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... Was There a Question Regarding the GSA ? ...
Does everyone remember exactly, .... "Who" .... negotiated the GSA' ?
The fact that the FDIC Receivership was not released within' the GSA is very, very, important to any discussions regarding the GSA' ...
And' when considering the FDIC-R as an addition source of "Returns to the Original Debtors Estate'"
Since those earlier moments in time, ... during, 2010-2011 .... they all' .. knew about the FDIC-R's procedural events regarding the "R", .. the FDIC Receiver' ...
In my opinion, this is why they, (the hedge funds that negotiated the GSA directly with JPM and the FDIC) .... explicitly, went out of their way to NOT release the FDIC Receivership within' the GSA .... just in case "R" forgot what it was supposed to do, when the appropriate time came' ...
Here is a little nugget for everyone' .... check out this mention within the GSA .... (page 234 of the PDF)
“Released Claims”
"... provided, however, that “Released Claims” does not include...... (2) any and all claims held by
entities against WMB, the Receivership and the FDIC Receiver solely with respect to the
Receivership, ..."
http://www.kccllc.net/wamu/document/0812229111212000000000003
Looks like the snh's trusted JPM and the FDIC ..... but' they put this in the GSA, ..... ya know' ... "just in case" someone needed to be reminded of the original deal' ..... I mean, six years is a long time' .... right' ? ... That P&AA had a full six years to termination and all' ... and sometimes people need to be reminded when they owe you money'
However'
I still maintain' though' that for now and for the WMIH-Corp(s) move forward' we need to keep an eye on WMIIC' ... I believe WMIIC is to be the "acquisition"
AZ
... Barefoot' ... No Problem ...
I did that on purpose, ... I was curious about something, ... which was answered' ...
I am sure everyone understands that I am well aware of Plan 7's approval on Feb 23rd 2012' and its Implementation on March 19th, 2012 ... and all things leading up to this Plan 7 approval'
Honestly, ... I had no idea my test would be responded to so quickly'
AZ
... Guys' ~ Retail is the Minority ...
And always has been' ... Remember who the majority holders are' ... and ... Remember that this was planned out long before,
"Long before' Equity was just a twinkle in the Debtors Eye"
... The future for WMIH-Corp was planned out pre seizure' ... This is Plan 6 coming to a realization, except now with equity participants being included' ...
AZ's done a whole lot of research, reading and studying' ... and I can see no more obstacles' ...
AZ's gettin' excited, ... Everyone Released, and received their markers' ... I hope'
AZ
... Yes Sir' ~ Mr Spider ...
... I'll just go with what the documents have already told us' ...
again' ... other than' ... the Company's equity interests in (i) Investment (all the assets of which will be contributed to the WMI Liquidating Trust,
~ other than' ~ other than ~ other than ~
Yep' ... It all makes complete and total sense and I'm sold ...
... WMIIC's equity value is WMIH-Corp(s) aquisition' ... This was all planned out for the reorganized company pre seizure'
"The Liquidating Trust Assets will consist of all of the assets of the Debtors as of the Effective Date, other than:
-- the Company's equity interests in (i) Investment (all the assets of which will be contributed to the WMI Liquidating Trust, including any intercompany claims), (ii) WM Mortgage Reinsurance Company, Inc., and (iii) Washington Mutual Bank (the stock of which is worthless and is expected to be abandoned by the Company shortly before the Effective Date);"
~ Everyone Released' Right ? ~
AZ
... WMIIC's Equity Value IS the Acquisition ...
Everything' is now finally in place' ... As was planned for' pre seizure' ... finally in place, for the first time since 2008' ... Since WAY before anyone cared whether or not there would be any concerns regarding any equity' participation' ...
... This WMIH-Corp, deal is finally coming to its 2008 pre planned destiny and realization' ...
Good Luck to All' ... Finally' ...
AZ
... Hey Jest, ...
What I was describing was more along the lines that, ... all things being considered, ... I believe we will now begin to see the newco' ... WMIH-Corp, ... begin to realize it's 2008' pre planned destiny, and begin to be in an unfettered position do business with the Original Debtors Estate' ...
Prior to us (equity) ... needing to be concerned with whether or not we (equity) are issued an LTI(s) ... Liquidating Trust Interest ...
Our (equity) claim placement against the Estate' as the Owners of the Estate ... is secured within our (equity) 's placement within the Tranche Payout Matrix' ... Tranche 6 ... class 19 & class 22'
In my opinion, ... this new company, is now ready to be able to move forward' ... and the BK court can keep playing around all it wants to, with these employee claims and such ... WMIH-Corp can now move forward
Once WMIH-Corp, ... begins to purchase back and access the actual ownership of the "equity value" of its own subsidiary WMIIC, ... from the Original Debtors Estate' ... All of us (equity) that released, and who have waited will be substantially rewarded, due to our (equity) actual ownership of the Original Debtors Estate'
AZ
... bk, ... no one is listening ...
~ especially and surely not me' ~ I go back to the old days ... remember ?
Everyone Released Right ?
AZ
... Value Returns From Numerous Areas' ...
Yes, ... as we move forward, ... The value returns will be from numerous areas' ...
First, ... As we will soon witness, from our own participation within the newly reorganized company, ... as we will soon witness what Plan 6' ... had originally designed for the securitization of the WMI Value, within WMIIC' ... and available to be ultimately replaced within the reorganized company ... To be accomplished after the six year long finalization of the P&AA ... When this was originally planned ? ... equity's participation was not considered' ...
However, as we all witnessed, ... via, the mediation, Plan 7 and equity's inclusion became a reality, for those that released and received markers' ...
Second, ... As has been thoroughly studied, ... returns back to the Estate' from the FDIC-R, ... owed as returns to the estate' gathered in haiste at the seizure ... with interest'
Third, ... returns from FDIC-C, ... As the WMB issues are completed
Fourth, ... the possible issue of an LTI interests, once the BK court completes ... (I still believe, the last creditor class will show to be impaired ... piers ... ) ... So, I don't put much value in any return from the issue if an LTI, ...
AZ
... There Were TWO ~ WaMu ~ Bankruptcies Filed ...
Yes, Two Washington Mutual Bankruptcys were filed' on 9/26/2008' ... Filing # 0001 = WMI Investment Corp, ... and ... Filing # 0002 = WMI ... WMI, obviously took center stage'
On Sept 26th 2008' ... Within the Filed Court Documents, It was determined that ... "WMI owns 100% of the Equity in WMIIC" ... and many, many times since'
(WMI = The Original Debtors Estate)
WMIH-Corp, ... Currently stipulates to its ownership of two subsidiaries, ... WMMRC ... and ... WMIIC' ...
So, if WMIH-Corp wants to obtain the ownership of the equity value within its sub' WMIIC, ... WMIH-Corp will need to do business with the Original Debtors Estate' ...
The owners of the Original Debtors Estate, are the existing holders of the (-esc) escrow tracking markers, received for your release' given in the first quarter of 2012' ...
Remember' ... Equity Class 19 & 22' have their ownership and claim designated within their Tranche participation' ... An inclusion within Tranche 6' ? ... is your designated claim against the estate'
A Tranch 6 participant' ... DOES NOT ... need to be issued LTI(s) ... A Liquidating Trust Interests, in an effort to receive a return of value from the Original Debtors Estate' ...
The existing "Equity" owned by the Original Debtors Estate, ... will soon be the WMIH-Corp target aquisition, ... and WMIH-Corp, will use its additional 3.5 billion share availability as the currency of purchase' ...
On 9/25/2008 ? ... Everyone knew that the reorganized company would not be in a position to realize it's predetermined destiny, until the P&AA terminated ... 9/25/2014 ... I can see no more obstacles
AZ
... bk,... just stop it' ...
... You are merely making things up as you go along' ...
So now ? This whole thing has been nothing more than an endeavor in, ... Standard Operating Procedures ? ... (SOP) ... Really ?
~ Not Hardly ~
AZ
... Blue' ~ Respectfully, We Disagree ...
Here are just a few points of reference' ... regarding this conversation'
First' ... WMIIC filed for Corporate Bankruptcy Protection, Filing # 0001 on Sept 26th 2008' ~ recording ZERO debt and ZERO Creditors, and, also showing between $500,000,000.00 and $1,000,000,000.00 (500m & 1b) of asset value'
Now, remember, without any debt and without any creditors' recorded ... there would never ever be any ~ "Creditor Claims" ~ filed, so there would never be a question regarding the value of (WMIIC's) consideration or its ability to pay'
Again, ... remember, the time line to be considered is very critical' ... On the 25th of Sept' ... The OTS / FDIC had stepped in and scooped up all things ... WaMu ... That occurrence, set everything ... WaMu' ... away from any financial scrutiny within it's 34' act mandate and' for a period of a predetermined time limit of the maximum amount available, ... the full six years' ... The P&AA was set at the very beginning to NOT terminate until 9/25/2014' or the maximum amount of time allowed' by the 34' act ... (an interesting issue' in and of itself)
~ So, moving forward ... the WMI Bankruptcy, Filing #0002' as planned, obviously takes center stage, ... the world watches, ... as everyone was supposed to' ... now let me stop just for a second' ... remember' ... ALL of the cash was held within WMB, and as stated within the filings, ... including the cash which was initially owned by WMIIC' ... So, all of the cash got scooped up also' ... remember' the reorganization was completed with all cash and tax returns' ... including interest, all the way down to the last creditor class' ... piers
Now, ... I don't want to bog this down with WMI(s) BK details' ... so lets move on discussing WMIIC ...
So, WMIIC was at the time a Delaware Registered Corporation' (then, and now) as WMIIC always maintained a Delaware Registration'
Then, ... At the Plan of Confirmation(s), Implementation' March 2012' ... we see on the 3/31/2012 Trusts Initial Quarterly Report' ... WMIIC' shows up once again ... and' as stated within the Report' ... WMIIC liquidated "short term" securities only, and transferred just the exact amount of cash necessary to complete the reorganizations accounting necessary, to have WMIH's reorganized exit, to be the amount needed, as a reorganized company, again, with the exact accounting ending result to be the $75,000,000.00 ... (I believe the amount WMIIC contributed to be 231m ish')
So, ... as stated within the filings' ... only ... Such ... securities were sold ... NOT ALL SECURITIES' ... Only' SUCH securities as in the legal text referring to only what was necessary' ...
So, as of today' ... WMIH-Corp still lists it ownership of two distinct subsidiaries' ... WMRRC and WMIIC' ...
I believe pre seizure' ... steps were taken to secure the massive WMI Loan Portfolio within the ... other ... WaMu Bankruptcy' ... Filing # 0001 or the WMIIC filing for Bankruptcy Protection' ... This same loan file, separated, and protected by the FDIC per its agreement with JPMorgan Chase as its receiving bank' ... was also not allowed to be reviewed by Hochberg' the Examiner ...
(again, I believe Susmans request for an examiner to be ... Not' for what the examiner would find' but for what the examiner would NOT be able to find or review ... again' IMO ? simply legal genius)
So, here we are ... July of 2015'
The P&AA has terminated 9/25/2014
JPMorgan has filed its 12/31/2014 10-K and reference to attachment R-203
KKR solidified the Rights Offering on Jan 5th 2015' mandated that certain issues needed to be completed by 7/5/2015
The Liquidating Trust sends out it March 24th, 2015 ~ reminding the "world" of the defined procedures ... there is nothing new'
The Shareholders Meeting is quickly Moved forward to April 28th 2015'
and' ... the voting solidifies' ... the realignment of the BOD's ~ The approval of the 3.5 billion shares' ... and' the movement of WMIH Corp to Delaware'
So, ... For the first time historically, ... WMIIC is finally in a legal position to be "eliminated upon consolidation"' ... The elimination of a Delaware Registered Corporate Structure within it Parent Corp ... would be a material event demanding an 8-K and to date' ... that hasn't happened' ...
So, ... again, ... I see no further obstruction or obstacles to what was planned for so very long ago' to maintain the future destiny of the WMI value within its own reorganized company ... future tense' ...
That past ? has now become the present' ... and' ... we have been blessed to be involved' ...Everyone Released Right ?
Good Luck to All'
AZ
... LG, ... I Agree ...
Here is how I believe we will witness the moves forward, within the legal disclosures'
First, let's define a simple statement; as portrayed numerous times within the relevant filings, ... and yes, it is stated initially on 9/26/2008 in the Landefeld submission and many times beyond
"WMI owns 100% of the Equity in WMIIC"
So, ... WMI' ... is now, currently ... the Original Debtors Estate' ... which is being handled by the WMI Liquidating Trust' ... (which is owned by the participants which signed their release' ... and currently show (-esc) escrow tracking markers in their individual accounts)
Now, ... WMIH Corp, as current as today, clearly professes its ownership of WMRRC and WMIIC, ... as its designated subs' ...
So, ... If WMIH Corp wants to own the "equity value" within its own sub, ... It' ... will need to do business with the Original Debtors Estate ... (Equity, or us')
So, ... I believe that, ... First, we will see a disclosure, from the LT ... releasing the notification of value' ... Secondly, .. once the LT has established value, ... Then WMIH Corp, will be in a position to gain ownership of the Original Debtors Estate ... "Equity" ... value (in WMIIC), ... and yes, ... WMIH Corp, as a publically traded company, will need to file an 8-K, due to a material event' ...
AZ
... Well ? ~ I Guess We'll See ...
For the first time historically since the seizure, ... 9/25/2008, ... WMIIC ... is actually, now in a legal position to accomplish its stated move ... re: ... "IS eliminated upon consolidation" ...
In my opinion ? ... Many inexperienced participants, were dazzled by the WMI BK, ... Filing # 0002' ... and missed the purpose of WMIIC(s) ... Filing #0001 ...
We should see here soon enough, ... as I see no more obstacles for the pre planned move forward'
AZ
... If the Wording Presented Is Distorted ? ...
Or, it is quite obvious to me, that the specific filing presented isn't being understood, and no attempt to understand is actually being made' ... I won't bother to respond ... It is merely a waist of time, ... I find it a waist of time to argue with an inexperienced participant' ... However' A person having an honest question though ? is properly understood, and there are many here, that respond properly, in kind
Distorting any of the wording though, should absolutely never be done' ... way too many people have been damaged here, ... for anyone to ever do anything like that' ...
Filing # 0002' ... (the WMI BK) ... was specially designed to keep everyone's attention, ... In the same fashion as shining a flashlight on a wall, ... one can easily distract a cat' ... cats have simple minds and can easily be hypnotized' ... Many of us real participants, were just never be able to be hypnotized' ...
I can reveal the literal wording and information to the larger group' ... What I can not do, ... is make someone understand ...
Again, ... At the onset, ... Sept 2008' ... equity participation wasn't even a consideration ... Here we all are though' ...
If you released ? ... You should be fine ... If you dinked around with the 16's ? or the 21's ... or simply chose to just not release, ... or as suggested, by some at the time, to sell out prior to the transition and buy back in after, ... Well ? ... that would have been an individual decision ...
AZ
... I Understand the Embarrassment' ...
I get it, and understand, how a few would be quite embarrassed, at finally coming to the realization that the ... Other Bankruptcy' ... Filing # 0001, (WMIIC) ... was actually never considered ... and was always methodically, kept under the planned radar' ...
I believe the pre seizure (Sept 2008) planners for the WMI Values to be secured, well into the future for an ultimate receipt by the reorganized company at a future emergence to be nothing less than genius' ... Obviously at a future point in time beyond the P&AA(s) termination date 9/25/2014' ... was needed'
Their ... "Plan" ... obviously worked, as the focus was distinctly placed on Filing # 0002 ... The WMI Proceeding, was the ... "big show" ... that sucked all of the air out of the room' ... and maintained everyone's attention, ... as was designed'
However, be assured' ... None of that matters at this point in time ... Remember, ... In Sept 2008, at the time of these designed filings, ... No one ever considered or was concerned with any equity participation at all' ... we' (equity) were never considered to be a problem' ...
All that really matters, ... Then ? ... and Now, ... Is the money, ... If you are in ? ... You are in ... Period' ...
As LG, always says, ... Like him' ... I also luv my markers' ...
No one should be embarrassed' ... This was planned by some very, very, smart people
AZ
... Blue' ~ I Completely Agree ...
I am watching diligently for the public release of any information which would be required by a publically traded company ...
If I were to speculate' ...
The LT, does not publically trade, and so, has no obligations to report other than it's filed quarterly reports ... The next one due here coming up at the end of July' ...
So, at this point in time, I would think the LT ... as handlers of the Original Debtors Estate' ... would first need to report an equity value in WMIIC, ...
(WMI owns 100% of the equity in WMIIC)
Then, ... once an ... "equity value" ... is properly reported' ... Then' That ... would be the target acquisition for WMIH Corp' ... as it begins to acquire ownership of the ... "equity value" ... stated as being within its own' publicly listed sub' ... WMIIC'
I doubt' ... WMIIC, ... will be eliminated upon consolidation until the process is complete' which may take some time ... Once the process is complete ? ... Then WMIIC would be positioned for elimination ... Then WMIH Corp will run free of encumbrance' ... But again, ... that would take some time
However, ... we should begin to see the operational mechanics begin here quite soon'
... As everyone knows, ... I am a very serious researcher' ... and I am searching for flaws' ... So far, I don't find any, ...
But' ... You are Correct' ... Somebody has to start revealing information here quite soon' ...
AZ
... Regarding a Questions from Duder ...
Duder, ... Regarding the Value ? ... I can only surmise from what I have studied, ... Please remember, ... The accounting side of the issues I leave to the bean counters' ... My skillset' ? ... Is within the document dissection and legal procedural issues' ... and ... honestly, I don't think like that, regarding a defined amount of return' ...
When I become involved within an active litigation ? ... I don't consider how much' ... I simply want everything' ... I figure hedge funds think along those same lines' ... also'
I figure the amounts of value which were earmarked to be preserved for the exiting reorganized company, ... planned for future tense, to be quite large ... Billions' ... Yes' ... Billions ...
To give you an idea' ... I would refer you to Washington Mutuals 6/30/2008' SEC release, ... Then consider the (pre seizure) plan' ... Most of WMI's financial subs, stopped reporting to the SEC via a required 8-K in 2007 ... converting to ABS-15G and ABS-15G(a) filings ... beginning in 2012' ... Curious ? ... You Betcha'' ... Pre-planned ? ... You Betcha' ...
Now, ... Consider, the OTS / FDIC showed up on 9/25/2008 and scooped up literally everything' ... Then the day after, ... Filing # 0001, ... WMIIC, filed for bankruptcy protection with zero debt and zero creditors' ... showing, between $500m and $1billion worth of asset value' ... remember, this is filed the day after the seizure' ... 9/26/2008' ...
The OTS / FDIC, ... had secured the massive ... WaMu ... value within the confines of the 34' Act for six years into the future' ... or until the P&AA would ultimately terminate on 9/25/2014' ...
So, ... All things considered ? ... The amounts of value secured, away from the bankruptcy process, via the pre seizure plan, ... I believe to be staggering'
THIS, ... is what everyone wants and has been waiting for' ...
AZ
... Simply Put' Regarding WMIH Corp ...
As disclosed within the relevant documents numerous times'
"WMI Owns 100% of the Equity in WMIIC" ... So since WMI is the Original Debtors Estate' ... it would seem logical that since WMIH Corp claims to currently own the sub' ... WMIIC' ... that in an effort to collect ownership of the ... equity of WMIIC ... that WMIH Corp will need to do business with the Original Debtors Estate ...
... The Current Owners of the Original Debtors Estate, are the participants that signed the release' as instructed to do back in the 1st quarter of 2012' ...
... These existing current owners of the Original Debtors Estate, are defined by ... The (-esc) escrow tracking markers showing in ones own account'
AZ
... Regarding Questions About the Timing ? ...
The original planners would have understood at the very onset (2008 pre seizure), that regarding the time period needed to complete the plan', at a minimum, ... there would be no planned future for the reorganized company able to be considered until at minimum 9/25/2014' and beyond, or until the agreed upon Purchase and Assumption Agreement had reached its pre determined termination date' again, 9/25/2014 ...
So at a minimum, the timing that was understood back in 2008' pre seizure, would have been that this planned pre seizure process, to maintain the WMI wealth, within the exiting reorganized company' future tense' would take at minimum, a six year period' ...
Also, one should consider, the initial filings' ... WMI Investment Corp, Filing # 0001' ... Filed for Bankruptcy Protection with "Zero Debt" ... and ... if you review the filing, ... Not only did WMIIC file with zero debt' ... But ... it also listed ... Zero Creditiors'
~ With Zero Debt and Zero Creditors reported, ... there would never be any creditor claims filed' ... there would never be any need for the WMIIC assets to be considered' ~ remember' these two ~ WMIIC and WMI ~ filed for bankruptcy protection as separate' legal considerations initially within the Delaware Court' ... Both ... showing the Attorney Group Weil' as their debtor representation'
Then, of course, we see WMI(s) Bankruptcy Filing ... Filing # 0002 ... which took center stage within the Publically Displayed' Court System' immediately' ... everyone' was dazzled' ...
Weil' ... as the debtors representation ... then filed to have these two bankruptcy proceedings be joined, "procedurally only" ... obviously the court approved this request' ... then also, ... Stewart Landefeld, (The Executive Vice President of WMI) ... Filed "in support of" this consolidation' ... a very interesting read'
This then allowed WMIIC, ... as a financial consideration, ... to never legally, need be considered' ... again' No Debt' - No Creditors - and joined procedurally only'
... So now move through time' ... The WMI BK and the Plan 6 design was to have the process end at the creditor class 16' ... equity was not to be included, the reorganized company' would exit and maintain a shell status' until the P&AA agreement would ultimately terminate' ...
Now' ... WMIH Corp ... was originally reorganized in the State of Washington' ... and it's disclosure always referenced owning WMRRC in run off mode and WMIIC' .... WMIIC was always a registered Delaware Corporation' ... Now, within WMIH's own disclosures stated numerous times, that WMIIC ... "IS eliminated upon consolidation" ... THAT' statement has never been possible before now, ...
Now ? WMIH Corp has relocated to Delaware, ... Where WMIIC always has been and the Liquidating Trust is also'
Back in 2008' ... Many people simply underestimated a number of things'
The massive values of WMI' ... which needed to be protected into the future and realigned with an exiting reorganized company
The ability of Weil' to produce an initial plan allowing the massive asset values of WMIIC to be protected' while the WMI Bankruptcy proceeded, utilizing the cash available to complete what was necessary ... and fulfill its settled Plan (2012)
All of the cash' was kept in WMB, the seized bank' ... including the cash held on behalf of WMIIC' ... this is disclosed in the documents' ...
Many inexperience participants merely had blinders on regarding the Pre Planned Bigger Picture' and believed that the WMI Bankruptcy was all that there was' ... it most definitely, was not'
So, ... fast forward to today' ...
WMIH' has now completed its move to Delaware, ... and for the first time historically' since 2008' ... WMIIC can actually now be consolidated with WMIH, now that they are both legally registered in Delaware' ... The documents have professed this future result planned' continuously, however, it has never been legally possible until now'
So ... Now, after extensive study and research' I understand what was planned for so very long ago ? ... Now ? , I no longer can see any additional obstacles for what was planned for so very long ago, to begin to be realized ... the future, planned so very long ago for WMIH Corp'
... The future was always to be the financial structure of the reorganized company ~ WMIH Corp'
WMIH Corp' ... is now finally in a position to realize it 2008 pre seizure' planned destiny'
when this initial plan was inked' pre seizure 2008 ? ... there were no plans for any equity participants ... equity wasn't ever' supposed to be involved, ... But' ... after the battle within the bankruptcy proceedings' ... Here We Are, just the same'
... Today ? ... as I continue to search for potential problems ? ... I see no obstacles to the plan designed for the future of WMIH Corp ~ pre seizure 2008 ~
AZ
... Fred' ...
You' (and the rest of us) ... were Never' supposed to receive anything back at all, ... Plan 6' ... was supposed to be approved, ...
The "billions" in returns, were never supposed to be shared with the equity class 19 and class 22 participants' ...
But ? ... Here We Are' ...
The original plan to secure the value of WMI, within the reorganized company ... Future tense ... Is now finally able to occur' ... retailers are the minority's, ... NOTHING, stops this, ... The destiny of WMIH, was planned very, very, long ago ... and will now be able to happen'
AZ
... Olti, ... Great to hear you' ...
Yes, my old friend, ... A few of them seriously underestimated Weil' ... Weil' ... Left absolutely nothing to chance,
... Nothing was left to the possibilities of a bk courts rulings, or the unpredictable actions of the FDIC and JPMorgan ... All of the future value of the massive WMI estate, was set to reemerge within the reorganized company, once the consolidation between WMIIC and WMIH Corp was in a position to take place legally ... NOW' of course, NOW that WMIH has moved to Delaware' ... For the first time ever, since Sept 2008'
Nope' ... Weil, and the original planners designed this genius plan for the financial destiny of the reorganized company, prior to the OTS / FDIC, ever showing up on Sept 25 th, 2008' ... thankfully, ... Our people were able to achieve our inclusion ...
The filings tell the facts regarding the plan'
Filing # 0001, ... Filing # 0002, ... The Debtors (Weil) request to combine the bk(s) ... "procedurally only" ... Landefelds Filing ... "in support of" ... The B-6 ... the reorganized company was always planned to be financially fulfilled with what was WMI'
WMIIC, filed for BK, with zero debt, ... and then only short term securities in the amount of 231m ish needed to be liquidated to finalize the transfer to WMIH, to complete the Plan ... Disclosed in the 3/31/2012 Trusts Quarterly Report ... There is a lot' ... This is exciting'
AZ
... Oh' ... So that's how it's done ? ...
When someone can not dispute the literal wording in the filings as being presented ? ... And a person shows up, that actual knows how to read and understand the legal text' ... Then the messenger is the problem ? ...
Well, that's quite telling ... I am beginning to like it here, ... this is an interesting place' ... tell me more, mr dimer ... I find your observations interesting, and reference to individuals only ... Lacking any relevant substance of course, but interesting none the less'
everyone is paying attention
AZ
... Agreed, "hotmeat" ...
After just a brief review, ... There have been document presentations here, by a few, ... That have been, ...
mis-read
mis- understood
mis-represented
... As one of many misrepresentations portrayed, .. Here is an extremely relevant example, .... WMIIC filed for bankruptcy on 9/26/2008 with zero debt' ... Not' with zero assets, ... as stated earlier by bk'
These subtle word changes can seriously affect the true meaning of the process'
I'm not sure of the ... "why" ... this has been done to you all' ... but it is a shame, IMO'
Well, the good news is, ... retail participants are in the minority here, ... and, ... I can not find any obstacles at this point, to keep what was planned for, so long ago from now being able to move forward'
AZ
... Correct ... When the Rights Offering demanded certain issues be accomplished by July 5th, 2015 ...
The BOD' s, to be redesigned
The increase to 3.5 billion shares available to the company
and' ... The company HAD to be relocated to Delaware, by then 7/5/2015 ... however. while the actual B's had a shelf life out to 7/5/2018 ... I found that to be a bit curious' ...
Now, remember, during this same time, the SHM needed to be moved up to accomidate the July 2015 date
NOW, ... as I was also monitoring the WMIH site, ... I noticed some changes on the site, right after the SHM ... one of which was their mention of ownership of WMRRC, ... and' ... WMIIC ...
Now, ... I always knew WMIIC had always maintained a Delaware registration, and WMIH a Washington State registration, ... But ... Now with WMIH being told to get their move to Delaware done by 7/2015' ... This was the first time since Sept 2008' ... that WMIIC, was actually in a legal position to be consolidated with WMIH ...
So, ... A revisit and dissection of the documents was definitely in order ...
Stand by, ... This plan was genius, left nothing to chance, and is now able to be put into place, for the first time ever, since 2008
AZ
Yep' - You were asked too, Right ?
You go first'
AZ
WMIIC Filed with Zero Debt - Not' Zero Assets
Read the filings
AZ
Now ? you are just making things up
AZ
... Try Harder to Be Accurate ...
Changing words, doesn't work on me
It's not eliminated ... on ... consolidation, ...
The actual wording is ... It' (WMIIC) ... "IS eliminated upon consolidation"
The wording in the filings have always had distinct meaning, ... and, ... There's more, ... but it seems legal confusion is a continuing problem'
There are a few, that seriously ... underestimated ... Weil' ... and fell for the drama of the open court proceedings ... Plan 7 was merely Plan 6 reworked to include equity'
Weil' ... was a powerful debtor representative' ... along with Mike W ... A forensic accountant' ... that was skilled to the point of being able to understand Filing # 0001 and Filing # 0002' ... Mike, with Susman at his side, ... were able to have equity, included, class 19 & Class 22 (equity) in the ending result' ...
Hope no one actually fell, wide eyed and inexperienced for any of the big show' ... or made poor choices in the 1st quarter of 2012' regarding jumping around into 16's or 21's, ... or falling for the ol' ... sell out prior to transition and buy back in after reorganization ... that one makes me laugh' ... who in their right mind would have paid any attention to any of that nonsense ?
... Everyone released ... Right ? ...
AZ
... Thanks' ... Now and Only Now' ...
Does all of this make sense ... It has been a long and grueling wait, however, ... The ultimate reward should be well worth the wait' ... I am more encouraged than ever before these days' ... as the new company's own web site began shining a bright light on its ownership of WMIIC' ...
I followed the BK, as we all did, ... however I knew that nothing could stop the pre determined outcome, once a mediated result was ordered by the Court' ...
My studies and research, actually began mid 2012' , after the approved Plan, became a reality' ... I am a curious person, that takes his investments seriously, ... I simply needed to know just what in the heck just actually happened' ... what was really going on here' ... and ... more importantly, ... should I stick around ...
I always figured, If there was really and truly nothing of value left' ... then why didn't AAOC' tell equity to take their best shot' ... those hedge funds could have easily won a ... "litigation morass" ... simply by financial attrition' ... equity didn't have the funding for a lengthy battle with the hedge funds' ... Nope' ... there simply always has to be a reason, when people act the way that they do' ... AAOC' ... simply couldn't take the risk of "equitable disallowance" ... and decided to settle' ... THAT' ... was the ... tell' ...
Like many people, ... I trusted Mike W and the S&G Attorney Group, and released everything, ... owning, uq's p's and k's ... and a few dimeq voters' ...
When WMIH was merely a shell with its value equalling upwards of 200m ... all things considered ? ... and the stock was trading at 50 cents in 2012. ? ... Well, ... I pounced again and bought a bunch ... (thankfully) ...
I say all of us that have been able to withstand the ... grind ... will make out just fine ...
The next few weeks should be not only interesting, but should begin to ... "reveal" ... our financial future that was planned for so long ago' ... as we get to review the next scheduled set of filings' ...
GLTA
AZ
... Thanks' ... Now and Only Now' ...
Does all of this make sense ... It has been a long and grueling wait, however, ... The reward should be well worth the wait' ... I am more encouraged than ever these days' ... as the new companies own web site began shining a bright light on its ownership of WMIIC' ...
My studies and research, actually began mid 2012' ... I am a curious person, that takes his investments seriously, ... I simply needed to know just what in the heck just actually happened' ... what was really going on here' ...
If there was really and truly nothing of value left' ... then why didn't AAOC' tell equity to take their best shot' ... those hedge funds could have won a ... "litigation morass" ... simply by financial attrition' ... equity didn't have the funding for a lengthy battle with the hedge funds' ... Nope' ... there simply always has to be a reason, when people act the way that they do' ...
Like many people, ... I trusted Mike W and the S&G Attorney Group, and released everything, ... owning, uq's p's and k's ... and a few dimeq voters' ...
When WMIH was merely a shell with its value equally upwards of 200m ... all things considered ? ... and the stock was trading at 50 cents in 2012. ? ... Well, ... I pounced again and bought a bunch ... (thankfully) ...
I say all of us that have been able to withstand the ... grind ... will make out just fine ...
The next few weeks should be not only interesting, but should begin to ... "reveal" ... our financial future that was planned for so long ago' ... as we get to review the next scheduled set of filings' ...
GLTA
AZ
... So, Refer to the WMIH-Corp Web Site ...
To those that are active participants, ... I would refer you to a fresh and current review of the company's web site, ... WMIH Corp lists ownership of both of its subs ... WMRRC, ... and ... WMIIC ... as of today'
Now, since according to all of the relevant documents, ... and stated numerous times ... within filings going back to 9/26/2008 and forward,
"WMI owns 100% of the equity in WMIIC"
So since, WMI = The Original Debtors Estate, ... and ... since, WMIH Corp owns WMIIC' ... it would seem logical that if WMIH Corp, wants to obtain the ownership of the "equity" stated within the sub that it professes to own' within its own disclosures, ... That' ... WMIH Corp' will need to ultimately, do business with the "Original Debtors Estate"
So, who are the current owners of the "The Original Debtors Estate" ? ... The Plan 7 releasing participants' ... That's who' ...
This ... absolutely genius ... plan, ... designed so very long ago, (2008) to maintain the massive value of the WMI Loan Portfolio, separated from the parents bankruptcy, ... and unable to be reviewed due to the safe harbor provided by the FDIC(s) seizure of the WMB financial, ... is now for the first time ever since the seizure. (2008) actually possible, and able to be revealed, as the P&AA has now terminated, and the reorganized company has completed its move to Delaware ...
The reorganized exiting new company ... will soon have its destiny completed, which was planned for in 2008, become a reality' ... WMIH Corp, ... will soon become, much more than an empty shell corporation, as WMIH Corp will complete its pre determined mandate as ... (WMIIC) ... "IS eliminated upon consolidation"
Now that the Rights Offering designated issues, mandated by KRR, to be accomplished by July 5th, 2015' have been completed ? ... I can see no more obstacles to the plan designed for the reorganized company to be finally realized ...
In My Opinion ? ... The Original Debtors Estate, ... as is currently being represented by the Liquidating Trust, ... will need to release information regarding the receipt of value' ...
Then, ... once a value determination has been acknowledged by the LT' , ... then, ... WMIH Corp, ... will be in a position to do business with the LT, ... utilizing it's now approved 3.5 billion shares as a "value currency" ... to obtain ownership of the "equity" of its existing sub', ... Currently owned by the Original Debtors Estate ...
No one' ... left the massive values of WaMu, ... to the chance rulings of a bankruptcy court, or to the unpredictable actions of the FDIC and JPMorgan ... Nothing' was ever left to ... "Chance" ... Nothing'
Nope' ... The massive values of WMI and its Loan Files, were planned to be protected, and designed to reemerge within the ownership of the reorganized company, ... The now, ... WMIH Corp ..?
AZ
... Hmmm' ~ Well ? ...
Truth be told, I'm not used to all of the participants over here' ... honestly, I get asked to share research with the larger group' ...
I would think regarding your statement' ... that maybe this WMIH Corp' just isn't the right investment for you to be involved in, as a moving forward' financial' ... and as an individual calculation regarding ones return of investment potential'
I surely would not be invested in this WMIH Corp if I shared your view' ... your approach' seems to be counter productive' within your level of research'
... I would suggest ~ 'Pick another Stock(s)' ~ couldn't help myself, that one was too good to pass up'
Good Luck' ...
AZ
... Nothing' ~ I Don't See Any More Obstacles ...
and' I have been scouring the documents for any type of a blocking issue' ~ so far ? I haven't found one'
The Rights Offering' issues have now been completed within the time line allowed' to be completed by 7/5/2015
The WMIH Corp Move to Delaware
The increase to 3.5 billion shares now available
The readjustment of the Board of Directors etc
I believe that WMIH Corp is now in a position for the first time since Sept 2008' to actually act'
AZ
... Doesn't Matter ...
It doesn't matter, where or how hard anyone looked until now' ... WMIH Corp is only NOW' in a position to "eliminate WMIIC upon consolidation"
WMIH Corp just completed its move to Delaware as mandated by the Rights Offering'
With WMIIC always being registered in Delaware, and WMIH maintaining its registration in Washington' ... until now' of course' ...
The consolidation is only NOW in a position to legally occur, for the first time since September of 2008'
AZ
... Direct' From The Documents ...
"WMIIC which "assets" belongs to WMILT but 100 % of the "equity" interest reside at WMIH Corp"
Remember' ...
WMI owns 100% of the WMIIC assets (as stipulated to in numerous documents)
WMI = The Original Debtors Estate ... currently' being handled by our own Liquidating Trust'
WMIH' now has 3.5 billion authorized shares which can now be utilized as a ... "currency" ... for value ... which according to the Rights Offering' ... the share increase needed to be accomplished, along with the move to Delaware, by the 5th of July 2015' (the beginning of ... "shark week" ... sorry' couldn't help myself)
Again, as I have said many times' ... I do not believe that WMIH Corp will Not have to look to much farther than our own back yard to find an acquisition target' ... (The complex trusts placed and held within WMIIC so long ago)
... Good Luck to All' ...
AZ
... Regarding WMIH Corp ? ...
Irrelevant of any and all issues' ... Weil' took pro active steps to protect the massive value of WMI' ... steps that were taken' prior to the OTS / FDIC ever arriving to seize WMB on 9/25/2008' ...
The initial separations of the bankruptcy filings submitted, between WMIIC Filing # 0001' and WMI Filing # 0002' along with the Filing "in support of" presented by Stewart Landefeld (Executive Vice President of WMI) ... written on 9/26/2008 and entered into the docket on 10/2/2008' ... reveals the sequence of events that was utilized to protect WMI'(s) value, as these two bankruptcy filings were combined' "procedurally" only
WMIIC' as stated within the filings, filed bankruptcy with zero debt' ... WMIIC was then joined "procedurally" only within the WMI bankruptcy process as it moved forward
Weil' ... separated "value" to be combined within the consolidation between WMIIC and the exiting reorganized company, at some future point in time' ...
again' ... from the documents'
"WMI owns 100% of the equity in WMIIC"
"(regarding WMIIC)" ... "IS eliminated upon consolidation"
(WMI is the Original Debtors Estate)
Well, for the first time since September 2008, ... all things are in place to finally allow this consolidation, planned for so long ago, to actually take place ...
WMIH Corp' ... needed to be registered in Delaware, along with the LT and WMIIC' (which always maintained a Delaware Registration) ... which now, as mandated by the Rights Offering, has occurred' ... WMIH has moved to Delaware'
WMI as noted' ... had numerous non banking subs at the time of seizure' ... however' ... WMIIC was the chosen one'
Weil' ... took steps prior to the seizure ... long before there was any knowledge of an equity committee ... Weil' left nothing to chance regarding this massive WMI value' ... Nothing could be trusted to the rulings of a BK court, or any unpredictable potential actions by the FDIC or JPMorgan, as the process moved forward' ... Again' ... the values were massive' and nothing could be left to chance
Currently ? now that WMIH has moved to Delaware ? I can see no obstacles remaining ... no obstacles, that would keep this plan which was designed so very long ago (Sept 2008) to not come to fruition regarding this newco' ... WMIH Corp as now, ... for the first time since Sept 2008' ... WMIIC can actually be "eliminated upon consolidation" with WMIH'
~ merely a simple accounting tool ? ~ Not Hardly' ~ that is humorous ...
Weil' was severely underestimated' ... and' so was Susman' within his ability to have an understanding of what had actually occurred' ...
Mike W's mission' was to make sure that the equity class participants were included within this genius of a plan' ... a plan to protect value to be reconnected within an exiting reorganized company at some future point in time'
~ Well ? IMO' The time is NOW for WMIH Corp to be in a position to move' forward within its pre planned "destiny"
AZ
... Read it Again' ...
Only this time ... don't change any of the wording presented in the actual filings' ...
That type of presentation ? ~ doesn't work on me'
... Only ... "such" ... securities were liquidated to accomidate the Plan of Reorganization, ... (not all securities) and stipulated to, on the 3/31/2012 Trusts Quarterly Report as ... "short term only, transferred to WMI"
AZ
B... Interesting' ~ While I Will Agree ...
While I will agree with the statement ... "IS Eliminated upon Consolidation" ... is sometimes utilized as an accounting term' ...
One needs to move the consideration forward, ... within the "legal confines" of why that particular "accounting term" would be inserted into the filings'
Well, for starters, ... WMIIC, filed for bankruptcy along with WMI on the 26th of Sept 2008' ... Then on Oct 6th the Bankruptcys were joined ... "procedurally" ... only ...
The use of the term ... "IS Eliminated upon Consolidation" ... would have reference to the bankruptcy's accounting moving forward, ... in an effort to not need to consider the value contents within WMIIC ...
Saying, the term used is merely an accounting reference could be a consideration, however, the legal allowances of the use of the term within the bankruptcy, are much more important' ...
As I have reviewed, ... In 2008, ... Nothing was ever left to Chance' ... Nothing' ... At the onset, steps were taken to protect the future of the reorganized new company,
On Sept 26th, 2008 ... The filings state, ... WMI' Owns 100% of the Equity Interests in WMIIC'
On March 31st, 2012 ... The Trust Reports that ... "such securities (231m dollars worth) of Short Term securities were liquided and transferred to WMI' ... to fulfill the financial need of the reorganization ...
... such ... securities is a legal reference to not refer to ... ALL ...
... Steps were taken in Sept 2008, ... Steps' to protect the massive value of WMI's Loan portfolio of the future' ... Under the FDIC' s ... protection afforded by the seizure, ... No one, not even Examiner Hochberg' ... was able to consider WMI's loan file
... Merely an accounting term' ? ... Maybe' ... However in reference to WaMu' ... an accounting term utilized to protect value for the future, ... when WMIIC ... is ultimately "eliminated upon consolidation" ...
... Now, able to occur for the first time since Sept 2008' ... as WMIH Corp has completed its move to Delaware and be in a position to now be consolidated with its ... sub ... WMIIC
AZ
... hmmm' ~ Lookin' for an 8-K ~ ...
Just thinking out loud', but the way I figure this as we move forward, ... is that the LT has already reminded all of us, on March 24th, 2015 within their Press Release of the mechanics that have already been put into place moving forward'
However, ... considering the company's (WMIH Corp) SEC obligation to report via' an 8-K of a, ... "Material Event" ... the specific "Material Event" that was planned for, so very long ago in September of 2008' ... The elimination of WMIIC upon consolidation ...
I'm not sure what any additional challenges there would be to the "consolidation" now being able to be completed'
Retail Participants' are definitely the small percentage of involved shareholders' here' ... I would think' these boys would want to get this party started' after all of this time
AZ
... The heavy hitters, told the kids to stay away' ...
This is the big time' ...
AZ