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AZ thanks for all the info provided, you are on fire lately usually don't post that much...Keep up the good work!!
LOL u still call that honorable?!!
Monica why would anyone be interested in your estimate or anyone else's estimate it does not mean anything. Noone knows SHiAT!!
Fair and reasonable MY AZZ!!
The longer this takes the more Im convinced JPM stole the goods and I will be lucky to even get my invested money back..
NONE, my Lehman escrow displays $0.00!!
OBS (one big share) = caca
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Lehman had well over $600B in assets when they filed for bankruptcy, more than twice that of WAMU so your comparison is misleading.
To date, how much of this "found" money has gone to Equity holders???
Exactly what I like above all is the timeline of events perfect timing if you ask me, and your welcome !!
https://www.courthousenews.com/wp-content/uploads/2016/12/blackrock.pdf
18. Wells Fargo, together with its affiliates, is involved in virtually all aspects of the private-label RMBS market. For example, Wells Fargo originated approximately $1.5 trillion in residential mortgages between 2004 and 2008 that were sold and securitized in various RMBS. Wells Fargo also sponsored approximately 160 RMBS securitizations between 2004 and 2008 with an original face amount of approximately $165 billion. Finally, Wells Fargo, together with several of its loan servicing arms including America’s Servicing Company, is one of the largest mortgage loan servicing businesses in the United States, serving as master servicer for approximately $1.16 trillion in RMBS issued between 2004 and 2008.
67. On November 19, 2013, the Justice Department (“DOJ”), along with federal and state regulators, announced a $13 billion settlement with JPMorgan - the largest settlement with a single entity in American history - to resolve federal and state civil claims arising out of the packaging, marketing, sale and issuance of 1,128 RMBS offerings by JPMorgan, Bear Stearns and WaMu prior to January 1, 2009. As part of the settlement, JPMorgan acknowledged that it regularly included loans within the securitizations “that did not comply with the originator’s underwriting guidelines” and breached the originator’s representations and warranties. Significantly, the DOJ-JPMorgan settlement covered fifty-five of the Trusts. See Exhibit 11.
154. On December 16, 2011, investors provided notice to Wells Fargo and four other RMBS trustees of, among other things, master servicer violations by JPMorgan and JPMorgan predecessor entities (Bear Stearns and WaMu) in connection with $95 billion of RMBS issued by various affiliates of JP Morgan from 55 trusts issued between 2005 and 2007.
166. For example, in August 2009, after learning of seller breaches of representations and warranties, Deutsche Bank took it upon itself to preserve trust claims by filing a proof of claim in the WaMu bankruptcy proceeding and prosecuting a putback lawsuit against potential WaMu successors JPMorgan and the Federal Deposit Insurance Corp. (“FDIC”) to force these third parties to reimburse the Trusts for defective loans sold to 99 WaMu label Trusts.
"Yes it is most certainly related to us IMHO"
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"SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo Bank, N.A., and a group of institutional investors, including funds affiliated with BlackRock, Inc. and PIMCO, announced today that they have reached a settlement that resolves two class action lawsuits in federal and state court related to Wells Fargo’s role as trustee for certain residential mortgage-backed securities (RMBS) trusts created more than a decade ago."
The agreement, which is subject to approval by the court, resolves claims regarding the fulfillment of Wells Fargo’s duties as trustee — including providing certain notifications to certificateholders — for 271 RMBS trusts created between 2004 and 2008. Wells Fargo’s duties were limited to administering the trusts, and it had no role in the origination or servicing of the mortgages at issue. The agreement resolves a significant portion of the claims asserted against the company in connection with its role as trustee for RMBS trusts. Separate lawsuits filed by certain other institutional investors concerning 58 trusts are not covered by the agreement.
https://seekingalpha.com/pr/17329639-wells-fargo-blackrock-plaintiffs-settle-rmbs-trustee-litigation
Royal Dude
You never know, it may have some relevance and much better that some of the theories that have been kicked around in here!!
That's very interesting Royal, Thank you!!
Az are you sure it is CASH being distributed?, some posters have claim for years there will be a share for value event not that I have ever believed it (LOL) but there are still some people out there confuse by these wild theories.
Thanks for all you do!!
Well the idea is only the ones who signed releases would get more shares in the company since they are the owners of the assets?. However I would like cash not shares, Ill invest my money how I want to, thanks!!
MUST READ!!
Well looks like the possibilities are endless...
S4V before merger, WRONG!!
S4V before RS, WRONG!!
S4V after RS, WRONG!!
S4V before every Halloween, WRONG AGAIN!!
phrasing it a little different won't help either
These predictions keep falling apart like a roll of standing dominoes
LMAO!!
Thanks AZ for the clarification although she has taken her sweet time to rule on the employee claims. I still feel there is no clear direction as to were this is going and the apparent games relationship between judge and lawyers is very disturbing to me....
But as usual I trust your judgement and hope you are right. I'm getting tired of this situation and want this to be over even if there is no payout.
How many delays does she need to make a ruling??!!
We need a judge with a pair of cojones to slam the hammer HARD, she is not it unfortunately....
Funny how WalRat is so considerate with the lawyers but not as much with all the investors that have been waiting here for years.
Looks like "business as usual"!!, at that pace they will need another 3 year extension on 2021....
WalRat = the Queen of Delays
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Kyle: "I need several weeks because I'm involved in another complicated case" "I need 30 days"
JMW "sure, and if you need more time, just ask"
Rosen: "it will take time to redact this info"
JMW: "Dec 5th I will look for the party's submissions"
JMW "replies will be due by 12-17"
JMW asking for lists of atty fees to be submitted also.
JMW : "I will schedule a further hearing and notify both sides of when that is"
Court adjourned.
WMILT had 3 years to resolve bankruptcy distribution they used it up and were given another 3 years under special circumstances they used it up again and now given another 3 years. I would not be surprised if they are given another 3 years in 2021. What I cannot comprehend is how the hedgies are so patient with this bullcrap they are not known for holding up on profits...
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MARK MY WORDS
During the quarter
ended September 30, 2018, the Trust incurred operating expenses of $1.5 million. Based on the approved budget
and current conditions, management estimates total expenses for the remainder of the Trust to be approximately
$14.2 million. The Trust currently estimates total costs from the Effective Date through the end of the Trust, to be
$107.0 million.
THATS AN ESTIMATE FOR 28 MONTHS
THAT LEADS TO MARCH 2021 ALL THE WAY
-----
THEY WILL START CLASS 18 SUBORDINATED CLAIMS PROCESS
I guess the camaro is still on the Wamu wishing list!!
Holy Cow fsshon, u came out of retirement, nice to see you post again...
By the way well said, even if he was wrong I still have respect for AZ
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Hang on now. AZ has been here from the beginning and benefited more people than know. So, hold your damn horses. He is PATRIOT on this Board.
UNTIL THE LTI DISCLOSES A REAL FINANCIAL HOLDING SHEET, WE CAN ONLY SEE WHAT THEY DISCLOSE.
A 2004 Examination was authorized by THJMW to study what assets were really there. Hochberg (Examiner) had hidden meaning within that report. The CC (Creditors Committee) did some highly illegal manuevers risking both financial & freedom to ex out PIERS, Preferred and Common holders. Nate told THJMW and she disallowed Plan 6 and told them to negotiate with the Equity Committee.
It's possible the only assets WMILT has is what they are disclosing, CC and their minions were just wanting it all and moving to cancel all litigation against their buddies on Wall Street that allegedly conspired to grab a Main Street highly-capitalized bank in favor of moving it's deposit base under FDIC jurisdiction (FED) istead of OCC.
Now until everything is disclosed and our LTI's are rolled forward we are like Colonel Shultz in Hogans Hero's "I know nothing, nothing, nothing.
So instead of jumping on what I consider to be one of the well-informed voices on this board in terms of "keeping it real and understanding Plan 7" you should take the time to reflect on what really is written in the
Plan and why the law states it must be followed.
It is possible your stock conversion in now COOP and some extra millions instead of the billions many believe will just re-appear is what we got. It is better than being canceled and just having the write-off.
It is also possible there is hidden treasure chest somewhere that you will receive LTI's in. We just do not know, but don't take your frustrations out on someone who always backs up his postings with court docs and factual data.
Hold Steady and Wait it out. It can't be much longer and COOP is finally moving.
Good Luck
~Don~
How would anybody be sad both sides expect some sort of distribution (Big or small), (Soon or later)(Preferred or Common) (75%/25% or not) non of that WILL MATTER we will all get some money if there is something to distribute...
Did you release JPM of wrong doing and got escrow markers?!!
If you have something more useful or enlightening to say by all means share if not...
This is nutz no wonder the frivolous employee claims got more time now that the WMILT has been extended this could take as long as they want. I bet the judge and WMILT will not allow distributions this year. Another @#%$@! up Christmas!!
http://www.kccllc.net/wamu/document/0812229171204000000000004
I found it in case someone wants to see it.
Quote:
Private Letter Ruling
7. By letter, dated May 26, 2017 (the “Ruling Request”), the Trust requested
rulings from the Internal Revenue Service (the “IRS”) that (a) the Trust constitutes a “liquidating
trust” within the meaning of Treas Reg. §301.7701-4(d) that is treated as a grantor trust for U.S.
federal income tax purposes and (b) a three-year extension of the Trust’s term will not change
such status. On September 26, 2017, and in response to a limited request of the IRS, the Trust
provided additional information in support of the requested rulings. By letter, dated November
21, 2017, the IRS granted the Ruling Request, determining that (i) that the Plan and the
Liquidating Trust Agreement were consistent with the requirements for a liquidating trust, (ii)
the Trust has acted in accordance with Treasury regulations and for the sole purpose to liquidate
the LTA and reconcile disputed claims against the Debtors and (iii) outstanding issues would not
be resolved by March 19, 2018, the current deadline for the Trust, and extended the term of the
Trust for a period up to an including March 19, 2021.
Thanks, Jerry!
I have a life I do not read all the court documents that's why I come here. That does not mean you are smarter than me or anyone else on this board.
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The ones who sometimes make the most "noise" usually prove to know the least. Case in point the well known fact that the LT was extended to 2021 as you pointed out.
Crapmeat
Darn! do u have a link please!
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WMILT received three more years effective through 3/19/2021
Quote: Right from the horse's mouth,
As previously disclosed in the Current Report on Form 8-K that was filed by Washington Mutual, Inc. (“WMI”) with the Securities and Exchange Commission on March 12, 2012, WMI and WMI’s wholly-owned subsidiary, WMI Investment Corp. (together with WMI, the “Debtors”)), entered into a liquidating trust agreement (the “Agreement”) with William C. Kosturos, as the liquidating trustee (the “Trustee”), and CSC Trust Company of Delaware, as the Delaware resident trustee, on March 6, 2012, which provides for the creation of a liquidating trust (the “Trust”) that will have an initial term of three years, subject to extension for up to an additional three years (subject to certain limited exceptions) with the approval of the United States Bankruptcy Court for the District of Delaware (the “Court”).
I think it says pretty clear 6 years from 2012 meaning the WMILT should have been dissolved March this year 2018 unless they got another extension that I am not aware of but it says clearly limited exceptions..
Make your own conclusions!
You are not allowed to say that here it's consider sacrilege...
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after reading very carefully all posts that explain 75/25 to the end and after a deep thought my concolusion is...………………………….. AZ is right
Well looks like KKR and the hedgies are in no hurry to cash in on this so what do you have to say about that?? I guess they don't seem to care... LOL
So you are saying COOP price will not be able to move on until mid next year??!! If this is all tied up and WMIH needs resolution or closure in order for COOP to move on?
AZ do you think we will get the first distribution before December 24? Would be nice to have an spectacular christmas this year. I would like to give out great gifts to family and friends well and leave the best gift for me a bottle of Henri IV cognac a box of cuban cigars and a handful of exotic dancers .
Az question do these trust funds have a termination date? on them LIKE UIT's and can that date be changed?
Oh so you think there will be a recurring payment.. I was hoping for a lump sum but I'll take it anyways...
Actually he has not made me any money yet but he has provided something very valuable, understanding the legal process of one the biggest bankruptcies in US history. You will probably not see this again in your lifetime. The least you can do is to be thankful for his insight or analysis and the many hours he has put into this board....
AZ your Quote: "However, ... time has a way of moving forward, ... and hopefully next week on November 1st, ... this gets put to rest’ ... and the Administrative Hold originally placed on, ... ALL of the Performing Trusts, including the ... “Washington Mutual Capital Trust 2001” ... gets released when Rosen completes the payment to the last WMI impaired creditors, Tranche 4’ ... PIERS and the allowed Judgement Claims ..."
That's like music to my ears and would make up for COOP's shameful share price.
Thanks again!!
AZ I don't think people realize how lucky we are to have you here providing a free service. We should have collectibly bought you a free ihub membership.
Thanks!!, just tired of the games they play with retail.
Sorry Bob for my answer, I just dislike that question because I have never sold a single share I have bought in this POS afraid of missing the boat if Im out while something Big happens so when this tanks I lose a lot of money.