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Thanks xoom. Good timing for the letter.
Biden needs some good PR now so this could be it. Release the money!
FDIC firing fits perfectly with the letter I sent.
Now Biden has additional ammo to can her ass.
We only have to be right once...
Though I believe there will be 3-5 sources. Relax. Enjoy your new year. Go kiss a girl. Or a guy if so inclined.
2022 might be our year. This will happen when you least expect it to with no fanfare.
Good point about the 30B they found, but....
When communicating about something like this you need to keep it short and sweet. Remember the average attention span now is 7 seconds. So you have to grab attention quickly.
There was a ton of info that I would have liked to relay, but it would have just gotten tossed in the trash then. This way, by keeping it simple, we got their attention.
If they want billions pumped into the economy they will pursue this. Let's see what happens. No fee required if we are successful. :)
Donate to your local animal shelter.
It was a Hail Mary, I know, but.....
You never know. I see at least 25B coming back, but could be much more. Let's hope the administration can kick someone in the butt to get this going and get this money into the economy asap.
White House letter text:
Dear President Biden,
I, along with 8500 other retail investors in Washington Mutual Bank, were granted escrow shares as a result of the settlement of the bankruptcy by Judge Mary Walrath of Delaware Federal Court.
Washington Mutual was unfairly seized in 2008 on a dark Thursday night by the FDIC to prop up JP Morgan Bank. The resulting court case gifted Jamie Dimon a 100 year old bank for a paltry $1.88B, a bank with hundreds of billions in assets that was also well capitalized by the Washington Mutual Holding Company and investors. The FDIC unfairly allowed this to happen. The shareholders were given escrow shares in 2012, which to now have been unpaid despite hundreds of billions in assets being hidden in safe harbor.
We shareholders have patiently waited all these years to receive payment for our escrow shares, and the FDIC refuses to release the funds. We have waited since September of 2008. We know the funds are there by our research into the documents, and we want them to be released, but the FDIC refuses.
Please check into this for us. It would not only give us restitution for the bank and our investment, but it would inject billions into this economy at a time that is very crucial to our country. We hope you can help.
Thank you for reading my letter, and best of luck to you.
Sincerely yours,
Letter from the White House.
I sent a letter to Biden briefly detailing this fiasco so that someone might look into it at a higher level. Here, to my surprise, is their response.
December 30, 2021
Thank you for taking the time to write and share your story with President Biden. He is honored by the opportunity to serve you and the American people.
White House staff reviewed your correspondence and forwarded it to the appropriate Federal agency for further action. For additional information about the Federal government in the meantime, please visit www.USA.gov or call 1-800-FED-INFO.
Sincerely,
The White House
BK investments are NOT for the faint of heart.
Most do not work out and shareholders get zero. This is just the reality.
These bk investments are high risk high reward. Let's hope ours is the latter.
I still feel hopeful but no one should quit their day job if you have one. We live in a very corrupt government/banking environment.....I may say a 3rd world country now.
But the numbers are there and the hedgies have been eerily silent, so I believe we have a chance.
Let's hope for the best.
Read? What's that?!
And therein lies the big problemo. Very few read docs etc., yet those who don't claim to be experts and they know for sure that escrows will never get paid. Ever. They are the experts we should be listening to. Those who don't read.
You can count on 1 hand the number on these boards that know what the DCR or MOR are?
Wrong. The DCR is 75 25.
So, if there is ~25B coming back from the DCR(20.77 plus interest, see Feb MOR) then Ps would get 2500ea and commons about 4.63ea.
Now, is that DCR payment the first payment, and is it 75 25....we just don't know for sure yet.
Then JPM has to pay for the bank yet. The 1.88B is an admin fee, not the total payment as many say!! If and when that happens the amounts are staggering. Our government may like to get all that released into the economy asap to avoid the oncoming recession. They must do something quick.
Corruption is rampant so who knows what will happen. Welcome to the banana republic of the US.
Thanks to Ron and AZ et al here for sharing their ideas and research.
Bank on the hedge funds and UWs getting paid. I like our chances.
Don't you think the hedgies and UWs would have been suing the FDIC and JPM by now? And why aren't they when they stand to get billions?
Pretty obvious answer huh?
Remember, JPM has $500B just sitting around in cash.
Hmmmmm. Why did they do that? Why in cash? Why not invested?
Make your own assumptions.
Did you read the Feb MOR? $20.77B?
With interest ~25B.
That's the problem here. No one wants to bother reading or doing any DD. Lazy. Rather ridicule those who do. AZ and Ron are right. No one bothers to read docs. Then they wonder why they don't know anything! LOL
You have to protect your sources.
Law 101.
Her case was dumb IMO. But....
Her contacts, if you believe her, may have tipped her off. We just don't know. We weren't there, you weren't there.
But to publicly state that she had those back channel conversations makes me think someone may have said something of significance. After all, no matter what we think of her, she is a lawyer who worked for JPM. Are you? Were you there?
Don't malign someone publicly here without the facts, or you yourself could be next in court...
Bop was in court, were you?
She talked to Rosen and the UW lawyers, did you?
$2500 per P. If 75 25.
Your math for commons is about right.
Things pointing to 2.5 x in 1st dist.
That is the conventional wisdom based on the DCR and MOR total of $20.77 plus interest. Will it be 75 25? I think so but we will wait and see on that. Will it be this month, Jan, or Mar? Who knows.
This also coincides with bop's back channel amount (from Rosie is my guess). Bop also contends it will be 75 25.
There could be much much more after the first dist, but I think 25B would make most here pretty happy.
I like our chances but nothing in this crazy life is certain anymore. Do your own DD.
Thanks to LG, AZ, Ron, newflow, and all the patient road warriors. Would be nice to hear from CBA, jiminy, dmdmd. They too have vanished.
Odd coincidence because my wife had a dream last night that her purse was full of stacks of hundred dollar bills. She is clairvoyant and has never had a dream like this before.
God works in mysterious ways. Let's see if this mystery has legs.
Maybe wamupayout was a God glitch and we are going to get paid!
Yes, very strange. Hope the site doesn't have a virus.
Mods, please check the last post.
"I too am stocked up"
There was some sort of glitch. I posted this last post as Boris but it showed up as from a "wamupayout". ??? What is this about? I dont have that ID.
Yep, meat and bop had a job to do and both vanished. Their work was complete. Bop hasnt posted since Aug 21.
Fact is, nobody knows for sure, but my bet is that the UWs and hedgies knew what the hell they were doing. I say the good guys will win in the end.
My tax guy said to line up a good tax lawyer. The IRS will be happy when this is settled, but don't give them more than you need to...
Makes sense.
Yes, those who say they own escrows but really don't are jealous.
Now, if you had say, 195,000 escrows, would you say 24 7 how those escrows are worthless? Ha.
You can't make this chit up. It was like meat saying 20 times a day here how he owned all those Ps, and yet bashed how they were worthless.
And thanks to this board for keeping things under control, and providing this venue for our important investment.
When we get paid we should all donate some money to this board for their work too.
This investment requires patience and steel balls. Remember the big boys want their money too.
So we all wait together. Our day will come.
So why does the LT FAQ state this....
"Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2)."
The Feb MOR states the fund has 20.77B.
Then the FAQ says:
The taxation of Disputed Ownership Funds is a highly technical area of tax law for which there is very little authority or interpretation.
Of course there is much more if you ever read....such as to get a tax advisor etc.
So, why these statements if the fund was not potentially coming back, hmmm?
And of course there are other avenues for payments.
I only have to be right once. I like escrows' odds.
So now its about our death?
Geezus you are a cheerful sort. Look, they are all getting old too, hedgies, uws, and they just want retail to die so they dont have to pay them?
Lord help us. This world is nuts.
Good post sam. The UWs are no dummies, and they know whats behind the curtain more than anyone does.
I also am in the 75 25 camp, at least with the DCR 20b.....plus interest. I think Rons 2.5par is plausible, same as Alices back channel info.
2.5 par would make for a good Christmas eh?
If there was nothing coming back then why did the FAQ reference this?
The taxation of Disputed Ownership Funds is a highly technical area of tax law for which there is very little authority or interpretation.
If there was nothing, why mention this? The Feb MOR points out 20.77B in the fund. Nice start!
Release our money. Thanks Ron for pointing it out.
This is nonsense to think preferreds will be left out in the cold and commons will get everything.
I wish people would stop spewing this garbage just because they dont have preferreds and loaded up on penny commons.
Saying something this preposterous is like saying the hedgies and UWs are stupid.
Geesh.
Nightday....I did not proceed due to cost.
But I may still do it if we don't get some news soon.
I still find it hard to believe that the hedgies just wrote this off when they stood to get billions on escrows. Something doesn't add up. Maybe they know something we don't about a coming event, or they already got paid hush hush, or they just gave up and took a write off. You guess....1, 2, or 3.
For a law firm to take this on would require a tremendous amount of research to get up to speed. Hedgies can afford it.
Your broker cannot determine when escrows will be removed from your accounts. Payments likely will come in phases since there are several avenues for money. Make sure your escrows are in your will. They will be around for a long time, paying out nice checks in perpetuity IMO.
Its not going to be a one time wam bam thank you maam.
What date was meat banned?
Alice vanished from bp mid August.
If you pay LTCG on your money the IRS will gladly accept it.
I'm a fighter and will only pay tax on this if the court requires me to.
IMO any escrow payment is a settlement and non taxable.
We never bought these escrow shares so there is no basis to be considered LTCG. They were given to us as a settlement for our releases.
Thus, any payment is settlement money. I think the IRS would have a tough time fighting that in court.
Many on BP think 75 25 including Bop.
A few think commons get it all. I believe it will be 75 25 for part of it at least. Those who only have commons will disagree I know!
Seems logical that the big boys want this to happen this year for tax reasons.
I also think this is considered a settlement and thus non taxable. I will fight the IRS on that issue.
Lets hope the UWs are right. Seems they would have known what lies behind the curtain.
Serafino, Ron is a good guy and puts a lot of time and effort into his research. He is very confident of escrow success.
AZ too is an asset to us and yes, he does have escrows.
Nothing is certain, but the coming months should prove to be a happy time for us.
No doubt the hedgie lawyers would have filed suits by now if they thought we were getting screwed.
They have billions to gain so dont think they forgot about this. They know more than we do...
$16B is nothing if you know the facts. I expect from 40-400. 16B isnt going to hurt any of us. The junior bonds deserve to get paid. And so do we.