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10% up today
and 35,8% up from $1.62 (on 11/17/2014)
10% up today
and 35,8% up from 1,62 (on 11/17/2014)
LGL8054
Smart post IMHO
JPM demanded common stock in lieu of a full payoff = that is saying that there is value in the stock
LargeGreen
FS's ALAP theory... No good, not even for the FDIC, IMHO
A POL ASAP, during 2014..., would be great
GL
Jestiron
Thanks so much for sharing your interesting insight about this, I agree with your (PETE vs Ownership) point of view, coming from JPM and considering their real role in the crisis, makes sense to me
Doc# 152 vs Doc# 431
Is Washington Mutual Bank, FA a Straw Man for Washington Mutual Inc (WMI)?
Straw man is defined as a person set up to serve as a cover for a usually questionable transaction.
Did you take out a home mortgage in 2007 - 2008 from Washington Mutual Bank? Does your loan number begin with #301 ? Is your lender identified on your Note as Washington Mutual Bank FA? Do you have reason to believe your Investor Code is X99? Have you been unable to identify the securitized trust in which your loan was placed? Perhaps you had a Straw Man as your lender?
For far too many borrowers who took out mortgages in the 2007 - 2008 period of time with the lender identified on original loan documents as "Washington Mutual Bank, FA, a federal savings bank", there remains the big question as to who was the true lender. Often the results of expensive non-productive securitization audits in playing "the find the borrower game" results have been inconclusive and reveal no identifying information.
Let's review the history.
Borrowers applied for mortgages through various avenues with Washington Mutual Bank (WMB). Yet loan documents contain mixed information. HUD1 documents identify the lender as "Washington Mutual" which in itself is not the legal name of any entity under the domain of the holding company identified as "Washington Mutual Inc." (WMI) Adding to the obfuscation, the Note, Mortgage and/or Deed of Trust, a binding legal documents, identify the lender as "Washington Mutual Bank, FA a federal savings bank" (WMBFA) which ceased to exist in April 2005 according to WMI's annual report for 2005. Add to that the confusing use of the logo, WAMU, which is not the legal name of any entity.
So who is the actual lender of the mortgage? Is it WAMU? Or Washington Mutual Bank, WMB? Or Washington Mutual Bank, FA, WMBFA? Or is it the parent corporation, Washington Mutual, Inc (WMI)?
Why does it matter? On September 25, 2008 the entity Washington Mutual Bank failed and was taken over by FDIC as Receiver. That same day FDIC as Receiver sold WMB to JPMorgan Chase Bank, NA. Chase claims to own countless loans that are allegedly in default on which they are rightly but mostly wrongly foreclosing. However, Chase never produced an inventory of the loans as required by the Purchase and Assumption Agreement.
This brings us back to the 2007 - 2008 time period when WMB began its decline culminating as a failed bank on September 25, 2008. There have been rumors that many of the loans originated in late 2007 and 2008 were "Portfolio loans" but these portfolios have not been identified by Chase or the FDIC in foreclosure law suits across America.
Through documents this researcher discovered revealing information contained in a "Motion For Permission To File Confidential ACS Image Solutions Discovery Documents Under Seal" filed by a plaintiff with the US Bankruptcy Court, Northern District of California, Division 5 in an adversarial legal action against JPMorgan Chase Bank, NA The document was filed October 10, 2014 and will be heard November 13, 2014.
The plaintiff requests the Court's permission to file specific documents under seal obtained through discovery in the adversary case. The files are a series of contracts between Washington Mutual Inc. (WMI) and ACS Commercial Solutions, Inc. (ACS). No protective order exists for the documents rather there is a gentleman's agreement with Xerox to treat the materials as confidential.
Per the said Motion the ACS discovery files allegedly show the following revelations:
ACS received paper loan origination files from Washington Mutual Inc (WMI) in Houston. [Not from WMB or WMBFA.]
ACS prepared the documents for scanning; the documents were not supposed to include the collateral file, which if found was returned to WMI.
ACS shipped the documents to Juarez, Mexico. The actual movement of files was videotaped by a Texas television news crew as previously written up on this blog.
ACS scanned the documents in Juarez, Mexico.
ACS stored the documents in Juarez, Mexico until WMI directed ACS to destroy the loan documents.
ACS destroyed the loan origination documents as ordered by WMI.
ACS made the loan origination document images available via the FileNet System software.
ACS provided remote scanning facilities to scan in documents like the collateral files into FileNet.
ACS scanned and thereafter maintained as the WMI Loan portfolio, ambiguously referred to as the WAMU Loan Portfolio.
ACS sold some of the records to JPMorgan Chase Bank, NA (Chase) and destroyed the rest.
The documents scanned included both the Plaintiff's Home Equity Lines of Credit. The FISERV insurance on the HELOC in this case list the lender name as WMI and not Washington Mutual Bank. This is evidence that the Receiver (FDIC) did not transfer the HELOC to Chase because it was never owned by Washington Mutual Bank.
The ACS evidence is important to the plaintiff because Chase has produced loan origination files that were presumably destroyed by ACS. One way this could have been done is by reproducing the loan origination documents from the ACS digital image files. This supports the claim that the documents produced by Chase are allegedly fake.
The information is important because the loan portfolio is identified as belonging to Washington Mutual Inc. (WMI) and not Washington Mutual Bank (WMB). WMI is directed the maintenance of this loan portfolio at ACS, not Washington Mutual Bank.
The Motion asserts that Plaintiff's Washington Mutual Bank FA (WMBFA) (loan #301------) origination documents were sent to ACS Image Solutions. WMI correspondence to ACS dated July 25, 2008 appears to be the request for records maintained by ACS.
This allegedly further suggests:
That Washington Mutual Bank FA (WMBFA) is a strawman lender name for Washington Mutual Inc. (WMI)
That Washington Mutual Inc. (WMI) was the original lender, not Washington Mutual Bank (WMB).
That Washington Mutual Bank (WMB) was never more than the service.
Plaintiff's Conclusion:
If Washington Mutual Bank did not own the loan portfolio, which is apparently the case, then FDIC the Receiver could not have transferred the said loan portfolio to JPMorgan Chase Bank, NA on September 25, 2008.
This is evidence that WMB was the "Loan Servicer" and not the owner of the loan.
Thus, Chase is acting as a "Loan Servicer" having bought the servicing business from the FDIC as Receiver.
The said Motion will be heard before Honorable Arthur S. Weissbrodt at a hearing in Courtroom 3020 on November 13, 2014 at 3 PM at the US Bankruptcy Court in San Jose, California.
Source: PACER
Case: 10-05245, Doc # 431; filed 10/10/14; US Bankruptcy Court, Northern District of California - Division 5; James Madison Kelley v. JPMorgan Chase Bank NA.
http://www.forbes.com/profile/william-snider-1/
" United Western Bancorp Inc
Compensation for 2009
Salary $318,000
Restricted stock awards $191,151
All other compensation $56,827
Non-equity incentive plan compensation $211,152
Total Compensation $777,130
Options Exercised for 2009
Number of securities underlying options exercisable 24,000
Number of securities underlying options unexercisable 16,000
Stock Ownership for 2010
Number of shares owned 80,745
PS
Profile
William D. Snider, age 67, has served as Vice Chairman of the Board since August 2006, and has served as the Company's Head of Finance and Risk Management since January 2006 and as Chief Financial Officer since April 2006. From 2001 to present, Mr. Snider has served as a director of Native American Bank, N.A. and, in 2005, served as the interim chief executive officer for Native American Bank. Mr. Snider has served as the chief financial officer at CoBank and TransOhio Bank and from 1986 to 1990 served as group head treasury at Continental Bank Corporation. From 1992 to 1997 he served as executive vice president of finance, administration and operations and chief financial officer at CoBank, a $22 billion banking organization headquartered in Denver, Colorado that is part of the U.S. Farm Credit System. Mr. Snider received a B.S. in Engineering from the University of Illinois and an M.B.A. from the University of Illinois and completed work beyond the M.B.A. at Northwestern University. He has also completed the Advanced Management Program in Finance from Stanford University, is a member of Financial Executives International, the CFA Institute and the Colorado CFA Society and holds the Chartered Financial Analyst designation. April 21, 2010. United Western Bancorp, Inc. announced that William D. Snider has retired from the Company as chief financial officer and from all other day-to-day roles with the Company and its subsidiaries. Mr. Snider will continue to serve as a director of the Company. Mr. Snider has been with the Company, as both a director and chief financial officer, since December 2005. Mr. Snider's retirement was effective April 15, 2010.
Sam Seder Interviews Rolling Stone's Matt Taibbi
In Alayne Fleischmann's own words:
"Canadians will be amused at about 5:55 and last 5 minutes "
HUGE 3.1a
http://reorgwmi.com/documents/misc/Govinsider_Trial_Balance_Sheets.pdf
PS
well , it´s not exactly a 3.1a schedule but it almost gives us the same info
this was brought by Govinsider into the boardnet MB; thanks so much for this to him (the best Sherlock Holmes of the team IMHO), also to Catz and Astock to host this file there, ..., etc
I don´t know if this has already been posted here
The lower the pps is the larger the number of shares they award themselves
2012-10-18 ~ 165,154 Shares Granted (per member of the BoD) ~ 0,48pps
Look at that award from a distance... it was the smartest move (for themselves) our BoD members have done, IMHO
Hope it helps
I believe the other side of the coin reads this board, good for them and good for us; we will save time and money avoiding future potential conflicts, so will them
We cannot, will never be able to calculate how many things these boards (and retail through them have, out of the courts) changed, this is, at least IMHO one of the greatnesses of internet, the parallel universe of this saga without them ? Impossible to guess...IMO
I want this stock to sign the deal, that one that puts us back into the rail and then enjoy and gradually, without any hurry, cash out through the years while I see this shell company growing and doing business and making money
BUT I don't trust our adversaries, don't want to underestimate them, I´ll keep some $ /Bullets to face maybe lower pps coming scenario(s), let's not underestimate those "BOYZ", not again, not after 6 years
GLTA
Still going down
Getting closer to KKR warrants price ($1.48 and $1.32) .... which MAY work as support levels
...we shouldn't underestimate our adversaries in this.... not after 6 years
GLTA
Thanks for the reminder T1215s
Good to keep it in mind
Getting closer to KKR warrants price ($1.48 and $1.32)
OK
Our BoD has awarded themselves common stock 4 times (October 2012: ordinary award; August 2013: ordinary award; February 2014: special award for the KKR deal and June 2014: ordinary award)
So they grant themselves every ten months (if we exclude the special award), so next ordinary stock award would take place on April 2015 (after the 3 year deadline that some respectable posters defend as necessary to begin to monetize the NOLs; also after an hypothetical closure of BK and LT; April 2015 sounds reasonable enough for me...)
Our BoD has, if they don't increase this limit again....,
(3,000,000 - 2,343,245) = 656,755 shares left for stock awards...
If the definitive deal is closed (after that reasonable April 2015 deadline) they may pay themselves another special bonus (as the 02/2014 one...) ; let's also assume that in the same amount(s) than the ones granted on 02/2014, this is:
100,000 Shares Granted to DAVIS EUGENE I ; 50,000 Shares Granted to Renoff Michael J, Glossman Diane Beth, Willingham Michael , ...., another 150,000 shares (sub scenario A); this special bonus would be paid after the ordinary stock award of April 2015 (if we assume that ordinary stock award takes place every 10 months)...
we can also imagine that this deal would be of a larger magnitude than the 2014 one; maybe they would grant themselves more shares as an special bonus this time.... they grant themselves 2X what they granted themselves last time...this is 300,000 shares (sub scenario B)
that leaves us with
(sub scenario A)
So 656,755-150,000 = 506,755 shares left, for the next ordinary stock award which would take place on April 2015; we have 7 BoD members, so that would mean
(506,755 / 7) = 72,393 (approx) for each BOD member, and to make this possible shares should be trading at..... which "necessary" (considering the stock awards record) pps?
(sub scenario B)
So 656,755-300,000 = 356,755 shares left, for the next ordinary stock award which would take place on April 2015; we have 7 BoD members, so that would mean
(356,755 / 7) = 50,965 (approx) for each BOD member, and to make this possible shares should be trading at..... which "necessary" (considering the stock awards record) pps?
So, does it makes sense that
BK closes before April 2015, so does the LT
these two events plus the 3 years NOL deadline one give our Bod freedom of movement and they sign the deserved deal and also grant themselves another stock award after 10 months
I know there are many IFs in this; feedback, corrections,different insights, etc would be really appreciated
TIA
Thanks for answering shiftyshoes
I agree,we must do something about this...
let's see
http://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0000933136
this links gives us info about "Ownership Information: WMI HOLDINGS CORP."
Currently (please correct me if I' wrong) OUR BOD members hold {since 2014/06/04(Last Stock Award Date)}
SCHEIWE STEVEN D------- 299,035 Shares
Renoff Michael J------------ 349,035 Shares
GRAHAM TIMOTHY R------- 299,035 Shares
DAVIS EUGENE I----------- 399,035 Shares
Willingham Michael-------- 383,538 Shares
Glossman Diane Beth------ 349,035 Shares
HOLLIDAY MARK E--------- 299,035 Shares
[size=6pt]A 2014-06-04 SCHEIWE STEVEN D 4 A-Award --D 35842.0000 299035.0000 1 0001190322 Common Stock
A 2014-06-04 Renoff Michael J 4 A-Award --D 35842.0000 349035.0000 1 0001545353 Common Stock
A 2014-06-04 GRAHAM TIMOTHY R 4 A-Award --D 35842.0000 299035.0000 1 0001112442 Common Stock
A 2014-06-04 DAVIS EUGENE I 4 A-Award --D 35842.0000 399035.0000 1 0001028689 Common Stock
A 2014-06-04 Willingham Michael 4 A-Award --D 35842.0000 383538.0000 1 0001545354 Common Stock
A 2014-06-04 Glossman Diane Beth 4 A-Award --D 35842.0000 349035.0000 1 0001545352 Common Stock
A 2014-06-04 HOLLIDAY MARK E 4 A-Award --D 35842.0000 299035.0000 1 0001242980 Common Stock
A 2014-02-10 DAVIS EUGENE I 4/A A-Award --D 100000.0000 363193.0000 1 0001028689 Common Stock
A 2014-02-10 Willingham Michael 4 A-Award --D 50000.0000 347696.0000 1 0001545354 Common Stock
A 2014-02-10 DAVIS EUGENE I 4 A-Award 1-D 100000.0000 363193.0000 1 0001028689 Common Stock
A 2014-02-10 Glossman Diane Beth 4 A-Award --D 50000.0000 313193.0000 1 0001545352 Common Stock
A 2014-02-10 Renoff Michael J 4 A-Award --D 50000.0000 313193.0000 1 0001545353 Common Stock
A 2013-08-13 GRAHAM TIMOTHY R 4 A-Award --D 98039.0000 263193.0000 1 0001112442 Common Stock
A 2013-08-13 Renoff Michael J 4 A-Award --D 98039.0000 263193.0000 1 0001545353 Common Stock
A 2013-08-13 Glossman Diane Beth 4 A-Award --D 98039.0000 263193.0000 1 0001545352 Common Stock
A 2013-08-13 SCHEIWE STEVEN D 4 A-Award --D 98039.0000 263193.0000 1 0001190322 Common Stock
A 2013-08-13 Willingham Michael 4 A-Award --D 98039.0000 297696.0000 1 0001545354 Common Stock
A 2013-08-13 HOLLIDAY MARK E 4 A-Award --D 98039.0000 263193.0000 1 0001242980 Common Stock
A 2013-08-13 DAVIS EUGENE I 4 A-Award --D 98039.0000 263193.0000 1 0001028689 Common Stock
A 2012-10-18 Renoff Michael J 4 A-Award --D 165154.0000 165154.0000 1 0001545353 Common Stock
A 2012-10-18 SCHEIWE STEVEN D 4 A-Award --D 165154.0000 165154.0000 1 0001190322 Common Stock
A 2012-10-18 Willingham Michael 4 A-Award --D 165154.0000 199657.0000 * 1 0001545354 Common Stock
A 2012-10-18 DAVIS EUGENE I 4 A-Award --D 165154.0000 165154.0000 1 0001028689 Common Stock
A 2012-10-18 Glossman Diane Beth 4 A-Award --D 165154.0000 165154.0000 1 0001545352 Common Stock
A 2012-10-18 GRAHAM TIMOTHY R 4 A-Award --D 165154.0000 165154.0000 1 0001112442 Common Stock
A 2012-10-18 HOLLIDAY MARK E 4 A-Award --D 165154.0000 165154.0000 1 0001242980 Common Stock[/size]
**[color=green] [size=6pt]"...effective upon the Board approval on May 22, 2012. On February 10, 2014, the Board approved and adopted a First Amendment to the 2012 Plan, pursuant to which the number of shares of WMIHC’s common stock reserved and available for grants under the 2012 Plan was increased from 2 million shares to 3 million shares, and that modified the terms under which the 2012 Plan may be amended to permit such an increase through action of the Board except when shareholder approval is necessary to comply with any applicable law, regulation or rule of any stock exchange on which WMIHC’s shares are listed, quoted or traded. The 2012 Plan provides for the granting of restricted shares and other cash and share based awards. The value of restricted stock is determined using the fair market value of the shares on the issuance date."[/color]
See http://www.sec.gov/Archives/edgar/data/933136/000119312514303111[/size]
BoD
I believe these two actions would be good:
1) Having a professional look at the books and/or do anything within reason (and authorized) to check up on the progress or lack of
2) Exercise your voting right, the way you want to do it and in a fearless mode
If it will bring no change, why a few posters here are discouraging others from doing so?
It's "difficult" for me to "understand" this line of argumentation...
...also, can someone demonstrate the number of shares retail holds here;.....I said demonstrate ....{if so, we will need updates (as we are far away from the voting deadline)}
She is a heroine IMHO
I was really impressed by this brave and indignated woman's testimony, Alayne Fleischmann's testimony,
AMY GOODMAN: Alayne Fleischmann, why didn’t you go to the press back then? And what made you decide to do it now?
ALAYNE FLEISCHMANN: Yeah, I, for a long time, believed that this come out, that the government would do their investigation and come forward with it. It’s actually taken a really long time for me, because for me it’s a little bit of an incredible thing to believe. But after watching all of these cases over and over again, at some stage I’m in the position where if I keep silent and the statute of limitation runs, or they do one of these agreements where they whitewash everything, then it’s too late, which is what’s happened over and over again so far. So, I’m trying to change the pattern and come out first, so that they have to either follow these properly, the way they would for any other criminal defendant, or explain why they’re not doing it "
Thanks so much for it
RockHard, forgot it in my previous post,
{See also : http://seekingalpha.com/author/chris-demuth-jr/stocktalk/symbol/myrx }
UWBank vs parent company UWBI yep, agree on that
Did you have a look at the whole content of the link I mentioned ?; that link "talks" about stuff, including UWBI ...
In re United Western Bancorp, Inc.
www.buckleysandler.com/experience-detail/in-re-united-western-bancorp-inc
"In re United Western Bancorp, Inc.
Practice Area(s): Banking, Bankruptcy Trustee, Litigation
Attorney(s): Sandler, Andrew L.; Buffone, Samuel J; Saul, Benjamin P
Court: D. Col.
State: Colorado
Represented debtor-in-possession as special counsel for several litigation and regulatory matters."
Hi New
We are closer to the end but those very same words were written in Buckley Sandler's site on, at least, 10/05/2013
{ see http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92713326 }
Hi RockHard
you are right, the link doesn't work now; the person who wrote the doc, a relly good insight IMO is Chris DeMuth Jr.
"
"It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a misplaced bet - that they can occasionally find one."
- Charlie Munger
I look and sift the world for such misplaced bets. When I occasionally find one, I first exploit it for profit on behalf of investors at Rangeley Capital. Then, I write about it for anyone else interested in such ideas. "
______________________________________
{ See http://seekingalpha.com/author/chris-demuth-jr }
I don't know why he disabled the link
I hope he enables it again or at least gives you a copy of the "Myrexis (MYRX) Investment Thesis" if you contact him...
resterner@rangeleycapital.com
Best Regards
BBANBOB
Your statement " we either have some agreement coming our way or we just plain and simply FK'd " does also make sense, let´s cross fingers and wait for a while...
PS
If shareholders here change their mind and decide to hire a lawyer, another one, retail one,... please,let us know...
TIA
BoD Stock Grants
"...effective upon the Board approval on May 22, 2012. On February 10, 2014, the Board approved and adopted a First Amendment to the 2012 Plan, pursuant to which the number of shares of WMIHC’s common stock reserved and available for grants under the 2012 Plan was increased from 2 million shares to 3 million shares, and that modified the terms under which the 2012 Plan may be amended to permit such an increase through action of the Board except when shareholder approval is necessary to comply with any applicable law, regulation or rule of any stock exchange on which WMIHC’s shares are listed, quoted or traded. The 2012 Plan provides for the granting of restricted shares and other cash and share based awards. The value of restricted stock is determined using the fair market value of the shares on the issuance date."
See http://www.sec.gov/Archives/edgar/data/933136/000119312514303111/d749277d10q.htm (begining of page 14)
thanks marcomts
I'm not a US citizen / resident either
When message board posters claiming to own millions of shares can't get it together enough to lawyer up one wonders what everybody has been doing here the whole time.
10/17/2014
10/31/2014
12/03/2014
..........
yep???
really?
Thanks LGL
Good Input
One of our "problems" is that regarding definitive hero or zero deadline, we got nothing but FS's forecasts...
FS
I'll want this MB shut down after the money is in my account, not in any other scenario...
Hi Catz, thanks for your input, I get your point
The LT was "born" as a consequence of the bankruptcy process and through the POR, right?
The LT is Now claiming for that money
Were the $500,000,000 + interests that Steve Intense* Susman is now claiming, noted, not included in the POR?
*: That's what his wife tells about him
Hi Adam
I was one of them, the way I see this, 08/01/2014 payment was in cash, and that 08/01/2014 payment was made trough checks sent by ordinary mail, I know that in some cases there has been a few problems with the checks and sending them again has been required;you should contact
Angela M. Nguyen
KCC
2335 Alaska Avenue
El Segundo, CA 90245
anguyen@kccllc.com
www.kccllc.com
She will let you know / solve the problem.
regarding previous "payments", they were not payments in cash but RONs transferred to your account, those RONs generated divies and most of them were called / exhanged for cash (also through bank transfer BUT NOT THROUGH CHECKS)
Consider it a remider,
Yes, a Typo, thanks for sharing Beardown027 ¡¡
YW Marcia
So we had
Washington Mutual Bank FSB = $46,048,007 (Total assets at 06/30/2008)
See http://assets.bizjournals.com/cms_media/seattle/Washington%20Mutual%20Bank%20FSB%20TFR%20June%2030%202008.pdf
Washington Mutual Bank TFR June = $307,021,614 = (Total assets at 06/30/2008)
http://assets.bizjournals.com/cms_media/seattle/Washington%20Mutual%20Bank%20TFR%20June%2030%202008.pdf
So we had at 06/30/2008 total Assets valued at {$307,021,614 + $46,048,007}= $353,069,621
But At Inception Date: 09/25/2008, we had total assets valued at $ 298,791,522,367 ??
http://wmish.com/docs/FDIC/WaMuReceivershipFinancialStatements%28unaudited%29thru123108.pdf
Did we suffer a depreciation of (approx) $54B in those (approx) 3 months ?
Those $54B of depreciation (in less than 90 days) are huge, more considering the capital contributions WMI made to WMB during those days and the amount of cash that WMB fsb and WMB had , cash suffered no depreciation...
Thanks BK
Sometimes those links just "disappear" and bringing the print pant of the document helps in order no to waste the homework ;)
See this WASHINGTON MUTUAL BANK
Fund Number: 10015
Statement of Assets & Liabilities in Liquidation (unaudited) also here
http://wmish.com/docs/FDIC/WaMuReceivershipFinancialStatements%28unaudited%29thru123108.pdf