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Nice post, but this bothers me,"PreBK holders will be very lucky if they are made whole." They are the ones that should be "made whole" more than anybody in this mess.
"This distribution represented approximately 95% of the receivership’s remaining total current assets."
That doesn't seem to leave much for escrows. Where am I wrong?
I wonder if Susman pressed this issue earlier on behalf of the estate:
"The settlement did not resolve certain claims by the Receiver against JPMC, including the Receiver’s claims against JPMC relating to its alleged participation with other banks in manipulating certain benchmark rates and markets (LIBOR, interest rate swaps, ISDAfix, treasury securities, credit default swaps, and foreign exchange rates). It also preserves all claims of the Receiver against other persons who caused losses to WAMU prior to its failure, including claims relating to restitution orders and all regulatory and supervisory claims of FDIC-C. The Receiver anticipates that it will make a final distribution at a later date"
Hopefully, he did! This is some serious stuff in regards to damages owed, if proven.
Bob, you posted, "I think imho there will be a pre and post march 2012 pay out here."
Are you predicting a larger payout for pre-seizure escrow holders?
If so, what leads you to that opinion? Or is there some other criteria you are considering in the "pre/post March 2012" reference?
How much do escrows have coming "for sure" already? Court documents, settlements, etc. guaranteed.
What does HLCE stand for?
Any speculation as to what these "updates" could be? Best scenario? Worst scenario? Most realistic scenario?
"but very soon and hopefully next week you will get the updates you will be looking for"
Any speculation as to what these "updates" could be? Best scenario? Worst scenario? Most realistic scenario?
By the way, thank you Johnny. A breath of fresh air !!!
AZCowboy,
"The FDIC STILL NEEDS' Those Class 17 Releases"
What's the timeline on this?
"Class 17' opens up ALL of the Trusts In My Opinion'"
Does this free up escrows distributions?
ron,""WMB and it's assets" is now valued at $299 Billion, with adjustment for final claims like JPM's $645MM and DBNTC and other Trustee's claims that have settled." Seriously ?
If that's the case, wonder how much will be coming to escrows.
I, too, appreciate AZCowboy's work immensely. And his willingness to share.
Wonder if Susman brought up RICO Damages.
ron,would the FDIC
"be on the hook" for this?
"the Final Payment" = 3X * "WMB and it's asserts" due to RICO Damages."
Hope you're right gary. And you should be. Just hope Susman was the "superstar" attorney on this like his reputation has been touted in the past.
gary, you might be right on. That would be be a nice chunk, but not nearly what is deserved (fair and reasonable).
wamu, AZCowboy posted, "The Class 17' Releases Are Still Needed"
464.6% increase in KKR holdings. WOW!!! I hope that says what I think it does. I was hoping to average down more with WMIH under $1. I don't see that happening.
How will WMIH perform this week? up, down, about where it is.
So did the Holding Company loan the parent company 20 Billion? And it was never paid back to the Holding Company. Is that correct? I'd think, at the very least, Susman would have been on top of that return to the Holding Company.
Who actually owes escrows, the FDIC or JPM via the FDIC?
tzebedee, are you saying there is about to be some buying pressure? "RSI is about to hit the, LOADZONE."
"For a triple bottom as well, just sayin'"
I just picked up a nice chunk at $1.05.
Considering, all the current variables, plus potential, what should WMIH be trading at? I feel it should be trading much higher on potential alone.
At these levels, what would be the long-term, downside risk?
AzCowboy, by "controlled", do you mean the WMIH share price is being purposely held down?
AzCowboy, what do you mean by this, "I still believe that the "new co" (WMIH-Corp) will be the tell' ..."
I picked up more WMIH today.
How have escrows and WMIH proven to be "SCAMS"? Not convinced one way or the other. The ridiculous time for this to be resolved has me skeptical. But no choice for me but to wait a little longer.
I just hope escrows aren't a "SCAM".
Where did that "310 Billion in Assets" go? Was a big part of that number, the loan portfolio that is, possibly, owned by the estate? Those are intriguing questions in my mind.
Large Green, does that 615 Billion in WaMu loans belong to the estate? If not whom? Does the estate get the interest off those 615 Billion in loans?
Please educate me on where the trusts come into play? TIA
Do escrows reap any benefits from all the Washington Mutual real estate? If not, who does? How could JPM get all that included for the paltry 1.9 billion?
September 2018 is probably the most reasonably date for projected closure. One way or the other on the "big bucks".
At what point do these "big players" say, we've waited long enough? Wonder if they are as frustrated with this long duration as escrows holders that released, like me, are.
zulual, I, too, can't figure out why escrows holders seem to be "kept in the dark" so much. And for such a long duration. It makes me leery. I'd appreciate any theories on this.
I hope Susman was on top of this 30B for the estate.
Who got the valuable real estate of the seized Washington Mutual? Has that ever been determined and explained? How could all of the Washington Mutual real estate have been included in JPM's sweetheart 1.9B deal? They should at least been required to pay book value for the Washington Mutual real estate if they acquired it. If they do pay book value, who gets the money?
I hope Susman was on top of this on behalf of WM shareholders and the estate.
Been around since pre-seizure. Just hadn't heard of the 20 B loan before.
BBANBOB, you posted, "Remember we LOANED then 20 BILL $$$$$$$$$$$$$$$$$$$ And they were on the verge of paying it back"
Please explain this. Who is "we" and who did "we" loan 20 Billion to and for what reason? Is there a realistic chance that is 20 Billion owed to escrows?
Bluzie2, you posted, "My (personal) best hope is that the trust and servicing agreements require excess distributions back to WMI after interest/principal payments or the termination of the trusts. In looking at a few, though, I tend to get a bit overwhelmed."
Any projection on how much the "excess distributions" could be? Is at least 10 Billion a realistic possibility?
diamond posted, "and thats a FACT !!!not an opinion !!!" Oh how wish it was a "FACT".
Still waiting for that. Just being real about where we are at the present.