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~ So' OK, Regarding; WaMu ~
I get it' ... If the "literal" document wording doesn't fit into one's presented considerations ? ... it is fluffed off as an endeavor in "semantics" ...
... If the complex document wording is just not able to be understood by the reader' ? ... then a simple ... no' ... is presented and utilized' ...
Well, let me add, ... especially now, as we have moved through the sequence of events experienced from the termination of the P&AA through to the numerous events in 2015' ... I would believe that the hand writing is clear and obvious, as placed on the wall' ...
Again, if a participant released as instructed to do ? I firmly believe that a "comprehensive fair and reasonable recovery" ~ as was initially stated' ~ will be ultimately experienced'
For those that are interested' ... The following link to the WMIH-Corp site is helpful in many ways' ... beyond the 2015' Proxy there is also an entry to allow one to access the company's SEC filings'
http://wmih-corp.com/
In my opinion ? for those that chose an alternative avenue beyond listening to the people that negotiated equity(s) involvement ? ... it will be quite costly' as the recovery to it's pre planned fullest begins' ... Begins' to the "actual owners" of the Original Debtors Estate' ... Now' Represented by the WMI Liquidating Trust
~ If the group decides that the legal process, the document dissection and presentation, along with literal wording can not be accepted ? I can not help' ~ it's that simple'
I wish everyone well
AZ
... SGB, ... You Are Welcome ...
Regarding these very, very, important issues and the literal meaning of the wording utilized in the documents, ~ revolving around ~ WMIH-Corp - WMIIC - WMRRC, ... and ... THEIR' documented and obvious connection to the WMI Liquidating Trust, ... Which is Now Owned' ... by the releasing participants and holders of (-esc) escrow tracking markers, IS very, very important and should not be misunderstood, or misrepresented ...
The new company is the "successor" to the WMI Estate as the exiting Plan Approved new company ...
The WMILT, is considered the' and ultimately represents the owners of the estate ... the releasing participants and holders of the tracking markers' ...
... These distinctions among others, ... are an absolute ... must' ... for a participant to understand' ... WaMu 101'
AZ
... HotMeat, No, ... That is Absolutely' NOT Correct' ...
... The ... WMI Liquidating Trust' ... is the final dispersing "Owner" of the remaining WMI Inc Parent Corp Estate(s) assets / cash ..., and will liquidate and disperse per the POR' (s) directives, it's contents as they are returned ...
... The New Company ... WMIH-Corp .. is the "successor" of the WMI Inc, Parent Corp Estate, as the bankruptcy emerging and POR approved ... New Company ...
AZ
... Hotmeat - No, That' Does Not Apply ...
~ WE' ~ are the ... Absolute' and Direct Result ... Of the Settled Plan 7 Court Approved Reorganization, ... period ...
Any attempt to go outside of the Washington Mutual, Inc, ... Plan of Reorganization, Disclosure Statement, ... and ... The Global Settlement Agreement ... IS NOT ... an allowable consideration'
... Our Own now, settled documentation, can not be altered' ... all ... of the attorneys would be aware of this ending and final result within the settled Plan'
AZ
... W3R, Yes I will Try to Help ...
Let's see if this makes sense, ...
~ WMIH-Corp, ~ as the exiting Plan 7 approved reorganized company, ... WMIH-Corp, is the ... "successor" ... to the WMI Inc. ... estate ... (Washington Mutual Inc. - the parent corp)
Now, ... due to the fact that - we - exited bankruptcy via a Plan (7) ... "settled" ... result' ... We' have a Plan determinative, Liquidating Trust' ... (WMILT) ... which is subject to the Plan 7(s) settled distribution matrix or, what we all refer to as the Tranche PayOut Matrix, and described in detail in Attachment H' to the Plan of Reorganization ...
So, as stated' ... The actual ... "owners" ... of the Washington Mutual Inc' estate are the releasing participants holding (-esc) escrow tracking markers in their accounts, and will receive a liquidated result of the WMI Inc, estate as determined by the payout sequence described in Attachment H' ...
Creditor Class participants are Tranche 1 - 4 & interest
General Unsecured Claims are Tranche 5 ... "as if allowed"
Equity Class (the actual owners of the estate) are Tranche 6 ...
So, ... sorry to be long winded, however ... WMIH is the WMI Inc(s) successor to the estate, ... however, ... the distribution of returning WMI Inc(s) assets / cash of the WMI Corp original estate' are the direct responsibility of the WMI Liquidating Trust in the ... order stipulated to within the Plan 7 Settled Result' ...
~ SO' ~ any and all returning ... assets / cash of the original parent corp, WMI Inc ... MUST go through the WMILT ... The WMI Liquidating Trust as their claims against the estate have been settled to be placed within the recovery matrix'
AZ
... Yes' I Get It' ~ But Then, I Read the Documents ...
For those that are truly interested' ~ in their future recovery for their submitted release' ... I will point to a few easy to access documents, that are not so readily spoken of' ... these documents, coupled with the 2015' sequence of events that we have all witnessed, lead to an obvious conclusion' of a future recovery for the original estate' ... and ... a forward movement for the newco'
So again, If one is truly interested in performing DD' regarding their own holdings, ... One could first review the 3/30/2015 release of the WMI Liquidating Trust's 10-K for period ending 12/31/2014' ... very early on in the document' it is referenced, what is considered to be owned by the Original Debtors Estate' ... or' better said' ... actually owned by the releasing escrow marker holders and currently represented by the WMI Liquidating Trust' ... referenced as' ... "other than" ...
Then of course a return to the February 2011 Amended GSA' which lists what exactly was able to be sold to JPMorgan' ... again, an easy document to locate'
Then again, a move forward in time to JPMorgan's own release of it's 12/31/2014 10-K with it's R-203 attachment' ...
I believe it would be helpful for each individual to review just these few documents for themselves' ... due to the fact of ~ misrepresentations being presented ? along with inexperienced interpretations being presented' ? ~ and all the way to changing the literal wording in the presented documents' in an attempt to prove a negative' ... some actions are just shameful' in my opinion
In my own opinion ? at a minimum' a revisit to the WMI Trusts 10-K explains the future that was planned for releasing participants' so very long ago'
Again' ... If a participant released as instructed ? and currently shows their markers intact within their individual accounts ? ... all should be fine' ...
WMIH-Corp is literally NO different no then it was in March of 2012' at reorganization' ... Yes' it has moved to Delaware' ... Yes' it has shuffled around the BOD's, ... Yes' now has an increased share amount available of 3.5 billion shares' ... Yes' it has replaced its original financing agreement' ... BUT' ... who would believe that a newco', any newco' ... would issue 100% of it's allocated share allowance ?, ... or ... who would believe that a newco' would utilize 100% of it's current and in effect financing agreement' ? ... NO' ... this event planned for and now to come ... IMO' will include, a reveal of value from the LT' and then a stock for value event' between the LT and WMIH-Corp' ... and' ... will have multiple movements' forward
WMIH-Corp' needs ownership of the assets belonging to WMIIC (its own sub), currently within the WMILT, ... and owned by the releasing participants'
AZ
... Information Regarding The WMILT & WMIH-Corp ...
Just some information regarding the "mechanics" that are possible as we move forward with what I believe will soon be ...
A): A reveal of value from the WMI Liquidating Trust'
B): A semblance of the mechanics which will be utilized between WMIH-Corp, the WMI Liquidating Trust and what they both have in financial commonality' ... WMIH(s) sub ~ WMIIC'
C): The cash distributions available will be an easy function, and the "stock for value" event addressing the return of illiquid assets' ... using the same mechanics that the LT just used when it released the 1.4 million shares
Entities Created Pursuant to Bankruptcy Plans under Chapter 11 of the Bankruptcy Code
"When an entity (debtor) files for bankruptcy under Chapter 11 of the Bankruptcy Code, a trustee is appointed to handle the bankruptcy. The goal is to reorganize the debtor’s business assets and return the debtor to normal operation in a better financial position. In certain situations, such as one in which a portion of the business operation is to be terminated or sold, a liquidating trust may be created. Generally by creating this trust, the debtor is treated as having transferred the assets to the creditors, and the creditors then as transferring the assets to the liquidating trust, with the creditors being treated as the grantors and beneficiaries of the liquidating trust. The beneficiaries must report each item of income, gain, deduction, loss, and credit of the liquidating trust."
"The deemed transfer of the assets to the creditors is likely treated as a satisfaction of the debtor’s obligation to those creditors for the fair market value of the assets transferred. The debtor may recognize cancellation of debt income as a result, as well as gain or loss from the deemed sale or exchange of the property transferred."
"Under certain circumstances, the trustee of the liquidating trust may establish an escrow account or fund to hold assets that are subject to disputed claims and elect to treat this account or fund as a “disputed ownership fund.” See section 1.468B-9(c)(2(ii). If this election is made, the assets in the disputed ownership fund are not treated as transferred to the creditors and the trustee must prepare a separate income tax return for the fund."
Obtaining a Liquidating Trust Classification Private Letter Ruling
"The IRS in Revenue Procedure 94-454 Conditions Needed to Obtain a Ruling provides the procedures for requesting a private letter ruling classifying an entity, created pursuant to bankruptcy plans under Chapter 11 of the Bankruptcy Code, as a liquidating trust, if certain conditions are met. The revenue procedure cautions that it is not to be viewed as defining as a matter of law the circumstances under which an organization will be classified as a liquidating trust. This determination is made only after an examination of all the facts in connection with the operation and activities of the trust. In certain situations, the taxpayer may be required to enter into a “Closing Agreement” as a condition to the issuance of the letter ruling"
Conditions Needed to Obtain a Ruling
"Generally, the IRS will issue a private letter ruling that a trust, created pursuant to a bankruptcy plan under Chapter 11 of the Bankruptcy Code, is a liquidating trust if the following conditions, listed in Revenue Procedure 94-45, are met:"
.01 "the trust is or will be created pursuant to a confirmed plan under Chapter 11 of the Bankruptcy Code for the primary purpose . . . of liquidating the assets transferred to it with no objective to continue or engage in the conduct of a trade or business . . . ."
.02 "The plan and disclosure statement must explain how the bankruptcy estate will treat the transfer of its assets to the trust for federal income tax purposes . . . ."
.03 "The plan, disclosure statement, and any separate trust instrument must provide that the beneficiaries of the trust will be treated as the grantors and deemed owners of the trust . . . ."
.04 "The plan, disclosure statement, and any separate trust instrument must provide for consistent valuations of the transferred property by the trustee and the creditors (or equity interest holders), and those valuations must be used for all federal income tax purposes."
.05 "Whether or not a reserve is established for disputed claims, all of the trust’s income must be treated as subject to tax on a current basis, and the ruling request must explain, in accordance with the plan, how the trust’s taxable income will be allocated, and who will be responsible for payment of any tax due."
.06 "The trust instrument must contain a fixed or determinable termination date that is generally not more than 5 years from the date of creation of the trust and that is reasonable based on all the facts and circumstances . . . ."
.07 "If the trust is to hold any operating assets of a going business, a partnership interest in a partnership that holds operating assets, or 50% or more of the stock of a corporation with operating assets, the ruling request must explain why it is necessary to retain these assets."
.08 "If the trust is to receive transfers of listed stocks or securities or other readily marketable assets, the ruling request must explain the necessity for doing so. The trust is not permitted to receive or retain cash or cash equivalents in excess of a reasonable amount to meet claims and contingent liabilities (including disputed claims) or to maintain the value of the assets during liquidation."
.09 "The investment powers of the trustee, other than those reasonably necessary to maintain the value of the assets and to further the liquidating purpose of the trust, must be limited to powers to invest in demand and time deposits, such as short-term certificates of deposit, in banks or other savings institutions, or other temporary, liquid investments, such as Treasury bills."
.10 "The trust must be required to distribute at least annually to the beneficiaries its net income plus all net proceeds from the sale of assets, except that the trust may retain an amount of net proceeds or net income reasonably necessary to maintain the value of its assets or to meet claims and contingent liabilities (including disputed claims)."
.11 "The ruling request must contain representations that the trustee will make continuing efforts to dispose of the trust assets, make timely distributions, and not unduly prolong the duration of the trust."
.12 "A trust that is a designated settlement fund under §468B(d) of the Code or a qualified settlement fund under §1.468B-1 of the regulations is governed by § 468B and the regulations thereunder, rather than by this revenue procedure."
The revenue procedure also provides a checklist in Appendix A to be used in assisting taxpayers requesting classification of an entity as a liquidating trust.
As noted above, the trust instrument is required to contain a fixed termination date that is generally not more than five years from the date of creation of the trust. However, in Private Letter Ruling 200938017, the trust was allowed to have a term of up to 11 years. According to the facts of this letter ruling, the original term of the trust was five years, the bankruptcy court subsequently extended the term of the trust by three years, and a later request was made for an additional three-year extension of the trust’s term. The ruling held that an extension of the trust’s term to the extended date would not adversely affect the determination that the trust is a liquidating trust under section 301.7701-4(d).6
It should be noted that the requirement of a fixed termination date of not more than five years from the date of creation of the trust in this revenue procedure differs from the requirement of Revenue Procedure 82-58, which requires a fixed termination date of not more than three years from the date of creation of the trust.
Generally, a liquidating trust will be created in a Chapter 11 Bankruptcy proceeding when the parties have agreed that some of the business operation needs to be disposed of and the remaining portion of the operation will exit bankruptcy in a better financial position. It is not clear whether the IRS would grant an extension of the three-year term under Revenue Procedure 82-58.
Conclusion
"As noted above, the use of a liquidating trust may be an efficient way to either terminate a business or, in the case of a Chapter 11 bankruptcy, dispose of a portion of the business or some of the business assets. In both situations, the liquidating trust is treated as a grantor trust and either the entity’s owners or creditors are the beneficiaries. Additionally, the principal purpose in both situations is to protect and preserve the trust’s property for the beneficiaries during the winding-up period."??
... I've Worked on An Understanding of the Process ...
I understand the basic questions regarding the when and how much, ... The questions are a normal concern for those that have been hear for so long' ... But no one knows the literal answer to these defined questions ... I believe the process to be ever evolving forward, and no one is sure of how long this will go on ? ... or, how much the final result, individual financial reward will provide ...
Everyone remember, ... Whether equity had been allowed to participate in the final result or not' ... Plan 6 or Plan 7, ... NOTHING was destined or able to move forward regarding the newco until the closing of the P&AA plus the allotted days anyway ... The full six years, plus' ... was assigned and allowed at the onset Sept 2008'
If I were to give an opinion ? ... The mechanics of the process will begin to unfold prior to this years end and continue on for a few years into the future, as the illiquid assets are dealt with in returning increments ... Again, IMO ? This will be done in multiple actions as assets are returned ... If one considers one swift move ? There just aren't enough shares in newco' at our current mid two dollar value, nor does the newco, have near enough cash' ... even if they utilized all of the financing agreement' (which is silly to consider) ... it just doesn't amount to be anywhere close to enough' ... Nope' ... This process will happen over time and multiple events ... as the company is able to acquire ? so will the stock price grow accordingly' ... My humor' ... I like to say, the only thing grown organically around here, has been the share price ... A rip' on those that beat the NOL drum as our only value back when' ... NOL's being our only value ? ... Not Hardly' ... I guess those people missed the study of ... The other WaMu Bankruptcy, WMIIC, ... and ... what DID NOT belong to WMI Inc;(s) sub' ... WMB'
Now, contrary to a few representations, here and on other forums' ... I've never defined amounts or time, without adding my opinion ... awhile, ago I saw no more obstacles and humorously posited a 2.5 result ... again, IMO ? my own 2.5 posits' as a return is quite conservative, all things considered ...
Returns, will be a combination of cash / illiquid assets ... cash' is an immediate and an easy distribution and the illiquid assets will be a bit more involved, as the Liquidating Trust will work with WMIH-Corp to accomplish the move forward for both the LT and WMIH ...
Right now ?, ... The WaMu process makes sense to me ... I have experience within our legal system, and I DO NOT make judgements of any right or wrong, ... This is " Civil Law" ... on.y the financial recovery matters, and if one becomes emotional ? ... They have already lost' ... seriously, only the ultimate accomplishment matters and the process that was used just makes sense' ... So, again in my opinion, was it all wrong ? I don't know ... Was it legal ? obviously YES' ... So, currently, I know what has already transpired, and I am watching the steps, now being taken by WMIH ...
Also, remember the R-45' ... The LT is a pass-through, so no gain or loss is allowed ... but' ... the company can still use its potential tax benefits ... Capital Loss is a five year pure number, ... only some 17 months remain' ... just a portion of my thoughts'
Initial returns should be cash / assets combined ... with interest' ... I hoped that helped answer ...
AZ
... Boris, ... Again' ~ Spot On' ...
The WMI Inc' estate was obviously quite' ... "massive" ...
and the future, positive financial returns will be achieved and experienced from many, many areas and avenues, ...
Just consider the stock itself in its present form, as a stand alone, the stock has actually done quite well, from March 2012, to where it is today' ... and ... KKR, has only stated it will not ... "short" ... Us' ... ( or' themselves? - my own sense of humor') ... until next year ? ... I doubt KKR has a need to short a $2.50 cent security ... so I figure maybe next year ? We get to ... shortable pricing ? ... just sayin'
and' ... as the company, in its true and present state, isn't really any different than it was at the reorganization in March of 2012 ? ... and yet, ... the NASDAQ' ... thought we were interesting enough to approve an up-list ? ... go figure' ...
Nope, ... We' ... Currently Have ... WMIH-Corp' ... WMMRC, ... WMIIC, ... and the obvious connection between the company, it's sub, and the WMI Liquidating Trust ... but, we also have the finalization of the FDIC-R and the FDIC-C issues moving forward ... The final rulings regarding the FDIC / JPM / DB / WMB ... issue' ... and maybe, ... (doubtful, but maybe IMO) ... the receipt of an LTI issued from the BK Court, at some future point' ...
... Lots and Lots of ... good' ... coming to those that listened and released and became owners of the estate' ...
Heck, the Judge said To Release' ... The debtors own representation said To Release' ... Equity's Representation said To Release ... It wasn't ... rocket science ... To Release was the obvious right ... "thing to do"
AZ
... Boris, ... When Plan 6 Failed' ? ...
~ in, July of 2011 ?, ... not only were the snh's drug through the public ... "mud" ... Obviously in open court and in the media, ... They' ... also collectively lost exclusive control of billions & billions of dollars, when equity became succesful and achieved Plan inclusion ... Plan 6, was designed to end at the hybrid security, the piers ... THAT, ... did not' happen ...
Equity, not only achieved ownership of the "Original Debtors Estate" ... but also, as the last receiving class, ... Ownership of the Reorganized New Company' ... WMIH-Corp
None of them, were willing to gamble on a war with Susman, and the possibility of a Court Described ... "equitable disallowance" ... no, absolutely not' ... Susman was to powerful and the gamble to be totally excluded, to great' of a risk to take'
However' ... as is obvious, many have remained seriously upset to this day' ... however, ... at this point in time ? ... it doesn't matter ... "it is what it is" ...
WMIH-Corp, ... Continues to be connected to the WMI Liquidating Trust ... via ... it's sub ... WMIIC'
AZ
... Without Markers ? It's Gonna' Be Rough ...
Yes' ... as WMIH begins to do business with the WMI Liquidating Trust' ... it will be very difficult for those to watch and had the chance' to participate back in the first quarter of 2012' ... Everyone' was TOLD exactly what to do' ~ RELEASE ~ by the inner circle' ... and still' some' chose an alternative option' ...
The (-esc) escrow tracking markers placed in an individual participants' brokerage account, received for a submitted release, ... designate the "holder" of those markers' as an Owner of the Washington Mutual, Inc "Original Debtors Estate"
Now' ... I will dissect the paragraph which is current as of today' and placed on the WMIH-Corp site so it's meaning can not be misunderstood' ...
A; ~ (NASDAQ: WMIH) is a corporation duly organized and existing under the laws of the State of Delaware ~
B; ~ WMIH is the direct parent of {---} WMI Investment Corp., a Delaware corporation. ~
C; ~ WMIH emerged from bankruptcy proceedings as the successor to Washington Mutual, Inc. ~
... and' ... the following is the full text for review, ... however' what I have separated is what is important' ...
"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"
ADDED; ... as LG', Boris, FWH', Board, Tanja' and so many others have said' (and' Thank You to You All of course') ... "if you own markers ? you should luv' them ... a lot'" ...
~ hopefully, everyone released' that is still here' ... right ? ~
AZ
... Considering' the WMIH-Corp(s) Own' Site' ...
So' a quick recap' ... The OTS / FDIC (s) - 9/25/2008 - seizure of ... WaMu' ... put' all things ... WaMu' ... in a brown paper sack' and - legally - threw' it all over to JPMorgan' Bank N.A., as it's own designated receiving bank' ... and ... protected all of - IT'' - from any' review under the 1934 Act(s) security blanket for the full time allowance given' by the same' ... six full years plus 180 + 30 / 60 + or - ... or ... the 9/25/2014 termination date plus 180 days' plus or minus 30 - 60 days' ...
A review of JPMorgan's own' SEC Filings' ... (the' 12/31/2014 10-K + R-203 attachment & the' 06/30/2015 10-Q) ... adding to those little nuggets' consider what' WMIH-Corps' has accomplished and disclosed throughout year 2015' ... this, paints the picture of the future to come for; ... (the following, is direct from the company web site')
"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"
... Soooo' ... if anyone, anyone at all', wants to acquire a piece of the "WMI', Inc - Original Debtors Estate" ... Pie' ? ... They have to deal with ... me' ... as one of the many owners of the "WMI, Inc Original Debtors Estate'" ... now, represented by the WMI Liquidating Trust and designated by the escrow tracking markers placed in my own brokerage accounts as a receipt for my signed releases given in the first quarter of 2012'
Again' ... WMIH-Corp is still the same old empty shell that it was in March of 2012' ... the only thing of value it has, without debt or dilution are the 3.5 billion shares, ... "stock for value" ... So' ... WMIH Corp has to deal with the WMI Liquidating Trust' ... which owns the assets of WMIH's sub ~ WMIIC' ... if' ... WMIH wants to acquire ownership of the assets within it's own sub'
~ everyone released' ... right ? ~
AZ
... So, This is Where I Am At ...
Within' my own' study, research and securitization of outside assistance when necessary' ...
... I know we obviously' have value' ... (The WMI Original Debtors Estate' and ... me' ... as one of its current owners) for my submitted and signed release' ... and as a recipient of my own markers, ...
... I know the POR, the DS, and the GSA, to be correct' ... just terribly, terribly, misunderstood by a few' ... mb, po$ster$ ...
... I know JPMorgan, was not subject to the WMI Bankruptcy' ... in its true literal sense' ...
... I know what the Plan and The Trust says regarding value' ... ( ~ other than' ~ )
... I know what the documents reveal regarding WMIIC ... (The ... other ... Washington Mutual Bankruptcy)
... I have studied the P&AA to a level of probably being able to recite most of it by heart ...
... I know what JPM' has now' revealed in it's 10-K and subsequent' 10-Q ...
... I now' know what steps the company has taken since the P&AA's termination' ... (09/25/2014)
... I guess ? we need to have some semblance of a cash / asset value' revealed' ... (I figure 70% cash / 30% illiquid as a guess')
and then' ... I sort of figure a multiple staged event, building the company, and increasing the share price' as we make multiple transactions of a "stock for value" event between the TWO' as illiquid assets continue to be returned' ... again' ... cash distributions are a no brainer'
AZ
... Cura, - Yes, - in Response ...
... Considering all issues, as we have moved forward, ... The way I consider our current situation, ... Next up ? - should be a reveal of value from the WMI Liquidating Trust ... giving WMIH-Corp a target of value to attempt to aquire' ... obviously as the two, WMIH and the WMILT remain connected ... via' ... the sub' ... WMIIC ...
WMIH-Corp, isn't any different now, than it was on March 20th, 2012 ... other than the logistical moves we have witnessed ... the move to Delaware, ... the increased share availability, ... the shuffle around the BOD's ... etc, etc,
So, ... since a ... "merger" ... isn't mentioned in the current financing agreement as a - qualified action' - ... and an ... "acquisition target" ... can not be larger than the company at hand in its present state, without screwing around with the "we believe" potential tax benefits' ... Capital Loss or Net Operating Loss, or a utilized combination of the same ... then what ? ... right ? ...
So, ... what makes sense to me ? ... is an internal move between WMIH-Corp and WMIIC ... once the WMI Liquidating Trust, releases a reveal of value - and a target value for WMIH to attempt to acquire with it's only actual currency of value' ... shares of itself, ... now, increased of course to 3.5 billion available and now also, more stabilized after moving to the NASDAQ' ...
WMIIC asset value which belongs to the WMI Liquidating Trust' ... cash and assets' ... as the (-esc) escrow tracking markers, a participant received for their submitted release, are utilized as the counting mechanism to determine to what level one will receive their individual allocation of return ...
again, ... the cash is an easy distribution, and we now know how a share distribution would work, ... again, now after we have witnessed the LT recently distribute the 1.4 million share overage'
... These are my conclusions and opinions, and why I'm sticking around' ...
Per the Plan of Reorganization, The WMILT, owns the assets within WMIIC, and WMIH-Corp owns the equity value' ... WMIH-Corp, other than using its financing agreement, putting the company into debt' and dilution if utilized, only has its own shares as a value of currency, to do business with the WMILT ...
Also, WMIIC ... IS ... eliminated upon consolidation, ... and' ... the recently updated 2015' WMIH Proxy, explains how all of these actions can be accomplished, ... without the need for shareholder approval' ...
AZ
... Denny, Yes' We Are On Our Way ...
... This is the beginning ... and ... very long awaited great news' ... Good Luck to Everyone' ... more to come'
(an empty shell trading on the OTC can't talk any smack)
AZ
~ Well ? ~ Welcome to' - The NASDAQ - kid's ~
Name of each exchange on which each class is to be registered
The NASDAQ Stock Market LLC
Item 2. Exhibits.
"Pursuant to the Instructions as to Exhibits with respect to Form 8-A, no exhibits are required to be filed because no other securities of the Registrant are registered on The NASDAQ Stock Market LLC, and the securities being registered on this form are not being registered pursuant to Section 12(g) of the Exchange Act."
http://ih.advfn.com/p.php?pid=nmona&article=68626013&symbol=WMIH
AZ
... Oh' STOP ~ Just STOP ...
let's get real' ... there was a group of shareholders that "thought" that they made a difference but did not' change a thing' ... the group of retailers you mention made absolutely NO difference' ...
~ Name One Accomplishment' ~ other than costing the estate time and money or filing against our own representation' ... enough already'
~ Nate Thoma ~ was not a party to this so called group either' ~
Most retailers were simply "smart" enough to let the attorneys and equity's representation handle the work load' ... and ... they obviously did quite well ... even considering the constant and unnecessary interruptions by inexperience participants
AZ
~ Regarding WMIH ? I'm Invested in MY Own Study & Research ~
... To all' being painfully direct' ~ When I thoroughly review this newly reorganized company on the surface, as it currently appears since the March 2012' Plan 7's Implementation and birth of WMIH ...
If I merely take into consideration what knowledge is currently available of this company into a defined consideration for investment and involvement, This company would be considered, by me' to be a very poor investment and choice' ... Let me explain'
Again, ... on the surface, WMIH-Corp is absolutely nothing' ... an empty shell of a corp' with the availability of a replacement' financing agreement provided by Citi and KKR, ~ with' after three plus years' continues to NOT give the impression of any forward direction ? or any positive movement' ... merely a healthy and expensive' BOD's with a couple of employees, a PMI Insurance sub' WMRRC ... that IS NOT writing any new business and is and has been in run-off and another sub' WMIIC, which is kept extremely close to the vest, to the level of filing inconsistent SEC reports K's & Q's'
Also, ... Let's NOT forget the last three shareholder meetings which have continued with the same bit of nonsense' ... "that we are currently looking at hundreds of M&A possibilities" ... three years in a row ? ... "baloney" ...
So, ... I question myself ... WHY ? ... WHY do I remain a seriously and heavily financially involved investor, in what appears on the surface to be, not only a waist of time and energy, but also a silly investment'
Why would I remain invested in a company that has a problem being forthright' with its shareholders' ? ...
So, I answer myself ... I remain invested in WMIH-Corp due to my own research and study of this entire process since prior to the Sept 2008 seizure of the "Original Debtors Estate" ~ WaMu' Concluding that I remain invested in my own and because of' my own DD and knowledge of what has actually occurred, ... NOT what WMIH-Corp appears to be'
I stand fast in the presentations I have made here and in other places' ... and ... I watch for the release of valuation being accepted by and beginning to be returned to the "Original Debtors Estate"
Once I, as a shareholder, am able to view some semblance of a valuation ... then the multi faceted mathematical equation will begin to make sense' ... I believe it all happens rather quickly'
There are many avenues for recovery, ... The FDIC-C ?, The FDIC-R ? The possibility of one being issued a Liquidating Trust Interest ? ... Or' ... What WMIH-Corp has already put into place this year 2015' for what appears to be a forward movement'
AZ
... Cura', I See This as a Multi Issue Event ...
let's see' ... Many of the original Washington Mutual Parent Corp owned "Trusts" (illiquid assets) maintained their registration and operations out of The State of Delaware' ...
as previously discussed' ... The State of Delaware, maintains the availability of legally issuing and operating "Complex Trusts" like no where else on the planet earth' ... The "Trusts" (illiquid assets) continued to be registered and owned via the sub WMIIC' ... This was a WMI Parent' function going way back in time' ... WMIIC has always been registered as a Delaware Corp and sub of WMI' ... now, as a sub of WMIH-Corp' or a continuation as the offspring of Washington Mutual via a reorganizational and settled' result
SO STOP FOR A SEC'; (WMIIC(s) cash' along with everyone else's was kept at WMB and scooped up at seizure on the 25th' (reference "Landefeld") ... also ... the WMI parent corp owned Trusts' held within WMIIC on the 25th' were seized and the necessary servicing (mortgages) went to JPM' ... which lead to WMIIC(s) filing on the 26th (the day after) revealing' NO Debt' No Creditors' and between $500 m and $1 billion $'s worth of short term ... the long term Trusts' had been scooped up in the seizure')
... So' back to your question ... WMIIC has always been a reality of value' from the very beginning ... once the new company reorganized' ... WMIIC had always been in Delaware' (along with the WMILT) ... and WMIH reorganized in The State of Washington' ...
Now' ... here is where I may become confusing, but stick with me' ...
According to Delaware Law' ... a parent can move to within one of it's subs' or vice versa' ~ either is Okay' ... In Washington, a sub can only move to within it's parent' ... So' ... WMIH-Corp had to move to where WMIIC and WMILT are and have been' already registered ? and, and, and,' ... WMIH-Corp needs to be able to move to within its own sub WMIIC ~ not the other way around' ... WMIH-Corp is nothing' ... WMIIC is where the goodies are' ... (my conclusions and opinion)
So, ... have we been notified via an 8-K of a material event yet ? ... NOPE' NOT YET'... so far ? everyone is just in a place where it can all now happen legally' ...
AZ
... LG' As Always' A Great Presentation ...
Yes, all of these issues you mention, regarding WMIH-Corp and its 2015 movements are very, very relevant' ... These items along with a read of the WMIH-Corp 2015 Proxy, recently updated after the 4/28/2015 shareholder meeting tell of an interesting and obvious plan' to move forward' ...
Again' ... In my opinion, we will experience first' a "stock for value" event between WMIH-Corp and the Liquidating Trust (WMILT) ... and ... and then, secondly once an actual valuation has been realized', a "forward split", in the neighborhood of four or five to one' to equal out the Current Company Holdings between our existing BOD(s) and the amount of share award given to the two new guys upon an actionable event' ...
Everyone released and received their markers' ... Right ? ...
AZ
... Is Everyone Discussing' The Same BK & Newco ? ...
It just appears that there are those that missed very critical need to know information throughout the complete process and merely considered only one side or portion of the WaMu process' or as I refer to it as the publically displayed, Court Room part and side of the process' 9-26-2008 thru to the reorganized implementation' 3-19-2012 ...
and now, have a need to merely comment on an after the fact basis' of issues relevant at the time' ... now ? ... it's obviously to late to take any action' ... now ? ... it is merely a matter of who' chose to be involved by submitting their release' and who did not' ... not any big deal' really, ... an obvious individual choice'
The newco ? WMIH-Corp as a stand alone OTC stock ? Heck, I don't know' - from 50 cents in 2012 to $2.50 now in 2015 ? ... not so bad for a company that has literally done absolutely NOTHING other than "talk" since it's inception' ~ "talk, talk, talk and no action" ~ seems just a bit weird in my opinion' ... why all of the continued nonsense if this company is just a zero endeavor ? ...
Regarding the TWO' Chapter 11 Bankruptcy Filings submitted by WMIIC and WMI' on 9/26/2008 ... I surely do not see any difficulty in following the process of each of them as they moved forward within the Delaware BK system' ...
Regarding WMIH-Corp and its TWO subs' ... WMIIC and WMRRC ? again' the list of actionable movements made in 2015 alone is noteworthy' ...
So, back to my question that usually jumps off the page whenever I visit the conversation here ... has everyone followed the complete sequence of events regarding WMI' & WMIIC filings and then WMIH-Corp and its TWO subs WMIIC and WMRRC ? ... because it appears that some remain unaware of, or don't understand the complexity of serious issues that have occurred'
I wonder what the next issue or newly uncovered due diligence to be presented will be and how that issue will be countered, and as can always be predicted' after the fact'
AZ
... W3R, yes that is 100% correct ...
The following is based on my own DD, Study and Research, of this entire WaMu deal, and is posted as my own conclusions and opinions ... and ... the reasons that I remain heavily invested ... escrow markers, ... subordinated debt, ... and shares in WMIH-Corp
Equity participants, referred to as retail shareholders, were never supposed to be involved ... nor, were they ever expected to be included in the final WaMa Plan approved result and a reorganized company (newco) ...
Had WaMu actually accepted any of the earlier 2008 bids submitted in the $8.00 (ish) range prior to the seizure for purchase ? ... The shareholders, equity, common shareholders, would have received the benefit of a buy out' ... When Paulson said to WaMu ? ... You should have accepted JPM's offer ? ... again, complete and total bull cr@p ... again, the shareholders, equity would have benefited as the true owners of the company ... which wasn't planned nor wanted to be the end result' ...
Nope, this was about big value and was set from the beginning, ... The TWO bankruptcys, WMIIC and WMI, were designed to lock it all down within the protection of a Delaware Chapter 11, and had the ability to secure the values of WaMu for a future tense and Plan approved reorganized company ...
Remember , the time line and sequence of events, ... 2008 - The FDIC was in deep trouble and so was JPM, ... the word was out regarding the WaMu filing on the horizon, as is revealed in Citi's, Sept 17th press release, ... we all obviously know what happened next, ...
So, ... after the Sept 2008 seizure ? ... The FDIC could breath a much needed sigh of relief, and JPM easily paid a 1% administration fee for access to the WaMu 189 billion dollar deposit base' and the immediate availability to service the massive WaMu loan file for six full years without interruption ...
... So, the Plan is ultimately approved, which allowed JPM the timeline of the P&AA's unfettered access through 9/25/2014 and the releasing equity participants were included' ...
So, Are the Deep Pockets still here and do they still expect their original plan for the reorganized company to come full circle ? ... You betcha' ... It just took a bit longer than originally expected, and now there are some releasing equity participants to share with' ... That' shouldn't be a problem though, there should be plenty to go around ...
Lawyers and Hedge Funs always win, ... except this time ? for those that released ? This one time ? In my opinion this will work out just fine' for those that listened and received their transitional shares and escrow tracking markers ...
AZ
... I Agree With The CG Ownership Premise ...
However, ... While I agree, I consider this in a bit of a different way, as I refer to it as a ... "stock for value" ... event' between WMIH-Corp and the original transitional share owners, ... or, the releasing participants, as owners of the "Original Debtors Estate" ... now, represented by the WMILT
For this to occur, ... The WMILT' or the Liquidating Trust, has to release information regarding a returning or newly acquired value event ... a value event, giving WMIH-Corp a value goal to want or need to acquire moving forward as a publically traded company with 3.5 b shares available ...
Currently, ... the LT shows nothing of value for WMIH-Corp to be interesting in ? or to be issuing stock for ...
Now, as I believe in a "stock for value" event to occur, as we are moving forward ... I also, believe ownership percentages of the company are important, I do not believe net operating loss possibilities able to be utilized, out some 20 years, to be the driving force ... Capital Loss ? - maybe ... Again, in my opinion, the value is within the sub' WMIIC
Also, add to the conversation the concept that, from the beginning, your counting mechanism, or the "escrow markers" in your account received for a release, are basically locked down, other than a life changing event' ...
AZ
~ 7,854 @ 02/27/2015 = WMIH' ~
last reported' as of the day before the shareholders meeting' (WMIH-Corp site)
~ Liquidating Trust releasing participants' / (-esc) marker holders' is a similar number ... ball park = roughly 8,000 ~
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
Boris, We All Wait Together
We all know that the retail participants are the much smaller percentage of participants here, and the extremely long wait has been grueling on our own regular and normal people' ... Sadly, beyond "lifes" natural occurances, doubt' continuously placed, can also sometimes cause uncertainty and lead to a participant giving in and selling their portion of these very valuable new company shares ... remember, ... there are still only 200m (ish') shares out, available, and able to be traded on the OTC platform since March, 2012' ...
Currently, regarding WMIH-Corp, or either of its TWO designated subs' ... once a forward movement, or any movement, or actionable event is announced ? ... 202m (ish') shares out are literally nothing' comparatively ... and this thing explodes ... ask, our old companion and friend "Tzeebedee" just how tightly this thing is wound'
Regarding the wait ? ... I simply hold on to the known basics' ... The P&AA was fluid until it's 9/25/2014 termination ... contractually placed into process on the 25th, ... the day before' the TWO WaMu BK' filings ...
So, prior to any consideration of equity's consideration or involvement in Sept 2008 ? ... the snh's would have known that nothing could move forward until at a future minimum, ... until, the P&AA's termination (9/25/2014) plus 180 days according to the contract, and then, plus or minus 30 - 60 days' ...
So, ... Then I move forward into what steps have been taken in preparation of a possible event to occur ? ... again, as I shared in an earlier post' ...
From the Jan 5th, 2015' completion of the financing agreement, to the March 24th, 2015' LT(s) Press Release, to the forward movement of the shareholder meeting to April 28th, 2015' to the requirements to be accomplished by WMIH by July 5th, 2015 (now completed) everyone knows the list'
So now ? ... We' all watch and wait together ... Retail participants awarded by Plan 7's allowance to participate ? ... also, and along with the snh's ...
Sometime's now ? I think of myself as one of the snh's ... except in stead of standing for ... "senior note holders" ? ... for me ? ... snh's stands for ... "seriously not happy shareholder" ... why ? because I'm tired of all of the nonsense that we have all been fed' ... however, I remain solid, because I believe in my own study, research, and due diligence, along with the help of many, many more
Good Luck to us All
AZ
~ You Are Welcome, LG' ... my own DD ~
continues to lead me to an ultimate conclusion of a "stock for value" event between WMIH-Corp and the owners of the "Original Debtors Estate" (the releasing participants and holders of (-esc) escrow tracking markers) ... and then a WMIH announcement of a forward split to equal out the existing board members share accounts with the two new people coming on deck at a qualified action' ... (a four or five to one forward split' evens out the field) ...
As you know, ... I believe the framework for the massive values of Washington Mutual to be secured within the illiquid assets, held in WMIIC at the time of seizure, ... The other WMI Bankruptcy, (WMIIC(s) ) planned for a future reemergence within the eventual plan approved reorganized corporation (the newco) ... During those early days in 2008' ... an equity participation or even an equity's existence, was never a consideration ...
In September of 2008 ? ... neither the FDIC, nor JPMorgan wanted the ending and Plan approved reorganized company, ... we all now know what their individual goals were, ... however, ... the snh's were needed', and promised the award of the reorganized company for their assistance ... again, we all know what happened, and how they' ultimately ended up having to share the result with us' ... the releasing equity participants ...
In September of 2008 ? the future of a reorganized newco was an unknown, ... but an obvious gamble on the future, the snh's were eager to take ... thankfully, ... we, equity are now also included'
In My Opinion, ... the future looks very bright ... especially, for those that listened, trusted, released, and are paying very close attention'
Good Luck to Everyone'
AZ
... Oh' ~ and an observation ~
Maybe meaningless, ... however, ... I recently went through an in depth investigation regarding SEC filings as revealed to shareholders ... The conclusions revealed were, the most recent information is the most accurate ...
So, ... Chase(s) ... 12/31/2012 released 10-K which included the R-203 attachment ... referred to Washington Mutual numerous times, discussing many, many issues
Now, ... Chase(s) ... 8/3/2015 released 6/30/2015 10-Q only makes one mention of Washington Mutual ... so maybe we are moving forward ?
AZ
~ WMILT = The Original Debtors Estate = the WMIH Target ~
That simplicity ? remains to be an accumulation of my own conclusions, my own opinion, and the reason that I remain heavily invested here on many parts of WaMu ... (markers, subordinated debt, and WMIH shares)
so far ? nothing has changed and nothing negative has actually occurred, other than the ... wait' ... also, let me add that WMIH-Corp has TWO subs, ... WMIIC and WMRRC ... This is important ...
This is simply part of the lenghly process moving forward, ... Currently, we don't know how long it will take for the FDIC to return non-WMB assets to the Debtors Estate, it could happen at any time now, moving forward, it could be a matter of a few days or still months' ... Again, as I have said, I see no more obstacles, now that we are beyond the P&AA(s) termination
As a brief consideration, ... on the surface, taking the minimum amount of information made available to us (retail participants) into consideration, ... it appears the true believers in an eventual positive recovery, are in very, very good company' ...
Citi and KKR, as publically traded companies, with their own responsibilities, would have performed extensive market analysis on WMIH-Corp prior to entering into our current and in place financing agreement' The now completed, 1/5/2015 Rights Offering
Our current BOD's would not have found it necessary to secure the specific talent acquired with the hiring of the two new guys'
WMIH-Corp has now completed its required move to Delaware
WMIH-Corp has now increased its available share count to 3.5 billion shares available
The Company(s) 2015 Proxy, updated and now current since the shareholder meeting refers to Company forward moves, that do not require shareholder approval
... and' ... for a reason still unknown, ... the shareholder meeting was moved up to 4/28/2015, and these company moves, were mandated to be voted on ? approved ? and completed by 7/5/2015,
I'm watching for an 8-K, and a reveal of WMIIC(s) importance and the role it will play into our future moving forward, ... also, ... The 3/24/2015 ~ WMILT(s) ~ press release, had purpose' ... WMIIC = the other Washington Mutual Bankruptcy Filing ... One was for WMI and one was for WMIIC ... Filed symultaneously
AZ
... Yes' LG, The Constant is "Separation" ...
... That one particular word, explains a tremendous amount of individualized Due Diligence ... Then once a participant considers the "Separations" ? ... The process begins to make sense ...
Separate, the TWO distinctly separated bankruptcy filings by Washington Mutual, the parent corp ...
Separate, the definition of WaMu, simply convenient and utilized for ambiguity so many times ... but remains merely an advertising moniker, nothing more, ... (within the legal presentations ? the court demanded a defined reference)
Separate the Washington Mutual Parent Corp, from it(s) banking sub' ... WMB ...
Separate, what the FDIC was actually in a position to seize
etc, etc, etc
AZ
~ The 1.8 billion paid and being referred to ~
was nothing more than a procedurally required payment, equalling 1% of the seized banks deposit base ... paid by the designated receiving bank to the FDIC as an administration fee ...
This administration fee paid to the FDIC, by JPM (the receiver, in our case) is a separate consideration from the WaMu Estate ... JPM paid a 1.8b admin fee to the FDIC, to gain access to the WaMu deposit base, in an effort to service the 188 billion dollar WaMu customer deposit base
All FDIC seized institutions do not have a receiving bank, or a parent corp in BK protection, ... however ... ALL FDIC seized institutions with a designated receiving bank, all have the same thing in common
... the receiving bank' is required to procedurally pay a 1% administration fee to the FDIC to access the servicing rights to the seized financials deposit and customer base' ... The FDIC does its best to maintain the customer continuity, and charges a 1% administrative fee for the transfer ...
Yes, a banks deposit base is considered a liability for accounting purposes, because the funding is actually owned by depositors, ... however, a banking structure can not function without a deposit base'
AZ
... Yes' I Know ~ That Wasn't the Point ...
... There are a few that continue to believe JPMorgan Chase acquired all that was ... WaMu ... for a 1.88 billion dollar payment' or a payment of 1% of the deposit base' paid to the FDIC for the initial deposit required by the FDIC ...
The FDIC requires the 1% of the deposit base to be paid by all receiving banks upon seizure' ... There was no difference this time' ...
However' ... Back on the point' of discussion ... JPMorgan DID NOT aquire all that was ... WaMu ... for a mere payment of 1.88 billion dollars
AZ
... A Deposit Base Can Not Be Purchased ...
The cash available within a banks deposit base is not something that can be owned or purchased' ... the deposit base' of any bank is only something that can be utilized' ... the deposit base belongs to the depositors'
JPMorgan will never OWN the deposit base' ... it is only able to provide service within it' ...
Similiar in fashion to JPMorgans servicing of the WMI Loan File' ... JPMorgan is able to profit from the servicing' ... but can not own the deposit base ever' ... and has to pay for any part of the Loan File that it needs to'
the "initial payment" is 1% of the deposit base' ... a standard fee paid' for a receiving bank from an FDIC seizure'
This must be quite difficult for those that have not actually reviewed the process or filings or are actually just inexperienced' ...
... This will be quite the life changer, for those that paid attention and chose to objectively review all things ... Both of the BK's ...
... Keep an eye on and Watch the newco' ... (Those two new guys are not getting 5 times the amount of shares owned by Mike W and Eugene D' just for showing up to work') ... Nope' ... I believe we are going to see a 5 for 1 forward split' ... and WMIH-Corps equity owned in WMIIC will financially absorb any price dilution'
... WMIH-Corp (the parent) will move to WMIIC (the sub) - legal in Delaware' ... (my conclusions)
AZ
... JPM Paid a 1% deposit for WaMu's Deposit Base ...
JPM needed the liquidity of the deposit base'
~ and ~ as the FDIC designated receiving bank' also received the servicing rights of the WMI Loan File ...
This WaMu deal is far from being over' ... I believe the fun will start in short order' ...
Remember' ... WE (equity) are definately not alone ? nor, were we ever actually supposed to be included' ... BUT' ... Here we are just the same'
AZ
... Boris' ~ Regarding the Posit ...
First, Thank You ... However, let me say, When it comes to the correlation between WMIIC and WMIH-Corp' ... or as I refer to it as the "other" WaMu Bankruptcy' ... The subject of the Court's Posit is always in the back of my mind' ...
Upon my review of the filings' ... I always remember' ... Weil, as the debtors representative for both Bankruptcy's that were filed (One, actually listed them' as in house representation) ... also filed to have both Bankruptcy's to be combined procedurally' early Oct 2008 ... the 2nd from memory' ... The Landefeld filing "in support of" was filed on Oct 6th 2008' ... BUT was written and signed on Sept 26th, 2008
(WMIIC filed for BK ~ filing # 0001, ~ with zero debt and zero creditors' ~ so, without debt and creditor filings' it's contents would never be in question, as I said earlier' ... Landefeld tells us that WMIIC(s) cash at the time of seizure was also held in WMB)
So, ... Judge Walrath actually was the person that signed the Oct 2008' approval to have the BK's combined procedurally, and obviously had full knowledge ...
Now' ... move to early 2010' ... Equity Filed to request "discovery" of the initial combining of the TWO BK'(s) ... this request for discovery is imbedded within equity's filed request for a shareholders meeting' early in 2010'... IMO ? Equity knew'
In early August of 2010' ... Equity allowed their earlier request for a shareholder meeting ... and ... a review of the allowance of the combining of the BK(s) to not be pushed for' ... they simply let their earlier request go'
THAT' is when the strategy to obtain equity's ultimate involvement in the end result' began with the initiation of the first "Standing Motion Filed" ... ending. of course four filings later' at Filing #8179 "The Standing Motion" filed on the "eve" of the Plan 6 confirmation hearing' ...
AZ
... Remember' ~ Regarding WMIH-Corp ...
As stated within the 2015 Proxy ...
in the State of Washington' ... a Parent Corp can absorb one of its owned subs'
however'
in the State of Delaware' ... A sub of a parent can absorb the parent corporation' so, a parent corp can move to within one of its subs' ... (and of course, as in Washington State, the other way around)
I believe that WMIIC will absorb WMIH-Corp ... also from the documents' ... regarding WMIIC' ... "IS eliminated upon consolidation"
I maintain' ... Our Future Looks Bright' ...
AZ
... TODAY' There are 202m Shares Available ~
However, as we all watched ... By July 5th 2015' The Company needed to;
Relocate to Delaware'
Increase the available share allocation to 3.5 billion
And; ... readjust the BOD's
Also' ... the two new people were brought on deck' and are designated to be issued 1,777,000 (ish') million shares in the new company (WMIH-Corp) upon a qualified "action" ...
Now, ... the current BOD's all average in the 350,000 share ownership range' ~ Mike & Gene ? roughly 400,000 shares' ...
So, ... awarding these two new people such an increased amount of shares ? I find to be a bit dubious, considering all things'
Here are my conclusions' however' I am not sure of the timing sequence ...
The company (WMIH-Corp) will acknowledge the "equity value" within its recorded sub WMIIC'
The company will begin to purchase ownership of the "assets value" currently held within WMIIC and owned by the Original Debtors Estate'
The company will announce a forward split' to accommodate its needs to value and the existing BOD's accumulated shares will be in line with what the two new people will be given upon an actual qualified action ... conservatively, I speculate a 4 or 5 to 1 forward split'
202 million shares currently out' ... times a 5 for 1 forward split' ... equals, an end result of 1.2 billion shares out and accomplishes numerous things'
IMO' ? ... the existing "equity value" within WMI-Corp(s) designated and owned subsidiary, ... WMIIC ... will absorb any dilution destruction' quite easily' ...
... WMIH-Corp will be absorbed into WMIIC' ... allowed in Delaware and as referred to in the 2015 Proxy Statement'
AZ
... Stealing Retails' Money Is NOT the Goal ...
~ IT is your shares, your shares in WMIH-Corp that are of value ~
The WMIH-Corp shares ... (Retail participants, were NEVER supposed to be here, or ever originally planned to be involved' in the future of the reorganized company')
No One can do anything regarding those individuals that chose to release and receive (-esc) escrow tracking markers ... however, the constant barrage of negative and untrue conversation has the potential to cause doubt in the process' ... doubt' created ... makes it easy to accumulate your portion of ownership within the "Reorganized Company" ... again, retailers were NEVER supposed to be involved'
Remember' ... The Original Debtors Estate' (which is owned by the releasing participants) ... owns the assets in WMIIC' ... However' ... the Company, WMIH-Corp, owns the equity value in WMIIC' ...
Landefeld said' ... as of the seizure date' ... WMIIC(s) cash was also in WMB ... however, beyond the seizure date' ... WMIIC's cash would have continued to accumulate' ... and' ... as stated in the documents the equity interests in WMIIC are owned by WMIH-Corp ... equity interests equal "cash"
The following is direct from the documents'
... "WMIIC which "assets" belongs to WMILT but 100 % of the "equity" interest reside at WMIH Corp." ...
AZ
... Tanj' ~ It's Not a Problem ...
... Regarding the entire WaMu process' and when it comes to many documents ... and now, including WMIH-Corps designated sub' WMIIC ... one of WMIH-Corps two designated subsidiaries ~ WMIIC ~ ? ...
... that one' is merely making things up as' goes along ... why ? I couldn't care less' ... I've read the filings ...
The literal details within the filings presented' portray quite the contrary' position ... from filing # 0001 ? thru to and including the LT's 3/31/2012 initial quarterly report'
~ what ? ~ ev' ~ rrrr ~
AZ
... Jest' ~ From Memory' ...
Don't quote me on this, however, I do remember from earlier research, now a few years ago' ... That once the remaining balance drops below 50m still owed' (50m / 23m pier shares out) that there are changes to be accomplished within the Trust(s) Representation' ...
As I have said openly, ... I don't own any creditor class security's (piers) ~ (imo' ~ "piers class 16's were the snh's revenge on equity ~ 1st quarter 2012)
however, the complete distribution process did involve me' so it was part of my early research' ... honestly' when I saw the 51m still remaining yesterday, as we all did' ... once again ... it smelled of pre planning', nonsense' and process manipulation' ...
At this point in time' ... I seriously DOUBT that as a releasing equity participant, myself, holding (-esc) escrow tracking markers' and WMIH-Corp security's ... The way I am reading this report' ... and again' I need to dig deeper into this' ... however' ... continuing' ...
In my initial review and opinion' ... I believe the issued' current and existing LTI holders' will finalize and complete' ... the "Current" existing LTI holders will finalize' ... prior to any LTI(s) to be issued to subsequent or lower classes' ...
... interesting to say the least ...
(Honestly' ... I doubt that marker holders ever receive any LTI(s) ... the lawyers will eat up that remaining dribble of cash' ... The markers will receive their destined value from numerous other areas ~ my opinion)
AZ