH-Corp subsidiaries, should be the responsibility of the WMIH-Corp Board of Directors' ...
If necessary, ... the associated Federal Judge signed Court Orders are easily available upon request, along with disclosed billing statements of the same'
Or, ...
... Isn't it possible that WMIH-Corp actually entered into a now, viable NasDaq publically traded and reorganized corporation prematurely ? ... after all, after four years since the (settled ?) reorganization, ... there are still issues associated with WMIH-Corp, and other GSA related entities, that remain unresolved ?
Or, ...
... Due the fact that WMIH-Corp is the original WMI / WMIIC "debtors" and "debtors in possession" exiting reorganized company, ... can the shareholders of this NasDaq publically traded company, expect to see a reversal of A&M's role in the managing of the reorganized estate, via; a Federal Judge signed and documented submission ?
Or, ...
as a WMIH-Corp shareholder, ... would a member of the Board of Directors be in a position to comment on the fact that, ... within the settled reorganization, which created WMIH-Corp, ... are the Reorganizational, Plan defined, Attachment H', Tranche 5', class 18', general unsecured, seized bank WMB on going issues, a deterrent to the company's ability to experience forward movement in the open market place ?
Or, ...
--- As the company, WMIH-Corp disclosed in its SEC 10-Q submission on 12/31/2012' ... The company's submission within the R-45 attachment, revealed a possible utilization of an $8.37 Billion Dollar pure possible and pure available Capital Loss Tax Benefit' ... which, as the R-45 also revealed, is able to be utilized within five years of the reorganization' ...
Due to the fact that WMIH-Corp, revealed this information within its own filed, SEC, 12/31/2012 10-Q / attachment R-45, ... is the company under any preparation to utilize this massive tax relief benefit, prior to the five year expiration date as mentioned ? ... Feb' of 2017 ?
AZ
~ Boris, ... Thanks ~
Regarding the WMI' - all things - WaMu - Estate ?, ... from the beginning of the process in Sept of 2008' ... through to the 03/06/2012 initiation of the LT, ... and then the 03/19/2012 WMIH-Corp implementation' ... and so very much in between; (I could put on quite a power point presentation)
honestly, what was intriguing for me to research, dissect, and study ... was actually the process that occurred prior to equity, actually being approved' ... the time period from 09/2008 through to 01/2010' ... I was simply amazed at the steps that had been initially taken within the - TWO - Bankruptcy Filing' legal process which allowed the accomplishment of numerous things ... I found it all to be, no less than simply amazing'
I hold complete confidence within the ... fact that' ... all of the values initially earmarked for the eventual reorganized company, ... never changed' ... only' the Tranche PayOut Matrix was adjusted to allow the equity owners of the original estate to be inclusive' ...
I'm just watching as it appears the class 18' issues are finally being completed'
Just Remember' ... Everyone Waits Together' ...
good luck to All'
AZ
~ The Plan and The Allowed Distributions ~
There continues to be some confusion regarding the distributions that are stipulated to within the Plan of Reorganization, Plan 7' ...
As I just posted, WE have been in Tranche 5' class 18 now for quite awhile now' ... As WE have read, Tranches 1 through Tranche 3 (WMI creditor classes) were completed as of the 12/31/2013 WMI-LT's Quarterly Report, ... we then witnessed, ... Tranche 4' piers class 16' be limited to the return of a WMI-LT designated Interest ... only' ... an LTI ...
... Within the Plan of Reorganization, there are four distinct and defining methods which are allowed for a distribution within the Approved Plan 7 ... distributions may either be in the form of; ... cash, a runoff note, a Liquidating Trust Interest, and common shares in the newly reorganized company ...
These four distinct distribution methods available, are referenced and described numerous times throughout the relevant Plan 7 settlement documents, ... the Disclosure Statement, Goulding's filing "in support of", and of course, the Plan itself to name a few ...
For a releasing participant to receive their individual proper allocation of distribution returns, either cash or shares, ... transitional tracking markers are a necessary tool needed to calculate the amount of return an individual is due' to receive ...
Tranche 4' Piers class 16' ... DID NOT ... receive the necessary tracking markers to accomplish their receipt of a future distribution of cash or common shares in the newly reorganized company ...
Tranche 4' Piers class 16' ... have already been defined and limited to ... only ... receive what is determined to be a Liquidating Trust Interest ... That Is It' ... That Is All' ... That is all a Piers class 16' security can receive ...
Tranche 5' Class 17' (a&b) ... are determined to have released upon the receipt of their distribution ... (class 17a had their release brought forward from Plan 6' ... and class 17b as stated' ... "due to the fact" ... had no claims against the debtors estate, ... so distributions to subsequent classes can move forward to lower classes without interruption ... (class 17 (a&b) are defined to face value plus FJR returned to individual maturity')
Tranche 5' Class 18' ... are WMB seized bank issues, addressing any general unsecured Rule 510(b) issues' ... (class 18 claims are defined to a court approved settled result)
Tranche 6' ... class 19 and class 22 are the ending owners of ALL things WaMu, and are Plan designed to receive all returns uncapped' at a 75% / 25% simultaneous split'
AZ
~ We've Been in Class 18 For Quite Awhile ~
Yes, ... Tranche 5' is approved plan determinative, to the seized bank, WMB issues, ... (class 17 & class 18)
However, ... Tranche 5' is also part and parcel of the - ENTIRE - Settled and Approved Plan 7' Reorganization ... So, since Judge Walrath approved the Plan of Reorganization, ... ALL issues, ultimately finalize in her' Court and by her' sign off' ...
Again, ... the legal sequence of the final settlement had to be adhered to within a settled and final result for the Washington Mutual, Inc.(s) "debtor" and "debtor in possession" estate initial filing for bankruptcy chapter 11 protection (WMIIC & WMI)
Tranche 1 through Tranche 4 addressed the "debtor" and "debtor in possession" creditor classes' ... (WMIIC & WMI)
Tranche 5 addresses the WMB seized bank issues ... (class 17 & class 18)
and, ... everyone knows who Tranche 6 is' ... right ? ... Tranche 6' is the Owners of the massive WMI Estate, designated by their "tracking markers" as received for their release submitted'
AZ
~ Sorry Ora' ... That's Not Correct ~
The "Settled" Plan of Reorganization is defined' ... You would have needed to first "release" your holdings' ... however, ... more importantly, ... secondly' ... you would have needed to receive your proper allocation of "tracking markers" ... to be considered an Owner of the debtors and the debtors in possession, WMI / WMIIC estate'
This is thoroughly explained in Exhibit C' of the Disclosure Statement, ... referenced also in "Goulding's" filing "in support of" (The Plan) ... and' ... most importantly, ... stipulated to, directly within the Court Signed Plan of Reorganization' ...
piers, class 16 security holders suffer from this dilemma, ... Class 16's were never allowed to receive "tracking markers" ... so there is no way, as is plan defined that, - cash / (or) common shares in the newly reorganized company, can be distributed without the "tracking markers" needed to calculate an individuals degree of participation' (class 16, piers are limited to their receipt of what is defined to be an LTI' - only -)
I'll try and make it easier to understand', ... If' ? ... a participant released and received their proper allocation of "tracking markers" ? ... they' are considered to be Owners of the massive WaMu Estate'
... Then, Plan Defined' ... Distributions can be made' ... via; cash, a runoff note, an LTI, or common shares in the newly reorganized company' ...
the runoff notes have been distributed' ... Tranche 5' would need to be finalized prior to a Tranche 6, equity class participant being eligible to receive an LTI' ... So, ... as is Plan defined, ... That' leaves cash / common shares of the newly reorganized company' ... for the allowable distribution mechanics'
(I did not produce or write any of these defining documents, ... I studied them)
AZ
~ Not Me' ... Long and Strong as Ever ~
It is quite helpful, however, to have researched, studied and gained an understanding of what initially took place prior to equity's involvement ... and then, of course what lead to the final settled' reorganization, which included the releasing equity class participants' ...
Then following the newco' ... WMIH-Corp after the reorganization as the WMI Bankruptcy creditors were all addressed' ...
From the class 16's and their receipt of the runoff notes' ... through to Tranche 3 notifying everyone that it was being completed in the 12/31/2013 WMILT's Quarterly Report' ...
(Docket # 11584 - Filed 01/30/2014 ... footnote 2; CCB Balance excludes the LTI portion allocable to the common stock component of the CCB claim)
Then to KKR's arrival and WMIH involvement, with their purchase of the A's ... in early 2014' ? ... (IMO' to gain inner circle knowledge - a $10 million dollar tip of the toe' - and BOD involvement')
Then to KKR's additional inclusion with the B's in early 2015' ? ... a year later after the P&AA terminated ...
and' ... then of course all of the events in 2015' ... Jan 5th, 2015 and forward, all issues needing to be accomplished by July 5th, 2015, ... LG has already provided an excellent sequence of 2015's events ...
Nope' ... This IS the Big Time' ... This is ... WaMu ... if you released ? ... you are an OWNER of the WMI Estate' ...
The Tranche 5' ... Class 17'(a&b) and Class 18' - WMB seizure issues ? ... are not an obstacle' ... Tranche 5' (WMB seizure issues' legally placed after WMI creditor class issues) was a necessary part of the Settled' Reorganizational Plan 7' defined'
AZ
~ That Is Fine' ~
... I just don't quite understand when I hear about minimal amounts possibly dribbling down to Equity, Tranche 6 classes, without any recognition of Tranche 5 still quite alive and being intact' ... those thoughts reveal an unstudied viewpoint'
... class 18 alone is quite interesting' ...
it doesn't matter though ... I wanted to secure my positions and I've done the study. I'm fine within my research ... so good luck to you and all that only reviewed a portion of the process' ...
it appears there are more than a few that have never actually reviewed the Disclosure Statement or Studied the Plan of Reorganization' ...
half-a$$ participation ? results in half-a$$ results' ...
good luck to everyone' ...
AZ
~ Uh' Tranche 5' Really Does Exist (eom) ~
~ I Hope No One Will Mind ~
I hope no one is upset or has a problem, when I choose to believe ... "Stewart Landefeld" ... The Executive Vice President of Washington Mutual, Inc. ... That Filed, "on behalf of the Washington Mutual Board of Directors" ... and ... "under the penalty of perjury" ... and all that is revealed within the initial filings'
... in lieu of, listening to, well, ... ----- you know'
AZ
~ reiko / pliskken & B-k-S / observer - Just Read the Plan' ~
I am of course referring to the Washington Mutual, Inc. Settled and Court Approved Plan of Reorganization' ...
The Disclosure Statement and the Plan of Reorganization will answer all of your questions' ...
AZ
~ Yep' True in Sept of 2015 as is True Today' ~
As I posted last September, ... The same logic, continues to hold true, yes, through to today' ... as I posted in # 435267 ... again,
"Nope' ... In My Opinion ? ... we' (WMIIC and it's contents) are the target acquisition ... I'm watching for an 8-K revealing a material event' to occur'"
Note that I said, ... "Target Acquisition" ... NOT' ... "Qualified Acquisition" ... does everyone know the difference ?
AZ
... Regarding the Rights Offering ? ...
Just define the 1/5/2015, Rights Offering, and consider it to be what it is at this current point in time' ... all publically traded company's without serious amounts of cash or asset value backing need a financial backing participant ... currently' / today' WMIH-Corp is merely a shell corporation -
The 1/5/2015 Rights Offering, replaced the in place Financing Agreement provided by AAOC at the reorganization ...
a debt structure, provided to WMIH at reorganization, at $25m available without restriction' and a $100m restricted amount available with a 13% interest rate for repayment if any portion was utilized - the total debt allowed was 125m) ... (IMO? AAOC wanted this financing debt agreement to be utilized ? and hoped for a WMIH failure - gain, my opinion)
The 1/5/2015 Rights Offering, replaced the original financing agreement ~ The current Rights Offering IS the current and in place "financing agreement" as described in much more detail in Note 9 of the most recent WMIH-Corp 10-Q' ...
Now, in our current state' ... WMIH-Corp is able to have immediate access and control the "cash provided" and is has paid transitional fees ? and currently I paying a 3% coupon for this availability' ...
The current Rights Offering stays in effect until 7/5/2018 at which time In My Opinion ? if the company has not progressed ? a new financial agreement will be negotiated' ...
Now' ... again, In My Opinion ? I highly doubt the company will choose to dilute itself to any level, by utilizing the "cash" (B' Preferreds at $1,000.00 face' which immediately transition into common shares of WMIH-Corp and dilute the company according to the equation utilized'
Also, Does anyone believe that a publically traded company would utilize any substantial amount (50% -100% ?) of its current and in place financial backing ? ... leaving the company subject to the existing financial environment ?
Well, I seriously doubt it' ... and ... as we have seen, since Jan 5th, the company appears to be waiting for an alternative event' ... The company does not appear to be interested in "acquisition" to grow generically utilizing a possible NOL value generically out to 2022 (2012 + 20 years)
Nope' ... In My Opinion ? ... we' (WMIIC and it's contents) are the target acquisition ... I'm watching for an 8-K revealing a material event' to occur'
AZ
~ I'm saying payments would flow, in the exact settled structure, and according to - exactly - what Plan 7 defines to ... That' is exactly how' I am saying, payments would flow ~
I just don't believe that everyone has actually read the Disclosure Statement, let alone The Approved Plan' ... Not to mention the process scheduled prior to equity's approval in Jan 2010'
AZ
~ Okay' ... Moving Forward ~
So, the point in time, is September of 2008' ...
"Landefeld" tells us that WMI and all of it's subsidiary's' ... all kept their accumulated cash earnings in its own Banking sub ... WMB ... which of course was seized' ...
So, when JPMorgan was designated as the receiving bank, ... all of the deposits held within WMB' were immediately transferred for servicing to JPMorgan' ... well, that included WMI and its subs' cash also to the tune of some $4 billion dollars' ... So, as we all remember, JPMorgan had a fit, thinking and stating that, as the designated receiving bank, ... ALL deposits became under JPMorgans control which would have included WMI' and it's subs $4 billion, which was being held at WMB when seized' ...
Now, ... remember' ... The OTS / FDIC at the time, was touting that the seizure of - WaMu - would NOT cost the public or the FD-Insurance-C' Fund any money' ... So, ... the WMI cash' held in WMB' needed to be rolled back to handle the ongoing WMI Bankruptcy and its creditors ... as the cash only reporting within the debtors, MOR' cash aspects of the forward moving WMI Bankruptcy' were recorded' ... again, the MOR's only reported cash'
Legally, ... after a financial institution is seizure ?, ... The FDIC's mandate is to ... 1st) recover on behalf of the depositors ... 2nd) recover on behalf of the creditors' ... and ... 3rd) recover on behalf of the owners of the estate'
So, ... The FDIC and JPM, simply could not actually have it both ways ... WMI's ... CASH ... needed to be returned to the WMI BK filed debtors estate, so the FDIC could save face and state that - WaMu - didn't actually cost the public anything' ...
and' ... the WMI' BK could then move forward, ... as you observed earlier, ... utilizing only the WMI CASH' held in WMB ... and subsequently, using the WMI Cash' and Tax Returns to satisfy the reorganizational creditor process' ...
Remember, throughout all of this time, ... WMI's cash earning illiquid assets, secured safely within its own subs' WMIIC (WMI Investment) ... are being ~ Managed ~ and Bankruptcy Protected, and, are also being Court Approved, managed by A&M and it's massive staffing' ...
AZ
~ Yes HM' ... That is Correct ~
... for a clear understanding of what the process fully entailed' ... a complete review what actually initially occurred, is critically important' ...
WMIIC Filed for Chapter 11, Delaware Bankruptcy Protection - First - so, that legally, WMIIC would be placed under the protective custody of the Federal Court System' ... (WMIIC filed @ 10:15pm 09/26/2008) ...
Also, ... This is Important' ... WMIIC filed for BK protection, without listing any creditors or any debt' ... So, ... WMIIC's value would never come under any debtor class scrutiny'
Then, ... WMI Filed for Chapter 11, Delaware Bankruptcy Protection - Second - so, this second BK Filing, set the Bankruptcy Process into motion, listing of course the $32 B in assets, and the $8 B in liability's ... (WMI filed @ 10:16pm 09/26/2008)
There is much, much, more, if ya'll want me to keep going ?
AZ
creditors were paid with all cash, not liquidated assets. The answer is clear, WMI retained highly rated assets as income generating vehicles and these were administered by their sub(s) (WMIIC?).
~ SGB' ... Totally 100% Understandable ~
I completely understand' ... and' ... I also agree regarding the extreme length of time all of this takes'
However, The issues that have kept me grounded are the same issues that I spoke about in 2011' (when I bet' a Road King that Plan 6 wasn't going to be approved) and then through to 2012' and all that happened' then ...
my having worked within our legal system for many, many years' ... I had an understanding of how slowly the "legal"
wheels turn'
and' ... the complete -WaMu- process knowledge that I have obtained within my ability to dissect the complete and entire process ... The process beginning of course in, Sept of 2008 thru to Jan of 2010' ... and then leading to the need for a mediated reorganizational result' and ultimately ending with the Approved Plan 7' gives me total confidence within the eventual result' ...
Again though, ... we are currently in Tranche 5', Class 18, Seized Bank' WMB general unsecured' issues ... and ... we' have been for a long time now
AZ
~ Retail Equity' Was Not Initially Anticipated (eom) ~
~ SGB' ... Yes' This is Taking a Long Time ~
Try this' --- it may help you ...
1st) Simply consider everything that occurred from the 09/25/2008 seizure and forward'
2nd) forget that January of 2010 ever happened (equity representation is approved and, an amended B-6 needs to be filed)
3rd) Just consider that Plan 6 gets approved in July of 2011
4th) ... NOW' ... simply adjust the PayOut Matrix and include equity' ... and, ... Now, you have a Settled and Approved Reorganizational Plan 7'
~ NONE ~ of The massive WMI Parent Corporation's cash earning assets and Investment Corp's managed illiquid assets ever disappeared' ... the only' change was' ... who ? ended up being able to participate ...
AZ
~ Tranche 5 is Class 17 and Class 18 (eom) ~
~ Short Answer = FDIC-R (eom) ~
~ The FDIC ... IS NOT Released - Not Yet ~
We have been working through the issues in Tranche 5' ... Class 18 ... For Quite a long time ...
We completed all WMI creditor class issues through Tranche 3' quite awhile ago, ... and, the Tranche 4 recoveries were court determined and limited to their recovery possibilities at the reorganization ... again, ... the WMI creditor classes have already been addressed ...
Due to the ... FACT ... that we are still addressing the issues in ... Tranche 5' ... WMB seizure issues, ... again, WMB class 18 general unsecured, ... The FDIC, ... IS NOT ... Released, ... Not Yet ...
Not to mention Tranche 5' ... Class 17 (a&b) which are determined to have released upon their receipt of their distribution ...
AZ
~ Well ? ... If You Actually Want The Truth ? ~
The Truth, regarding any WMI, piers class 16 security's you may have purchased ?
Your choices are simple ... either you can take the time to actually ... Read ... Plan 7 (the signed version) ... or you can simply wait & see ...
If you are asking me ? ... First, ... Here would be my question to you, ... What motivated you to purchase 16's ? ...
- know what you own - ... you've had since Feb 2012 to read the settled and planned WaMu reorganization ...
AZ