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Many have contacted the FDIC/WMILT only to receive a generic response that does not divulge anything other than the status quo, if any response is received at all, so that point is moot.
As to your ridiculous statement as to my belief that there is an "economic downturn" in 2015, all I can say is that is just more of the same obfuscation from you or your inability to comprehend simple English.
I was obviously referring to 2008, when these factors would have influenced the FDIC's actions in handling the WAMU seizure and assets....not 2015.
Again, the document states clearly that they are "NOT FULLY RELEASED"....if you are unable to comprehend those words and what they obviously mean then that is way beyond my control.
Why don't you contact the FDIC and request the "FULL", non public P&AA and see how far your request will get.
The problem with comparing the WAMU P&AA with other more recent ones is that with WAMU, that document was unique, containing provisions that had never been used before or since. With statements like these coming from the actual authors of the document under deposition, I find it difficult to make a comparison. In addition to this we also have to acknowledge that the majority of this P&AA is non public information, being only fully privy to the signatories.
I am not disputing that the FDIC ""SOLD"" WAMU assets according to their mandate. There is still a major dispute as to whether the $1.88 Billion payment represents "full payment", but i will not go there.
The non release of the Receivership and the FDIC-R (Receivership only) is clear and no amount of obfuscation with those plainly stated words is about to change that. The lack of any current litigation "DOES NOT" preclude the fact that, "ENTITIES" can bring forth litigation to seek redress against those unreleased parties!
In addition there is also the mechanism whereby the FDIC-R, as manager of the Receivership has the ability to HOLD assets in times of economic downturn to maximize return, which i believe is occurring at present.
With JPM being in possession of WAMU'S books, it is highly plausible that former WMI assets were illegally transferred to JPM or are in the possession of the FDIC awaiting a final resolution of the Receivership. The mechanism is in place as i had posted before.
I think you're misunderstanding the intent of my post. The section "Means and Strategies" demonstrates the ideal operation of the Receivership mechanism. In some instances there are "External Factors" which can affect the process and both of the reasons cited (economic downturn and extended litigation) are applicable to WAMU. These delay in winding up the Receivership and settling of outstanding issues can be attributed to these factors.
5.1 Receiverships are managed to maximize net return and terminated in an orderly and timely manner. (managed by whom??....the FDIC-R of course)
Means & Strategies: Under the FDI Act, the FDIC in its receivership capacity manages the assets of failed IDI receiverships to preserve or enhance their value and disposes of them as quickly as possible, consistent with the objective of maximizing the net return on those assets. By quickly returning the assets of a failed institution to the private sector, the FDIC maximizes net recoveries.
In fulfilling its responsibilities to creditors of failed institutions, the FDIC, as receiver, manages and sells the receivership assets using a variety of strategies and identifies and collects monies due to the receivership. Given adequate time, the FDIC prepares in advance an information package and an asset valuation review for each failing insured depository institution to help solicit bidders and sell as many of the institution’s assets as possible at resolution or shortly thereafter. The FDIC manages the remaining assets in a cost-effective manner to preserve value until they can be marketed.The failed institution’s assets are often grouped into pools to be most appealing to acquirers and are marketed through an Internet-based platform.
External Factors: A severe economic downturn could lead to more institution failures and could affect the pace at which the FDIC markets assets and terminates receiverships. Economic and other factors, such as extended litigation delay the termination of a receivership
Comments in blue: Component 2- The receivership ie the statutory mechanism used to receive/house assets of the failed institution which is then managed by the regulatory body, the FDIC-R. Both the Receivership and the FDIC-R solely with respect to the WAMU RECEIVERSHIP specifically.....are not released!!!!!
Allow me to pose this question to you since WC apparently refused to answer it...simple query (in red) preceded by a short summary.
WMBfsb's capital stock was to be purchased by JPM at "BOOK VALUE" as stated in the purchase price of assets (P&AA). WMBfsb just prior to the seizure had over $29 Billion in equity capital ($46 Billion total assets). Was it not some of this excess capital that was earmarked to be down streamed to WMB by WMI management to increase its capital adequacy!?!
Did that $1.88 Billion payment from JPM represent "full payment" for WMBfsb's $29 Billion in equity capital???
Posted on 20/05/2015 and reposted on 28/05/2015 (Post #'s 423782 and 424457)
"Be wary of these spikes on no real info gents. Do not allow yourselves to increase your cost basis above $2.25 or anywhere close for that matter. I can assure you there will be major games played with this stock until the "players" actually let this run. I for one am not going to allow myself to be F@$#ed again by these scoundrels!!!"
They will let this run on their terms, NOT OURS!!!!!
Thank you. I'm really interested to see exactly who we're in bed with in WMIH.
Has there ever been a breakdown of who exactly holds the largest amount of shares in WMIH...aside from the TPS that is ???
Did he win that suit or was a $500 Million D&O suit just filed (WMI funds down streamed to shore up WMB) . Any clarification would be welcomed.
Could you please explain what exactly is "Good" about that post? I ask this since I can see no cogent point being made other than an attempt to baffle utilizing "legal language" (term used very loosely) but in actuality reveals only an incoherent opinion. The explanation of point #2 is classic, since there is obviously none! The FDIC-R and the Receivership are not fully released....end of story.
Post #431642 by fsshon...huh?
"There could be some truth here. The FDIC did not argue to Judge Collyer (JC) that the receivership would be rendered insolvent if she ruled they were responsible for the MBS. That is a very important point, because under FIRREA, the FDIC has the right to "clawback" assets to satisfy the creditors to the receivership.
However, the FDIC did not disclose anything about assets to JC other than the receivership has 2.75 Billion. I would think if the FDIC was worried about insolvency of the receivership, they would have argued this point to JC. This is telling and essentially puts a check mark on AZ and LG's side of the board and removes one from BK and mine. Now I am stuck in the middle."
The publically WAMU P&AA is only 40+ pages while the official FDIC P&AA is 100+ pages. What secrets lie in those unseen pages? We must remember that the authors of this "TOP SECRET" document under deposition stated categorically that this P&AA contains provisions that have never been used before and never since!!!!
WMBfsb's equity capital was to be purchased by JPM at "BOOK VALUE" as stated in the purchase price of assets. WMBfsb just prior to the seizure had over $29 Billion in equity capital($46 Billion total assets). Was it not some of this excess capital that was earmarked to be down streamed to WMB by WMI management to increase its capital adequacy!?!
Did that $1.88 Billion payment from JPM represent "full payment" for WMBfsb's $29 Billion in equity capital???
From what i'm reading both the FDIC-C and the FDIC-R are not released from WMI's claims as a creditor of WMB "against" either party. WMI agreed to drop the litigation in the "DC CASE" specifically but with the FDIC-R/Receivership/WMB not being released, IMO they have an avenue to file another claim against those parties.
Many months ago and on more than one occassion, i posted this very paragraph and "their" collective response was that, "as of the effective date of the GSA/POR V.7, this document became void". I find this incredulous since the last line of this very paragraph states categorically that, and i quote...."do not withdraw or release any rights under the Global Settlement Agreement". In addition to this, the Abandonement Order from which that quote is derived, was signed by Judge Walrath on 16th March 2012, that's almost a month after the GSA/POR V.7 was confirmed in court. This ties in perfectly with the FDIC-R and the Receivership "NOT" being released from claims against them. Apparently reading and comprehension is deficient within that bunch.
from my post part..... (1) clearly about claims and counter claims between solely JPM amd the FDIC governed by the P&AA. Nothing to do with us.
(2) Claims present or "future" that are held against WMB, Receivership and FDIC-R by certain "ENTITIES"
(3) This for me is the most interesting section since it states that even with the amnesty provided by the GSA, this does not void any avoidance actions or claim objections against "Excluded Parties", the former WMI entities, WMB and even WMIHC. Basically everyone else are not released from those types of claims.
Go read section 1.183/1.184(Released ?Parties/Claims?) of the GSA and you will see it for yourself. The FDIC-R and the Receivership "ARE NOT FULLY RELEASED" in plain english. See below.......
"provided, however, that “Released Claims” does not include (1) any and all claims that the JPMC Entities, the Receivership, the FDIC Receiver and the FDIC Corporate are entitled to assert against each other or any other defenses thereto pursuant to the Purchase and Assumption Agreement, which claims and defenses shall continue to be governed by the Purchase and Assumption Agreement, (2) any and all claims held by Entities against WMB, the Receivership and the FDIC Receiver solely with respect to the Receivership, and (3) subject to the exculpation provisions set forth in the Plan, any avoidance action or claim objection regarding an Excluded Party or the WMI Entities, WMB, each of the Debtors’ estates, the Reorganized Debtors and their respective Related Persons; and, provided, further, that “Released Claims” is not intended to release, nor shall it have the effect of releasing, any party from the performance of its obligations in accordance with the Confirmation Order or the Plan."
Yes he absolutely did or else he would have produced a valid link that would validate that most ridiculous claim.
"It is my opinion that the release information quoted ad nauseum is about the FDIC not being released to hold up their part of the GSA as well as the PAA"
That is utter nonsense since if you actually read that section they stated what you contend later on in the same section of the GSA. Were they being redundant on purpose???
As for your $37 Billion Jr bonds claim, that is just another example of what you stated above....RUBBISH!!!
If anyone thinks that equity solely survived because of Nate Thoma's intervention then they're a fool. THJMW already knew there was value within the bankruptcy and what the debtors were up to from day one and artfully guided this case to where we are at today. Nate provided the avenue to the end result, not the entire result itself.
Really? You should tell that to the cabal whom professes that they are "fully" released according to the very same POR.
They keep insisting that these MBS's were solely owned by investors (Deutsche et al) but fail to mention that in billions of these loans these investors only bought an "interest" in the revenue streams (profits) and not the entire mortgage asset. These assets were retained by WMI.
You just made it for me....absolutely nothing will happen when assets are returned to the estate since all shareholders, pre and post were afforded the opportunity to participate in the process, unlike the K-mart shareholders.
Note: my estimations for returns as I have posted numerous times fall into the $200-$1000 ($2-$10 Billion) range for the escrows I hold (PQ's). This will obviously vary for the KQ's and UQ's.
Funny how when "your side" makes totally unfounded statements, absolutely not a shred of evidence is required but is always demanded when pro escrow ideas are postulated.
When the K-mart shareholders were blatantly cheated out of billions in recovery what happened? Was it business as usual since it was all done "LEGALLY" under bankruptcy law? Was there a public outcry for justice?...what was the final outcome....NOTHING!?!?
Since this question keeps getting bounced around, i'll ask you....Why is the FDIC-R/Receivership not fully released in the GSA??? (Sect.-1.183 or 1.184...Released Claims)
I recently made a statement which countered the mantra about MBS's. About the billions of trust mortgages where only the whole/portion of the revenue stream were sold to investors and the collateral/assets were retained by WMI. Alas, the same outcome.
"any clue why the fdic-r is still not released?"
How many times now have you asked this question and have you ever garnered a response?
Have you or anyone else ever seen a breakdown of exactly who owns the largest portions of WMIH shares? I ask this since this info could be used to determine which parties held the largest positions in PQ's, KQ's and UQ's before the conversion.
It is this type of deductive reasoning that some people will never understand. To solely rely on what is printed in black and white to make investment decisions is inadequate since the "whole picture" is rarely contained within. The question you pose has merit....What was here in WMIH that was worth $25 before equity came aboard???
"centerbridge or whoever it was had to shed 800,000K's"
Was this done for legal purposes or otherwise? In terms of the PQ's (3 Million) and KQ's (20 Million)we as "retail" did not hold the majority of these shares at conversion to escrows. It is these pref's along with TPS that will reap the greatest rewards (75%) when assets are returned to the former estate and in so doing make the largest holders of these pref escrows a lot more money.
My confidence stems from the fact that we as equity hold a miniscule portion of escrows compared to the Hedgies. IMO it is they who will be the driving force, ensuring that the FDIC/JPM honor the pact they made, (POR V.7) so that they can finally "milk" every last cent out of the WAMU carcass.
I do not believe that is correct. It was specified that the 2.5% WMIH will receive comes directly out of what Commons are to receive (25% - 2.5% = 22.5%).
Generate "some" earnings??? I think it's way more substantial than your statement portrays it to be.
Payout matrix........Prefs/TPS: 75%
Commons: 22.5% (25%-2.5%)
WMIH: 2.5%
But WMIH actually does have an interest in escrows and it's in the form of 2.5% of any monies/assets returned to the debtors estate. So we are both wrong.
You could be right. I honestly believe that those in control have a specific timeline with regard to events occurring. There will be no deviation from this to accomodate the desires of us equity holders. As i have and many others have stated before, we are just along for the ride, so no amount of ranting and raving is going to change one damn thing. All we can do is sit back and relax until that time comes along.
It has been purported that the Piers will remain impaired to give validity to the WAMU bankruptcy or something along those lines. Personally i don't see that happening but as far as this case goes, nothing is a sure thing.
Piers have actually been paid approx 75% of what they are owed. They are still owed about $51 Million to be made whole.
What pumping??? Most of the talk on this board revolves around Esc-shares, which is totally unrelated to WMIH.