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Double the settlement to make up for them kicking the can down the hill. This will also give the FDIC time to settle Libor. JMO
The Depository Trust Company (DTC) will provide limited services on Monday, October 09, 2023. The following changes in DTC’s operations and schedules will be in effect: COLUMBUS DAY 2023 SCHEDULE TRADE DATE T+1 SETTLEMENT T+2 SETTLEMENT 10/04 10/05 10/06 10/05 10/06 10/07 10/06 10/10 10/11* 10/09 10/10 10/11* 10/10 10/11 10/12 *Double Settlement
https://www.dtcc.com/-/media/Files/pdf/2023/9/12/18992-23.pdf
For those I care about, Please do not listen to what these two are creating as noise. They have been taken over by the Dimon. The purpose is to confuse, Wish they could get their act together.
This will be an ongoing process and will take a while so bear with me
Bucket 1
First Republic Bank as stated in release
Washington Mutual Bank look alike???
Asset = Liabilities + RE/OE
$207.8B = 142B + 65B
This is simple enough for me to understand that the 65B is due to the Share Holders
Assets
173 B (Mbs)
4.8 B Tax Benefits
30 B Securities
Total 207.8
Liabilities
Deposits 92. B
FDIC Loan 50 B
RE/OE 65 B
Total 207.8
This is what should be returned in the first Bucket. If you plug this into the formula that was facilitated by Edgar Sargent you will get a better result if not have fun for yourself, I did.
Per POR 7 P's 75%= 48.75 B
Per POR 7 u's 25%= 16.25 B 2+
$48.75 B / 3 Million shares outstanding = aprox $1,846 per P
13.54 B / 1.2B Share outstanding = $13.54 per u
Understand none of this calculation is based official professional in this guess Just me having fun.
Please fell free to improve, I have very thick skin posting on iHub <><
Te second Bucket TBD (15%-30%) of 800 B of remote MBS
https://www.jpmorganchase.com/.../jpmc-acquires...
JPMORGANCHASE.COM
JPMorgan Chase acquires substantial majority of assets and assumes certain liabilities of First Republic Bank
Our Money it will come any day and could be used for our settlement of ANICO and as presented in the JPM Press rlease of 65 Bil
https://www.docketbird.com/court-cases/In-Re-Libor-Based-Financial-Instruments-Antitrust-Litigation/nysd-1:2011-md-02262
373509/08/2023DECLARATION of Steven Weisbrot, Esq. in Support re: (625 in 1:11-cv-05450-NRB) MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
6 Attachments ?
09/11/2023***NOTICE TO COURT REGARDING PROPOSED ORDER. Document No. (624 in 1:11-cv-05450-NRB, 3732 in 1:11-md-02262-NRB) Proposed Order, was reviewed and approved as to form. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB. (Text entry; no document attached.)
373409/08/2023MEMORANDUM OF LAW in Support re: (625 in 1:11-cv-05450-NRB) MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
373309/08/2023MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University.Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
373209/08/2023PROPOSED ORDER. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Related Document Number: [3729]. Proposed Order to be reviewed by Clerk's Office staff.
373109/08/2023DECLARATION of William C. Carmody and Michael D. Hausfeld in Support re: (3729 in 1:11-md-02262-NRB, 621 in 1:11-cv-05450-NRB) MOTION for Attorney Fees OTC Plaintiffs' Notice of Motion and Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
2 Attachments ?
373009/08/2023MEMORANDUM OF LAW in Support re: (3729 in 1:11-md-02262-NRB, 621 in 1:11-cv-05450-NRB) MOTION for Attorney Fees OTC Plaintiffs' Notice of Motion and Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
372909/08/2023MOTION for Attorney Fees OTC Plaintiffs' Notice of Motion and Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University.Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
372809/08/2023LETTER addressed to Judge Naomi Reice Buchwald from William C. Carmody dated September 8, 2023 re: Rule 2.E.1 Letter re OTC Plaintiffs Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University.Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
Dimon added, “This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”
Key transaction elements following the FDIC’s competitive bidding process include:
Acquisition of the substantial majority of First Republic Bank’s assets, including approximately $173 billion of loans and approximately $30 billion of securities
Assumption of approximately $92 billion of deposits, including $30 billion of large bank deposits, which will be repaid post-close or eliminated in consolidation
FDIC will provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans, as well as $50 billion of five-year, fixed-rate term financing
JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock
First Republic branches will open on Monday, May 1, as normal, and clients will continue to receive uninterrupted service, including digital and mobile banking capabilities.
https://www.jpmorganchase.com/ir/news/2023/jpmc-acquires-substantial-majority-of-assets-and-assumes-certain-liabilities-of-first-republic-bank?fbclid=IwAR0_1GWGMZlnuFw3zxNJb1p0gsivb-uNDfdOzTnNBMuk3aWahdHH1EXtFvk
Quickly only me but all good indication for libor NYSC approved settlement for the FDIC IMO
Have a noisy Buss coming out of my computer may be interferance or may be very close, you decide. just know why I may or not be around. All good we are very close IMO
My apology to Bbob no surgar coat. This is not about us. Lost it will stay with Time and amount
repeat
Anico \Project west was a separate action(case) JPM lost
Who said nothing happened on the 8th end of the SOL
Approval Settlement
Approval Settlement
Approval Settlement
Just starting and more to come
3735 09/08/2023 DECLARATION of Steven Weisbrot, Esq. in Support re: (625 in 1:11-cv-05450-NRB) MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
1Exhibit A
https://www.docketbird.com/.../nysd-1:2011-md-02262-03735...
3734 09/08/2023 MEMORANDUM OF LAW in Support re: (625 in 1:11-cv-05450-NRB) MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
3733 09/08/2023 MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University.Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
Now that statute of limitation 9/8 is complete with no more new litigation could assume limitations and settlement. Just my wish .
3735
09/08/2023
DECLARATION of Steven Weisbrot, Esq. in Support re: (625 in 1:11-cv-05450-NRB) MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
6 Attachments ?
3734
09/08/2023
MEMORANDUM OF LAW in Support re: (625 in 1:11-cv-05450-NRB) MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
3733
09/08/2023
MOTION to Approve Final Approval of Settlement with Defendants MUFG Bank, Ltd., The Norinchukin Bank, and Societe Generale. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University.Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
3732
09/08/2023
PROPOSED ORDER. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Related Document Number: [3729]. Proposed Order to be reviewed by Clerk's Office staff.
3731
09/08/2023
DECLARATION of William C. Carmody and Michael D. Hausfeld in Support re: (3729 in 1:11-md-02262-NRB, 621 in 1:11-cv-05450-NRB) MOTION for Attorney Fees OTC Plaintiffs' Notice of Motion and Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
2 Attachments ?
3730
09/08/2023
MEMORANDUM OF LAW in Support re: (3729 in 1:11-md-02262-NRB, 621 in 1:11-cv-05450-NRB) MOTION for Attorney Fees OTC Plaintiffs' Notice of Motion and Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University. Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
3729
09/08/2023
MOTION for Attorney Fees OTC Plaintiffs' Notice of Motion and Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University.Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
3728
09/08/2023
LETTER addressed to Judge Naomi Reice Buchwald from William C. Carmody dated September 8, 2023 re: Rule 2.E.1 Letter re OTC Plaintiffs Motion for Attorneys Fees, Reimbursement of Litigation Expenses, and Incentive Awards. Document filed by City of New Britain, Jennie Stuart Medical Center, Inc., Mayor and City Council of Baltimore, Vistra Energy Corp., Yale University.Filed In Associated Cases: 1:11-md-02262-NRB, 1:11-cv-05450-NRB.
https://www.docketbird.com/court-cases/In-Re-Libor-Based-
What elitism from you and ???? are sick if they believe this. Even if they believe this crap about the will and intelegence of all investors in our society. What a way to look at our fellow investors. This is the greatest kind of racism. What a shame!
How is this Night ????????????
LAW AND LEGAL ISSUES
FDIC suing lenders over loans brokered for Washington Mutual
By Andrew Martinez
September 08, 2023, 4:00 a.m. EDT
3 Min Read
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The Federal Deposit Insurance Corporation is suing over a dozen mortgage firms in federal courts to recoup funds over loans they brokered over 14 years ago for Washington Mutual.
The agency in its complaints points to a combined 373 home loans it claims were defective for a variety of reasons, according to a National Mortgage News review of federal court records. While dollar amounts sought aren't disclosed, some alleged bad underwriting for the loans in question includes five-figure kickbacks and six-figure borrower debts.
The FDIC's pursuit stems from the fallout of its takeover of WaMu in 2008 during the Great Financial Crisis. Deutsche Bank, a trustee for mortgage-backed securities including the defective WaMu loans, sued the agency in 2009 for indemnification for its securities.
https://www.nationalmortgagenews.com/news/fdic-suing-14-lenders-to-pay-for-washington-mutual-brokered-loans?fbclid=IwAR0rPGssbK8eBmNkuEeRs9KdfaIlVIh2ry6I_HUn4qDJ5IEGOtYB0FztmjM
https://www.fdic.gov/buying/loan/documents/sigf-23-sale-announcement.pdf
Yep if they follow the dtcc maybe sooner if the bucket 1 is before. Never thought they would ever not pay the hedge funds.we are just along for the ride
Following the yellow brick road and the dtcc
Next step if they follow through if not, we have been duped. IMO
"Settlement date is September 18, 2023."
"The following details of the credit event pertain only to transactions confirmed under the ISDA 2014 Credit Derivatives Definitions: - The Trade Information Warehouse (the “TIW”) will support electronic delivery of Credit Event Notices through the “Restructuring Credit Event Notice Facility” beginning September 5, 2023. - The exercise cut-off time for sellers submitting triggers is September 6, 2023, at 4:00 pm London time. - The exercise cut-off time for buyers submitting triggers is September 11, 2023, at 4:00 pm London time. - The Determinations Committee statement on April 28, 2023, announcing the maturity buckets will apply. (https://www.cdsdeterminationscommittees.org/.../emea-dc.../). - Following the exercise cut-off time on September 11, 2023, the TIW will automatically spin-off any Partial Trigger Resulting Transaction with a status of “certain” into untriggered and triggered amounts by maturity bucket. - Determinations Committee has resolved that no auction will be held in respect of transactions other than those in “bucket 1”. For transactions in other maturity buckets, buyers may exercise the movement option commencing on September 12, 2023 until the cut-off date of September 13, 2023, at 4:00 pm London time. - September 14, 2023, is the date for the deemed auction in respect of “bucket 1” transactions with an auction final price of 100 percent. - The settlement date is September 18, 2023."
CDSDETERMINATIONSCOMMITTEES.ORG
Credit Derivatives Determinations Committee »
https://www.dtcc.com/-/media/Files/pdf/2023/9/1/TIW795.pdf
Now that the SOL is done September 8th, the FDIC can calculate the existing claims and liabilties and a settlement can be closed. Lets get it done. The retail and HedgeFunds need it now.
Not a lawyer but very logical.
“The six pending cases are all still in the very early stages. They’re assigned to different Judges on the federal Central District of California bench. No major motions, such as motions to dismiss or motions for summary judgment, have yet been filed by any of the defendants. We expect that the FDIC-R will file additional suits within the next four months, because its position is that the statute of limitations on these claims will not expire until on or about September 8, 2023. Having represented several mortgage companies, brokers and regional banks in cases of this type for well over a decade, we believe that most of them generally have strong legal and factual defenses available to them to combat such claims. Being aware of the potential grounds for such defenses is imperative in dealing with these suits, which often seek many millions of dollars in alleged damages, interest and fees.”
https://www.bilzin.com/we-think-big/insights/publications/2023/05/indemnification-claims-2000s-residential-mortgages?fbclid=IwAR1EJgOmVcbX9GbfKRnyeG4CU-Hn3eUKW-JGVKAaC81MUCi6_ydGer5q1do
The Most Royal Dude
Read this and weep. Humpty dumpty in the works. Do you ever post anything yourself or just criticize
https://www.fdic.gov/news/press-releases/2023/pr23073a.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery
Lex this is the great surprise that JPM is using for the rip off of the Century. you act like you are part of it.
WHAT: DTCC will be conducting a test of our business continuity and disaster recovery plans. As a result of this testing, DTCC’s Institutional Trade Processing (ITP) TradeSuite IDTM service will be temporarily unavailable. Although this system testing will impact some processing schedules, regular processing and access will resume immediately following the exercise.
WHEN: Please be advised ITP’s TradeSuite ID system will be unavailable between 4:00 AM ET Saturday, September 23 and 12:00 PM ET Sunday, September 24, 2023.
FOR MORE INFORMATION: If you have any questions, please contact us via MyDTCC or contact your Relationship Manager directly.
PRESS RELEASE | SEPTEMBER 8, 2023
FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California
WASHINGTON – Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of First Republic Bank, an internal review evaluating the agency’s supervision of First Republic Bank, San Francisco, California, from 2018 until its failure in May 2023. The report provides information on the causes of First Republic Bank’s failure and evaluates the FDIC’s supervision of the bank. The review was conducted at the request of FDIC Chairman Martin J. Gruenberg.
https://www.fdic.gov/news/press-releases/2023/pr23073a.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery
Background
First Republic Bank was closed by the California Department of Financial Protection and Innovation on May 1, 2023, and appointed the FDIC as receiver. FDIC entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.
https://www.fdic.gov/news/press-releases/2023/pr23073a.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery
"FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California
WASHINGTON – Today, Federal Deposit Insurance Corporation (FDIC) Chief Risk Officer Marshall Gentry released FDIC’s Supervision of First Republic Bank, an internal review evaluating the agency’s supervision of First Republic Bank, San Francisco, California, from 2018 until its failure in May 2023. The report provides information on the causes of First Republic Bank’s failure and evaluates the FDIC’s supervision of the bank. The review was conducted at the request of FDIC Chairman Martin J. Gruenberg."
Nothing negative here GLTA
That is not about positive thinking The page is the Financial System. You discover the connection. Your attitude limits you. We are on the same team. I will not waste energy on the negative
That is because I am not an insider, please straighten it out
Not my attitude more like connect the Dots LOL
My quess this is our privite platform for us for Bucket 2, prove me wrong
"Scheduled to run through May 31st, 2024, the industry test program includes opportunities for free-form testing and scripted test scenarios such as holiday processing, double settlement days and testing for recoverability and resiliency. Firms are encouraged to participate in as many testing cycles as they choose.
The industry’s T+1 testing window, designed for full end-to-end testing, formally kicked-off the first of 21 bi-weekly cycles on August 14, 2023."
https://www.dtcc.com/dtcc-connection/articles/2023/september/06/early-indicators-point-to-t1-testing-success?mkt_tok=NjY5LVFJTC05MjEAAAGODsGvDMC_dqCxEoS0otBLVCGBl-Z86ezd8VvfR12c6K4k24y93PiMm5nYEzlDfvhKdrGM03YDCDWyQDPcIJ_3Xl2gcBo55TH7LxVLoA1HFeBWoC7F3N3sjnM
My point is no matter how we quess how this is distributed it will take care of everyone. There is money to be distributed over the next year in 2 Buckets. We should get bucket 1 (Anico) Por 6/7 which is iminent and the longer term by May 28th 2024 or an announcement going forward. We have made it this far and should stop bikering among ourselves. This satisfactory cooperation with the hedgefunds whom we ride on their backs, retail of legacy should be satisfied. I have to have faith that F&R is just that. Bucket 2 will evolve until May 28th 2024. We are on the Hedgefunds, FDIC, JPM, Coops side and must think of ourself in the Settlement and put our ego's aside.
Go settlement is my new slogan
No harm intended, and it is not a good time to play, with all parties tense. I do believe it will work out for all accordingly to por 6/7. We all need a break.
People here should know by know that all I want is to have a win-win win. All other discussions are not worth the time.
Ron just wondering if it is good for the goose, it is good for the gander. Fear should not be about the success in ps and u's this should be happy time.
If p 's make the cutoff, is there a minimum iyo tia
I agree to the special situation with p's to limit the numbers, from their perspective. It is what they will try to buy out and price. $125 would be great. But until then I do not trust them.
Bob I am thrilled with you assesment, but as you said they are ruethless and do not care about us. My F&R is the same my thoughts not.
Does willyjam make the cut off. You tell him hahaha
Technical trading is nuts here There is no history for this.
Just my quess but do not beleive we can cash out and control our investment. We probable borrow against it or be very stickey. IMO
Speaking of numbers Ron, How much do you want to guess that the 2450 participants are Legacy holders Lets see if they kick it down the road on Friday the 8th of September???????????
""POSTPONEMENT 09/05/2023 TO: FIXED INCOME TRANSACTION PARTICIPANTS ATTENTION: P & S MANAGERS, CASHIERS SUBJECT: UMB Bank, National Association and 2450 Participants are advised that NSCC, through its agent, has received notification from the Underwriter that the following CUSIP on the above-mentioned issue, originally scheduled for SD 09/06/2023 has been POSTPONED to 09/08/2023. The dated date and interest accrual date are 09/08/2023. 122928AA2
https://www.dtcc.com/-/media/Files/pdf/2023/9/5/CMU76-23.pdf
DTCC.COM"