Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
... 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
... Everyone ? ~ Is Not Involved ...
Regarding this distribution of shares ? ... Everyone is not involved, ... Only ... The releasing Class 19 and Class 22 participants are involved, and able to gain these additional shares ...
I believe this is the prerequisite for WMIH-Corp ... to file an 8-K ... regarding a material event and stating their plan to utilize a portion of the newly allowed 3.5 billion shares ... to gain access to the LT'
Stating that WMIIC, was an empty shell corporation, is patently false and NOT consistant with what the filings reveal ...
IMO, Good Days Ahead, ... This ... "newco" ... was always destined to begin its move, once we went beyond the confines of the P&AA, plus 180 days' ... per the original agreement
Everyone Released, as instructed to do ~ Right ?
Good Luck Everyone
AZ
... Well Done ~ Gold Nugget' ...
That is 100% correct' ... one must always consider the distinct moments in time' ... in the very same fashion as the legal system takes into account' ... it's important
The OTS / FDIC seized ... WaMu ... (all' things WaMu) ... on 9/25/2008'
Then on 9/26/2008 ... BOTH ... WaMu ... Bankruptcy's were filed ...
So' were the filings correct ? ... YES'
Landefeld' (Executive VP of WMI) states that WMIIC's cash was also on deposit at WMB' at the time of seizure'
and then'' ... Susman made the examiner acknowledge the existence of the WMI Loan File (footnote 39)
AZ
... I'm NOT a Practicing' Attorney ...
I never said I was ... I'm a whole lot worse' ... Attorneys specialize' ... I'm the guy that can afford to hire them, ... hire them out for what I need' for a specialized project' ...
... Always at minimum, ... two ... sometimes I need' more' ...
~ AZ Law allows for recovery of fees and expenses' within civil law plus 4% interest on unpaid balances' ...
it's a business ... just like selling hamburgers'
AZ
... Do NOT' Confuse My Position ...
I never include the word ... "honest" ... in my public presentations' ... The word "honest" is always ambiguous to the presenter ... everyone likes to think of themselves as being honest' ... However, I just do not go there, because I'm no ones judge, ... I just don't get upset or emotional' , ... regarding money' ... sometimes I crack out a winner ? and sometimes I don't ...
Regarding WaMu ? ... I am simply an ... "investor" ... an investor' in what I believe to be the absolute largest ~ Return of Investment' ~ that I have ever experienced within this entire ... WaMu ... deal' ... so far ? so good' (I'm on this since Jan 2006)
... I simply follow the hedge funds' which is obviously always following the money' ...
~ Again, ... there are not any good guys or bad guys' ... there are only wealthy people and everyone else' ~ ... I did not make the rules' ... I just made it a point a very long time ago to understand the rules' ...
Keep a close watch on, ... WMIH-Corp' ... The Equity Class 19 & Class 22 Releasing (-esc)escrow tracking marker holders, ... and' of course, ... WMI Investment Corp'
The FDIC and JPMorgan didn't care about the exiting reorganized company ... then ? or now'
AZ
... Nope' ~ I'm Here' I'm Merely Convinced ...
I just don't have a need to continue to banter with what I believe to be the "Legally Inexperienced"
To have been in a position to have a hands on approach to the entire process ? has been a self satisfying gift of knowledge ? and a sincere confidence within my own investment' ...
This shouldn't be that difficult after all of this time, study, and research ... All has been presented here and other places'
~ WaMu wanted to sell itself (2008)
~ Had WaMu collapsed ? so would have the FDIC' (2008)
~ JPMorgan need the 1.88 billion dollar, WaMu Deposit Base to maintain liquidity (or it would have collapsed') (2008)
~ The WMI Parent Owned' value was placed within WMIIC pre-seizure (The Other WaMu Bankruptcy) ~ (pre seizure) ~ (I have posted about this in detail)
~ The WMI values placed within WMIIC (again, the other WaMu Bankruptcy) were held within the "untouchable confines" of the P&AA until the P&AA(s) termination, 9/25/2014' ... plus 180 days per the actual contract' ...
~ Lots of people were simply "dazzled" by the court room drama of the WMI Bankruptcy ... and never gave WMIIC(s) Bankruptcy any thought at all' ... (which was always part of the plan ~ the Great Distraction ~)
~ While lots of people were being dazzled ? ... lots of other people also knew what was up', and knew that patience would ultimately pay off'
~ Finding Pandora's Box ? was never going to possible while the FDIC had the keys to the warehouse' the keys were off limits until ... (9/25/2014 + 180 days) ...
So' ... The mission (2010) became to get "Equity" to also be ultimately included' ... Obviously "mission accomplished" within the approval of Plan 7'
Neither the FDIC or JPMorgan were interested in the Exiting Reorganized Company' ... The mediated and ultimately settled result occurred between the Equity People and the snh's ... (2011)
Plan 7 paid the creditors off with cash plus interest ? (all except the 16's) ... and obviously included the Class 19 & Class 22 Equity Classes' ...
~ Keep your eyes on WMIH-Corp ~ (and' the equity class releasing participants)
AZ
... Regarding WMIH-Corp ~ Shares ? ...
Just remember, ... Since March of 2012' ... So Far ? ... This has merely been a publically traded stock on the OTC' ... with not much showing so far' ... (Many of us have already posted regarding the procedural events and delays that needed to be completed, ... and the study and research revolved around the value of the estate has been extensive)
However'
... If' ... You released, as originally instructed to do, and received transitional shares in the reorganized company, you also received the counting mechanism necessary for you to continue to participate in future distributions of value into the future ... via' ... your (-esc) tracking markers showing in your individual account
... Tranche 6' ... (class 19 and class 22 participants) ... Are the owners of the, "Original Debtors Estate" ... Tranche 6 participation secures a participants ownership of the estate and future inclusion of the estate as it moves forward ...
WMIH-Corp, ... IS the reorganized company ... WMIH-Corp is ... WaMu ... now, re-born, out of a settled reorganization' ... The approved, Plan 7
... Tranche 1 thru 4 are merely the creditor class recipients, with pre defined returns ... (Tranche 1 - 3 are completed, ... and 4 has been predetermined and capped)
... Tranche 5 is General Unsecured ... Rule 510(b)
But again, ... Tranche 6 ... participants, ... are the owners, ... Yes the OWNERS' ... of the "Original Debtors Estate" ... No Other Participating Class, ... Can make that claim' ...
AZ
... The Process & Research are Important' ~ Period ...
Beginning in 2012' ... many of us began to dissect and research all parts of the Washington Mutual pre seizure actions, ... Then moving into the dissection and research regarding the TWO ... TWO ... Washington Mutual Bankruptcy's filed, ...
Moving through both' of the bankruptcies as the bk process progressed from 9/26/2008 (the initial filings) ... and ... 2/23/2012 (the settled Plan 7 Confirmation Date) ...
A complete rendition of the ... entire ... process became clear, ... The why ? ... the how ? ... and the planned result' ... which we all should begin to realize' ... quite soon now, ... as I can see no more obstacles to what was planned for in 2008' pre seizure ...
Only the Research, the Process, and the ultimate financial result are important ...
"Everyone Released, ... Right ?"
AZ
... Justice WW' ~ Nice Work' ...
Thank you for your presentation, ... excellent work' ... I was just able to go through all of it'
Thanks
AZ
... Rockie' ~ Yes, I Know ...
And believe me' ... I'm on your side ... honestly ?, they had me goin' more than once ... I just hunkered down and began a serious study mid 2012' after the reorganization and to justify not only sticking with this new company deal ?, ... but also my adds beginning in mid 2012 thru to Nov 2013' ... I haven't added any shares of the newco since Nov 2013 (@ $1.04) ... I needed to average down in case a reasonably quick and painless exit became necessary ... (I was able to average every dollar spent back to Jan 2006 on this to a newco trading value of shares owned times $1.20 per'
However' back to your point and I agree with you ... part of my studies have also revolved around why all of the secrecy' ? ... Honestly ? ... I doubt I am able to share my true thoughts on this subject here' without my post going away' ...
If you want me to ? I will do my best, but make sure you are watching, because I doubt what I have to say will stay up for very long'
But YES' ... I believe I have a firm handle on what was planned ? ... what happened ? ... and what is to come ' ...
The filings and their correlation make complete sense' ... what doesn't make sense is why the need for the secrecy ? and also' why the need for the misrepresentations of what filings actually portray'
AZ
... WaMu' Filed TWO Bankruptcy's ...
I don't quite understand how this major issue continues to be disregarded' ...
WMIIC, Filing # 0001 ~ with Zero Debt' ... ~ ZERO Creditors' ... and ~ ZERO Creditor Claims
WMI, Filing # 0002 ~ with 32 billion in assets and 8 billion in liabilities' ... ending in a settled reorganization'
I understand how some would be embarrassed at missing this critical information' for so long' ... however, ... I don't understand how it continues to be mis stated' or disregarded' ...
~ It Happened ~
AZ
... Maybe' ~ However, NOT Quite Factually Correct ...
Nothing was legally able to move forward until the P&AA terminated on 9/25/2014' ... and then an additional 180 days beyond as a finalization period allowed to JPMorgan Chase N.A. as the receiving bank for the FDIC's seizure of WMB on 9/25/2008'
So, ... I disagree with the; ... Yes' it has been posted' however' it just HAS NOT been possible; for the 7 year part of it ...
It's been posted many many times that something big could happen ANY DAY....the sad part....that's been going on for near 7 years
... As WMIH, Begins to Move Forward ...
Remember, ...
... Equity Class, 19 & 22' ... releasing participants, ... Do not need to be issued a Liquidating Trust Interest (an LTI) ... to receive valuation returns ...
... Equity Class, 19 & 22' ... releasing participants, ... have their claim against, and their ownership of', The Original Debtors Estate' ... secured within their Court defined inclusion within' Tranche 6'
Tranche 4 ... Pre-Determined remaining capped, Creditor Class Piers, and remaining Interest Returns
Tranche 5 ... General Unsecured ... Rule 510(b)
Tranche 6 ... Equity Class 19 & 22 as the "exclusive" Court defined owners of the Original Debtors Estate'
Will releasing ... Equity Class 19 & 22, Tranche 6 participants eventually be issued LTI(s) ? ... maybe' ...
Will releasing ... Equity Class 19 & 22, Tranche 6 participants need to be dealt with as The Owners of the Original Debtors Estate ? ... most definately' ...
Regarding WMIH, it's current stated subs and The Original Debtors Estate ? ... remember, ... only existing participants within Tranche 6' ... (releasing equity class 19 & class 22 participants) ... are the ONLY' originally designed owners of the estate' ...
AZ
... Boris' ~ I Agree ...
I believe we first need to see the Original Debtors Estate disclose its actual owned ..."Equity Value" ... within WMIIC'
("WMI owns 100% of the Equity Value in WMIIC")
... which is now finally possible' ...
Then, secondly, ... Once an owned ... "Equity Value" ... has begun to be revealed' by the Original Debtors Estate' ...
Then, ... That announcement will trigger the events being able to finally move forward' ... and the disclosed "Equity Value" will be the target acquisition of WMIH-Corp' realized' ...
WMIH-Corp will then be in a position to move forward, in an effort to begin to own the actual ... Equity Value" ... within its own sub' ... WMIIC'
Again' ... I believe WMIH-Corp will utilize its available 3.5 billion shares as a currency of value to begin to obtain the "Equity Value" of its own sub, owned by the Original Debtors Estate'
This is how I see the events moving forward' ...
AZ
ADDED: ... A releasing participants, (-esc) escrow tracking markers are the defined counting mechanism to determine an individuals participation' ...
~ Everyone Released ... Right ? ~
... The Elusive Sub of WMIH-Corp ~ WMIIC ...
As I continue to believe we are getting close to the pre planned movement' of the reorganized company' ... I continue to search for any continuing obstacles' ... current obstacles which would prevent' the pre seizure plan to maintain WMI's value within the ... "other" ... Washington Mutual Bankruptcy ~ Filing # 0001'
I believe Mike W and S&G Attorney Group were well aware of the TWO' ... Yes TWO Washington Mutual Bankruptcies' ...
~ one to provide the show' and one to hold the doe' ~
It has become obvious to me that in the onset' pre seizure' ... circa Sept 2008' ... all participants understood the pre determined six year long P&AA agreement' and that at a minimum, the wait' would be for at least that amount of time ... six years out to and until 9/25/2014' ... now ? moving forward, we have witnessed events taking place since that 9/25/2014 date' ... I have listed them in another post' ...
So, in my search for flaws' and inconsistency's' ... I find it interesting that WMIIC is NOT always listed' ... however' ... within each and every filing presented' ... WMIIC IS listed within footnote # 1' ... along with the last four digits of its tax ID number along with WMIH Corp' ...
Here is jut one example of many' utilizing quite carefully chosen wording' ... This particular one was presented on March 12th 2012' ... there is no mention of the "other sub" WMIIC' ...
I hold firm' ... WMIIC is the acquisition target ...
Released' March 19th 2012'
"As a result of the Plan becoming effective, WMI has emerged as a newly reorganized company, WMI Holdings Corp. ("WMI Holdings"), which will consist primarily of WM Mortgage Reinsurance Company, Inc. ("WMMRC"), a wholly owned subsidiary of WMI that is incorporated in Hawaii, and which will be funded by a $75 million contribution from certain WMI creditors. In addition, the Company will have access to a $125 million senior credit facility to be used for working capital and permitted acquisitions and originations in the financial services sector. Initially, the primary business of WMI Holdings will be a legacy reinsurance business that is currently operated in runoff mode by WMMRC.
"The outcome of this process is a significant achievement for the equity holders of WMI, who will have the opportunity to benefit from an ownership interest in the reorganized company," said Michael Willingham, Chairman of the Official Committee of Equity Security Holders for WMI and a member of the Board of Directors of WMI Holdings. "The new Board of Directors will form a Corporate Strategy and Development Committee to begin exploring opportunities available to the Company to enhance the value of the reorganized Company's assets for the benefit of the company's new shareholders."
As previously announced, Michael Willingham, Diane Glossman, Mark Holliday, Gene Davis, Timothy Graham, Steve Scheiwe, and Michael Renoff will comprise the Board of Directors of WMI Holdings."
AZ