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~ WMI's Plan of Reorganization Told Us' ~
... The Planners' told us from the very beginning, what was earmarked to eventually come' back, and what was to be returned ... returned to the "releasing legacy shareholders as the owners of the WMI Estate" ... allowing WMIH-Corp to begin its financially forward movements' ...
Direct Text;
"the Company's equity interests in (i) Investment (all the assets of which will be contributed to the WMI Liquidating Trust, including any intercompany claims), "
The Company = WMIH-Corp
WMIH-Corp = owns the equity interests in (i) Investment
The Owners of the WMI Estate = are the owners of the assets (legacy releasing participants)
Investment = WMI Investment (WMIIC)
"all of the assets" = The WMI assets secured within WMIIC as stated' within the "First Day Filings" ... Sept 26, 2008 - Dec 8, 2008 ...
"of which will be contributed to the WMI Liquidating Trust" = Future Tense' and self explanatory
"including any intercompany claims", = again, revealed in proper fashion' ... (including' - not limited to - that's important)
So, ... BOTH' ... the WMI secured assets, as stated "secured" within WMIIC - and - the intercompany claims ... are to be returned' ...
intercompany claims = funding WMIH-Corp owes to the WMI estate, which allowed the financial completion of the Plan of Reorganization'
AZ
~ So, Regarding The Washington Mutual Liquidating Trust ~
As the study and research of all things WMI (oldco) - WMIH-Corp (newco) - The legal process that brought us here, - and, - the Washington Mutual, Inc. Liquidating Trust - continues, ...
According to the documents revealed, not only is it legally impossible for a releasing legacy equity holder to be issued an LTI (a Liquidating Trust Interest) ... it is actually also mathematically impossible as well' ... Remember, ... a class 16' piers security was "capped" by the Court at $10.52 per share, as a base number, and, was allowed to continue to receive FJR interest "ON THE CLAIM" until satisfied' ... keep the word "capped" in mind as we continue ... it's important'
prior to reading the relevant footnotes, a review the Tranche defined participants will be helpful,
Tranche 4 = Allowed Senior Notes Claims and Creditor Class 16' (piers security's)
Tranche 5 = General Unsecured Claims --- Rule 510(b)
Tranche 6 = Equity Class 19 and Class 22 Legacy Releasing' Participants
So, Moving forward' ...
Tranche 5 and Tranche 6 will never be in a legal or mathematical position to be issued an LTI (Liquidating Trust Interest) as Footnote # 1 reveals' ...
... The Plan of Reorganization "capped" the amount of return available to the class 16's ... The Plan of Reorganization DID NOT change the "face amount" of the security' ... "if proceeds exceed the face amounts issued to current LTI holders" ... and the Courts assigned capped amount ($10.52) plus FJR, ... ON THE CLAIM ... will never' exceed the face amount of the security'
So, of the four available distribution methods disclosed within the documents', The distribution mechanics allowed, ... which again, are defined to, in Exhibit C' of the Disclosure Statement ... adhered to, within Attachment H' of the Plan, ... reaffirmed within Jon Goulding's submission "In Support Of The Plan", ... and approved, within the Courts Signed approval of Plan 7'
So' ... I am obviously never going to get a Runoff Note, ... I'm NOT going to ever get an LTI' ... So, ... I am only in a position to receive a ... number 1) = Cash (distribution) ... or a ... number 4) common stock in the reorganized company (distribution) ... while the Liquidating Trust is allowed to perform its designated function as a ... "Grantors Trust = Pass-Through Trust" ... for tax purposes'
Footnote 1) Liquidating Trust Interests are not issued to holders of subordinated claims and equity interests. Additional LTI's will only be issued to holders of subordinated claims and equity interests if proceeds exceed the face amounts issued to current LTI holders.
Footnote 2) A claim by a holder of an Allowed Senior Notes Claim with respect to Floating Rate Notes against any of the Debtors or the Debtors' estates for interest accrued during the period from the Petition Date up and including the date of final payment of such Claim, in an amount equal to (a) such holders Postpetition Interest Claim minus (b) such holder's Intercreditor Interest Claim.
Again, as I described, ... when the Court "capped" a piers security, the Court eliminated the possibility of a piers security ever being able to "exceed face" amount of the security, with the FJR returns paid over time future', plus the capped base amount' ... again, the Court "capped" the amount of return' of the piers' The Court DID NOT or COULD NOT adjust the designated security's "face amount" ...
again, The last creditor class (piers, class 16) will never be in a position to achieve its original face value, as the footnotes describe, being a requirement for Tranche 5 and Tranche 6 to be in a position to be issued an LTI' ... (Liquidating Trust Interest) ... Interest ... being the operative word'
Again, The Court was never in a position to change the original "face amount" of a class 16 security, however, the Court was within its Chapter 11 Re-Organizational right to limit or "cap" the return available to the creditor class 16 within the Plans Settled Approval
Tranche 4' ... as the footnotes describe, remain handcuffed to the LT, and restricted to receiving an LTI only ... remember, defined to a Liquidating Trust INTEREST ... once again, for discussion purposes, "INTEREST", being the operative word' ...
... Cash returns (distribution method # 1) not considered to be a Liquidating Trust Interest, can flow to Tranche 5 "General Unsecured Claims" (Rule 510(b)) ... while, Tranche 6 holds its position, to be able to receive a distribution method # 1 (cash) ... and ... distribution method #4 (common shares in the reorganized company)
RECAP;
So If; Liquidating Trust Interests are received ? ... they are to be distributed to Tranche 4'
So if; Other Than - a Liquidating Trust Interest is received ? ... Cash ... General Unsecured Claims must be considered'
So if; common shares in the newly reorganized company are received ? ... The only available recipient, are the owners of the markers' (Equity)
So if; Other Than - a Liquidating Trust Interest is received ? ... Cash ... once Tranche 5 has been considered ? ... then that will be distributed to Tranche 6'
... Simply Remember, ... Tranche 4, as described within BOTH' footnotes 1 & 2, are limited to a LT, issued LTI only' ...
Tranche 4 = Allowed Senior Notes Claims and Creditor Class 16' (piers security's)
Tranche 5 = General Unsecured Claims --- Rule 510(b)
Tranche 6 = Equity Class 19 and Class 22 Legacy Releasing' Participants
AZ
~ goodietime, - Regarding WaMu, WMIH, etc' ~
I recently provided a full presentation, (in another area') referencing, another Federal Court and another Federal Judge, utilizing Judge Walrath(s) precedent setting rulings, placed within our Washington Mutual. Inc, - Plan of Reorganization (02/23/2012) with her in depth explanation, justification, and issuing of the - Federal Judgement Rate' - as the Court allowed and proper rate of return to all classes ... YES, ALL CLASSES'
Again, ... the FJR rate was assigned to all classes'... not only the piers class (class 16's) in the WaMu case' ... beyond of course, it being used, to this day as the precedent setting standard' in other on going bankruptcy cases' ...
You are correct, The WaMu, WMILT, WMIH, and its two subs WMIIC & WMRRC' was precedent setting in many, many ways' ...
However, ... NEVER, EVER' forget the distinction also, ... WaMu was able to file for TWO Bankruptcy's ... to accomplish an ending result' ...
Some, showed up LATE' to the WaMu Court proceeding's ... and did not consider and missed a lot' of the correlating, already approved Court Rulings' ...
AZ
... es1 ... maybe this will help ...
at the very beginning of the case - 2008, ... as revealed on KCC, ... the Court approved the Attorney Groups, ... including staff and expenses, ... along with A&M, its staff, and also it's need to secure subcontractors when necesary ...
Legal billings can easy exceed the hours in a day, week, month ... due to the numerous people providing work product' ...
AZ
... Seriously for one to Consider, WMIH, WMILT, and WMIIC ...
... I stand by the Court Process, the Court Filings and Links directed to them, as they have been presented to all ...
The rest, is up to the reader to engage the actual and truthful process as reviewed and dissected ...
Any ~ Novice, ~ Obviously, fueled by inexperience, ... which never once considered the foundation of the actual case, prior to their experiencing the open court hearings, as a viewer only, ... is just ... well, ... everyone gets the picture I'm sure ...
The WaMu case was already active litigation and important defining Court rulings had already been made, prior to equity becoming included ... and, ... obviously a few showing up to sit in the audience of the Delaware Court ...
... A few suggestion ...
Engaging in a socially permitted action with a legal opponent ? ... or, ... shaking the hand of an adversarial attorney ? ... Is acceptable within the confines of being, ... "north of the gate"' ... outside of the Court Room ? ... it is merely considered a sign of weakness ...
A proper review of what is actually occurring within a courtroom ? ... is not acomplished by reading the "nuance of the room" ... only, what the Judge says matters ... not, anyone in the audience's sigh or twitch'
Also, ... On the subject of the presiding Judge ... A Lady' Judge, does not prefer to be addressed as ... "Sir"
Again, ... A novice, ... fueled by inexperience, ... would be the only one considering the "body language" of people involved in a lunch break as true Due Diligence ...
Also, ... The words are important ... WMIIC, is eliminated upon consolidation, ... Not, eliminated upon a settlement, as has been incorrectly presented this morning ...
This is a big deal which involves many ... for the few, ... that continue to have difficulty ? ... let's try a bit harder ... k ? ...
The complete history of this case ? ... or any relevant issue to fully understand what has occurred ? ... is important' ...
AZ
... WMIH's Debt Exceeds it's Current Value ...
WMIH-Corp Owes Debt' to it's original creator = The WMI' Original Debtors Estate' ... which is quite clearly defined throughout the process' ... and within the documents revealed' ... the doc's have been dissected, discussed, and presented numerous times ...
Currently, WMIH's Debt Exceeds its existing value, so yes, WMIH-Corp DOES NEED to make an initial move to enhance its value, and stabilize its financial foundation, prior to being in a position to discuss the purchase of any of the "assets" of its own continually Delaware Registered Subsidiary, ... WMIIC ...
which, of course, continues to be owned by again, ... WMIH's initial creator, ... The WMI' Original Debtors Estate' ... now owned by the releasing participants, ... acknowledged by the markers held their accounts' ... and ... currently represented by the WMI Liquidating Trust' ...
The current, in place financing agreement, The Rights Offering, can not be utilized to address any of WMIH's debt it owes to the Original WMI Estate' ...
WMIH-Corp, other than pre designed' LTI distributions to Creditor Classes, ... also CAN NOT pay off any of debt owed to the WMILT to simply pay off the LT's already issued LTI's remaining in Tranche 4' ... Piers' + FJR, Interest ...
Simply, because the Class 16 - Piers Holders - Retail & Institutional alike, ARE NOT actual owners of the Original WMI Debtors Estate' ... only the Tranche 6, Class 19 and Class 22 holders have that special ownership' distinction' ...
It's complicated, and difficult to understand ... obviously for some, more than others' ... I get that ... doesn't matter, ... the result is the result ... whether individual comprehension is included
It is a shame that the attempt of WMIH' to purchase an operating division of a public company failed, ... the reveal of this first important step will get everything originally planned moving in proper order' ...
Hopefully, we will all soon see and receive an 8-K revealing that WMIH-Corp has secured that initially needed platform ... and ... begin to increase a stabilized value, and, be able to begin to acquire the assets of its own sub WMIIC, and flourish from there'
I'm beginning to believe that maybe, everyone did not release ... hmmmm ?
AZ
... Pick, I hear you ...
Check out the WMILT(s) 03/29/2012 8-K Filed, that I included in the document presentation' ...
It's the singular and only time, that I ever saw WK' referred back to being the President and Chief Executive Officer of WMIIC back to 10/02/2008 as Filing # 0246 allowed, thru to the reorganization ...
That' particular 8-K, with the only reference to this' particular quite interesting - nugget - isn't on the LT's site or on the SEC site' ...
"scriveners error ?" ... or' ... "crack slippage ?"
I stumbled across it in my studies' ... and knew I had never seen it before'
AZ
~ The WMIH-Corp / WMIIC Connection' Supporting Documents ~
As the world watched, On 09/25/2008, The OTS / FDIC seized WaMu, ... or, ... to be factually correct, seized WMB', the banking subsidiary of the massive Washington Mutual, Inc. Estate ... Immediately, and on the very next day, 09/26/2008, the WaMu Estate, filed for two distinct and separate Chapter 11 Reorganization Bankruptcy Filings with the Delaware Court System' ... (initially KCC listed as Filing # 0001 & Filing # 0002)
The first bankruptcy filing was submitted for WMI Investment, recording no debt and no creditors, ... and ... the second filing was for WMI, which recorded assets at $32 billion dollars, with its liabilities recorded at $8 billion dollars' ...
The first of the TWO bankruptcy filings, entered for WMI Investment, was designed to maintain operations, move toward a future reorganization for the company, while the second of the TWO bankruptcy filings, entered for WMI, was designed to address debt, and pay with interest, all outstanding creditors' ...
Since these TWO bankruptcy's were quickly Court Ruled and Approved' to be procedurally joined, and for administrative purposes only, ... both' ... of the company progressions within the legal confines of the Delaware Court System were able to be accomplished ...
As the documents reveal, ... the first filing for WMIIC's chapter 11 reorganization, was never designed to allow creditor claims against it' ... again, ... as it initially filed with zero creditors and zero debt' ... and, as a subsidiary of the Parent Corporation, WMI ... WMIIC was allowed and destined to maintain its re-organizational operations throughout the entire Chapter 11 process, ultimately planning to exit bankruptcy as a reorganized entity' ... again, allowed by the Court to be financially separated from the WMI bankruptcy ...
... However, ... for WMIIC to maintain its operations, throughout the reorganization process, it needed a Court Approved functioning staff ...
William Kosturos, as the 10/02/2008 Court approved and named President and Chief Executive Officer of WMIIC ... along with A&M and it's national staffing and resources, were Court authorized to maintain and continue WMIIC's operations while it remained under Bankruptcy Protection, ... and merely joined procedurally only, (KCC Filing # 0025 - 10/03/2008) ... and for Administrative Purposes, (The Disclosure Statement - 01/09/2012 - [DN 9365]) along with document expedition to accommodate the WMI Bankruptcy ...
William Kosturos and the extensive staffing and resources available of Alvarez and Marsal, were Court approved, at the very onset of the 2008 process' to be placed appropriately, and be able to continue the seamless operation of WMIIC throughout the entire Bankruptcy and Reorganization Process' ... and ... again, Federal Court approved, being allowed to back date' - "nunc pro tunc" - to October 2nd, 2008, as Filing # 0246 reveals'
... Not only do all of the billing statements support this, but so does the sequence of events placed within the filings acknowledge this ... The procedural joining of the TWO BK's caused a tremendous amount of controversy during the Court Hearings and revealed within the relevant documents Filed' ...
Mike W and Esopus Creek' ... understood that' Pandora's Box had been carefully tucked away within WMIIC back in the early days and requested discovery of the joining of the bankruptcy's ... their requests, were consolidated within their (equity's) request for a shareholders meeting, ... and ... a review and discovery, regarding the procedural and administrative only, joining of the Two Bankruptcy Filings'
The end of 2009 and into early 2010 were tumultuous times, as the Court Hearings moved forward', equity's requests for depositions, a shareholder meeting, discovery of the BK joining, ... etc, etc' ... the links to the process are numerous, so I will spare everyone for now, ... what is ultimately important though is Filing # 0013' ...... Filed on 08/23/2010' ... The filing number, like many others was rolled back to the original issue being discussed'
This final Court Ruling on, 08/23/2010 lead to the beginnings of the four standing motions being filed, with the last Standing Motion' ... Filing # 8179 ... being filed on the eve of the Plan 6's Court Hearing to begin' ... July, 2011 ... Plan 6 obviously failed' ... and here we all are' ...
There are serious reasons, as revealed here, that the NASDAQ' saw value in WMIH-Corp and allowed it to be up listed' ... and ... also there was a reason that WMIIC was able to be listed as the Guarantor for the current and in place provided, Citi and KKR Rights Offering' ... Yep' ... the original WMI Debtors Estate Value that had been secured and separated from the WMI bankruptcy within the other WaMu Bankruptcy' ... WMI's own subsidiary, WMI Investment' = WMIIC
Filing # 0001 Filed 09/26/2008
The First of TWO' - WaMu Bankruptcy Filings, WMIIC(s) Filing for Bankruptcy Protection
http://www.kccllc.net/wamu/document/0812228080926000000000001
Filing # 0012 Filed 10/02/2008
The Request for Joint Bankruptcy Administration
http://www.kccllc.net/wamu/document/0812229081002000000000001
Filing # 0025 Filed 10/03/2008
The Courts Signed Approval for Joint Administration (notice the difference)
http://www.kccllc.net/wamu/document/0812229081003000000000002
Filing # 0013 Filed 10/02/2008
The Declaration of - Stewart Landefeld - ... "in support of" ... the administrative BK combining'
http://www.kccllc.net/wamu/document/0812229081002000000000002
Filing # 0065 Filed 10/13/2008
A&M and William Kosturos Request to be the Chief Restructuring Component (William Kosturos is currently the WMILT Trustee) - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081011000000000003
Filing # 0152 Filed 10/24/2008
Supplemental Declaration of William Kosturos - (don't miss the attachments)
http://www.kccllc.net/wamu/document/0812229081024000000000016
Filing # 0246 Filed 11/07/2008
The Request to backdate the naming of A&M and William Kosturos of designated CRO to be backdated to 10/02/2008
http://www.kccllc.net/wamu/document/0812229081107000000000004
Filing # 0013 Filed 08/23/2010
The Final Signed Order' (upon equity's request for discovery of the joining of the BK's) stipulating to "Procedural Purposes Only"
ORDERED: that consolidation of the above-captioned adversary proceedings is for procedural purposes only and shall not affect the parties substantive rights ... again' ... signed 08/23/2010 ...
http://www.kccllc.net/wamu/document/0812229100907000000000005
... I don't believe that anyone wanted a light placed on this WMILT's 03/29/2012 SEC 8-K ... filed a mere 10 days beyond the 03/19/2012 Implementation Date ... which actually named William Kosturos as the President and Chief Executive Officer of Investment ... dating back to Oct 2008 thru to the Reorganization ? ...
WMI Liquidating Trust ... Form 8-K ... Filed March 29, 2012
http://www.sec.gov/Archives/edgar/containers/fix067/933136/000090951812000138/mm03-2712_8k.htm
read, ... ITEM 5.02(c) ... and the reference to ... INVESTMENT ... "this'' ... is in direct reference to WMIIC" ...
Effective 10/11/2008 William Kosturos was named the CRO (Chief Restructuring Officer) of WMI' ... and between 10/20/2008 and the effective date' he was the President and Chief Executive Officer of Investment (WMIIC) ...
(c) Pursuant to the Agreement, William C. Kosturos, age 50, was appointed as the liquidating trustee of the Trust on March 6, 2012. Between October 11, 2008 and the Effective Date, Mr. Kosturos was the Chief Restructuring Officer of WMI, and between October 20, 2008 and the Effective Date, Mr. Kosturos was the President and Chief Executive Officer of Investment.
~ The WMIH-Corp Evolution Thru WMIIC ~
As promised earlier in the week, ... I have put together a series of documented events, that give rise to our planned re organizational future, for our now NASDAQ trading reorganized company ... WMIH-Corp ...
Within this presentation, I'm not discussing any right or wrong' affiliations' ... or ... the financial situation of the FDIC or JPMorgan at the time of the WaMu seizure' ... Sept 2008' ... I have worked hard over these last three plus years, studying and researching what occurred in an effort to help my decisions on whether or not to remain involved to the financial level that I am in the new company' ... my markers received for my submitted releases' are obviously secured in my accounts' ...
With the placement of this thread, I'm only referring to a Legal process that took place, in what appears to me to be a process that allowed for the accomplishment of many things simultaneously ...
Remember, while reading, ... WMIH-Corp owns the "equity value" in its listed' and continually, Delaware Registered' Subsidiary, WMIIC, ... while the Original WMI Debtors Estate' maintains the actual ownership of the "asset value" of WMIIC
Also, ... Many People have painstakingly researched the actual assets' involved with the dissection of many correlated documents' and I Thank Them ALL' for all of the wonderful study and research' ...
However, ... again' with this thread I wanted to address the process that was used within the filing of - TWO - WaMu Bankruptcy's ... One, to protect the company for a future re organizational process within an exit from bankruptcy as a viable company' ... and ... the other designed to address the creditors and the debt' ...
Happy Holidays to Everyone' ... I predict BIG THINGS for all of us, whether a WMIH Shareholder ?, ... a Legacy Marker Holder ? ... or ... like myself ... a holder of Both' ...
AZ
... Both' - WMIH-Corp and WMILT are Important ...
Both' ... WMIH-Corp, ... and ... the Original WMI, Debtors Estate, now, represented by the WMILT, ... were designed and destined to exit reorganization financially well equipped and secured for the future ... within the originally designed, Court Approved, re-organizational restructure process ...
WMIH needs the asset value of its own subsidiary, WMIIC, ... which is currently owned by everyone that released, as the owners of the WMI Estate, ... now ... being represented by the WMILT' ... and ... designated by the markers showing in an individual participants accounts
AZ
... No, Regarding WMIH-Corp, its sub', WMIIC, the LT, the existing Debt, and The DS / Plan' ...
This is not being presented correctly ... WMIH-Corp was not a party to the bankruptcy process, ... WMIH-Corp was the creation of the Plan of Reorganization ... this fact, should not be missed ...
The plans documentation does NOT address the debt WMIH continues to owe currently, to the Original Debtors Estate' now being represented by the WMILT, which again can only be considered, post Plan' implementation Mar 19, 2012, as again, WMIH-Corp, was not an actual party to the BK' ...
The disclosure statement says the obligations "which, pursuant to Section 32.2 of the Seventh Amended Plan, will be extinguished, unless otherwise agreed." Obviously the "otherwise agreed" was invoked because the LT's website (which everyone can and should visit for them self) states that the LT owns the "Intercompany Claims".
http://www.kccllc.net/documents/8817600/8817600140501000000000003.pdf (p. 2, Section 2(e).
The LT is speaking in the present tense; as it should regarding the issue between WMIH and WMILT'
it now owns whatever intercompany obligations WMIIC held during its Chapter 11 case and WMIIC (the corporate entity) is owned by WMIH. Further, if WMIH consolidates with WMIIC the intercompany obligations won't be extinguished because they're not included in WMIIC's assets.
AZ
... WMIH-Corp ... On the Surface ? ...
WMIH currently, as a NASDAQ publically traded financial, isn't much to look at merely on its own ... is it ? ... WMIH currently has some $60m in cash, ... a debt / dilution instrument (the rights offering) ... A subsidiary in Runoff, WMMRC, ... and the ownership of the "equity value" in its other recorded subsidiary, WMIIC ...
WMIH also, has continued debt, which is owed to the Original Debtors Estate, that currently exceeds it's cash on hand and it's entire market cap @ 206m shares trading at $2.40 (ish)
The WMILT, ... owns the asset value of WMIIC, ... and WMIH, will need to do business with the LT, and acquire the asset value of its own subsidiary WMIIC ... in an attempt to move forward, and simultaneously address its current debt, which again exceeds its value
Remember, ... if you released as instructed to do ? ... you, are one of the owners of the Washington Mutual, Inc. - Original Debtors Estate, which continues to now be, represented by the Washington Mutual Liquidating Trust' ...
KKR, Citi, and all of the funds that are involved, ... are NOT here for what WMIH appears to be merely on the surface ...
The 3.5 billion share availability of WMIH, which can be authorized without shareholder approval, (2015 proxy) ... will come into play here, as WMIH needs to do business with the LT' ... which represents the WMI estate, which is owned by me' and everyone else that submitted their release'
"a stock for value event" ... between WMIH and WMILT, ... I spoke of this before, ...
AZ
... FWH, ... I have spent time on the 2014' R-203 ...
Which was the WaMu relevant attachment to the JPMorgan, 12/31/2014 ... 10-K, ... Their yearly report ending for 2014' ...
Regarding, your question on a JPM, Q report ... quarterly ... I have not studied their Q reports ... I have been working on other things ...
AZ
~ Yes, The Reference to NOL's Did Have Purpose ~
The "we believe" regarding an empty shell exiting bk' corporation = WMIH, and the possibility of a Net Operating Loss "future value" against potential earnings for WMIH, absolutely, had a very serious purpose and an important value' to the reorganization plan, which was submitted to the Delaware Bankruptcy Court for Plan Approval'
The presentation of the possible future value the possibility of NOL's utilization, which could be of value to WMIH, allowed the court to entertain the exception to Bankruptcy Rule 1129(b) and eliminate the Absolute Priority Rule' ...
and' ... of course the elimination of the Absolute Priority Rule was part of the mediated result for a settlement' ... initially, the ratios were 70/30
Absolute Priority CAN NOT be simply settled away ... the Court needs to be shown that there may be a possibility of a recovery' before the Court will consider this very serious procedure'
Also, the removal of the Absolute Priority Rule allowed for an effect on all classes within the PayOut Matrix' ... it's removal has not and does not limit distributions moving within Attachment H' ... it is not limited to class 19 and class 22 only, at the very well known simultaneous 75 % / 25 % equal distribution ...
The reference to NOL's and the "we believe" were a - means to an end' -
AZ
... Yes' and Thank You All' ...
Currently we are waiting for a WMIH-Corp 10-Q release' ... and ... A Washington Mutual Liquidating Trust "Expense Report" for period ending 9/30/2015' ... which is currently way' over due ... I'm sure everyone knows why'
The Trusts - (unaudited accounting) - Quarterly Report showed little to no action for the 3rd quarter 2015' ending 9/30/2015 ~ so, ... so, in regards to expenses, the expense report should also reveal little to no expense's charged' ...
So, as a few of you have observed' ... the connection between the reorganized company, WMIH-Corp (it's TWO subs = WMRRC and WMIIC) ... and ... the WMI Liquidating Trust remains an extremely powerful link and connection' ...
So' I wanted to take a moment to say Thanks to those of you that are honestly putting forth an effort to present honest and factual information ... The list is long ... LG, Boris, Tanja, Cura, Mike, Hotmeat, Muyaun, fwh, SGB, pm, and many, many others' ... again, Thanks
Remember'
WMI LIQUIDATING TRUST AGREEMENT, dated as of March 5, 2012 (this “Trust Agreement”), is by and among Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (“WMI Investment” and, together with WMI, the “Debtors”), as debtors and debtors-in-possession,
and'
If a participant owns NASDAQ tradable shares in WMIH-Corp, that person owns a portion of the ... "successor" ... to the WMI Original Debtors Estate'
If a participant owns (-esc) tracking markers for their submitted release, that person owns a portion of the ... "successor in interest" ... to the WMI Original Debtors Estate' - now - represented by the WMI Liquidating Trust'
Ownership of "subordinated debt" is a gamble against the mistakes made at the seizure of WMB' ... by the OTS / FDIC
AZ
... runoffs ? ... Oh My' ...
here, try this' ...
hold up two fingers' and repeat after me ... WMIH-Corp has TWO subs' ... jut like my two fingers I am holding up' ...
... Name one, WMRRC' and then name the other WMIIC' ...
and then be polite enough to allow the conversation to continue properly' ... k ? ...
AZ
... Not Hardly' ...
When the Trust Quarterly Report is filed, and the Trust reports zero to minimal actionable events taking place' ...
The subsequent filing of The Trusts Quarterly EXPENSE Report, ... details exactly how much the reported, zero to minimal actionable events have actually cost'
I would speculate, We have all been at this long enough ... to understand the differences'
AZ
... Worried ? Not Me' - Rules are Rules' ...
all I am shining a light on' is ... once again ... the work product that has been publically provided, continues to be "lacking" ... yes, consistantly all the way back to 9/2008' ... the presented nonsense is the one thing we can all count on' ...
... and ... for those, other than myself that "released" and remain' interested' ... the following is 6.8(b) ...
6.8(b) After the Effective Date, Trust Professionals shall be required to submit reasonably detailed invoices on a monthly basis to the Liquidating Trustee and the Trust Advisory Board, including in such invoices a description of the work performed, who performed such work, and if billing on an hourly basis, the hourly rate of such person, plus an itemized statement of expenses. Subject to the approval of the Bankruptcy Court, the Liquidating Trustee shall pay such invoices thirty (30) days after such invoices are approved by the Bankruptcy Court. In the event of any dispute concerning the entitlement to, or the reasonableness of any compensation and/or expenses of any Trust Professionals, either the Liquidating Trustee or the affected party may ask the Bankruptcy Court to resolve the dispute.
Execution Version'
http://www.kccllc.net/documents/8817600/8817600120507000000000001.pdf
... and my favorite part' ...
WMI LIQUIDATING TRUST AGREEMENT, dated as of March 5, 2012 (this “Trust Agreement”), is by and among Washington Mutual, Inc. (“WMI”) and WMI Investment Corp. (“WMI Investment” and, together with WMI, the “Debtors”), as debtors and debtors-in-possession,
AZ
... The WMI Liquidating Trust - Also - ...
The Washington Mutual Liquidating Trust' ~ to date within its 16' submissions of "unaudited" quarterly reports since reorganization ... has absolutely zero problem releasing ambiguous information regarding possible financial recovery's from, ... tax returns, or ongoing employee claimant disputes', left over disputed claim reserves etc etc' ...
However' ... The WMILT ... to date' ... has not acknowledged it's PLAN 7 determined ownership of the assets of WMIIC' ... irrelevant of value' ...
WMIIC remains listed as a subsidiary of WMIH-Corp
AZ
... So, While Comparing - LT' Expenses to Action ...
These are two distinctly separate reports, ... obviously everyone watches for the release of the Trusts Quarterly Report, ... however ... The release of the Trusts quarterly expense report is also important'
Remember; as I have presented'
If a participant owns NASDAQ tradable shares in WMIH-Corp, that person owns a portion of the ... "successor" ... to the WMI Original Debtors Estate'
If a participant owns (-esc) tracking markers for their submitted release, that person owns a portion of the ... "successor in interest" ... to the WMI Original Debtors Estate' - now - represented by the WMI Liquidating Trust'
Ownership of "subordinated debt" is a gamble against the mistakes made at the seizure of WMB' ... by the OTS / FDIC'
AZ
... The LT's Expense Report is Overdue' ...
The WMILT's Quarterly expense report appears to be overdue' for e first time since reorganization ... I watch for these submitted expense reports and compare them to the Trusts release of it's quarterly report'
Mr M@c1el' ... who has signed every WMILT quarterly report since the reorganization maintains the position of "Interim CFO" while maintaining his position at A&M as a managing partner ...
... Generally, The WMILT third quarter, period ending Sept 30 Summary Expense Report, is filed in the subsequent month of October ... (late this year ?)
Filing # 10781 Filed 10/19/2012
for period ending 9/30/2012
http://www.kccllc.net/wamu/document/0812229121022000000000005
Filing # 11420 Filed 10/28/2013
for period ending 9/30/2013
http://www.kccllc.net/wamu/document/0812229131028000000000001
Filing # 11899 Filed 10/21/2014
for period ending 9/30/2014
http://www.kccllc.net/wamu/document/0812229141021000000000001
AZ
... Well, I Consider a Few Answers to Be the Wording & Definitions ...
So, at the end of 2011, the parties involved, came to a Court Ordered mediated settlement ... In early 2012' the Settlement came to a realization with the Plan 7 approval ...
At Plan Approval, The Washington Mutual Liquidating Trust, was created and became legally designated
as the ... "Successor in Interest" ... to the massive Washington Mutual, Inc. Original Debtors Estate, ... Now, ... Owned by the releasing participants ... easily proven by ones ownership of existing tracking markers'
At Plan Approval, The exiting reorganized new company ~ WMIH-Corp ~ was created and became legally designated as the ... "Successor" ... to the massive Washington Mutual, Inc. Original Debtors Estate ... Now, ... Owned by the owners of the 206 million shares currently trading on the NASDAQ' ...
So, the connecting asset valuation link remains the same today, 10/31/2015' - as it was at the seizure, 9/25/2008' - and was also considered at the Plans Implemention 3/19/2012 ...
... The asset value of WMIIC, is owned by the WMILT, as WMIH-Corp continues to own the equity value in WMIIC ...
Again, The WMILT remains the "Successor in Interest" as WMIH-Corp remains the "Successor" to the massive Washington Mutual, Inc, Original Debtors Estate
At the very beginning, On 9/26/2008' ... Landefeld states within filing # 0001 ... Washington Mutual, Inc. ... owns 100% of the equity value in WMIIC ...
Now, ... I seriously doubt there is anyone left that actually believes that JPMorgan was able to purchase - WaMu, - lock stock and barrel, for a measly 1.88b administration fee paid to the FDIC' ... and ... many of us have uncovered extreme value still unaccounted for' ...
So, ... The WMILT, isn't responsible to the public and only produces an unaudited accounting on a monthly basis' ... so far ? recent up to 6/30/2015 ... To date ? the LT isn't reporting any of the WMIIC assets' or claims held against the estate' ... However, ... WMIH-Corp, is responsible to the shareholders within it's own 10-K and 10-Q filings, ... So far ? as recent up to 6/30/2015 ... The newco doesn't seem to have any of them either ...
So, ... Those WMIIC assets didn't just disappear, and can actually be tracked through the entire process, ... But so far ? ... no one is revealing their existence or value' ... Not Yet' ... Anyway ...
So, whether a participant owns the asset value of WMIIC ? with their ownership of tracking markers ? ... or' ... one owns the equity value of WMIIC ? with their ownership of shares in WMIH -Corp ? ... OR' ... a combination of BOTH' ... a participant should do quite well'... I hope everyone released as instructed to do'
Good Luck to Everyone
AZ
... OK' - This Shouldn't Be This Difficult to Understand ...
Piers ... Class 16's ... The Recipients of a Tranche 4 designated and capped creditor class distribution ... As designated LTI holders (Liquidating Trust Interest) ... Are restricted to only being able to receive a WMI Liquidating Trust ... monetized asset' ... Period' ...
... Monetized means the trust has to convert the asset to cash' ... prior to a distribution to an LTI recipient' ...
AZ
... No Markers ? ~ It's Going to be Rough ...
... No transitional WMIH shares ? ... it's going to be rough' to watch' ...
... Choosing to not sign a release in a timely fashion ? ... it's going to be rough to watch' ...
... selling out' to buy in after reorg ? ... it's going to be rough to watch' ...
... 1st quarter of 2012, Limiting ones return by the purchase of a restricted, LTI issued Piers class 16 security ? ... it's going to be rough to watch
When it comes to complex litigation, as in the TWO Washington Mutual Bankruptcy Filings, ... one must have been able to consider more than the ... "nuance of a room" ... or the ... "body language" ... in a restaurant, ... or the inability to understand complex filings and documents as ones source for due diligence ...
Yeppers' ... it's going to be rough for some to watch' as we begin to move forward ...
Good Luck to Everyone' ... Everyone Released as instructed to do ~ right ? ...
AZ
...Yes LG, The Sequence Was Designed Long Ago ...
We all watched the P&AA terminate on 9/25/2014 ... through to our last and ending trading day' on the OTC ... exactly one year later on 9/25/2015'
During that specific, to the day' 12 month' time period, ... we all watched as JPMorgan released it's 12/31/2014 - 10-K, which included it's R-203 attachment' ... then again, we watched the WMIH replacement financing agreement finalize on 01/05/2015 ...
moving forward through to the WMILT's March 24th, 2015 - Press Release, reminding everyone of the already' in place and Plan 7' Approved Procedures' ... and then a literal realization of the procedures already in place as the WMILT released an overage of 1.4 million shares this summer' ...
we all watched as the planned distribution mechanism was realized and the releasing participants, escrow marker holders', were issued their portion of additional WMIH shares' per 41.6'
Their were many, many more WMIH accomplishments happen this last year, from the mandates to be accomplished by 07/05/2012 ... through to the updating of the company site' and acknowledgement of WMIIC'
Here for everyone's review', ... follow the literal text as provided' ... with the tremendous amount of illiquid assets, earmarked to finally be returned, as the R-203 reports' ... it is obvious the WMILT in it's current status' ...
WILL NOT BE IN A POSITION 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," ... CURRENT LTI HOLDERS'
So, as I said earlier ? a current holder of an issued LTI becomes restricted' to what the LT is able to monetize' ...
The WMI Liquidating Trust which owns the asset value of WMIIC will need assistance from WMIH ... again' ... a shares for value exchange' ... which takes place beyond the restrictions of an issued LTI"
The following is the literal and unchanged or modified actual text'
"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. There can be no assurances that the Trust will be able to monetize assets in a manner sufficient to give effect to the foregoing."
AZ
... Tranche 4 - Provided A Great Need ...
Tranche 4' ... which is currently holding the last creditor class, Piers Security's, - Creditor Class 16(s) ... provided a great function for the entire process to be able to move forward ...
Tranche 4' ... Piers holders have already been issued Liquidating Trust Interests, (LTI's) which come with them, a restriction to only be allowed a recovery via a LT already monetized value' ... they are restricted within their claim against the estate ...
The Original PayOut matrix (attachment H) was designed to cap' a piers recovery, allowing a future recovery to move beyond the Piers ... however there was more consideration than just the capping of piers ... and much more beyond a WMILT, monetized value ...
The Piers, or Class 16 LTI holders, also provided a limited LTI blocking position for the Liquidating Trust to utilize moving forward
... as long as an equity class, Tranche 6 holder, is NOT able to be issued an LTI while the Tranche 4 class 16's remain unfulfilled in the matrix, ... an equity class, Tranche 6' participant receipt of value remains unrestricted ...
An Tranche 4 LTI holder is restricted to an LT monetized value
A Tranche 6 equity holder remains unrestricted ... and can receive a non monetized value ... or ... a shares for value movement in WMIH, ... as the WMILT owns the asset value in WMIIC, ... and ... WMIH owns it's equity value ... the increase to 3.5 billion shares was necesary for WMIH to move forward ... move forward away from the restrictions an LTI issue comes with'
AZ
... As We Move Forward - WMIH / WMILT' ...
I believe the reality of the stringent restrictions applied to an LTI, are beginning to set in with a few of the participants ... and current holders of already issued Liquidating Trust Interests
remember, an LTI is restricted to the receipt of a Liquidating Trust, already monetized asset' ... or like a piers security, ... the slow monetization of the returns from the RON's ... That's it' ... once an LTI is issued ? ... a receiving participant becomes limited to their return ...
However, An escrow marker holder, is unrestricted within its own return possibilities ... cash, monetized value, or non monetized asset value, as in a WMIH stock for value event between itself and the WMILT ... (non monetized assets) ... among other things'
again, ... to be issued an LTI comes with severe restrictions ...
to hold an escrow tracking marker allows a participant, unlimited return possibilities and not having to consider, the reality of the stringent restrictions applied to an LTI
or, as in an example of a piers security, ... the slow moving monetization of the returns from the RON's ... That's it' ... once an LTI has been issued to a participant ? ... the receiving entity becomes limited to only a Liquidating Trust monetized return ... and, ... due the trusts status as a pass-through trust (no tax responsibilities either gain or loss are the trusts responsibility) ... LT monetized returns are not controllable and an individual tax nightmare' ...
Now, an escrow marker holder, as an owner of the estate, ... not a creditor of the estate, is and remains unrestricted within its own return possibilities ... a marker holder can receive, cash, monetized value, or non monetized asset value, as in a WMIH stock for value event between itself and the WMILT ...
among other things' ... an escrow marker holders receives its distribution, via an individual brokerage account, and applys their own tax ramifications at their own movements ...
again, ... for a participant to be issued an LTI ... A Liquidating Trust Interest, comes with severe restrictions ...
to hold an escrow tracking marker allows unlimited return possibilities
Tranche 4 has remaining LTI's to piers plus some interest left
Tranche 5 General Unsecured Rule 510(b) has no escrow markers, and has NOT been issued LTI's
Tranche 6 Equity Participants are not limited as Owners of the Original Debtors Estate within their return possibility's ...
and, I find it doubtful that marker holders will receive an LTI any time soon, simply due to an LTI(s) restrictive nature ... there are too many illiquid assets to be considered and I find it doubtful that the trust will be in a position to monetize illiquid assets without assistance (WMIIC and WMIH) ...
We have had examples of these issues already, ... a few are, ... one, in the trusts attempt to sell the RON(s) and didn't but was allowed to issue them to existing LTI holders ... and another is the recent release of 1.4 million shares in WMIH to the marker holders, ...
AZ
... T's ... Here is Another Tell' ...
... the WMIH-Corp 12/31/2014 10-K increased the amount of BOD(s) share awards from 3 million to 12 million ...
The BOD(s) currently holds roughly 350m to 400m shares each' in the new company as awarded'
The two new guys receive the 1,777,XXX shares at a qualified acquisition ... (a merger isn't mentioned)
... So here we sit' at the mid two dollar range' ? ... I still maintain' ... even if they used the entire 100% of the financing agreement ? and / or 100% of the total 3.5b share allocation ? in which either would be irresponsible' ... it just isn't enough ...
~ WMIIC ~
AZ
... Between' 9/25/2014 & 9/25/2015 ...
If one only considers this one year time range and all of the numerous events that have taken place within this one singular year' ... an indication of forward movement becomes very clear' ...
... 9/25/2014 ... being the termination of the P&AA ...
and'
... 9/25/2015 ... being the last trading day on the OTC' and the company's (finally) acknowledgement of the company actually trading ...
AZ
... Well ? ... I don't see anything here that is of any concern or will change my mind' what so ever' ... this ambiguous 8-K' filed yesterday' both in its content and timing, just doesn't even scratch the service regarding the internal workings and correlation between WMIH-Corp, its own two subs' - WMMRC and WMIIC' - and the WMI Liquidating Trust' ...
So far' ? ... I maintain this 8-K yesterday' was presented to accommodate and justify all of the acquisition talk since the reorganization, in the 10-K's ~ 10-Q's ~ disclosed on the WMIH-Corp company site' ... and discussed in the shareholder meetings ...
... The information regarding - WMIIC - is just to powerful to disregard' ... in my opinion ? this was a prerequisite to cover, prior to the WMI Liquidating Trust reveal of value' ...
The market isn't reacting as a whole, because these are internal moves' ... think I'll watch for what comes next', ~ or' has to come next' ...
... this reminds me of all of the ~ yip - yap ~ around the non-stop talk regarding the NOL's this' and the NOL's that' ... which sort of went out the window last March' ...
AZ
... Well ? Consider - Cash + Illiquid ...
When considering any returns to the Original Debtors Estate' ... always consider the availability of ... both ... illiquid assets and cash ... The residual returns over the last seven years should be substancial ... That is why I believe the first reveal of value to be ... cash heavy ... in the beginning' ...
Also Remember, ... The WMI Liquidating Trust is registered as a ... Pass-Through ... no tax' gain or loss ... Any tax responsibility is ... "passed" ... to the individual owner of the estate ...
So, back to your question ? ... Is an initial release equal to ... par' ... possible at the initial reveal ? Sure it's possible ...
How about I ask a question ? ... Let's say, ... I believe the stock price is being controlled at this $2.60 level, to eliminate any question of the BOD(s) knowledge of events, as their own last stock award was at this same $2.60 level' ... BUT, ... what do you believe happens to the price of WMIH-Corp share price, ... when the WMI Liquidating Trust ... announces a reveal of value ? ... I say the stock price increases on the mere news of ... Estate Value returning ... and the BOD(s) of WMIH-Corp are above question ...
As I said yesterday, the wording is very, very important ... which is why I made a big deal out of the corrections ... On the company site, revealed for public review, ... WMIH-Corp is stated to be the ... successor' ... to the WMI Estate' ... these distinctions are important'
AZ
... David, Well ? Better Yet - Right ? ...
My conclusions just don't lead me there, ... I do not see the company issuing it's entire share allocation ... 3.5 billion available ... especially at this current numbers = $2.60 per share, ... I also consider what the 10-K says to an allowance of increase of share awards to the BOD's ...
As I have said, ... I believe this is designed to occur over multiple events going into the future, with the first reveal of the mechanics to be right on the horizon'
I say this after considering the events that have taken place over the last twelve months ... Again, ... From the Sept 25th, 2014 termination of the P&AA thru to our last day on the OTC' ... Sept 25th, 2015 ...
Either way, ... I'm good ...
AZ
... Cura,' ... Yes, I know ...
However, My conclusions lead me to believe the events to come will come in multiple stages moving into the future ... I do NOT believe the initial ... reveal ... to be of massive amounts ...
Again, in my opinion, the first of many events will be ... cash heavy ... after all of these years and a beginning mechanism for WMIH-Corp ... The four multiple I consider makes sense to me, due to the 12/31/2014 - 10-K and the increase of the BOD(s) share awards available from 3 million to 12 million ...
As we begin, ... the company will also grow, increasing the share price and allowing the company to continue utilizing obviously, it's own cash accumulated plus less shares needed as value is increased ... This is an ever moving mechanism or equation ... multiple parts to this financial machine'
AZ
... Correct LG' ~ Errors Were Made ...
However, the errors made were only made by individuals' ... NOT by the Attorney Groups or Original Planners for what was to become the WMI Parent Corp with its designated financial future to be maintained within an exiting reorganized company' (2008 - future tense) ... The now intact WMIH-Corp ...
Errors in investment decisions causing a severely diminished or zero financial recovery. That is very true' ... poor decisions were made due to very, very, poor "Due Diligence" and obviously continues and can be experienced to this day on many of these forums' ... "group think" ... simply fueled by inexperience and lack of procedural knowledge at its worst' ... statements made without substance etc' etc ...
However, ... I don't pay any attention at all' to anything that can NOT be backed up within the literal filings and the documents' ...
Considering all things as we move forward' ... The FUTURE looks very bright for WMIH-Corp and also for those that chose properly and submitted their signed release as instructed to do by ... The Judge' ... The Debtors Representation (rosie) ... and, of course by Equity's Representation ...
ALL things that have occurred in sequence considering from the termination of the P&AA on Sept 25th 2014' thru to our Sept 25th 2015' last and final day on the OTC ... everyone should consider all that happened within that 12 month period'
WMIH-Corp's ... open ... on the NasDaq on Sept 28th 2015 began the start of many great things to finally be in a position to begin ...
WMIH-Corp, including its TWO subs' WMRRC and WMIIC, ... and ... all that "trusted" and released and are currently designated as the owners of the WMI Original Debtors Estate' by their (-esc) escrow tracking markers' ... and also, now represented by the WMI Liquidating Trust ... will do very, very well ... as this planned sequence of events finally begins'
Watch for a WMILT ... "reveal of value" ... and then a ... "stock for value" event, between WMIH-Corp and the WMILT' ... as we witness a Newly Reorganized Company begin' to be a great investment'
These are my own conclusions, arrived at by a concerned and sincere study and research of the complete process and the filings and not swayed at all by any opinions not able to be backed up with text' ...
AZ
... Oh' I See' ~ No' Not That Way ...
Only consider the amount of transitional shares of WMIH that you received for your signed release ... Post Reorganization WMIH shares received for your submitted release ... So, if the markers that you held allowed you to receive 100 shares of WMIH at the March 2012 transition ? ... then if I am correct, you will receive 400 more ... a multiple of four'
I am using these numbers as an example only' ... everyone's equation is different of course
Only shares received for your signed and submitted release will count' ... Nothing bought after the fact will be considered
Your markers are the ... BASE ... counting mechanism'
AZ
... Well, You are welcome ...
... I believe we will soon begin to witness the first of a multiple staged event' ... and ... Yes, I believe that the first distribution we experience will be ... cash heavy ... after all of the time that has passed, and interest accrual ... being ... initially cash heavy just makes sense' ...
The stock price can be initially low, as it is and still accomplish many positive things ... if a multiple of four is used initially, then the WMIH-Corp new company has some 800,000,000 million shares (4 times the original 200m shares at reorganization) times a $2.60 cent share value to be able to purchase the assets of WMIIC (it's own sub) which are owned by the Owners of the Original Debtors Estate, ... currently being represented by the WMILT' ... (escrow marker holders) ... So 800m + 200 = 1 billion used of the 3.5 billion now available for the initial move' .. the first of a few'
... Maybe the WMILT is able to also discount ... in an effort to avail a sale' ...
To your other point ? ... Yes again, I do believe the first release of value to be ... cash heavy ...
As we then move forward ? ... the cash releases would obviously diminish as the stock price would rise considering the company's increased value' ...
AZ
... No, I disagree ...
One would have to calculate the amount of WMIH shares received at the transition' ... then apply a multiplier of four, in my opinion ...
AZ
... Cash Doesn't Count ...
any cash returns are a direct distribution' to the owners of the estate - the holders of tracking markers ... only returning illiquid assets need to be an issue of concern' ...
returning illiquid assets' ... owned by the WMI Liquidating Trust WMIIC' ... who's equity is owned by WMIH--Corp
AZ
... There' Are a Couple of Tells' ...
as we all watch the stock being held in this very, very, tight range with the utilization of four decimal point platform moves'
all that have been around here for a long time understand that there is an obvious event on the near horizon' ... considering all of the things that have occurred now in 2015' for this shell corp that hasn't actually changed since March of 2012'
The 12/31/2014 WMIH-Corp 10-K stipulates to the BOD's share award allowance to be increased from 3 million shares to 12 million' shares ~ or a multiple of 4 times (currently the BOD's hold between 350m shares and 400m shares) ~ (for now ? I am not even considering the new guys awards of 1,777,XXX shares received for an outer ring actionable event' ... that is obviously cart before the horse)
if one merely considers the BOD's ~ as things are now'
So' ... my conclusions are the stock price is being held here' at the $2.60 or just below range to maintain continuity with the BOD's last stock award given at exactly $2.60 ... this eliminates any question regarding prior knowledge of an event' soon to come ...
Again, The way I figure this moving forward' ... the price will hold steady right here' in this $2.60 trading range' up to and until there is a "reveal of value" ~ cash and illiquid asset ~ released by the WMI Liquidating Trust / simultaneously with a WMIH release of it's forward actions necessary to obtain the ownership of these illiquid assets' ... (cash is an easy and straight forward distribution to the owners' of the estate')
WMIH-Corp will not use it's current financing agreement, which would is a - debt / dilution structure' (we are paying a coupon on the money, so contrary to some' ... this is a debt structure' and if the B's transition ? the company suffers dilution) so nope' on using the financing agreement initially' the company is still to weak and fragile as merely a shell corporation'
... but instead WMIH-Corp will utilize the only vehicle of value that it has' ... "shares within itself 3.5 billion total allowed" ... as it notify's of a "stock for value" event between WMIH-Corp and the WMI Liquidating Trust ...
we have just watched the share distribution system work with the Trust's recent release of the 1.4 million share overage' ...
once the "share for value" between WMIH and WMILT has been realized ? ... then the stock price will begin to rise' under a normal circumstance ...
my conclusions lead me to believe a four multiplier of a participants transitional shares to begin with' ... and the company will have utilized an additional 800m shares above the original 200m issued at the reorganization' ... totaling, 1 billion shares of WMIH-Corp out' and issued
AZ
... This is NOT' Off Topic ...
... This is a direct presentation from the WMIH-Corp site' ... and is in DIRECT contradiction to what was earlier presented' ...
WMIH-Corp ~ IS ~ the successor to the Washington Mutual, Inc Estate
WMI Liquidating Trust represents the OWNERS' of the Original Debtors Washington Mutual, Inc Estate'
AZ
"WMIH Corp. (“WMIH”) (NASDAQ: WMIH) is a corporation duly organized and existing under the laws of the State of Delaware. WMIH is the direct parent of WM Mortgage Reinsurance Company, Inc., a Hawaii corporation (“WMMRC”), and WMI Investment Corp., a Delaware corporation. On March 19, 2012, WMIH emerged from bankruptcy proceedings as the successor to Washington Mutual, Inc. Upon emergence from bankruptcy, we had limited operations other than WMMRC’s legacy reinsurance business, which is being operated in runoff mode and has not written any new business since September 26, 2008. We continue to operate WMMRC’s business in runoff mode and we are actively seeking acquisition opportunities across a broad array of industries."