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kevins, this is a good find. Now let me posit the following. WFC held three jumbo accounts for WaMu tax refund in the multi-billions, also for remittance of funds from JPM per Amended POR 7.
Further, I believe WFC was also a Trustee for some of WaMu securities including the 65 billion case involving JPM, DB, and the FDIC settled and 2B plus paid out to DB with 750M paid to JPM of the 65B. We never heard anything further from these accounts...hmmm...no doubt Safe Harbor monies...
Now could COOP be in the market to issue preferred shares for a huge portion of the WFC action then paid into a DST where the beneficial owners are those investors who signed timely releases by 3/2012? Seems extremely logical to me.
Just trying to connect some dots with a few facts tied in so interesting, to say the least in my view.
xxx
MadBadger, LOVE THE TERM MAGIC MONEY!
The MAGIC MONEY is linked by those MAGICALLY SIGNED TIMELY RELEASES by 3/2012 which in turn will spew LARGE GREEN upon those investors who had the MAGIC ABILITY to accumulate those MAGIC CUSSIP numbers.
xxx
Hard to say but if the FDIC has their prints on this then we may be at their mercy but who knows for sure.
In a DST point six of the 7 deadly Sins they discuss preagreed timeframe for distributions but we do not know what that sealed document states time wise
Xxx
Mwd44, you gave several valid points. There are many, many more. They have been posted many times by the reputable posters and many of these are backed up with facts and proof.
If posters really want to know all they have to do is read the reputable posters posts.
It is possible we may have to wait until the Receivership is reconciled and released along with the FDIC.
Xxx
Nova, very simple. The Perps are generally able to zero out ALL of equity in the majority of cases where there are actually assets.
This just as they tried to do for four years in the WaMu case before allowing Equity to play because the Perps were caught with Insider Trading so enter Nate Thoma who testified successfully in front of Judge Walrath. The Wall Street Journal wrote an excellent article about Nate Thoma successfully neutering the Hedge Funds.
Xxx
nova, you ask the following:
Is there a single precedent for a company completing a BK and subsequently distributing BK remote assets to former equity?
______________________________________________
Obviously, there are probably many BUT unless you were part of one of these there is no way to know which is why the Perps tried endlessly to zero us out so there would be no tracking in the bk cases of BK Remote assets.
Further proof is if there were not any of these cases then legal terms such as Safe Harbor, BK Remote assets would have NEVER existed because there would be no need for them to exist.
xxx
He Fred. Hope you are having a great New Year!
I told you about UWBKQ distribution will not be until year 2050 a couple of years ago so I am right so far
Courtesy of BP newflow:
FDIC as Receiver for Washington Mutual Bank v. Am. Fin. Network, Inc., Case No. 8:22-cv-00281 (U.S. District Court for the Central District of California Filed Feb. 22, 2022).
FDIC as Receiver for Washington Mutual Bank v. Trustworthy Mortg. Corp., Case No. 8:22-cv-01075 (U.S. District Court for the Central District of California Filed May 31, 2022).
FDIC as Receiver for Washington Mutual Bank v. Ark-La-Tex Fin. Servs., LLC., Case No. 8:22-cv-01491 (U.S. District Court for the Central District of California Filed Aug. 10, 2022).
FDIC as Receiver for Washington Mutual Bank v. Everett Fin. Inc., Case No. 8:22-cv-01692 (U.S. District Court for the Central District of California Filed Sept. 15, 2022).
FDIC as Receiver for Washington Mutual Bank v. Guild Mortg. Co., Case No. 8:22-cv-01832 (U.S. District Court for the Central District of California Filed Oct. 6, 2022).
https://www.fdic.gov/resources/resolutions/professional-liability/lawsuits.html
Xxx
NUMBER 6 of 7 WILL PLAY A VITAL ROLE IN OUR POTENTIAL DISTRIBUTIONS-THE DOTS ARE CONNECTING
Remember, WMI NOT to be confused with WMILT became a (DST) Delaware Statutory Trust around 3/8/2012 then became effective on the (ED) Effective Date of March 19, 2012
https://seracapital.com/1031-exchanges/the-seven-7-deadly-sins-of-delaware-statutory-trusts-dsts/
"The Seven Deadly Sins of Delaware Statutory Trusts (DSTs) Explained
***REALLY, REALLY REALLY LET NUMBER SIX SINK IN NOW***
6. All Cash, Other Than Necessary Reserves, Must Be Distributed To The Co-Investors Or Beneficiaries On A Current Basis According to the IRS regulations, DSTs are allowed to keep cash reserves on hand to cover emergency maintenance and repairs issues. However, they are required to share the earnings and proceeds realized from the DST to its beneficiaries within the agreed distribution date. This deadly sin prevents trustee misappropriation of funds and protects beneficiaries’ rights to receive their earnings promptly.
***NOW JUST READ THE FOLLOWING AND LET THIS SINK IN FURTHER***
required to share the earnings and proceeds realized from the DST to its beneficiaries within the agreed distribution date.
xxx
IPrelude, you said the following:
Common sense + Big BoyZ in our boat + UW (way more recently) also in our boat + R alive + ... + indicate differently :)
———————————————-
This is the BEST short post I have seen in a long time filled with PROVABLE FACTS that always seem to be very troubling for investors who did not sign timely releases by 3/2012
Xxx
Actually, this will not be over until the “R” is resolved and terminated with the FDIC and other Players released
All it takes are signatures from these high level Players to release the monies and will NOT happen until this action takes place!
Xxx
jhdf51, remember December 31, 2021, when we found out around January 10, 2022, that a HUGE procedural action happened and that was WMILT being canceled and NOT to be confused with dissolved which meant more actions such as combination, merger, distribution, and more and we have yet to find out what these actions were.
Also, remember what the Source said regarding assets. They will have to be shown on COOP's balance sheet at some point.
Maybe this happened in the last few days of the year 2022 such as Friday, December 29, 2022 they would have FOUR BUSINESS days to file the 8K and other filings such as stock issuance.
So, we wait a few weeks into January 2023 to see if anything actually happened in late December 2022 similar in principle to what happened on 12/31/2021.
xxx
Delaware Statutory Trust Certificate of Cancelation
https://www.realized1031.com/blog/what-is-a-delaware-statutory-trust-dst-certificate-of-cancellation-and-how-does-it-work
Xxx
JHDF51, I believe itis apparent to many here that COOP has and is being held in a range UNTIL the missing piece arrives. Yes, that could be Tuesday or later this year.
ONLY time passing and filings will show us the way forward. It appears this case and another one similar in principle has TWO actions in common and they are THE PERPS were caught doing the DIRTY and LIBOR.
So, it appears Libor is the action holding both of these cases at bay until resolved.
xxx
newflow, GREAT sleuthing! YOU ARE SHOWING THE VERY PROOF of ASSETS IN QUESTIONS #s 68 & 69…SO, IN PREVIOUS PORs THE ASSETS WERE DISCUSSED!
This is SUPER REREAD and a reminder of the assets as the Equity Committee was challenging the court to get our assets and value on the record. So in the end yes, those assets are still there and should very soon be available to those investors who signed timely releases by 3/2012.
This was obvious in previous Plan of Reorgs such as POR 5 and/or 6 where they tried to zero out equity so the Perps could be the last man standing in tranche four with Piers which was a Hybrid Security, part equity and part creditor which legally allowed them to receive all the spoils.
However, the Perps were caught and had to share with equity in Amended POR 7 which was signed by the court on 2/23/2012.
The only thing that changed was the payout Matrix where Piers was capped in tranche four with NO FURTHER PAYOUT (penalty by Judge for I.T.) thus allowing Equity to receive all the spoils in tranche six.
Please look at numbers 68 and 69 which it discusses the assets and questions concerning why the value is hidden from Equity.
http://www.sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/Missing%20bytes%20-%20-EC_DS_objection%20to%20POR.pdf
HAVE I TOLD YOU LATELY HOW MUCH MORE, MORE AND MORE I LOVE MY TIMELY SIGNED RELEASES THAT CONTINUE TO GROW IMMENSELY EVERY SINGLE DAY FORWARD?
xx
To layer and hide actions through these type of filings only means one thing in my view…
so this must involve some type of assets otherwise, why perform these actions?
Xxx
HAPPY NEW YEAR 2023!
So now we wait to see if anything was filed in late December 2022 similar to what happened on December 31, 2021, when WMILT was canceled leading to more UNKNOWN actions such as consolidation, mergers, distributions, and more. This was a HUGE procedure and process move to get us closer to the finale.
Thanks to Newflow who found an active address for WMILT in Arizona...hmmm, hmmm so look at his recent posts concerning this action.
Yes, there is more in play here than meets the eye so we patiently wait for filings and passing time to show us the way forward!
xxx
Wow Newflow, excellent due diligence and find. So, let us hanicap what we know for facts.
1) WMILT was canceled on 12/31/2021 not to be confused with dissolved as canceled means more actions such as merger, consolidation, distributions, and more
2) Per WMILT advised after the cancelation of WMILT on 12/31/2021 that they would be finished with Ministerial Details on or before March 31/2022 and they would not make any further filings regarding the same
3) Could it possibly mean they have one year from the end of Ministerial Details which was March 31, 2022, for distributions...hmmm, hmmm
4) Since you found WMILT with an Arizona address, I am not sure what this means other than a possible combination with another entity or similar as stated in number one
5) ANYONE's thoughts on newflow recent discovery
5594 W CREEKSIDE Ln, Queen Creek, AZ 85142 - Redfinhttps://www.redfin.com › Arizona › Queen Creek › 85142
4 beds, 3.5 baths, 3869 sq. ft. house located at 5594 W CREEKSIDE Ln, Queen Creek, AZ 85142 sold for $485000 on Apr 25, 2014. MLS# 5052957.
Missing: 85142-3163 ?| Must include: 85142-3163
_______________________________
LG and others check this out.Cheers.
License Information:
New search
Back to results
Entity name:
WMI LIQUIDATING TRUST
Business name:
WMI LIQUIDATING TRUST
Entity type:
Trust
UBI #:
603-195-774
Business ID:
001
Location ID:
0001
Location:
Active
Location address:
5594 W CREEKSIDE LN
QUEEN CREEK AZ 85142-3163
Mailing address:
5594 W CREEKSIDE LN
QUEEN CREEK AZ 85142-3163
Excise tax and reseller permit status:
Click here
Governing People May include governing people not registered with Secretary of State
Governing people
Title
Governing people
Title
LOGAN, DOREEN
SMITH, CHARLES EDWARD
dor.wa.gov
check business look up
WMI Liquidating Trust
xxx
Newflow, thanks and I fully understand. Could you give me a timeframe of when I can expect my move to SW Florida?
Xxx
How about a PM? If no, no worries
Is it worthy of discussion and/or off topic to distributions?
Yes, so I do not think they would have made that big of a mistake
Nova, Amended POR 7 was approved by the bk court on 2/23/2012 in the case of WaMu
Xxx
Murdock, thanks for your reply. I believe your assessment may be spot-on correct! In my post you just responded to which I find very, very encouraging...it basically proves there are returns or the entire agreement is baseless and I highly doubt this battery of very expensive legal work is for nothing.
So my conclusion is the FIC basically admitted there will be returns or this would not have been drawn up as the FDIC is NOT going to hold worthless WAMPQs claims waiting for ZERO to return for which the FDIC would have screwed itself out of monies otherwise paid for by other means.
xxx
Ron, you said the following:
The Atlantic Home Loans/FDIC Settlement is odd to me.
What did Atlantic do wrong?
_______________________________
Ron or ANYBODY, why in the world would the FDIC accept for payment and/or extinguishment of debt if there was NOT anything coming back to those who signed timely releases?
Then the next question is why would Atlantic assign a potential claim with potentially GOLDEN RETURNS to the FDIC?
These two questions show at a minimum there are returns but why would Atlantic do this for what appears to be a minimal debt expungement as compared to the potential returns?
ANYONE?
____________________________
https://www.fdic.gov/foia/plsa/10015-washingtonmutual-atlantichomeloans.pdf
SECTION III, '\Vaiver of Dividends and Proceeds from Litigation
To the extent, if any, Atlantic is or was a shareholder of\VaMu or its holding company
and by virtue thereof is or may be entitled to a dividend, payment, or other distribution upon resolution of the receivership of WaMu or proceeds in any litigation that has been or could be brought against Federal Deposit Insurance Corporation in any capacity or against the UnitedStates based on or arising out of: in whole or in part, the dosing of WaMu, or any alleged acts or omissions by Federal Deposit Insurance Corporation in any capacity, the United States government, or any agency or department of the United States government in connection with WaMu, its conservatorship, or receivership, Atlantic hereby knowingly assigns to FDIC-R any and all rights, titles, and interest in and to any and all such dividends, payments, or other distributions, or proceeds.
xxx
I fully understand the frustration of a minimum, not knowing, or any type of confirmation YET! So let me post a couple of actions we DO KNOW for sure followed by a post that may help explain.
1) WMI NOT to be confused with WMILT became a DST around March 8, 2012, and remember one CAN NOT open a DST without assets
2) So, do a deeper study on (DSTs) Delaware Statutory Trusts and you will find the following information (post below) regarding the Seven Deadly Sins of a DST
3) Number SIX of the Seven Deadly Sins plays a VITAL ROLE and it says to protect investors that an AGREED DISTRIBUTION TIMEFRAME MUST BE MET
Here is number six. All Cash, Other Than Necessary Reserves, Must Be Distributed To The Co-Investors Or Beneficiaries On A Current Basis According to the IRS regulations, DSTs are allowed to keep cash reserves on hand to cover emergency maintenance and repairs issues. However, they are required to share the earnings and proceeds realized from the DST with its beneficiaries within the agreed distribution date. This deadly sin prevents trustee misappropriation of funds and protects beneficiaries’ rights to receive their earnings promptly.
_________________________________________
The 7 Deadly Sins of DSTs Explained-Number 6 (in red below) DEFINES WHEN Distributions MUST Happen
My View ALWAYS HAS BEEN, A DST WILL PLAY A PIVOTAL ROLE IN OUR DISTRIBUTIONS-NOT IF BUT WHEN
The following is from Dmdmd1 and I agree with his assessment in totality! He has been very gracious to share his immense research and in-depth knowledge with the following information:
ENYOY if you signed timely releases by 3/2012
_____________________________________
Let me emphasize a very important point that bgriffinokc verified through the Delaware Secretary of State (which Sunshine commented on succinctly):
https://www.boardpost.net/forum/index.php?topic=18006.msg324738#msg324738
"Yeah, I simply FOLLOW the time frame published in LT's FINAL official announcement, namely:
"Charles Edward Smith and Doreen Logan served as the Trust’s administrators and have managed the winding-down the Trust’s operations and its dissolution. In December 2021, the administrators filed a Certificate of Cancellation with the Delaware Secretary of State’s Office pursuant to which the Trust was canceled effective as at December 31, 2021. After giving effect to the foregoing, the Trust no longer has any active operations and the administrators expect to complete a full-winding down of the entity on or prior to March 31, 2022."
==========
As I posted numerous times, bgriffinokc's $ 20 was WELL SPENT and APPRECIATED to affirm WMI becoming a DST prior to BK emergence which in turn ESTABLISHED/FIXED its "ASSETS" distribution scheme via the 2 SEPARATE EINs:
(1) LT EIN - Court recognized assets transfer to LT for distribution observing Lt's waterfall ( Plan 7)
(2) WMI's original EIN - Retain any REMAINING assets that were DEEMED BK - REMOTE/PROTECTED for subsequent distribution.
Remember WMI has adopted in every filing following BK emergence as " WMI Liquidating Trust, as successor in interest to the Debtors,"
Legal Definition of successor in interest: a successor to another's interest in property, especially: a successor in ownership of a business that is carried on and controlled substantially as it was before the transfer.
Furthermore, SUCCESSOR IN INTEREST. DEFINITION. A Successor in Interest is someone who has received an ownership interest in a property, even if they are not obligated to repay the debt. In other words, individual(s) (I.e., WMI Liquidating trust) who may have inherited or had a property transferred to them with no requirement to pay for the property.
Conclusion: The cancellation filed by the trust administrators in Dec 2021 making the WMI liquidating trust officially "DEAD" effective Dec 31, 2021 meaning the 'DEATH Certificate" issuance date and recognized as such by all authorities.
Where is then the progress?
(1) LT EIN part - LT has REMOVED the infamous Escrow cusips and whatever cash remained was donated to charity - wind up done
(2) Original 'WMI" EIN part - Wind Up not complete until "emptying" its content and the TIMING is communicated to us ( including Tepper) as follows-
a full-winding down of the entity on or prior to March 31, 2022."
__________
"As I posted numerous times, bgriffinokc's $ 20 was WELL SPENT and APPRECIATED to affirm WMI becoming a DST prior to BK emergence which in turn ESTABLISHED/FIXED its "ASSETS" distribution scheme via the 2 SEPARATE EINs:"
__________
Ask yourselves:
1) Why would WMI convert into a Delaware Statutory Trust (DST), prior to BK emergence on March 19, 2012, from a Corporation and also get a distinctly different EIN/Tax ID#?
IMO...My answer is simple: the bankruptcy remote assets (beneficial interest in MBS Trusts) owned by WMI would be housed in the new DST.
2) A more important emphasis is when will be the distribution of the DST cash/earnings/proceeds to beneficiaries (old legacy WMI shareholders that released their Class 19 & Class 22 claims)?
IMO...I don't know but per the Seven Deadly Sins of a Delaware Statutory Trust, #6 explicitly states :
"However, they are required to share the earnings and proceeds realized from the DST to its beneficiaries within the agreed distribution date."
Therefore, upon the formation of the DST prior to bankruptcy emergence (March 19, 2012), there was an agreed upon distribution date. We (retail) don't know what that agreed upon distribution date is!
BUT...I bet that Bonderman et al, and the Underwriters know what that "agreed upon distribution date" is...
AND that distribution date was determined long before WMI/WMIIC emerged out of bankruptcy on March 19, 2012.
_______
The following is a list of the Seven Deadly Sins of a Delaware Statutory Trust (meaning all seven conditions below need to be true in order for a DST to be a legal entity):
https://seracapital.com/1031-exchanges/the-seven-7-deadly-sins-of-delaware-statutory-trusts-dsts/
"The Seven Deadly Sins of Delaware Statutory Trusts (DSTs) Explained
Carl E. Sera, CMT
Managing Principal, Sera Capital
Dec, 01, 2020
If you are reading this, it’s probably because you have already reached the point where you understand that perhaps A DST or Delaware Statutory Trust may be an excellent vehicle to defer and possibly avoid the 4 taxes associated with the sale of real estate.
Not only do DSTs allow investors to earn hassle-free monthly income, they also eliminate the stress of managing rental property and offer the potential to diversify and upgrade your real estate portfolio. Like all good things, the DST comes with a price or a set of rules that the sponsors of these vehicles must follow.
It will serve the reader well to understand what we call the seven deadly sins of DSTs. Why? Because when you invest in a DST, not only must the sponsor follow these rules but so will the investor. They were designed to make a DST resemble real property as much as possible and is why for example—you can’t 1031 into either a public or privately traded REIT (for that, you’ll need a 721 exchange).
If you need help with your 1031 exchange, schedule a free call with us.
To prevent the misuse of power by the appointed Trustees, the IRS (ruling 2004-86) introduced the seven deadly sins of DST that limits the powers of trustees. These seven deadly sins act as a compulsory guideline for both the trustees and beneficiaries of a DST. Below is a detailed explanation of the seven deadly sins of DST.
1. Once A DST Offering Is Closed, No Future Equity Contribution Is Permitted To The DST, Either By Current Or New Beneficiaries.
When you invest in a DST, you receive a certain percentage of ownership based on the value of your initial investment. According to the IRS ruling, once the initial capital investment offering is closed, the trust manager cannot request contributions from the existing beneficiaries or organize a new capital call for investors.
This is because if the Trustee accepts additional capital contributions to the DST after the close of its offering, your ownership percentage may be diluted thereby affecting your claims to the DST assets.
2. The Trustee Of The DST Is Restricted From Borrowing Any New Funds Or Renegotiating The Terms Of The Existing Loans.
Once you decide to invest in a DST, it is required by law that the sponsor disclose the loan amounts associated with the DST. Part of the due diligence you should do is to understand the loan amounts of the DST and how they impact your investment returns. Please note, these loans are non-recourse which means that the DST investor is not liable for any loans within the DST they purchase. In this regard, DSTs function more like limited partnerships and limits the financial responsibility of the investor to their initial investment.
Since DST beneficiaries are limited in their right to dictate the operations of the DST, this ruling prevents sponsors from assuming more debts or refinance into a new mortgage because it may cause a serious impact on beneficiaries’ interest.
3. The Trustee Is Not Allowed To Reinvest The Proceeds From The Sale Of Its Investment Real Estate
Once a DST is sold, the IRS prohibits the sponsors from reinvesting the proceeds from the sale of the DST into a new investment real estate. This makes a DST very different from a REIT. The ruling stipulates that the sale proceeds must be distributed to the various beneficiaries. In a nutshell, the sponsors have no right to withhold or reinvest the proceeds without the knowledge of the beneficiaries.
If you had invested in a DST, you have the option of 1) “rolling over” into another DST through the 1031 mechanism, or 2) completely or partially cashing out of the DST. Of course, any amount you do not “rollover” is subject to the various federal and state taxes.
4. The Trustee Is Limited To Making Capital Expenditures With Respect To The Property To Those For (A) Normal Repair And Maintenance, (B) Minor Non-Structural Capital Improvements, And (C) Those Required By Law.
While Trustees are allowed to carry out minor structural improvement or maintenance of the property, the IRS restricts sponsors from making any capital property upgrades that may put beneficiaries’ investment at risk. This DST deadly sin protects the investment of beneficiaries from being used in ill-fated capital upgrades.
5. Any Liquid Cash Held In The DST Between Distribution Dates Can Only Be Invested In Short-Term Debt Obligations
Since DST sponsors are not allowed to raise extra cash or funds after the offer closing date, there is usually a reserve of cash available for additional investment. To prevent the use of these cash reserves in a speculative way, the IRS only allows for DST sponsors to invest in short-term loan obligations that can easily be converted to cash before the agreed distribution date.
One of the upsides to this rule is that it allows DST sponsor to increase the value of the DST on behalf of the beneficiaries without causing any risk.
6. All Cash, Other Than Necessary Reserves, Must Be Distributed To The Co-Investors Or Beneficiaries On A Current Basis
According to the IRS regulations, DSTs are allowed to keep cash reserves on hand to cover emergency maintenance and repairs issues. However, they are required to share the earnings and proceeds realized from the DST to its beneficiaries within the agreed distribution date. This deadly sin prevents trustee misappropriation of funds and protects beneficiaries’ rights to receive their earnings promptly.
7. The Trustee Cannot Enter Into New Leases Or Renegotiate The Current Leases
DSTs work great with a long-term lease to creditworthy tenants under a triple-net basis. Since the IRS prohibits DSTs from entering new leases or renegotiating their current lease, most DSTs employ the use of a Master Lease Structure.
Under the Master Lease Structure, the DST leases the property to a master tenant who is charged with the responsibility of entering new or negotiating existing leases. The upside to this deadly sin is that it prevents the Sponsor from entering new leases or changing the terms of the DST structure. However, the IRS allows for an exception in the event of a tenant bankruptcy or insolvency.
Final Thoughts
We hope this post answers some questions with regard to investor rights and DST design. In a nutshell, the DST is an option for those that want to defer and potentially avoid taxes by the use of a 1031 exchange but no longer want to utilize the 1031 exchange into real property but instead into securitized property. Schedule a call with us if you need help with your 1031 exchange.
The question then becomes-what’s the best DST or portfolio of DSTs available and how do I choose which one or ones to purchase and in what quantities. To learn more visit our page on Delaware Statutory Trusts and 1031 Exchanges or Delaware Statutory Trust Fees and Commissions.
_______
Dear Shareholders,
IMO...it's no longer a question of IF? How Much? but it's a question of WHEN??????
Rest assured, somebody knows exactly when. That date will only be evident to us when they make a public announcement.
IMO...It will happen, it's just a matter of time.
Best regards,
Dmdmd1
XXX
Boris, yes, Tako is a numbers person and very good at it as well. One can make fun of him as many have over on BP however, they CANNOT explain how these EXACT numbers can be this EXACT IF NOT for the former WaMu Estate that now belongs to the investors who signed timely releases by 3/2012.
The reason they get so negative is very simple, they DO NOT have timely-signed releases by 3/2012 no matter how many lies they tell.
HAVE I TOLD YOU LATELY HOW MUCH MORE, MORE AND MORE I LOVE MY TIMELY SIGNED RELEASES BY 3/2012 WHICH CONTINUES TO GROW IMMENSELY EVERY SINGLE DAY FORWARD?
xxx
xxx
newflow, why in the world would the FDIC accept for payment and/or extinguishment of debt if there was NOT anything coming back to those who signed timely releases?
Then the next question is why would Atlantic assign a potential claim with potentially GOLDEN RETURNS to the FDIC?
These two questions show at a minimum there are returns but why would Atlantic do this for what appears to be a minimal debt expungement as compared to the potential returns?
ANYONE?
____________________________
https://www.fdic.gov/foia/plsa/10015-washingtonmutual-atlantichomeloans.pdf
SECTION III, '\Vaiver of Dividends and Proceeds from Litigation
To the extent, if any, Atlantic is or was a shareholder of\VaMu or its holding company
and by virtue thereof is or may be entitled to a dividend, payment, or other distribution upon resolution of the receivership of WaMu or proceeds in any litigation that has been or could be brought against Federal Deposit Insurance Corporation in any capacity or against the UnitedStates based on or arising out of: in whole or in part, the dosing of WaMu, or any alleged acts or omissions by Federal Deposit Insurance Corporation in any capacity, the United States government, or any agency or department of the United States government in connection with WaMu, its conservatorship, or receivership, Atlantic hereby knowingly assigns to FDIC-R any and all rights, titles, and interest in and to any and all such dividends, payments, or other distributions, or proceeds.
xxx
SP, you are correct with a little less than 1.2B signing releases of the 1.7B common shares outstanding.
Of the (WAMPQ) preferred, it was around 93% that signed timely releases.
Xxx
I believe this was all ironed out between 2/15/2012 and the (ED) Effective Date of March 19, 2012.
Around 3/8/2012, WMI NOT to be confused with WMILT became a (DST) Delaware Statutory Trust which has strict guidelines that MUST be followed especially number six of seven Deadly Sins of a DST.
Number six talks about the pre-agreed timeframe for distributions which we are not privy to know. THE DST Trustee Kosturos has God-like powers however due to the penalties and the number of monies at stake I am comfortable they will just payout as they agreed to back in March of 2012.
As I always say, ONLY time passing and filings will show us the way forward
xxx
jhdf51, if the FDIC loses again with the Judge ruling against them, yes, I believe we move forward.
xxx
Thanks, Ron, Many including me expect a decision this Friday that will end Libor8 with NO appeal allowed by Judge Naomi Reice Buchwald handling Libor8. The rest of the smaller Libor cases do not matter.
xxx
FROM BK COURT-The CLOSEST TWO POSTS WE GET FOR CONFIRMATION ON MONIES RETURNING UNTIL ACTUAL DISTRIBUTION AND/OR FILING
First Post - From WaMu BK Court as this info ties in perfectly with former Poster, CBA09 who was a Certified bank Auditor that knew EXACTLY how the process works and shared with us until ABRUPTLY disappearing:
*The Holy Grail*RETAINED ASSETS*YOUR HONOR*They Will Still Be There*
Some Investors Need To Take Note of What Was Said in The COURT TRANSCRIPT
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
________________________________
Second Post - NOT ONLY FROM THE WaMu BK COURT BUT FROM THE HORSE'S (Judge Walrath) MOUTH
FOR THOSE WHO SAY NOTHING COMING BACK - NOT ACCORDING TO SOME VIPs
1) Hedge Funds - The assets will still be there, they can go after them later and I understand they may want to do an evaluation
2) Judge Walrath - let me posit the reorg company being worth ten billion. Isn't this something that I MUST take into consideration to ensure some are not getting more than they should
3) Judge Walrath - speaking to Equity - what are you worried about as you will be riding the Hedge Fund's coattails
***NOW LET ME TELL YOU WHAT JUDGE WALRATH REALLY SAID CONCERNING NUMBER THREE***
YOU WILL BE RIDING THE COATTAILS OF SEVERAL MULTI-BILLIONAIRES WHO HAVE THE COMFORT OF KNOWING THE DETAILS AND YOU WILL BE JOINING THE RARIFIED REALM
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HAVE I TOLD YOU LATELY HOW MUCH MORE, MORE AND MORE I LOVE MY TIMELY SIGNED RELEASES THAT CONTINUE TO GROW IMMENSELY EVERY SINGLE DAY FORWARD?
XXX
An Investor MUST Focus on Process NOT Amount of Time
Please realize on the (ED) Effective Date of 3/19/2012, investors who signed timely releases OWN the former WaMu Estate even though at some point WMI which is a (DST) Delaware Statutory Trust (3/8/2012) and NOT to be confused with WMILT with William Kosturos as Trustee MAY end up with most original assets as THEY MUST PAY the investors who signed timely releases for them all in my view
The following is the EXACT process the Perps would have used if they had zeroed out Equity BUT THEY WERE CAUGHT and had to include Equity in Amended POR 7. This should turn a major lightbulb on for some investors who have not understood the PROCESS...AGAIN, FOCUS ON THE PROCESS
PRE (PORs) Plan of Reorganization – All Equity Canceled
Tranche One………………….Claim Paid
Tranche Two………………….Claim Paid
Tranche Three………………..Claim Paid
Tranche Four…Claim Paid…All designed and purposeful spoils/leftovers go to Piers investors who invested a minimum of two million which was purposefully designed to be part (Hybrid) Creditor and part Equity so they could legally receive all purposeful left-over spoils
——————————————————-
FINAL Amended POR #7 Signed 2/23/2012
Tranche One………………….Claim Paid
Tranche Two…………………………Claim Paid
Tranche Three……………………….Claim Paid
Tranche Four…Piers (Hybrid) Part Equity/Creditor…CAPPED and PENALIZED, Paid Nothing More
Bk cases terminated on 1/23/2020 – WMILT Legally canceled on 12/31/2021
Expected to finalize Ministerial Details by 3/31/2022 according to filing
I Expect To At Least Know About Potential Distributions by 12/31/2022
Tranche Five………………….15B Bonds Not Paid Yet-JPM/FDIC Responsible
Tranche Six……………………Preferred/Common Equity Interests Which I believe are Safe Harbor, BK Remote Protected Assets Will Receive ALL purposeful Leftovers/Spoils by design For Those Investors Who Signed Timely Releases by 3/2012
xxx
FABULOUS DUE DILIGENCE FROM Dmdmd1 - ($672 billion were securitized into MBS Trusts between 2000-2008).
Nate Thoma's objection filing is worth reading. I'm just going to focus on Credit Default Swaps.
http://www.kccllc.net/documents/0812229/0812229101123000000000010.pdf
Page 10 of 33:
"38. Sparing the details of the article, suffice it to say that scenarios are conceivable that a creditor could have holdings in two conflicting classes (class one of which is impaired, and class two of which is fully satisfied), while having a credit default swap contract that insures loss on the first class holdings. Thus, the creditor could advocate on behalf of or against a class one recovery and vote according to whatever maximizes his or her return, while other class members are none the wiser. 41 However, this leaves open the possibility that the creditor can act in bad faith (e.g., for an ulterior purpose, etc.) resulting in a situation where that which maximizes his or her profit arises outside of the bankruptcy process. In other words, it is possible for a creditor acting on behalf of a class (such as Settlement Note Holders) to profit outside the bankruptcy by betting against his class members.
39. It can certainly be argued that the above scenarios are merely hypothetical. However, the article describes the problems with voting and confirmation in the instance of "a credit default swap, [where] the party bringing the motion to have the vote designated may argue that the...creditor's sole motivation was not based on its interest as a creditor in the bankruptcy case, but instead rests with the possible financial gains under the credit default swap agreement (i.e., financial gains under a third-party agreement constitutes an ulterior motive)." 42
40. Therein lies the fatal problem with confirmation of the Debtors' plan. Without the ability to query whether a creditor has an ulterior profit motive that lies outside the bankruptcy estate, the court is blind as to these potential bad faith issues. 43"
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IMO...my conclusions as of September 28, 2022 @ 0837 CST:
1) All of Nate Thoma's arguments were very compelling, and obviously swayed Judge Walrath's decision to rule "colorable claims" of insider trading by the Settlement Note Holders (September 13, 2011)
2) Nate Thoma has eloquently detailed the scenario of payouts through Credit Default Swaps (CDS). When a borrower is delinquent on mortgage payments by 91 days, the CDS payout is triggered.
3) Anyone can purchase a CDS on a pool of mortgages in MBS Trusts, meaning that an entity does not have to own the MBS Trusts in order to get paid out through Credit Default Swaps.
4) I contend that WMI, after WMI subsidiaries sold originated loans by securitizing them into MBS Trusts, bought Credit Default Swaps against the loans they securitized. ($672 billion were securitized into MBS Trusts between 2000-2008).
5) Credit Default Swap payout not only pays for the original principal of the loan, but it also pays for all the interest on the term of the loan (i.e. includes all 30 years worth of interest payments on a 30 year loan).
6) Per the DB settlement, I believe there were about 9%-10% that were realized losses. Thus :
$165 billion (total original face of DB MBS Trusts created by WMI subsidiaries) x 10% realized losses = $16.5 billion in CDS payouts on principal alone (this doesn't even include the interest payments on the full term of each loan)
7) Who do you think received those Credit Default Swap payouts?
IMO...my answer is WMI (which is housed in DSTs ready to be distributed to the beneficiaries such as old legacy WMI shareholders, who released their claims, on an "agreed upon" distribution date).
ONCE AGAIN...when Judge Walrath ruled on "colorable claims" of insider trading by the SNHs (September 13, 2011), Tepper et al, and the other SNHs, started buying WAMPQs and WAMKQs because they knew that Class 19 would yield the greatest returns.
It's obvious that Tepper et al released their Class 19 claims, I contend that the other SNHs did the same.
Just Tepper et al's Class 19 claims alone will potentially yield about $53 billion, if the total WMI recoveries is $625 billion.
_______________________________
FROM Large Green:
Have I told you lately how much more, more and more I love my timely signed releases (by 3/2012) that continues to grow immensely every single day forward?
xxx
Boris, thanks for responding, and sorry about the people attacking you as there is no reason for this. Further, I see your informative post was taken down so I will repost it selectively to you and the group.
Thanks for answering my main question regarding the Libor forms. I did not receive these or fill them out but your point is well taken. The Players have this information. I NEVER doubted as I know they have this info but very nice to hear you received information to prove this fact.
________________________________
BORIS's POST ANSWERING LIBOR and Timely Signed Releasor Questions:
I owned ONLY Qs and Ps. Period. If you are still unclear on this re-read my posts.
Now, why did I get this LIBOR email and others did not? Not sure, however, I do recall some years back having a form to send in that delineated what cusips I owned, how many of each, and with what broker those were held. I filled it out in detail and mailed it in. Maybe I was the only one who did? Not sure.
But as I said, the communication I received was very legitimate, and I have addressed the questions therein.
Now, I was not going to approach this topic any further, however out of respect to the escrow warriors here, LG, New, Ron, AZ, et al....(you know who you are), I decided to respond one final time. I get 1 post per day and am a VERY busy person anyway. Whether people believe me or not I do not care. I am here to help, but it seems like that is not appreciated.
As for LG's question(s):
Boris, questions if you do not mind.
1) Did you fill out Libor forms Class Action Settlement forms?
YES
2) Did you own WAMPQ and WAMKQ?
ONLY P AND Q , NOT K or junior bonds
3) I am trying to understand if you got the postcard for ONLY owning WAMPQ because if that is the case the all of us who owned WAMPQ should get a notice.
PUZZLING. A FEW OTHERS DID GET THIS EMAIL. AGAIN, MAYBE IT WAS DUE TO THE PREVIOUS FORM SOME YEARS BACK THAT FEW BOTHERED TO SEND IN.....NOT SURE.
4) I have not received any notice and have not seen any others post the same.
MAYBE "THEY" JUST LIKE MY KARMA, DUNNO! LOL
I AM A GODLY PERSON, AND PROUD OF IT.
5) I am no way doubting you but trying to understand the bigger picture as I find this very exciting if ALL WAMPQ investors received this without signing up for the class action suit
Now, in conclusion, IMO everyone who released will be included in this and any other WAMU escrow settlement they are entitled to. I think this tiny $68MM settlement is just the start. I am in the camp that thinks LIBOR must be closed in order for the waterfall to begin. This email is further proof that the "deleted" escrow markers are still alive and well in the history books, so don't worry, be happy.
Xxx
newflow, GREAT sleuthing! YOU ARE SHOWING THE VERY PROOF of ASSETS IN QUESTIONS #s 68 & 69…SO, IN PREVIOUS PORs THE ASSETS WERE DISCUSSED!
This is SUPER REREAD and a reminder of the assets as the Equity Committee was challenging the court to get our assets and value on the record. So in the end yes, those assets are still there and should very soon be available to those investors who signed timely releases by 3/2012.
This was obvious in previous Plan of Reorgs such as POR 5 and/or 6 where they tried to zero out equity so the Perps could be the last man standing in tranche four with Piers which was a Hybrid Security, part equity and part creditor which legally allowed them to receive all the spoils.
However, the Perps were caught and had to share with equity in Amended POR 7 which was signed by the court on 2/23/2012.
The only thing that changed was the payout Matrix where Piers was capped in tranche four with NO FURTHER PAYOUT (penalty by Judge for I.T.) thus allowing Equity to receive all the spoils in tranche six.
Please look at numbers 68 and 69 which it discusses the assets and questions concerning why the value is hidden from Equity.
http://www.sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/Missing%20bytes%20-%20-EC_DS_objection%20to%20POR.pdf
HAVE I TOLD YOU LATELY HOW MUCH MORE, MORE AND MORE I LOVE MY TIMELY SIGNED RELEASES THAT CONTINUE TO GROW IMMENSELY EVERY SINGLE DAY FORWARD?
xxx
Boris, question if you do not mind.
1) Did you fill out Libor forms Class Action Settlement forms?
2) Did you own WAMPQ and WAMKQ?
3) I am trying to understand if you got the postcard for ONLY owning WAMPQ because if that is the case the all of us who owned WAMPQ should get a notice
4) I have not received any notice and have not seen any others post the same
5) I am no way doubting you but trying to understand the bigger picture as I find this very exciting if ALL WAMPQ investors received this without signing up for the class action suit
newflow, GREAT sleuthing! YOU ARE SHOWING THE VERY PROOF of ASSETS IN QUESTIONS #s 68 & 69 SO IN PREVIOUS PORs THE ASSETS WERE DISCUSSED!
This is SUPER REREAD and a reminder of the assets as the Equity Committee was challenging the court to get our assets and value on the record. So in the end yes, those assets are still there and should very soon be available to those investors who signed timely releases by 3/2012.
This was obvious in previous Plan of Reorgs such as POR 5 and/or 6 where they tried to zero out equity so the Perps could be the last man standing in tranche four with Piers which was a Hybrid Security, part equity and part creditor which legally allowed them to receive all the spoils.
However, the Perps were caught and had to share with equity in Amended POR 7 which was signed by the court on 2/23/2012.
The only thing that changed was the payout Matrix where Piers was capped in tranche four with NO FURTHER PAYOUT (penalty by Judge for I.T.) thus allowing Equity to receive all the spoils in tranche six.
Please look at numbers 68 and 69 which it discusses the assets and questions concerning why the value is hidden from Equity.
http://www.sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/Missing%20bytes%20-%20-EC_DS_objection%20to%20POR.pdf
HAVE I TOLD YOU LATELY HOW MUCH MORE, MORE AND MORE I LOVE MY TIMELY SIGNED RELEASES THAT CONTINUE TO GROW IMMENSELY EVERY SINGLE DAY FORWARD?
xxx