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~ 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
~ Bo, ... Correct, and Thank You ~
Yes, ... WE, ... are complete though Tranche 3' ... which included any WMI (parent corp) ... General Unsecured ... which were held within class 12' ...
Then, as ... WE, ... all know ... The Tranche 4, class 16, piers are defined within their possible recovery ... (limited to an LTI)
Now, ... we are currently in the WMB (the seized bank) ... General Unsecured ... which are class 18' ...
AZ
~ An Understanding of the Tranche System is Needed ~
These current issues being finalized are Tranche 5' ... WMB, seized bank issues ... we are in class 18 ...
Class 16' Tranche 4 (The last WMI creditor class) ... HAS already been defined to their return ...
Class 17' Tranche 5 (class 17a and 17b) ... are not an obsticle to distributions to lower classes ... Plan Defined'
The Plan 7 settled reorganization required two separate areas for a "general unsecured" claim to be a consideration' ... again, the legal sequence needed to be adhered to' ... WMI filed for BK protection (its creditors, 1st), ... while WMB was seized' (its issues, 2nd) ... and then, Tranche 6 (equity owners of the entire estate, 3rd)
... Tranche 1 through Tranche 4 addressed WMI Bankruptcy creditor class issues, ...
... Tranche 5 addressed WMB seizure issues ...
... The WMI, Parent Corp Bankruptcy Reorganized "Plan 7" Settled Issues, ... addressed WMI Class 12' General Unsecured, within Tranche 3' ... which has now been completed
... WMB, the Seized Banking Subsidiary Issues, ... addressed Class 18' General Unsecured, Tranche 5' which are not yet completed
Many don't understand that there were actually ~ TWO ~ classes, 12 & 18 addressing all of the ~ WaMu ~ "general unsecured" issues' ... One for the WMI BK issues (class 12), and then a separate one was needed for the WMB Seized Bank issues (class 18)
AZ
~ IMO ? ... Everyone Will Do Well ~
the newco, WMIH shareholders and the WMI legacy tracking marker holders alike' ... Everyone' waits together, ... I believe everyone will ultimately do well ... all facets of the original - WaMu - will play a role moving forward ... these are my conclusions,
... The "asset value" and "equity value" of the Original Debtors WMI Estate, will begin to need to be finally coupled together ... a multiple action, as the pps grows
... initially, a value' (legacy equity owns WMI') for stock' (WMIH shares) event' ... and then' ... a WMIH forward split' ... prior to any "qualified acquisition" ... (a qualified = 450 B's (B Preferred Shares) transitioning or more)
another factor is the BOD's, which now includes G&F, ... which continues to be extremely lopsided ... (1,777,778 @ 2.25 = $4 million) ... (current BOD's has roughly between 350 - 400 thousand each, ... a far cry from the 1.7 million to be awarded to F&G ... at some point, the BOD's share ownership of WMIH will reasonably equal out')
... will a qualified acquisition happen ? ... yes, probably, ... but not until the BOD's ownership is equaled out
also, ... if the PPS drops below $2.25 ? ... G&F get more shares, but the ending reward doesn't change (shares, not cash)
AZ
~ So, B-k-S "Artist" ? ~
Tranche 5 Really & Truly Exists'
JPM's release, has not yet been fully realized
FDIC-R's release, has not yet been fully realized
WMI' ... Filed for TWO Bankruptcy's
WMI's Bankruptcy was completed to full reorganization utilizing ALL cash only' ... read any MOR' of your choosing'
WMI secured its cash earning assets with WMIIC's - FIRST - bankruptcy filing' (filed one minute ahead of WMI's filing)
Equity ? ... (Tranche 6) ... only need to be concerned with the finalization of Class 18' within Tranche 5 ...
Class 16, Tranche 4, is limited to the return receipt of only what is determined to be a Liquidating Trust Interest - Only -
Class 17, Tranche 5, is not a current obstacle
AZ
~ LG, Also Your 2015 Sequencing is Important ~
The sequencing of the 2015 events is an important study of the process' ... It would be obvious, even to the most novice of investors that there was an event planned for sometime after July 5th, 2015 ...
I' am sure that everyone involved was also quite disappointed ... as all of us were last October'
In my opinion, ... The current share ownership of WMI-Corp remains important, as we see this stock held within a holding pattern ... for so long now'
There still remains only 206 million shares out of an available 3.5 billion as approved and available to buy and sell', ... and ... as equity participants were not initially expected ?, ... the gathering of the most amount of shares would be important' ...
I have other views regarding the tracking markers of course, ... however' ... the constant criticism, ... could move an innocent person to make an otherwise incorrect decision' ...
Everyone remember, ... WMIH-Corp' ... the NasDaq publically traded shares are one thing' ... BUT' ... anyone's account which holds ones tracking markers, ... ALSO' ... does, need to be maintained' ... if a person looses hope ? ... The LT will not track you down, your remaining - stuff' - would be distributed to the existing people which remain', in the same fashion as they' did in Aug, 2012 when so many uq's didn't release ... THAT' ... is also recorded in the documents' ... so again, ... maintaining ones account is also important'
just sayin'
AZ
~ LG' Thanks ~
equity's, ending ownership involvement was absolutely never initially considered' ... Yes, I have studied the initial listing of equity participants (2008), and the attempt to have them categorized to a "general unsecured" status, so that they could be extinguished' (slick, but didn't work) ... however, ... That' ... involves many, many documents and process' ... at the end, all of that - slick - attempt' actually failed ...
(remember, ... slick ? is not necessarily - illegal)
When equity and its representation was approved in January 2010 ? ... it seriously shook things up ... obviously, as here we are' ... (well ?, most of us I guess) ...
So ? the misinterpretations presented, of both press releases, and documents continues' ...
... Only the TRUTH matters' ...
AZ
~ Plan 7 ? Obviously, Approved' ~
... Plan 6 ? Obviously Failed twice, both times it was presented to the court' ...
As I spoke about a number of years ago now, ... The basic difference between Plan 6 and Plan 7 was basically the adjustments needed to the ending Tranche PayOut Matrix ... which lined everyone up in legal proper order, ... and ... ultimately included the true owners (equity) of Washington Mutual Inc' (The Parent Corp)
~ Everyone Simply Remember, ... ABSOLUTELY' - None - of the Value of the massive ... "WaMu" ... changed' ... none of it' ... only WHO was included, and able to participate changed' ...
WMI, the parent corp, Filed for BK' protection
WMB, the banking sub' was seized'
AZ
~ So, How About This ? ~
- Neither - The FDIC-R or JPMorgan are actually released until Class 17 (a&b) are deemed to have received their distribution' (27.1 and Plan 7) ... irrelevant of the possibility of continuing claims issues if the agreed upon process is not handled as Plan 7 Agreed', - if need be' - of course
Tranche 5' ... Really & Truly' DOES exist' ... and is described in Plan 7 and disclosed within Attachment H'
Tranche 5' ... Class 17 and Class 18' would have to be in a position to be issued an LTI' (a Liquidating Trust Interest) prior to Tranche 6' ... Tranche 6' of course being Class 19 and Class 22 (Equity Owners) ever being able to receive an LTI' ... Obviously, ... Tranche 6' receiving an LTI is quite doubtful' ...
JPMorgan is responsible for everything up to "book value" determined at 09/25/2008' ... valuations beyond "book value" as of 09/25/2008 ARE the responsibility of the FDIC-R'
As Filed: 06/17/2015,
"Footnote; 40: In other words, the Court finds that any liability exceeding the Book Value reflected on WaMu’s financial accounting records as of September 25, 2008 remained with the Federal Deposit Insurance Corporation as Receiver for WaMu"
and there is obviously more' ... much, much more'
However, ... Here is what is important to a participant;
If YOU released ? ... You are an Owner of ... both' the ... "equity value" ... and the ... "asset value" ... of the Original WMI Parent Corporation Estate' ... again, respectfully and currently held within the WMI-LT and WMIH-Corps, subsidiary ...
AND' ... The distribution mechanics allowed are specific and quite defined within ... Exhibit C of the Disclosure Statement' ... Goulding's Filing "in support of" ... and The Approved Plan Itself' ... Plan 7
The run-off notes are gone' ... it is doubtful that equity will ever be in a position to receive an LTI ... which leave, ... distributions to be made with either, ... cash / or common shares in the newly reorganized company' ... that's it' ... there are only FOUR' ... period'
There are defined issues, which I truly try to keep simplified for the larger group, that the wording within the "WaMu" reorganized and Plan Approved documents, just can not be twisted or manipulated ...
AZ
~ mufa, Yes, I understand ~
I just started LOL' when Tranche 5' was just not acknowledged' publically ...
again, Tranche 5 is listed as an integral part of the process within the Plan 7 Approved, Attachment H' ... Tranche 5 is placed in the legal sequence finalization of the WMB seized bank issues,
it is placed properly right after the WMI Bankruptcy creditor classes' ... within Tranche 5 are class 17, which are the WMB Bonds and class 18, which are any Court approved Rule 510(b) General Unsecured claims' ...
I remember a lot of things, ... One' particular One' though, was this observer, promoting that everyone should sell out prior to transition, because there weren't any more than 500 retailers total and the hedge funds would reverse split the newco to one share and wipe everyone out' immediately ... that was quite delusional then, as we had over 8,000 retailers transition' ...
... it doesn't matter ... not really' ...
WMIH isn't going anywhere without the "goodies" that were set aside for the eventual reorganized company' ... and the tracking marker holders, hold all of the ownership of what matters'
"Everyone, and I mean EVERYONE' ... waits together, ... except of course, those that thought that they were getting secret information from the restructuring component' ... Yikes is right ... right ?
AZ
~ So, Now You are Saying, Tranche 5 Doesn't Exist ? ~
Helllllllloooooo' ... that is a Tranche 5, Class 18, General Unsecured Rule 510(b) Claim' ...
... Oh My' ... I would ask, how one could be so lost, however, I actually already know ...
My own Due Diligence came from the actual WMI and WMIIC, documents filed and the legal sequence of events' ...
where as your DD' was given you by the restructuring component' ... yeppers' ... there are lots of us that know ...
... Yowzzza' ...
So Again, for the 100th time'
Tranche 1 thru Tranche 4 are WMI Bankruptcy Creditor Class Issues ... class 1 thru class 16'
Tranche 5 is WMB Seized Bank Issues ... class 17 & class 18
Tranche 6 is everything WaMu returned to the original owners' ... class 19 and class 22'
This' must be your first time being involved in a corporate bankruptcy ? ... There are rules that had to be followed
AZ
~ DGuru' ... In My Opinion ~
... When' is the question on all of our minds, and justified ...
I'll share my thoughts with the group, ... Last Years, 2015 events as they began on Jan 5th' through to all things needing to be accomplished by July 5th, 2015 ... were a lead up to an event that everyone thought was going to happen' sometime after July 5th, 2015, in my opinion
... LG has put together an excellent sequencing of last years events' ... leading up to the October 13th, 2015 disappointing to all' Press Release'
Again, I'm sure which was disappointing to everyone ... again, in my opinion, ... "We Are All Waiting Together" ...
That includes a lot of investors that hold larger positions with more responsibility to their own shareholders than I do' ...
100 plus Hedge Funds, Citi, KKR, our own BOD's etc, etc,' ...
The recent March release of the steering committee's resolutions ... and the wording included ... "settled with prejudice" ... and the reference to ... "one remaining issue" ... was powerful for me to read' ...
remember, ... what is being referred to in the Mar 2016, Press Release, is an "$2.28 billion dollar "unsecured claim" ... which is class 18
So, ... it doesn't seem like the steering committee is concerned about class 17' receiving it's distribution ... so, neither am I ...
Az
~ Really ? "Observing" WaMu ? ~
... Those Restructured Twists' don't work on me' ... I thought that you would have known better ... (end of message and response)
AZ
~ Does Anyone Want More ? ~
So, ... Everyone already knows that regarding WaMu's Plan 7 ... Tranche 1 through Tranche 3 have been completed, paid and currently, ... the remaining piers, class 16, Tranche 4 holders have been limited to a return of what is determined to be a Liquidating Trust Interest ... only ... or' ... as referred to, an LTI ... I like to refer to an LTI as a Tax Nightmare myself' ... just sayin' ... I figure current holders would agree'
So, since Tranche 4 is document finalized' ... as to where their returns can come from ? who's next up ? ... Tranche 5 ? ... Right ? ... Yeppers, that would be correct'
Who's in Tranche 5 ? ... Class 17 and Class 18 ... Class 17 (WMB Bonds) is deemed to have released upon the receipt of their distribution' ... which, of course is not the debtors responsibility as 27.1 states' ... makes sense ... right ?
So, lets dissect ... class 17A had their release brought forward from Plan 6, since there were no changes
class 17B ... as stated, "due to the fact" ... that' 17B had no claims against the debtors' ... (17B were WMB Bond Issues' ... not WMI BK Issues) subsequent distributions of cash / and or asset value may move to subsequent classes' ... makes sense ... right ?
class 18 ... is, General Unsecured Court Approved Rule 510(b) claims ... again, Court Approved Settled Amounts for claims acknowledged by the Court'
Then, ... Then we can move into the ... "uncapped" ... "APR removed" ... simultaneous distributions to Tranche 6' ... class 19 & class 22 at the Court Approved 75% / 25% split' ... as Plan 7, ... Exhibit C to the Disclosure Statement, ... and within ... Goulding's document "in support of" ... definitively state, ... their receipt of a cash / or common shares of the newly reorganized company ...
It is all described within the GSA, the DS, and, The Approved Plan ... and all of their exhibits and attachments' ... and, don't miss those footnotes'
... LTIs and RunOff Notes ? ... to ever be issued to Tranche 6 ? ... just is not going to happen' ... after all of the Trusts mouths to feed ? ... The Trust won't have anything of any mention to worry about issuing an LTI to Tranche 5, let alone Tranche 6
AZ
~ reiko / pliskken' ~ Read It Again ~
"As stated above, the Escrow CUSIPs were established for any potential distributions of shares of WMIHC common stock. The only source of common stock available for any such a distribution would be from the 2.9 million of shares remaining on deposit in the Disputed Equity Escrow. Specifically, the Escrow CUSIPs do not, in and of themselves, entitle their holders to any possible future cash distributions from the Trust, WMIHC or the Federal Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank).
The Trust will issue Liquidating Trust Interests to WMI's former shareholders if the Trust is able to monetize Liquidating Trust Assets in amounts sufficient to pay-in-full claims held by beneficiaries of the Trust who are senior to members of Classes 19 and 22, and if a shareholder satisfied all conditions applicable to receiving any such Liquidating Trust Interests."
http://www.prnewswire.com/news-releases/wmi-liquidating-trust-provides-information-on-escrow-cusips-300055333.html
~ How' Is This So Difficult to Understand ? ~
The WMI-LT PR' is factual ... it is only the misinterpretations that are incorrect' ...
At That' Current Point in Time, the only source for the return of common stock in the newco' was the Disputed Equity Escrow' ... as stated and the 1.4 million shares that were ultimately released' to marker holders last August 2015'
The rest of it is merely ... "if this and if that" ... etc' etc
until there are discussions regarding Tranche 5 receiving LTI's ? ... class 17 (a&b) and class 18 ? ... within proper sequence ? ... I hold firm within what the documents actually state to be'
AZ
"As stated above, the Escrow CUSIPs were established for any potential distributions of shares of WMIHC common stock. The only source of common stock available for any such a distribution would be from the 2.9 million of shares remaining on deposit in the Disputed Equity Escrow. Specifically, the Escrow CUSIPs do not, in and of themselves, entitle their holders to any possible future cash distributions from the Trust, WMIHC or the Federal Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank).
The Trust will issue Liquidating Trust Interests to WMI's former shareholders if the Trust is able to monetize Liquidating Trust Assets in amounts sufficient to pay-in-full claims held by beneficiaries of the Trust who are senior to members of Classes 19 and 22, and if a shareholder satisfied all conditions applicable to receiving any such Liquidating Trust Interests."
http://www.prnewswire.com/news-releases/wmi-liquidating-trust-provides-information-on-escrow-cusips-300055333.html
~ Oh, and "R" IS NOT Released' Not Yet (eom) ~
~ The Entire WaMu Process Happened' PERIOD ~
It doesn't matter who got involved late, who misunderstands or misrepresents documents, or who actually thought they were receiving secret information from the restructuring component' during the process 2010' and forward ... absolutely none of it matters' ...
WaMu, The Parent Corporation, Filed for TWO Bankruptcy's on 09/26/2008 ... WMI Investment's BK was filed FIRST to place Investment under the Delaware Courts Protection prior to WMI's Filing exactly one minute later' ...
WMIIC' Filed without any creditors, while WMI took on the creditors responsibility with its all cash recovery to them all at the settled reorganization Tranches 1 thru Tranches 4'
Equity's Representation wasn't actually approved until January 2010' ... which as I have mentioned, ... demanded an amended B-6 to be filed just a few days before' (Jan 2010)
The WMB Bond Holders wanted to also be included as a class 12 recipient at the reorganizations cash distribution, ... but weren't able to pierce the WMI Bankruptcy mandate to address WMI's creditor classes first and in proper sequence' Tranches 1 thru Tranche 4
Again, ... with all classes, properly sequenced' ... the WMB seized bank issues became Tranche 5' ... and, of course equity classes 19 & 22 placed in Tranche 6
Only the actual process, and what truly occurred settling all WaMu issues actually matters' ... understanding where we' are within the process is all that is important' ... if you released ? ... YOU' are an owner of the original "debtors" and "debtors in possession" ... absolutely massive ... WMI Estate' ... (WMI kept its cash within its own bank = WMB' ... however, WMI kept its cash producing asset value in WMIIC)
Again, ... WMIH-Corp, the reorganized WMI' ... isn't going anywhere of any financially positive substance, without first acknowledging it's initial creation value base' ... and THAT' is the "asset value" and the "equity value" of WMI Investment' ... held within the WMI-LT and WMIH's sub WMIIC respectfully'
I have been stating this for a number of years now, ... a value for stock event' ... now possible with the increase to WMIH's 3.5 billion shares ... (WMI Estate Owners Value ? - for WMIH-Corp Shares)
Tranche 5' ... Class 17A ARE NOT going to be issued LTI's
Tranche 5' ... Class 17B ARE NOT going to be issued LTI's
Tranche 5' ... Class 18 ARE NOT going to be issued LTI's
So, ... as I have been saying' ... Neither is Tranche 6' ... going to EVER be issued any LTI's
"We are all waiting together"
AZ
~ When ? Everyone' Waits Together (eom) ~
~ There's More RE: The Distributions Allowed & WMILT ~
... within Exhibit C, of the Disclosure Statement, ... Jonathon Gouldings' filing "in support of" Plan 7's approval, ... and ... within the Approved Plan 7 itself' ...
There are FOUR and only FOUR' defined methods of distribution' ...
Here they are, one can receive, ... cash, an LTI, a RunOff Note, and / or, common shares of the newly reorganized company' ...
So, Let us be serious for a moment' ...
Tranche 4' has already been' limited' and restricted to the receipt of an LTI ... only' ...
Tranche 5' ... A class 17A or 17B recipient is deemed to have released upon their receipt of their distribution' (27.1) ... So' ... NO LTI's for class 17'
A Class 18 Rule 510(b) general unsecured claimant, is not in a position to receive an LTI' ... So' ... No LTI's for class 18'
The ... RunOff Notes ? ... well, they are all gone' ...
So, that leaves only - cash - and - common shares of the newly reorganized company - remaining, as the Plan 7 Approved distribution mechanics available to the Tranche 6 Equity Owners of the WMI Original Estate
AZ
~ There's More RE: The WMILT ~
Remember, ... This IS the Plan 7's - approved PayOut Matrix' ... Attachment H' ...
Tranches 1 through Tranches 4 are defined to be WMI Bankruptcy protected, Creditor Class issues' ... period' ...
Tranche 4 (class 16 piers) are document finalized within their determination to be in receipt of a Liquidating trust Interest - ONLY - Class 16's can only receive what is determinative to being legally considered an LTI ... ONLY' ...
Tranche 5' is determined to be WMB' seized bank issues ... period ... class 17(a&b) and class 18 Rule 510(b) General Unsecured Claims
Classes 17A and 17B are determined to have released upon their receipt of their distribution' ... (capped at face value, back to maturity plus FJR interest) ... This is 27.1 and Plan 7 defined'
Class 17A are WMB Senior Bonds and their release was brought forward from plan 6' ... there were no changes needed'
Class 17B are WMB Senior Subordinated and Subordinated Debt had no claims against the debtors estate' ... makes sense right ? ... the bonds are a WMB issue, not a WMI (debtors) issue ...
Now, ... "Due to the Fact" that class 17B has no claims against the estate, ... subsequent distributions to lower classes of cash / and or assets can move forward' ...
Class 18 ? ... again, is WMB General Unsecured issues and are capped at a Court Defined, settled result' ...
... Then we move into Tranche 6, ... which everyone is familiar with' ...
AZ