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Note 1: In addition, the Liquidating Trustee administers the Disputed Claims Reserve (“DCR”). Holders of claims (that have not been allowed) did not receive cash or LTIs as part of the Initial Distribution, and such assets were transferred.
Mr. Simpson, I noticed that as well and instantly, I thought of Bbanbob’s theory of the Preferred Shares possibly trading again. I know it’s just a theory but, metaphorically speaking, the investment vehicles are in their parking lot(s) on idle. Notes, Assets, Agreements, SPEs, & SPVs are All there. All the mechanisms to Fine Tune Themselves for Profits.
Bbanbob, I believe it’s (14 ) business days from the 20th, plus two holidays, my calculations comes up to the 13th of January. I may be wrong.
Why did we get a distribution back in 2015 but are not entitled to a distribution upon closing? What changed?
No not a theory. I read about it Looking up Washington Mutual’s former directors and Employees. Research before you rebutt. Banking, Insurance and Government officials all discussing hiding assets in Safe Harbor Entities.. I know What I Read and it Started with David... There’s your homework. Research... then do what I do, stay shut, mind my business, keep to myself and ride the coattails of the Market Makers.
Yes they are and the rest of Wall Street! Do you remember the Conference Meeting back in 2006? Where they discussed how to hide their assets.... I discussed it back in the days on a Yahoo. When all that God Denke Mysterious jabber was going on.
That’s the narrative but, read the early filings. 1.888 Billion is Registration Fee.
No our LTIs are with the DCR. Read it’s fundamental.
Samurai,
WMIH cannot Buy the Assets Of The WMILT but, Pacific Financial can.
Large, did you notice the dollar amount of mortgages serviced by WAMU ($600 Billion) and now Cooper Group $640 Billion? Too Close in numbers to be just chance.
Bbanbob, that’s stood out to me as well. I’ve read the complete filing twice and I’m going to reread it again tonight, just so I can have clarity and understanding, to a certain degree. Lol
Holders of equity interests who timely returned required releases and documentation were given “escrow markers” to effectuate a redistribution, if any, of shares of Reorganized WMI common stock. Such escrow markers will be canceled after the final redistribution described above.
In conjunction with the final distribution from the DEE and the pending close of the cases, the Trust performed an internal tax review of the DEE. In this review, it was determined that the DEE owed federal income taxes due to the increased value of the shares of common stock that were redistributed in August 2015. In October 2019, the DEE monetized approximately 38,000 shares of Reorganized WMI common stock in order to satisfy the related tax liability. After giving effect to the foregoing, approximately 91,000 shares of Reorganized WMI common stock remained on deposit in the escrow. The Trust has filed returns for the DEE and awaits a response as to any additional assessment and whether related share monetization is required. The Trust will then make its final redistribution, close the escrow and cancel the “escrow markers”.
Also...there’s this disclaimer also:
Note 5: Disputed Claims Reserve
From and after the Effective Date, the Trust retains, for the benefit of each holder of a disputed claim, cash, LTIs, as well as any dividends, gains or income attributable in respect of any of the foregoing.
Read it again... It’s in the writing.. you missed the part where Class 22 is mentioned to receive any final distribution as well. Come on! How are you going to ignore that?
Bite these Apples!
During the quarter, the Trust resolved all remaining disputed equity claim. Therefore, the DEE will be in a position to redistribute the remaining shares, net of any shares that are sold to pay tax obligations. The shares currently held are held on behalf of former common shareholder interests (Class 22). Therefore, any redistribution will only be made to Class 22. Furthermore, consistent with prior distributions and pursuant to the Plan, no fractional shares (nor any cash-in-lieu of fractional shares) will be distributed. Due to the minimal number shares in the DEE, and the fact that the DEE Agreement does not contemplate the issuance of fractional shares or the payment of cash-in-lieu of fractional shares, substantially fewer legacy common shareholders will receive shares in the redistribution.
Holders of equity interests who timely returned required releases and documentation were given “escrow markers” to effectuate a redistribution, if any, of shares of Reorganized WMI common stock. Such escrow markers will be canceled after the final redistribution described above.
In conjunction with the final distribution from the DEE and the pending close of the cases, the Trust performed an internal tax review of the DEE. In this review, it was determined that the DEE owed federal income taxes due to the increased value of the shares of common stock that were redistributed in August 2015. In October 2019, the DEE monetized approximately 38,000 shares of Reorganized WMI common stock in order to satisfy the related tax liability. After giving effect to the foregoing, approximately 91,000 shares of Reorganized WMI common stock remained on deposit in the escrow. The Trust has filed returns for the DEE and awaits a response as to any additional assessment and whether related share monetization is required. The Trust will then make its final redistribution, close the escrow and cancel the “escrow markers”.
AZ is right, we will not be issued any LTIs because, they are already being held on our behalf in the (“DCR”). If my 7nderstanding is correct.
Newflow, That you For this Information. This one paragraph also stood out to me.
Note: In addition, the Liquidating Trustee administers the Disputed Claims Reserve (“DCR”). Holders of claims that have not been allowed did not receive cash or LTIs as part of the Initial Distribution, and such assets were transferred to the DCR pending resolution of claims. Since the Effective Date, the DCR balances have changed due to the disallowance or allowance of disputed claims as well as payment on behalf of LTIs held by the DCR.
To my understanding, our Assets or Liquidated Assets are in the (“DCR”) pending resolution. Once resolve the funds will be distributed to Equity(75%/25%). Just my Opinion.
Zeus, remember this part of the Purchase Agreement? “Assets of the assets, are not part of the agreement.”
Pick, that’s your opinion. I tend to go with what’s in the writing. The writing is Clear, 75%/25% until the End!
Stated by the Equity Committee:
9. To be clear, recoveries for current WMI equity holders are not limited to the
stock of the Reorganized Debtor. Upon satisfaction in full of all claims, interests in the Liquidating Trust will be reallocated to include WMI equity holders entitling them to participate in the recoveries of the Liquidating Trust. This is another potential source of material recovery for WMI equity holders.
NIGHT, TAKE A LOOK AT KKR’s List. of relatable companies. My opinion..
https://sec.report/Document/0001404912-19-000006/kkr-20181231xex211.htm
Dump? You mean Transfer.. someone sold and there was someone else there to buy.
I remember reading a Valuation on the litigations somewhere around $20 Billion from either seeking alpha or Forbes back in 2008.
We survived a Bankruptcy and got new shares in the New Company. Rosen was Wrong, Excuse me, Rosen Lied!
Hot meat, thank you for the brief synopsis and your take away from the hearing. Also I would like to touch base on a misunderstanding, just about everyone, hear, read, think, understand and interpret things differently, hence their belief system. I don’t believe in 100’s Of Billions, I also don’t believe in zero in assets. You do not commit a crime(Insider Trading) unless Their is some great value, that’s my belief, so me calling “The Lawyers”,”Liars” was not directed to you. Unless you are one of the lawyers, than yes I am, but if not, than I’m not. Once upon a time, I was upset because I was not educated but as time past and I learned from everyone who shared leads and information, also to seek out and find my own, found it to be a Beautiful Hustle. I learned what Wall Street does to secure and safe guard their assets, how they invest and Most Importantly, How They Maneuver... I can’t be mad if the wise takes advantage of the dumb because the dumb is too lazy to do their own research and Learn The Language.
If I would call you any names, it would be Intelligent and Informative and at times Inspirational.
I Also feel that way about Many Others on this Board, even though not All of Us have the same Views.
You’re right because “assets of the Assets are not part of the Agreement”.
I believe nothing of what I hear and half of what I see! You’re entitled to your belief but I don’t believe Liars! Period! Where were KMarts Assets? In a Canadian Corporation! Owning the Land. Do you remember David? who headed the meeting in 2006 with Big Banks and Government Officials, On How to Hide Your Assets. Perfect example Seretus was held by IBM as a Favor.
Maybe, All of Us Haved Been
Be Patient, it was mentioned that the stock price will not reflect its value until late in the third to last quarter and first part of next year. This is Nothing New or Unexpected.
Nothing with this Bankruptcy adds up,
32,000,000,000.
-8,000,000,000.
=============
24,000,000,000.
/1,197,000,000
=============
00,000,000,000
A theory that was thrown out there was S4V, I think the LTIs Are valued at around $8.72(92)
and no LTIs or cash will be issued at values above $10.00
So, anything can happen really, nothing is normal, starting with the Purchase Agreement with Yet more Amendments.
Coop got kissed back in late January and early February. The moving average is starting to rise so the indicators are leveling and might reverse by the end of the week or beginning of next. My opinion..
WAIT! What Changed? A few weeks ago, the board was All Riled Up about Writing a Letter regarding the same issue to an Individual(US Trustee) who is going to do Nothing( in my opinion ) and Majority were in Agreeance and Patting each other on the back. Now Alice took the Initiative and the fight, to the Right Door Step and Now the Board is Against Her! Why? If you wrote to the Us Trustee, who, if he cared, would have taken the same steps Alice did, would you be Mad at Him Too! She Brought it to the Court, the Honorable Judge Mary and in my Opinion, the Proper Authority, the one who makes a decision and an important factor in this matter. She went straight to the source instead of going around the Mulberry Bush. You are Redirecting your anger in the wrong direction, to the wrong person. Direct it to the Individuals who got together and caused it from the very beginning, the ones who wanted this Company All For Themselves and wanted Us Excluded from the Reorganization. She’s a Weaker Opponent compared to the Feds and Wall Street.
I know, but this is not a normal bankruptcy. This is from WallStreetPrep. “Construction of a recovery waterfall that can accommodate scenarios that deviate from the absolute priority rule”
Well it’s not that far fetched. I got this from investopedia. A bankruptcy or reorganization during which a company's shares are suspended from trading pending the resolution of the corporate action. In this case, a shareholder's holding will be converted to escrow shares and then converted back to their original form if any equity remains in the company after the completion of the bankruptcy or reorganization process.
Bbanbob, after reading Coop’s 10K, there’s Language regarding SPV/SPE and that to me seems like they are back to WMI 5.0 the restructured version. Same Play just a new game.
Bbanbob, the more I look into it, the more I lean towards your theory with the S4V.
Bbanbob, I read that the ownership changed has not occurred. I think it was regarding the escrow shares held for distribution, they have not distributed the shares because it can cause a C.I.C.
Goodie, I believe she’s referring to the Class 19(75%) And Class 22(25%), not a Shares Value.
One is Present Agreement, the other is Past Tense.
T1215s, you forgot some crucial information, 20,000,000.00 shares each representing 1/40,000th ownership interest in a share of Series K Non Cumulative Floating Rate Preferred Stock, liquidation preference $1,000,000.00 per share (equivalent to $25 per depositary share ).
http://quantumonline.com/search.cfm Link gives an easy to understand breakdown in Layman’s Term.
Nightdaytrader, I wanted to add that the information is dated but it shows that they already established a business relationship.
Night, here’s the link providing the information you mentioned. https://www.businesswire.com/news/home/20170130005321/en/Nationstar-Establishes-Subservicing-Relationship-New-Residential
Yes, I too was and am still scared, but I continued purchasing because upon filing for bankruptcy the original paperwork stated, $32 Billion in Assets minus $8 Billion in Liabilities and it clearly said there was enough to pay common shareholders. That kept my glimmer of hope. Coupled with January 4, 2010 when Ps shot up to $110 kepted me in the game.
Good Luck Jerry, maybe someday when this is truly over some of us will meet and celebrate.
I’m not.. I was a scared, inexperienced common shareholder and just bought it because it was one of the cheapest at the time. I don’t want to take credit as if I knew what I was doing, I didn’t, but other board members did. I just followed their lead and Learned.
Wow, going back down memory lane you kind of remind me of IncaTupac without the Zinfandel. (Lol)
Dissecting your question leads me to believe that the EC knew P’s would have a Greater ROI. My Opinion. So we assume the same...