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ItsMyOption, Some on this board still don't get it. What a shame,as it's in black and white for all who can read English.
"I have received a letter from B. Rosen in response to UST Vara re: Griffin letter as I also supported it. This goes back to this ambiguous language within 23.1 of the Plan – Class 19 “Treatment of Preferred Equity Interests about the 75-25%. I can not cut and paste but will provide word for word what Rosen stated in his letter:
"Unfortunately, the Plan expressly provides for the pro rata treatment of all Class 19 interests. Specifically, Section 23.1 of the Plan provides that each holder of a Preferred Equity Interest "shall be entitled to such holder's Pro Rata Shares" of distributions to be made to such class." Section 1.175 of the Plan defines "Pro Rata Shares" with respect to Equity Interest to mean, "within the same Class, the proportion that an Equity Interest bears to the sum of all Equity Interest with such Class." See Plan 1.175...
Plan, 1.170 "Pursuant to the express terms of the Stipulation, the Class 19 Claims shall be allowed in the amount of $71,953,536.09 and treated in accordance with Section 23.1 of the Plan."
Oh, there is more for those that seek the TRUTH!
Someone on this board is deleting the Truth? Money has a trail and is difficult to hide IMO.
wwhatthe Wednesday, 06/24/15 07:23:15 PM
Re: None
Post #426825 of 426988
Just a little Research and all IMHO
Here’s a video and example on how Mortgage Back Securities (MBS) work and the parties involved. Very easy to follow and informative. In the beginning of the video he contradicts himself but than corrects himself and clearly says the investment bank buys the rights to the payments of the mortgage loans…it’s all summarized at time marker 5:40
Video on MBS
From what I understand in regards to MBS it’s common practice to refer to the payment stream as simply the mortgage loans.
In the AMENDED MEMORANDUM OPINION (link at bottom) it describes the securitization process and how it creates a vast profit potential for the Seller, the Originator, the Servicer, and the Underwriter and provides a source of capital for new mortgage loans.
It also explains that the Seller (WMI – Washington Mutual Inc.), the Originator (WaMu aka WMB – Washington Mutual Bank), the Underwriter (WMB), the Servicer (WMB) and the Depositor (WMMSC – Washington Mutual Mortgage Securities Corporation – a Subsidiary of WMI) may be the same entity or subsidiaries of the same Institution (WMI).
You can find WMMSC on the list of subsidiaries – IHUB post #184345, Thanks to diamondguru-one
I’m sure every structure is a little different But with WMI we can see the Originator (WMB) acquires a pool of mortgage loans from the Seller (WMI) and sells them to the Depositor (WMMSC). This is the only time the mortgage loans are sold…WMMSC is a subsidiary of WMI which means they sold the mortgage loans to themselves.
The Depositor (WMMSC) creates a trust and puts the mortgage loans in the trust… this is the INVESTMENT TRUST and the mortgage loans are only there as Collateral. The Investment trust creates the securities and sells them to the Underwriter (WMB) who than sells them to investors. The investors don’t own the trust or the mortgages, they would own the rights to the payments or income stream from the mortgages, this is why if a mortgage fails it has to be replaced and why they are called Mortgage Backed securities.
The investment trust is ran by a Trustee – Deutsche Bank National Trust Company (Deutsche Bank) the trustee reports to the investors about the performance of the mortgages and has the ability to return defective mortgage loans to the seller and the seller warrants that it will repurchase non-compliant loans. This is a liability.
The Court finds that JPMC bought WMMSC in its entirety and the liabilities.
This means JPMC is now the Seller and the Depositor for WMMSC and WMMSC only.
From bottom of page 2 – JPMC does not dispute that it assumed a certain amount of WaMu’s mortgage repurchase liabilities, but argues that it only assumed such obligations up to their “Book Value” Which means JPMC bought WMMSC stock and assets at Book Value…
From page 4 - WaMu sold two types of loans. The first type involved loans that met the standards of federal mortgage agencies, (Fannie Mae, Freddie Mac)
The second kind of residential mortgage loans that were sold and securitized by WaMu were sold to “private label” trusts sponsored by private sector institutions, like WaMu…
From JPMC 10K – Amount of residential mortgage loans, PRIVATE-LABEL securitization by Washington Mutual $165,000,000,000
IMHO JPMC is the new Seller, which means they bought and now own the Mortgage Loans and paid Book Value… $165,000,000,000 and plus any other assets of WMMSC
From page 5- Deutsche Bank serves as Trustee for 99 “Primary Trusts” and 28 “Secondary Trusts” (collectively the Trusts) at issue in this case…obviously all of the mortgage loans are put into Trusts.
From page 5- Defendant WMMSC, now a subsidiary of JPMC, serves as the seller and depositor for 44 of the 99 Primary Trusts.
If WMMSC represents 44 out of the 99 Primary Trusts and they have a “Book Value” of $165 Billion, What would be the Value of the entire “99 Primary Trusts”? I’ll let you do the numbers….also and the “28 Secondary Trusts” ?
All I can say is WHOLLY_$ $T $$$,$$$,$$$,$$$
All IMHO and GLTA
Jiminy…
Jiminy Christmas
AMENDED MEMORANDUM OPINION
Last (time)
12:44p ET 11/18/20
Last (size)
2.5K
$26.11
itsmyoption, that is great news. As of today... 1,200.000 shares bought back at an average cost of $19.42 would be a gain of $5.10 at our PPS at close to day of $24.52.
$5.10 x 1,200,000= $6,120,000.
Ah, your favorite web sight no doubt!
Your a day late and a dollar SHORT, aren't you?
hey pick, did you elect cash or shares from Fortress?
bbanbob, I was acting in the capacity of a Trustee. Many of you may be faced with the same problems before this is over. Death, Taxes, stock crashes and other problems happen to all of us, unfortunately we never know when the "bomb" will drops. Get. prepared, it may very well happen to many of us. Actually, the back ground of Medallion Signatures is quite interesting and actually protects you and your bank from fraud.
cassiecasa, Medallion Signatures are assigned a Letter of the alphabet, each letter represents the amount a signature is guaranteed for. My problem was, the local branch mangers typically only had authority for $50,000. I had to go to Corporate for my needs, hence the 3 day delay and huge loss in value as the prices of the stocks held plummeted.
If you "SUSPECT' that you may be transferring stock or cash I suggest you prepare yourself and get acquainted with an officer who can meet your future needs. Having an account at such a bank may prove vital in the future. Best of luck to all Escrow holders.
Royal Dude, In studying COOP and our Escrow Shares a very important subject, which I have not seen on our site, that pertains to the importance of understanding Medallion Signatures and their requirement when transferring securities or cashing out of annuities..
I got caught with my pants down in 2009 while attempting to cash out annuities from a large Insurance Company. The market was crashing and going down drastically when I decided to cash out several large annuities. The Insurance Company threw up several road blocks as they were trying to save their own ass at the expense of their customers. Long story short, they required several Medallion signatures in excess of my bank's local officers authority and it took three days to get the authority and Signatures from an executive V.P. at the banks corporate Headquarters. In those three days the value of the supporting stock of the annuities took a $131,000 nose dive and there wasn't a damn thing I could do about it.
If you have Escrow shares and are expecting a windfall I suggest you take the time to study the requirements of Medallion Signatures and find a bank that can help you move securities or cash out of securities in a timely manner. Don't make the mistake that thousands of others have made during times of duress.
https://www.colonialstock.com/Medallion-Signature-Guarantee.htm
www.msglookup.com/index.html
www.msglookup.com/search.html
Royal Dude, will this transaction affect COOP in any way in your opinion?
https://www.globalatlantic.com/news/kkr-to-acquire-global-atlantic-financial-group-limited-in-a-strategic-transaction
Royal Dude, is it your belief that KKR will pick up Billions in annuity investments from Cash rich Escrow holders?
"Upon close, Global Atlantic will continue to be run by its existing senior leadership team led by Allan Levine, Global Atlantic’s Chairman and Chief Executive Officer.
The transaction, which is expected to close in early 2021, is subject to required regulatory approvals and certain other customary closing conditions.
KKR was advised by Simpson Thacher & Bartlett LLP and Willkie Farr & Gallagher LLP. Debevoise & Plimpton LLP acted as legal advisor to Global Atlantic."
https://www.globalatlantic.com/news/kkr-to-acquire-global-atlantic-financial-group-limited-in-a-strategic-transaction
I certainly wouldn't hang my hat on their opinion or reputation, but for sure their employees have a lot of negative feed back posted.
https://www.glassdoor.com/Reviews/Wolfe-Research-Reviews-E778033.htm
Andy, you will be long remembered as one of the honest good guys. Kudos to you!
Split T
"No it does not work like that. You would need to take this approach and determine what the forecasted capital structure should be for escrow holders based on what the pre bankruptcy capital ratio was using this concept as a guide:
https://www.investopedia.com/terms/s/shareholderequityratio.asp
Then compute the actual capital ratios in which escrow shares values are zero in the last consolidated financials. You then should be able to extrapolate and identify how much the equity component will need to be increased in order for any realignment to take place to include an escrow value. You then can back into a conversion ratio thereafter."
Piss on Dimon and his lack of respect for all the citizens he has ripped off over the past several years. He is one of the biggest fakes and crooks of all times and has been in hiding for over 6 months.
vodkadejour, Do you believe that Escrow Shareholders can receive a payout before Alice Griffin's Appeal is ruled on, one way or another? IMO, a payout at this time would provide prima facie evidence she has a valid case, at least in part. To me, this is a sticky wicket, although I feel the Underwriter have illegally received shares of P's, I can't see an avenue for any payout to Escrow Holders until the Court Rules. This delay in a ruling may surprise everyone hoping for a payout.
One thing for sure, no one wants a pay out anymore than I do.
As long as "COOP" is buying back shares we will see them and others continue to short the hell out of COOP and the PPS languish IMO, however there is no telling what happens when and if value is added in the near future.
mordicai, It's imperative that each of us understand the term "ROTCE" as it is not a simple definition, however, if one reads enough examples they are much wiser investors. Best of luck to all the longs who have waited over a decade for their just return from WMIH/COOP.
Definition of ROTCE, Hmmmmmmm, not so simple!
https://www.lawinsider.com/dictionary/rotce
Most of us have a great deal riding on this report by Snyder, I always trusted he would come through for us, is it enough to sway the Court is the question? Long and strong till the end.
Will the Price of COOP's Options jump this next Quarter as a result of 3rd Quarter earnings, if so much what range would you expect?
Bban, Unfortunately the Courts will protect whoever they need to protect in order for this 5th Amendment Taking be not be on the cover of every Newspaper in the Nation. IMO they will protect, JPM, and The FDIC at any cost to keep this swept under the rug. We all know what we voted on, what we released and what was passed, this dilution by the LT and Underwriters was not part of the deal.
Alice Griffin saw an opportunity to possibly correct a wrong and protect her position as a Preferred Holder and get paid for doing it. If she should loses she still wins as she has battled some of the most prestigious law firms in the U. S. on her own....Quite a feat for a single attorney to do and stay in the race. The additional knowledge she has gained by her own research and filings is invaluable in the big scheme of things. Win, lose or draw, I commend her tenacity as she reminds me of the famous saying, "Don't mess with Texas". It's quite obvious that those that have messed with her are still feeling her sting. lol
Do you mean holding back the share price like today?
"REGARDLESS OF KNOWN FACTS, FIGURES, NUMBERS THERE IS A POWERFUL ENTITY HOLDING BACK THE JC PENNEY SHARE PRICE AND IT IS NOT JUST ME SAYING THIS..."
Well, you may be zero but I am up substantially. my average cost of converted WMI is $.768 per share. Need I say more. lol
Royal, If you learn more let me know as I'm working every day on RE transactions and related closing issues and haven't had any free time to follow any of the boards lately.
Split T
Your Wrong! Darn, that was quite easy!
"Tell me I am wrong."
Royal Dude, The attached link provides critical information on Fannie mae and the time table to resolve all the issues. The Author Glenn Bradrord, is the contributor of the Seeking Alpha article. This is right up your alley. Please post you response after you have digested the valuable information.
http://www.glenbradford.com/
Split T
Sam, Great information as I was once impatient and it cost me in the old days. After 12 years of being yanked around a person should wise up as to what the game is. I have my chair and a petrified cake, I'll wait until the fat lady sings.
Split T
Interesting how this stock is being manipulated. Are they accumulating or selling? lol
Greychris, He speaks with forked tongue. We Indians know how to deal with tricksters like that. Being buried in a Red Ant hill will get the truth out of anyone. Of course that an old fashion course of action. lol
Bban, I may receive a letter in the next week or so, but I was a Scottrade customer and I suspect original TDA customers will be notified first. It may be in numerical order of accounts...heck who knows, certainly not customer service! I believe in time we will all figure this issue out. As for me, I've got much bigger fish to fry at the moment.
This LIBOR Settlement is a joke as in the end only about 60% might be distributed. No one knows what the final claims will tally, but it still will be a drop in the buck for the K's if they are in fact eligible. The Attorney are obligated to the Mass,but will only look out for the named Plaintiffs and their investments. They will not offer up any assistance or publish the various issues that are actually effected, so only a few that follow this Settlement will receive a payout. I Doubt that few individuals will file and most of the issues are in Brokers names.
My battle is with the FDIC.
Bban, I'm talking about BlackRock who owns 10+% of COOP, not Blackwater O G pot. lol What about Blackwater, it has nothing to do with what I posted unless "Blackwater" is stiring the pot and I'm unaware of it. Explain please as I don't get it.
Split
Blackwater OG is an indica strain typically bred from Mendo Purps and San Fernando Valley OG Kush. Its round, compact buds take on a deep purple color and a sweet grape aroma that blends with subtle undertones of lemon and pine. ... The 2014 Los Angeles Cannabis Cup awarded Blackwater 3rd place in the indica category.
Well, I'll answer my own Question. lol
BlackRock....
Annual Earnings Met Consensus (Year ending 12/2019) Next Earnings Announcement
Annual Non-GAAP earnings
Announced January 15, 2020 $28.48 Annual Estimate range
of 17 analysts $27.43 to $28.19
Speaking of BlackRock, Wow, what's going on today.
BlackRock, Inc. Common Stock NYS: BLK
642.34 27.45 +(4.46%)
MyPenneys, I just reviewed my latest statement of an TDA Account that has over xx,xxx K's and x,xxx P's. They are my account according to my May 2010 statement and I released all of them. Unless Scottrade/TDA is really slow,I'm lost as to why just a few members have received a letter regarding K's or P's. I released all shares in 6 accounts and have not had one update, message or letter regarding this particular LIBOR Settlement. Of course all my shares are in the Brokers name, perhaps they have released since they have Millions of shares. They have a fiduciary duty to release and in the end they will have hell to pay if I find out they should have released and they didn't. My thought is, I released in 2012. They were awful broad releases and CYA's.
Rickaroo1, I remember you posting and going to Delaware for a hearing after I joined the Ghost Board back in 2009 when I joined. Most of my share were bought starting in April of 2009. I have the original K's in three accounts. I forgot I also had them in a college Coverdale account of my grandchild. Lots of Commons in all accounts and still no letter or messages. I'll wait a while and see what falls out in the next couple of weeks. I released each and every share except for the Lehman Preferred shares I mentioned in an earlier post.
Thanks for the information, I printed it off and will keep it with other posts concerning this LIBOR Settlement.
Homeless people do it all the time!
"Who the hell is going to sit out in cold weather drinking a beer or having a mixed drink???"
greychris, seems this "Sh1tburg" has Karma coming his way, who ever he is! What happened to the lead attorney? Is he in jail for fraud or something. Been away for a while and I need to catch up.
"It's sickening to see this and having the Federal Bk. court tied up in all of this. Sh1tburg should have to repay the court system for there time and money spent on this."
RoyalDude, For what its worth I have several accounts that hold released P's and K's and I have not received any letters, messages or Notifications from TDA regarding my Escrow Shares. Your post makes sense, just who is it that is saying they got letters?
newflow, It's Quite interesting to me that these securities com out of Sidney, Australia. That is Bonderman's stomping grounds, Don't forget, he is well connected there.
I say he had much to do with the filing and outcome of the WMI/WMII Bankruptcies and their direction. He's as stealth as a Red October Submarine.
https://www.perthnow.com.au/news/wa/meet-the-man-who-played-myer-david-bonderman-ng-8c9b85cbb95f410434f6cf58136b2ae1
Meet the man who played Myer, David Bonderman
Jennifer SextonNews Corp Australia
November 22, 2009 12:00AM
Topics
WA News
Business
HE'S the genius behind one of Australia's most extraordinary business coups: a Texas billionaire who lives as large as he stands.
Just two years after failing to get his hands on Qantas, the lanky maverick has pocketed a remarkable $1.5 billion profit by buying Myer, one of our best-loved retailers, at a bargain-basement price and flogging it back to the market at a premium.
David Bonderman, renowned as the "King of Buyouts'', has left the Australian Taxation Office scratching its head - and mum-and-dad investors shaking their heads, wondering where their cash went.
The taxman wants $678 million in tax and penalties, and everyday investors want answers.
Within hours of the Jennifer Hawkins-hyped sell-off of Myer, the bounty controlled by Bonderman's TPG had disappeared.
Overnight, $1.5 billion was spirited out of Australian bank accounts to the Netherlands before being transferred to companies based in two notorious tax havens: the tiny European nation of Luxembourg and the the Caribbean's Cayman Islands.
And the 67-year-old mate of James Packer, who shares the Australian billionaire's penchant for buying into casinos, has pulled off the deal just 12 months after predicting a long, deep and painful recession.
While Bonderman and his equally colourful co-chairman, Dick Blum, quadrupled their investment in Myer, investors watched the stock plunge nine per cent when it listed. They're still waiting for the share price to hit the $4.10 they paid for their stock.
The deal has shades of TPG's buyout of British department store chain Debenhams. TPG and its partners made an almost fourfold return, while the value of Debenhams stock has since fallen by half.
Two weeks after the sell-off saga began to unfold, Australian authorities and the wider business community are still wondering what actually happened.
After the ATO raised the red flag, one Myer investor posted on the financial blog Hotcopper: "Yep . . . the money's gone . . . all da way to da CAYMAN ISLANDS!!!!! They came to Australia, made the quick big bucks and go without mercy and no social responsibility.''
One Australian entrepreneur told The Sunday Telegraph: "There is something preposterous that when you make a gain here you are paying tax at 50 or 30 per cent, but when a foreigner makes a gain, they pay no tax.
"They were never intending to sit on (the Myer investment) for 100 years.
They improve, stroke and hit the business, prod it, and then they flog it.
And that's exactly what Bonderman and his high-flying buddy Blum did with Myer. Like the Myer deal, everything the enigmatic big man from Texas does is big - his partying and his personal fortune among them.
The father of five is said to have thrown the most lavish mulit-million dollar bash in history to celebrate his 60th birthday, even bringing in the biggest band in the world - the Rolling Stones - and comic Robin Williams to entertain his guests.
But it's his business acumen that has made him famous. The $US1.7 billion man is a pioneer among the buyout barbarians: he spends millions on troubled assets, turns them around and sells them off for millions more.
That was the modus operandi with Myer. With Dick Blum, Bonderman's Texas-based TPG came to Australia with $500 million to buy the troubled retail giant.
Three years later Blum, who travelled to Myer board meetings in his $70 million Gulfstream jet, and Bonderman are back in America counting their cash and contemplating the next deal.
But with the ATO chasing the money trail, the pair may think again before opting for another bold Australian bid.
The ATO has claimed $452 million in alleged unpaid tax, plus $226 million in penalties. Foreign investors don't pay capital gains tax, and exactly why the tax is being claimed remains a mystery.
The ATO isn't commenting, but there is speculation it will argue that the proceeds should be considered income and taxed accordingly. Sorting that out is likely to take years in the courts.
Bonderman, whose wiry, receding hair makes him look like a mad scientist, is not the type to roll over and pay tax that TPG claims it doesn't owe.
He and Blum don't like talking to the media and, through their gun corporate crisis manager in Australia, Sue Cato, declined to be interviewed for this story.
Cato released a three-sentence statement saying, in part: ``Ultimately, the issues will be dealt with according to the law and TPG will co-operate fully with any inquiry the ATO may make, as it has done in the past.''
TPG's Australian office, in Collins St, Melbourne, is run by Ben Gray, son of former Tasmanian premier Robin Gray.
Ben Gray was also involved with TPG's failed $11 billion bid for Qantas - TPG's previous big time tilt at an Australian icon. He, too, wasn't commenting.
Bonderman has been looking to Australia for years, and has formed a friendship with James Packer. Both have invested in the world's biggest casino operator, Harrah's Entertainment, in the US.
Observers have described him as possessing all the charm and arrogance of a Hollywood leading man.
But with the taxman on his tail over the Myer deal it is unclear whether the Harvard-educated former bankruptcy lawyer's 67th birthday this Friday will match the extravagance of his previous parties, which included The Rolling Stones, John Mellancamp and Robin Williams as entertainment.
Even so, on the face of it, Bonderman's Myer moment has capped off an otherwise disappointing couple of years for Bonderman.
He has fallen significantly down the Forbes rich list after blowing as much as $US1.3 billion in an unsuccessful attempt to save the Washington Mutual bank.
He peaked in 2007 as the 105th richest man in the US, with an estimated $US3.3bn fortune.
One of his biggest successes was salvaging Continental Airlines with a $US66 million investment that in five years was worth $US700 million.
He also enjoyed huge success with discount airline Ryanair and fast food giant Burger King.
This latest foray in Australia - one of the biggest of its type in the world this year - appears to be yet another Everest-like success for Bonderman and Blum, his pal of 30 years.
The pair hike together in Tibet, Nepal and Bhutan.
"He climbs, I trek,'' says Bonderman.
Whether they remain on cloud nine over the Myer deal remains to be seen.
Just one at Random, notice the renewal date. Lot's of action in the 1st Quarter of 2021....just saying
WM POOL - EQUITIES TRUST NO.34
5493003LPCZKACXQ6215
Issued Next Renewal Date: Apr 24, 2021
""WM POOL" TRUSTS HAVE ANY RELATION WITH OUR CASE?
TOO MANY!
https://www.gmeiutility.org/search.jsp?keyWord=%22WM+Pool%22"