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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.
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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
[color=red]
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"
_____________
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
stox, I own the (SB) Subordinated Debt which is roughly 15B in bonds. There are five flavors of the SD which are bonds.
I have not been home in about ten days so do not know if I have anything in the mail but strangely we have not heard others say much UNLESS Boris is one of the first to receive this notice as someone or people must be firs...so we shall soon find out.
I would NOT be surprised at all if they are trying to hide this in or mixed up with the actual Libor settlements to throw most off track...but again time passing and filings will show us the way forward.
xxx
LP, 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:
ENJOY 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
NEW LIMITED DEADLY SIN POST
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
Xoom, you said the following.
Lodas, in plan 6 class 16 were impaired and it was done purposefully so that they could take away the ‘residual’. That’s the key , the ‘residual’
In plan 7, classes 19 and 22 were impaired so that they could reap the ‘residual’
———————————————-
This is an excellent response and explanation as this is EXACTLY what transpired!
The Big Money Players wanted ALL PURPOSEFUL and PLANNED LEFTOVER SPOILS for THEMSELVES!
Xxx
Article Written 6/2018-What Purpose-POTENTIAL LEAK? Tried To Time Distributions?
Have Not Seen Large Amounts of Money To Several Hundred Families YET
WaMu-13 plus Years in Making - Article Refers To WaMu? Read Article VERY CLOSELY
***ALL ROADS LEAD TO (DSTs) DELAWARE STATUTORY TRUSTS PLUS Other Potential Buckets***
Think how large JPM is and the others in the same league and then think that JPM has only 55 of these individuals/entities which shows how very, very wealthy these people/entities are and how very large JPM is worldwide.
___________________________________
Article from Bloomberg Magazine:
It’s Billionaires at the Gate as Ultra-Rich Muscle In on Private Equity
In an era of hyper-affluence, JPMorgan and Credit Suisse cater to a super-exclusive class.
By Simone Foxman and Sonali Basak
June 11, 2018, 5:00 AM EDT
https://www.bloomberg.com/news/articles/2018-06-11/it-s-billionaires-at-the-gate-as-ultra-rich-muscle-in-on-private-equity
I thought this paragraph was 'interesting':
"Still, with so much money and influence at stake, bankers are pitching hard. Goldman Sachs Group Inc. has its own list of 60, counting among its clients the Reimann family’s JAB Holding Co. and the Koch brothers’ investment firm. JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
"JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
NOTE: "is watching several hundred families that are poised to enter this rarefied realm."
____________________________________
Now, read this statement again and let this sink in!
"JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
Now, let me ask a question, considering so how very much wealth JPM is speaking about to be in the rarefied realm, other than the US Government, wherein the United States could so much money come from to put "several hundred FAMILIES" in the rarefied realm which OBVIOUSLY has NOT HAPPENED YET?
Now think about a 350 billion dollar seized (5AT payback) organization that was being run under the cover of "legal darkness" for almost 14-plus years (9/25/2008) with monies being segregated in court-approved registry accounts without interruption AND with very little overhead AND very few employees.
We know from filings that at least three of these accounts are at Wells Fargo
There could easily be several hundred families and may be exactly what JPM is referring to BECAUSE, yes, and unfortunately, they would have the names/accounts of investors who signed timely releases.
xxx
READ 2 (A&B) FACTS B4 ONE DECIDES ZERO RETURNING-FOCUS ON # 6 BELOW-DO HONEST RESEARCH THEN COMMENT
A) TO OPEN A DST THERE MUST, MUST, MUST, MUST BE ASSETS SO ANY AMOUNT FROM MINIMAL TO 600 BILLION...
B) WMI NOT TO BE CONFUSED WITH WMILT WAS OPENED THE SECOND WEEK OF MARCH YEAR 2012 and this BEFORE the (ED) EFFECTIVE DATE OF 3/19/2012...one cannot open WITHOUT ASSETS
NO ONE, NO ONE, REPEAT, NO ONE FROM THIS SITE WILL BE ABLE TO FIND THE ACTUAL INVESTOR NAMES ONCE IN THIS DST, AND THERE WILL BE ZERO, ZERO, ZERO REPORTING AS TO THE FACTS WE WANT TO KNOW UNTIL YOU ARE VERIFIED AS A KNOWN RECEIVER (S) of DST ASSETS BUT ONLY INVESTOR (S) WHO SIGNED TIMELY RELEASES BY 3/2012
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.
Have I told you lately how much more I really love my Timely-Signed Releases which continue to grow immensely every single day forward?
xxx
POTENTIAL TRIGGER EVENT ON 12/31/2021 = WMILT BEING CANCELED = POTENTIAL DISTRIBUTIONS FOR THOSE WHO SIGNED TIMELY RELEASES BY 3/2012
1) On February 11, 2022, there was an action a few days previously by WMILT that said Escrow ShareMarkers would be removed from accounts worldwide on 2/11/2022
2) There was a big deal made about this on a conference call among some laughing and discussing 50B in assets to be purchased or other but CC quickly ended
3) There was much discussion about these markers being removed so expeditiously and really for no apparent reason OTHER THAN to give the appearance of no monies EVER
4) Most investor's CUSSIPS and Markers are left for years and years and then sometimes they are removed for cleanup and/or cost purposes
5) So, in my view the main reason for removing the Markers so fast (within 2 months) worldwide there MUST be an alternative motive and there is no doubt in my mind they wanted to ensure there were many months in between WMILT being canceled and the appearance OF NO MONEY FOR EQUITY and POTENTIAL FUTURE distributions
6) The Trigger Event on 12/31/2021 equals WMILT being canceled which tells me they have the following calendar year to make distributions or at least acknowledge distributions by yearend 2022 which includes 12/31/2022 similar in principle to what they did on 12/31/2021-Only time passing and filings will show us the way forward
7) Also the Delaware legal term of a Trust being canceled means there are more actions that include consolidation, merger, distributions and more and we do NOT know for sure what happened next YET
8) Then during the first part of March of the year 2012, WMI not to be confused with WMILT became a DST which means under the MUST BE FOLLOWED RULES of The Seven Deadly Sins of a DST, number SIX refers to the pre-agreed timeframe for distributions that MUST BE FOLLOWED
Also, a DST CANNOT BE OPENED UNLESS THERE ARE SOME SORT OF ASSETS
NOW UNDERSTAND A DST CANNOT BE OPENED WITHOUT ASSETS so WHEN WILL THESE BE DISTRIBUTED
9) Always remember ACTIONS CAN BE TELLING and these kinds of people would have NEVER gone to the extent they did for a PR, Filing with Q&As then expeditiously removing these Markers the way they did UNLESS, UNLESS there were actually distributions coming at some point
10) QUITE POSSIBLY on or before 12/31/2022 we will hear and/or know something referencing some sort of distributions, acknowledgment, or similar even though they may not happen until the New Year
Remember, last year I said there was something very important that would happen in December and before yearend 2021 and it appeared I was wrong until newflow found the information on 1/10/2022 that WMILT was canceled (means more actions) and NOT dissolved (means over/completed) on 12/31/2022. This was an ABSOLUTE HUGE procedure/trigger event to get us to the point of distributions
JUST KNOW, THIS IS NOT OVER UNTIL THE FDIC, RECEIVERSHIP, AND OTHERS RELEASED, TERMINATED, AND CLOSED REGARDLESS OF DISTRIBUTIONS IN 2022 OR NOT
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
PROOF of WaMu Assets To Be Distributed Relatively Soon TO SOME INVESTORS:
1) An investor can argue the timing and amount
2) An investor may be even able to argue who will receive the distributions
3) There may even be a few more articles an investor MAY challenge
***BUT, BUT, BUT***ONE ACTION/FACT CANNOT BE ARGUED INTELLIGENTLY as THERE MUST BE ASSETS TO OPEN A DST!
4) That is, there ARE ASSETS in the WMI DST and NOT TO BE CONFUSED WITH THE NOW CANCELED (12/31/2021) WMILT or the DST COULD HAVE NEVER BEEN OPENED During the first two weeks of March 2012 Prior to the (ED) Effective Date of 3/19/2012- PROOF FOLLOWS:
_________________________________________
"As I (Dmdmd1) 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.
__________________________________________
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
ONLY POSTING NUMBER 6 Of The 7 Deadly DST SINS:
6. All Cash, Other Than Necessary Reserves, Must Be Distributed To The Co-Investors Or Beneficiaries On A Current Basis. According to 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.
XXX
Xoom, in time for the end of year 2022 filing however, it is possible we will not know details until January 2023.
Xxx
Eli, thanks for the update. Since this document was NOT officially signed by the court before TODAY (12/19/2022) that means NOTHING MORE could have happened before this same date.
Now FRED, the question is, does ANYTHING else happen this month regarding any potential payout or does this just keep going, going and going until the year 2050?
xxx
MY VIEW...TRIGGER EVENT ON 12/31/2021 = WMILT BEING CANCELED = FUTURE DISTRIBUTIONS FOR THOSE WHO SIGNED TIMELY RELEASES BY 3/2012
1) On February 11, 2022, there was an action a few days previously by WMILT that said Escrow ShareMarkers would be removed from accounts worldwide on 2/11/2022
2) There was a big deal made about this on a conference call among some laughing and discussing 50B in assets to be purchased or other but CC quickly ended
3) There was much discussion about these markers being removed so expeditiously and really for no apparent reason OTHER THAN to give the appearance of no monies EVER
4) Most investor's CUSSIPS and Markers are left for years and years and then sometimes they are removed for cleanup and/or cost purposes
5) So, in my view the main reason for removing the Markers so fast (within 2 months) worldwide there MUST be an alternative motive and there is no doubt in my mind they wanted to ensure there were many months in between WMILT being canceled and the appearance OF NO MONEY FOR EQUITY and POTENTIAL FUTURE distributions
6) The Trigger Event on 12/31/2021 equals WMILT being canceled which tells me they have the following calendar year to make distributions or at least acknowledge distributions by yearend 2022 which includes 12/31/2022 similar in principle to what they did on 12/31/2021-Only time passing and filings will show us the way forward
7) Also the Delaware legal term of a Trust being canceled means there are more actions that include consolidation, merger, distributions and more and we do NOT know for sure what happened next YET
8) Then during the first part of March of the year 2012, WMI not to be confused with WMILT became a DST which means under the MUST BE FOLLOWED RULES of The Seven Deadly Sins of a DST, number SIX refers to the pre-agreed timeframe for distributions that MUST BE FOLLOWED
Also, a DST CANNOT BE OPENED UNLESS THERE ARE SOME SORT OF ASSETS
NOW UNDERSTAND A DST CANNOT BE OPENED WITHOUT ASSETS so WHEN WILL THESE BE DISTRIBUTED
9) Always remember ACTIONS CAN BE TELLING and these kinds of people would have NEVER gone to the extent they did for a PR, Filing with Q&As then expeditiously removing these Markers the way they did UNLESS, UNLESS there were actually distributions coming at some point
10) I have no doubts on or before 12/31/2022 we will hear and/or know something referencing some sort of distributions, acknowledgment, or similar even though they may not happen until the New Year
Remember, last year I said there was something very important that would happen in December and before yearend 2021 and it appeared I was wrong until newflow found the information on 1/10/2022 that WMILT was canceled (means more actions) and NOT dissolved (means over/completed) on 12/31/2022. This was an ABSOLUTE HUGE procedure/trigger event to get us to the point of distributions
JUST KNOW, THIS IS NOT OVER UNTIL THE FDIC, RECEIVERSHIP, AND OTHERS RELEASED, TERMINATED, AND CLOSED REGARDLESS OF DISTRIBUTIONS IN 2022 OR NOT
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
CANCELATION DISSOLUTION OF DST INFO
Thanks go to newflow
A certificate of trust shall be canceled
upon:
the dissolution and the completion of winding up of a statutory trust,
OR upon the filing of a certificate of merger or consolidation
OR upon the filing of a certificate of transfer
OR upon the filing of a certificate of conversion
Option 1 not satisfied in this case because WMILT filed a certificate of cancellation on DEC 31,2021 and further continued winding-up in 2022.
So WMILT must took one of those remaining three options and we don't have any certificate of effective date here for one of those three options which was opted by WMILT.
We will see soon.
___________________________________________
This exact scenario fits the actions by WMILT filing a certificate of cancellation effective Dec 31, 2021 and continued winding up, which was the way to merge/consolidate/transform/convert.
"in furtherance of, or in connection with, the Plan or the Global Settlement Agreement, including, without limitation, the Runoff Notes, the Reorganized Common Stock, the Trust Preferred Securities, and any merger agreements or agreements of consolidation
"
____________________________________________
6. Certificate of Cancellation. The certificate of trust of a statutory trust
must be canceled by the filing of a certificate of cancellation upon the completion of winding up of the trust’s business. 12 Del. C. §3810(d) (WMILT CANCELED & FILED on 12/31/2021)[/i]. The filing of a certificate of cancellation terminates the separate legal existence of the statutory trust. It must be executed by all of the trustees unless otherwise provided in the governing instrument. 12 Del. C. §3811(a)(3).
https://www.delawarecounselgroup.com/wp-content/uploads/2016/06/Delaware-Statutory-Trusts.pdf
https://www.sec.gov/Archives/edgar/data/1125536/000114420409050016/v161040_pre14c.htm
_____________________________________________
EXAMPLE OF MERGER PROCESS FOLLOWING CERTIFICATE OF DISSOLUTION
CONVERA CORPORATION
1919 Gallows Road, Suite 1050
Vienna, Virginia 22182
Notice of Stockholder Action By Written Consent
October , 2009
NOTICE IS HEREBY GIVEN that the actions to be effective at least twenty (20) days after the mailing of this Information Statement to our stockholders are:
1. The adoption of a plan of dissolution and liquidation (the “Plan of Dissolution”) providing for our complete dissolution and liquidation.
2. An amendment to our Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) deleting Article NINTH.
3. The election of three directors to serve on our board of directors with their terms commencing upon the filing of the certificate of dissolution with the Secretary of State of the State of Delaware in accordance with the Plan of Dissolution (the “Certificate of Dissolution”) and ending upon the due election of their successors.
Following the filing of our Certificate of Dissolution, we expect to consummate the merge (the “Merger”) of B2BNetSearch, Inc. and Convera Technologies, LLC, each a wholly-owned Delaware subsidiary of Convera, with VSW 2, Inc., the Delaware parent company of Firstlight Online Limited, a company in the business of online advertising sales and marketing incorporated as a company limited by shares in the United Kingdom (“Firstlight”), pursuant to, and subject to the terms and conditions of, an Agreement and Plan of Merger dated May 29, 2009, as amended and restated on September 22, 2009 (the “Merger Agreement”). As a result of the Merger, Convera will own 33.3% of the total outstanding capital stock of Vertical Search Works, Inc., a Delaware corporation and the indirect parent company of VSW 2 (“VSW”).
The Plan of Dissolution, the amendment to our Certificate of Incorporation, and the election of directors each require the approval of our stockholders. The Merger does not require stockholder approval.
xxx
Not necessarily, but I think there MAY BE legality that whatever it MAY BE, that it MUST BE filed ON OR BY 12/31/2022.
That is why I posted about last year when WMILT was canceled on 12/31/2021 but did not find out until almost mid-January 2022
MY VIEW...TRIGGER EVENT ON 12/31/2021 = WMILT BEING CANCELED = FUTURE DISTRIBUTIONS FOR THOSE WHO SIGNED TIMELY RELEASES BY 3/2012
1) On February 11, 2022, there was an action a few days previously by WMILT that said Escrow ShareMarkers would be removed from accounts worldwide on 2/11/2022
2) There was a big deal made about this on a conference call among some laughing and discussing 50B in assets to be purchased or other but CC quickly ended
3) There was much discussion about these markers being removed so expeditiously and really for no apparent reason OTHER THAN to give the appearance of no monies EVER
4) Most investor's CUSSIPS and Markers are left for years and years and then sometimes they are removed for cleanup and/or cost purposes
5) So, in my view the main reason for removing the Markers so fast (within 2 months) worldwide there MUST be an alternative motive and there is no doubt in my mind they wanted to ensure there were many months in between WMILT being canceled and the appearance OF NO MONEY FOR EQUITY and POTENTIAL FUTURE distributions
6) The Trigger Event on 12/31/2021 equals WMILT being canceled which tells me they have the following calendar year to make distributions or at least acknowledge distributions by yearend 2022 which includes 12/31/2022 similar in principle to what they did on 12/31/2021-Only time passing and filings will show us the way forward
7) Also the Delaware legal term of a Trust being canceled means there are more actions that include consolidation, merger, distributions and more and we do NOT know for sure what happened next YET
8) Then during the first part of March of the year 2012, WMI not to be confused with WMILT became a DST which means under the MUST BE FOLLOWED RULES of The Seven Deadly Sins of a DST, number SIX refers to the pre-agreed timeframe for distributions that MUST BE FOLLOWED
Also, a DST CANNOT BE OPENED UNLESS THERE ARE SOME SORT OF ASSETS
NOW UNDERSTAND A DST CANNOT BE OPENED WITHOUT ASSETS so WHEN WILL THESE BE DISTRIBUTED
9) Always remember ACTIONS CAN BE TELLING and these kinds of people would have NEVER gone to the extent they did for a PR, Filing with Q&As then expeditiously removing these Markers the way they did UNLESS, UNLESS there were actually distributions coming at some point
10) I have no doubts on or before 12/31/2022 we will hear and/or know something referencing some sort of distributions, acknowledgment, or similar even though they may not happen until the New Year
Remember, last year I said there was something very important that would happen in December and before yearend 2021 and it appeared I was wrong until newflow found the information on 1/10/2022 that WMILT was canceled (means more actions) and NOT dissolved (means over/completed) on 12/31/2022. This was an ABSOLUTE HUGE procedure/trigger event to get us to the point of distributions
JUST KNOW, THIS IS NOT OVER UNTIL THE FDIC, RECEIVERSHIP, AND OTHERS RELEASED, TERMINATED, AND CLOSED REGARDLESS OF DISTRIBUTIONS IN 2022 OR NOT
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
PREVIOUS FILING = TO ME SMELLS LIKE VERY LARGE FUTURE MONIES FOR THOSE WHO SIGNED TIMELY RELEASES BY 3/2012
1) On February 11, 2022, there was an action a few days previously by WMILT that said Escrow ShareMarkers would be removed from accounts worldwide on 2/11/2022
2) There was a big deal made about this on a conference call among some laughing and discussing 50B in assets to be purchased or other but CC quickly ended
3) There was much discussion about these markers being removed so expeditiously and really for no apparent reason OTHER THAN to give the appearance of no monies EVER
4) Most investor's CUSSIPS and Markers are left for years and years and then sometimes they are removed for cleanup and/or cost purposes
5) So, in my view the main reason for removing the Markers so fast (within 2 months) worldwide there MUST be an alternative motive and there is no doubt in my mind they wanted to ensure there were many months in between the appearance OF NO MONEY FOR EQUITY and actual distributions at some point that investors would lose interest, die, go away or other
6) Always remember ACTIONS CAN BE TELLING and these kinds of people would have NEVER gone to the extent they did for a PR, Filing with Q&As then expeditiously removing these Markers the way they did UNLESS, UNLESS there were actually distributions coming at some point
7) I have no doubts on or before 12/31/2022 we will hear and/or know something referencing some sort of distributions or similar even though they may not happen until the New Year.
Remember, last year I said there was something very important that would happen in December and before yearend 2021 and it appeared I was wrong until newflow found the information on 1/10/2022 that WMILT was canceled (means more actions) and NOT dissolved (means over/completed) on 12/31/2022. This was an ABSOLUTE HUGE procedure/trigger event to get us to the point of distributions
JUST KNOW, THIS IS NOT OVER UNTIL THE FDIC, RECEIVERSHIP, AND OTHERS RELEASED, TERMINATED, AND CLOSED REGARDLESS OF DISTRIBUTIONS IN 2022 OR NOT
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
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
Boris, I concur 100% BUT, BUT, BUT...let me also say this is NOT OVER AND WILL NOT BE OVER UNTIL THE FDIC IS RELEASED AND THE RECEIVERSHIP is OFFICIALLY CLOSED/TERMINATED regardless of distributions or NOT THIS YEAR!
XXX
Reading COOP's 8K Filing - HUGE CLUE (3rd-Party Capital) THAT LEADS TO DISTRIBUTIONS
Especially Considering the Timing
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
8-k filed by Mr. Cooper Group on November 07, 2022:
Working with an anonymous source
https://www.otcmarkets.com/filing/html?id=16179688&guid=66_-kKqjA3qmB3h
Last PDF page:
“ MSR yields approaching distressed levels - sizeable growth opportunity in connection with third-party capital”
_________
MY VIEW:
Guess who Mr. Cooper is referring to when mentioning “third-party capital”?
IMO…it is WMI and its $625+ billion in assets that is referred to as “third-party capital”
WMI recoveries will be distributed to legacy WMI shareholders when the time is right…
I think Mr. Cooper Group is signaling to the big players, that the “sizeable growth opportunity in connection with third-party capital” will start in 2023.
Xxx
PREVIOUS FILING = TO ME SMELLS LIKE VERY LARGE FUTURE MONIES FOR THOSE WHO SIGNED TIMELY RELEASES BY 3/2012
1) On February 11, 2022, there was an action a few days previously by WMILT that said Escrow ShareMarkers would be removed from accounts worldwide on 2/11/2022
2) There was a big deal made about this on a conference call among some laughing and discussing 50B in assets to be purchased or other but CC quickly ended
3) There was much discussion about these markers being removed so expeditiously and really for no apparent reason OTHER THAN to give the appearance of no monies EVER
4) Most investor's CUSSIPS and Markers are left for years and years and then sometimes they are removed for cleanup and/or cost purposes
5) So, in my view the main reason for removing the Markers so fast (within 2 months) worldwide there MUST be an alternative motive and there is no doubt in my mind they wanted to ensure there were many months in between the appearance OF NO MONEY FOR EQUITY and actual distributions at some point that investors would lose interest, die, go away or other
6) Always remember ACTIONS CAN BE TELLING and these kinds of people would have NEVER gone to the extent they did for a PR, Filing with Q&As then expeditiously removing these Markers the way they did UNLESS, UNLESS there were actually distributions coming at some point
7) I have no doubts on or before 12/31/2022 we will hear and/or know something referencing some sort of distributions or similar even though they may not happen until the New Year.
Remember, last year I said there was something very im[portant that would happen in December and before yearend 2021 and it appeared I was wrong until newflow found the information on 1/10/2022 that WMILT was canceled (means more actions) and NOT dissolved (means over/completed) on 12/31/2022. This was an ABSOLUTE HUGE procedure/trigger event to get us to the point of distributions
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
Ron, look for the Judge on Libor8 to give her decision between 12/23 and 12/28
I say she throws case out and according to the Libor8 expert on BP, hold says there is no appeal allowed, so I say case is finished this year as predicted by the FDIC when they said Libor would most likely be over by yearend 2022.
So how could they know enough one year and a half ago to say that?
IS THE FOLLOWING A HUGE CLUE - I SAY YES, otherwise answer the following question
Further, how could Rosie have possibly known three years ago when he said in a WMILT filing, there would be little to nothing for WaMu concerning Libor unless this was planned out years ago which I say it was?
Remember WMI not to be confused with WMILT became a DST on 3/8/2012 and number six of the seven deadly sins of a DST is the prearranged timeframe for distributions MUST BE MET…hmmmm, hmmm
I still say the trigger event for what we are looking for was when WMILT was canceled on 12/31/2021 (why last day of year) allowing for release of funds no later than 12/31/2022…???????
We shall soon see?
Xxx
Thanks, Ron. Once proof is shown they will not read it because this does not fit with their agenda.
Remember, in January and February of year 2012 there was a tremendous push to buy Piers and DimeQ apparently trying to get investors out of preferred and common
Most so-called investors still downplaying this after all of the proof and dot-connecting can only mean one thing…
They did not sign timely releases by 3/2012 and of course they do not want the public at large to know or hear anything regarding distributions as it would make the entire bk cases APPEAR fraudulent!
Stox, you asked the following.
—————————
So, what do you mean by 'investors would lose interest, die, go away or other'?
——————————
Remember one very important fact. That is retail was NEVER supposed to be part of the Big Boys money pit. If it had gone the way they planned virtually NOBODY outside of their realm would have known about the billions and billions they legally stole. They would have been labeled as very intelligent and astute Distressed Debt Investors.
The retail investors can generally not keep their mouth shut thus people finding out about all of this money.
The Perps were caught so they continue to use various ways to ensure no one thinks there is Safe Harbor or any monies period. They used to continuously lie about Safe Harbor existing until they could no longer promote that lie so it is all about hiding the sausage forever.
Xxx
PREVIOUS FILING = TO ME SMELLS LIKE VERY LARGE FUTURE MONIES FOR THOSE WHO SIGNED TIMELY RELEASES BY 3/2012
1) On February 11, 2022, there was an action a few days previously by WMILT that said Escrow ShareMarkers would be removed from accounts worldwide on 2/11/2022
2) There was a big deal made about this on a conference call among some laughing and discussing 50B in assets to be purchased or other but CC quickly ended
3) There was much discussion about these markers being removed so expeditiously and really for no apparent reason OTHER THAN to give the appearance of no monies EVER
4) Most investor's CUSSIPS and Markers are left for years and years and then sometimes they are removed for cleanup and/or cost purposes
5) So, in my view the main reason for removing the Markers so fast (within 2 months) worldwide there MUST be an alternative motive and there is no doubt in my mind they wanted to ensure there were many months in between the appearance OF NO MONEY FOR EQUITY and actual distributions at some point that investors would lose interest, die, go away or other
6) Always remember ACTIONS CAN BE TELLING and these kinds of people would have NEVER gone to the extent they did for a PR, Filing with Q&As then expeditiously removing these Markers the way they did UNLESS, UNLESS there were actually distributions coming at some point
7) I have no doubts on or before 12/31/2022 we will hear and/or know something referencing some sort of distributions or similar even though they may not happen until the New Year.
Remember, last year I said there was something very im[portant that would happen in December and before yearend 2021 and it appeared I was wrong until newflow found the information on 1/10/2022 that WMILT was canceled (means more actions) and NOT dissolved (means over/completed) on 12/31/2022. This was an ABSOLUTE HUGE procedure/trigger event to get us to the point of distributions
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
Well, let me put it this way. The assets, whatever the number belonged to the Estate and investors who signed timely releases by 3/2012 as there was a court approved ownership change.
So, for the sake of argument let me use $100.00 for the former WaMu Estate’s value.
That value now belongs to those investors who signed timely releases by 3/2012, both Safe Harbor, BK Remote assets and others.
Xxx
Cass, the link still works fine. I cannot copy/paste. Ensure you use your CTRL button and click on link simultaneously
xxx
***Per Fishman in 2008***WaMu 310 Billion in Assets-Letter to Bair- Oh my, that is HUNDREDS of BILLIONS in 2008 so now at least double that!
http://s.wsj.net/public/resources/documents/WSJ-WAMU-Responsive-e-mails092810.pdf
xxx