Democracy starts with you, tag your it! ...Thom Hartman
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IF the FDIC was required to close the receivership before anyone gets paid, then how could AZ be getting paid on his WMB bonds as of last month ?
Thus, either termination of receivership isn't a prerequisite to getting paid, or the receivership is being terminated as we speak.
(And yes, AZ shared the details with me privately...and no I won't share the details with anyone else)
months before WMIIC was administrative dissolved, its assets were 'eliminated upon consolidation' which is an accounting term for severing the consolidated accounting between the parent and subsidiary.
WMIIC was able to go dark and move incoming asset interests, and transfer its future interest into another entity outside of its parent, as they were no longer reporting on a consolidated basis. No one could publicly see anything being transferred, except those gutting WMIICs future income interests.
After time passed, and money/interests moved, then WMIIC is finally dissolved. There was purpose to the delay between 'elimination upon consolidation' and when it eventually was administratively dissolved.
WMIIC filed first to protect itself from its parent WMI who filed second
Schneider should add the FDIC to the list to sue. Robo-signing was enabled thanks to the FDIC giving JPMC complete 'Power of Attorney' over mortgage portfolios like WMB, LB, LEH, BS, etc. Talk about a License to Make a Killing. Too big to fail. Too big to regulate. Too big to prosecute. Dodd-Frank was neutered in 2017, and here we are again with SVB and others. Too much baked in incompetence to be accidental; it is the business plan. Pay a fine is a cost of business, rather than the corporate death penalty. Make it hurt the investors, executives, and shareholders....and you'll see them give a damn in 2 seconds.
New Filings: Annual Report to Security Holders https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/42d2bd08-3770-4ad8-a658-6b26516359da.pdf
Proxy Statement: https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/ee6cee25-a0bb-4f98-a6e6-03563516da03.html
Just popped up to $.05 at the close according to my schwab alert ...
"Kohlberg Kravis Roberts & Co LP (KKR), a related part of the Company" (Mr Cooper Group, Inc)
If JPM owns us already then they are earning interest. But at some point they'd have to pay for it...us
the delay, yes make money on others money. Prob playing our money and making 10x + what they will owe in FJR interest by delaying.
Of course! The original WMI is still alive - it's still been SEC reporting all these years out in the open. It's no secret?!? Original WMI became WMIHC to WMIH Corp to Mr Cooper. No surprise there.
There was another bankruptcy debtor of WMI, named WMIIC who's accounting was mysteriously severed on a consolidated basis with its Parent WMI....JUST BEFORE the first and second servicing acquisitions. That is a huge clue about what WMIIC's role was regarding original common equity interests (and later on those who released).
Once WMIIC was bled dry after 'elimination upon consolidation', months later the WMIIC shell was administratively dissolved.. Buried an empty coffin.
Where's the body at? Ask the Parent (XXXX)
Maybe KKR was also caught up in the Project Eclipse delays, as well as the first failed acquisition target prior...thanks to Alice's litigation delays. It was enough of a threat to unwind the POR7 reorg, because had she succeeded, every other class would be beating down the door following her lead. What prospective merger partner wants that baggage?
If you have to ask who benefits the most from delay? what parties are left other than reorganized WMI......and you got JPM and the FDIC. But the FDIC only has jurisdiction over the bank...unless as I posture, there could be another Purchase& Sale under seal regarding the sale of WMI the former Holding Co, to JPM. JPM and the FDIC do like to work together as we well know. And if you really wanted to keep things under wraps, you'd keep it ALL under wraps WMI and WMB. You can't have us feral shareholders running around squealing about 5th Ammendment Takings, etc.
I'm left with its JPM who's throwing wrenches in every direction to delay paying top dollar for all of WMI, not just the bank.
Could JPM and the FDIC be playing patty cake together while its mutually beneficial? Probably.
That's what's important about waving a magic Wand and Eclipsing legacy WMIIC.
2 bankruptcies, 2 reorganized debtors. So 2 paths out = 1 is the Eclipse..very out in public and SEC reported (WMIHC, WMIH, WAND/NSM, Mr Cooper Group = now trading as COOP), and 1 'eliminated upon consolidation' in 2015 going dark but VERY MUCH ALIVE while unaudited and unreported until such time its asset interests could be moved out, until a few months later when drained dry....its 'adminstratively dissolved' for appearance sake....what I call 'burying an empty coffin'.
Where's the body? Ask the Parent (XXXX)
One of my favorite items in the SEC link is: https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539dex105.htm
Guarantees: WMIH and each direct or indirect subsidiary... a) other than a subsidiary of a non-US subsidiary of WMIH that is a "foreign controlled corporation"...
Think about that one....stated that WMIH has a 'Guarantee' exempt sub....WHICH IS a sub of a "foreign controlled corporation".
2 birds, 1 stone. your post speaks to one bird going forward. I'm following the whole process.
WMIIC was WMI WA prior to the reincorporation Merger. !!
WMIIC was simultaneously 'eliminated upon consolidation' as part of that reincorporation Merger..going forward. Meaning WMIIC's books and records reporting duties were severed from the parent on a consolidated basis..going forward - for the first time EVER ! The new DE reincorporated parent WMIHC could no longer report or claim the incoming assets due to arrive, as they always did prior to BK #1.
Once WMIIC was no longer reporting on a consolidated basis, ie it became invisible, you were free to move the incoming assets elsewhere without anyone noticing. Once those income interests were moved, months later WMIIC was administratively dissolved. What I call 'burying an empty coffin'.
This is how you hid the sausage. WMIIC goes dark and invisible while WMIHC (trading now as COOP) at the time moves forward in a very public SEC reporting fashion.
Wave the Wand, and Eclipse WMIIC's legacy interests from those who released. Almost got away with it.
Makes sense to me. I'll take JPM shares or cash now, if that be the case
Yeah I'm ready too. This was an intentional cover up since day 1 during unprecedented times. I get it. But it's beyond time for them to #$$# or get off the pot.
With WMB (correction xxxx) bonds only now just starting to pay up, we gotta be gettin close.
all the best
While WMIIC (WMI WA) and WMI (WMI DE - now COOP)) separately reorganized in 2 separate bankruptcies (jointly administered) and eventually reincorporated by Merger in 2015, the assets and accounting of WMIIC (WMI WA) were 'eliminated upon consolidation'...meaning no longer reporting together...no longer consolidated accounting between WMI and WMIIC for the FIRST TIME EVER (in other words, legacy assets were about to start returning to WMIIC once again as Rosen mentioned would happen in court, so it was time for WMIIC to go dark --triggering elimination of consolidation accounting/reporting.)
So WMI (WMI DE - now COOP) accounts for and SEC reports on its own, separate from WMIIC (WMI WA) and its own accounting. Severed and separate.
Once consolidated reporting is severed, 'eliminated upon consolidation', then WMIIC could transfer or sell its assets to another sub entity, or maybe Parent (XXXX). Once emptied of assets, then WMIIC could be administratively dissolved to pretend there is nothing to see. It's like burrying an empty coffin, lmao. We're supposed to weep for the dead, but my point is...it isn't really dead. !!
So again, ....they, WMI (WMI DE - now trading as COOP) wave the magic Wand (Wand Merger Sub)....and as we watch the magician sleight of hand (Nationstar - Project Eclipse)....the Nationstar merger simultaneously eclipses the secretive movements of the other reorganized debtor WMIIC (WMI WA) being drained and moved/sold to another sub (eliminated upon consolidation), and whence completed, is 'administratively dissolved' ....bury the empty coffin.
So, where did the body go? ask the Parent (XXXX)
Maybe THJMW incongruously awarded the TPS assets to JPM because JPM already agreed to buy everything lock, stock, and barrel ? How can TPS argue that, and lose, unless there is another purchase agreement under-the-table by JPM, for ALL of the debtor?
It makes perfect sense to explain how the judge could grant TPS assets under those circumstances. Could be this is actually what SUSMAN flashed Rosen that caused a panic, and comments in the elevator of "you should've held out for more".. that in the document dump by Weil/G/M was reference to a complete sale to JPM
Remember JPM offered $8 per share for everything in 2007 and didnt win the bid? They obviously wanted 100% of WAMU bak then - holding company and everything.
Remember how the 5th Amendment Taking lawsuit was never appealed, or reinvigorated?
What if there was another global settlement outside the Texas Action....with gag orders all around...where the only way for the FDIC to hide this massive mistake and RICO was to back JPM in a takeover bid for the whole WMI shebang? bank and hold co? If you limit the parties involved, you control the narrative. If JPM takes over, then ALL the dialogue is just between them two, without a third party WMI which is compromised of pissed off feral activist shareholders like me who threaten 100's of Billions in claims in a 5th Ammendment Taking lawsuit. That lawsuit could never see the light of day !
It makes sense when you think of the headache unwinding what's WMI and what's WMB? Why would JPM just give up on what they wanted in the whole enterprise, and just settle for the bank? It makes sense when you think about how long this is taking...knowing JPM could be in charge? I'd drag it out forever also if I was them.
JPM and the FDIC had enough leverage over the WMI BK debtors with matching earring claims of $50B they could've motivated another set of negotiations over the WMI holding CO separately. Interestingly those JPM/FDIC matching claims leverage magically disappeared days prior to reorganization.
Also...Who fought against an equity committee representation? Alice. Who worked for JPM at one point? Alice. Who fought to delay for years via litigation that cost WMIHs its first failed acquisition, and much delayed the second acquisition of Nationstar years later ? Alice
If you were JPM in charge, wouldn't you spend a few bucks to drag out paying up for years...the final settling of accounts ?
Further, if true, this is the only scenario I could see where waiting on the FDIC applies. JPM can't get a final tally, until the FDIC can make a final tally and terminate receivership. So that mutually beneficial circle j$%k just goes round and round forever.
ha! I never wanted to be here post 2012.
Just get this show on the road already. Pay me, and I'll be gone.
such anger, spoilt plans? too much sunlight ? For a gal that pumps COOP for years at astronomical figures we've never seen nor shall see, you miss my point.
Once WMIIC was eliminated upon consolidation, and accounting is no longer reported on a combined basis between WMI and WMIIC, then those assets in WMIIC can be moved ANYWHERE into another sub....and quietly... Once its moved under cover of 'eliminated upon consolidation', then the old host can be buried. Hide the sausage. Its not that difficult. All while we're all badgered to follow the pied piper COOP
Wave the wand, eclipse the truth.
Doesn't matter, the WMB bonds are paying out now, the end is near
Tic Toc
WMIIC was Eliminated upon consolidation....... "eliminated upon consolidation" ....It does not mean extinction. It is an accounting term in Mergers by which the historical consolidated accounting connection between the parent and sub, is officially severed.
Start at the beginning. Remember there were 2 bankruptcies. Thus there were 2 reorganized debtors. The WMILT (the escrow cusips now removed) is solely for 1 solo bankruptcy - WMI, not WMIIC.
Those who released were also granted Restricted interests in BK filed #1.... legacy WMIIC
So in the few years after the 2012 BK reorganizations of both WMI and WMIIC (jointly administered), that is why you read references to a WMI WA.....and secondly a WMI DE in the reincorporation merger - because there were 2 bankruptcies. The MB pumped the legacy inheritance from only BK #2 ...WMI (aka WMI DE), to distract you from BK #1, WMIIC (aka WMI WA).
There are 'Restricted' legacy interests held privately in the name of those who released regarding untradeable (only inheritable ownership) interests inherited through Bankrucy #1 WMIIC (WMI WA), in addition to what you received openly through your interest in BK #2 the WMILT trackers and WMI DE now COOP shares.
And by the way, "eliminated upon consolidation" does not mean extinction. It is an accounting term in Mergers by which the historical consolidated accounting connection between the parent and sub, is officially severed. This is how they have hid the sausage. No longer consolidated, but now separated accounting between parent WMI, and its sub WMIIC.
One private, one publicly traded.
'watch how they wave the magic wand publicly in SEC documents and eclipsed the big dog' from your view, until they're ready to rock and roll. Can you say sleeping giant?
This is knowing what you own
At Schwab in my Transaction History under 'Action' taken, there's various descriptions such as Buy, Sell, Cash in Lieu, and Stock Liquidation.
For my preferred and common LT tracking markers, 'Action' taken in my Transaction History, is titled "Other". So something other than Cash in Lieu or Stock Liquidation.
There is no way I will ever declare my ownership, a worthless security. If a person relinquishes their securities, there will just be more for everyone else later.
pardon my ignorance, but as a holder of NQ and KQ purchased over 2 years, is there anything I need to do with these to keep them valid? ie file a W-9 or anything? They are held by my broker Schwab, so I always assumed ownership would be tracked through Schwab. TIA
'Accredited' is a pretty big deal when you're getting paid I'd say. Downplay it all you like, cause that's what you do
JPM as the govt's banker, always gets a free pass so far
Yep! We got a servicer in COOP. Just need a bank with 180B + in deposits....cheap, as in receivership cheap. And then we are almost back to the same company, less the cost of time. Ironically absorbing SVB wouldn't cost the DIF one penny, just like WMB
Maybe the FDIC can give us SVB for a small token bid price. Almost a near trade for trade.
Yes, as usual very little is plainly stated. Must've been plenty of gag orders to go around.
This Eclipse document is only about the Nationstar merger. Are you picking a 5 year date from closing based on the Series A due date? Because its seems irrelevant as there are other Series of of debt in this transaction that are 8-10 years after the transaction closes.
Is WMIIC alive? I think it is.
Filings say WMIIC was “eliminated upon consolidation”…. as in extinct. Or was it?
I’ve been reading more about that term. Which apparently only means that in a merger of formerly consolidated incomes and liabilities, the resulting ‘elimination of consolidation’ allows you to remove the impact of those former transactions…… what I call hide the sausage.
So basically “eliminated upon consolidation”... actually refers to the cleaving of WMIIC from its consolidated grouping? As-in, WMIIC is still alive.
Am I right?
It does sound like Alice. She provided the WMILT cover with her lawsuit, and surprisingly the LT ignored penalties the court was willing to award. They have an obvious relationship
Doreen Logan says she is no longer employed by the Trust, nor is the Trust operational. Yet somehow the Trust email is operational and she still speaks for the Trust? And you claim she wrote you on behalf of this dead as a door nail Trust that she no longer works for? Doreen can't legally do this. Further, since when does a Comptroller/Treasurer answer these questions? Anyone could've written this, including you. Seriously..this is written by an attorney, if it is real. Sounds like something Alice would write.
Well, it means everything. 'Common Sense' should say you should find out more about WMI WA & WMI DE's historic and current relationship, and maybe a 'When' will come into focus.
It is interesting that 'DE WMI' only had a sole stockholder prior to reincorporating with 'WA WMI' in their merger.
But, it is clear that there was a legacy WMI shell outside of BK pre 2012, and one within BK (WMI/WMIHC/WMI WA)...and then they reunited in May 2015 right under everyones noses.
Aided and abetted by frivolous litigation, trading as registrant COOP allowances, and hiding in plain sight one merger behind the other, like the sun in an eclipse
pretty slick, well done.
The history and creation of WMI Washington and WMI Delaware should be interesting...
Wow, so the WMI WA and WMI Delaware Agreement & Merger occurred SAME DAY AS Reorganized BK WMIHC Merged into WMIH Corp (WMIH). Talk about a magic wand, or could be referred to as an eclipse. Broadcast one merger, when there was actually another bigger simultaneously, that really eclipses the most publicized one.
This WMI WA is running in the dark without headlights. So hard to find, but there it is in plain sight once you know what to call it. Nobody lied, lol. Fully disclosed. Just about everyone missed it, hahaha. good lord!
No wonder it was hard to find. Every SEC search, PR announcement I did only brings up the WMIHC to WMIH merger.
I'm gonna need to correct my WMI family tree Flow Chart....happily
And then spilt coffee happens, lol. Conveniently...
Yowzaa! That is a BIG nugget! Thanks for the relevant and accompanying verbiage. I definitely missed that over the years. ‘Know what you own’ indeed! Gives me a lot to look into
Peter Struck is still VP of WMIH Corp on LinkedIn. He has commented on his LinkedIn profile within last 60 days. Hard to believe he'd be active on LinkedIn, without updating employment info if it wasn't accurate
6 new COOP filings today. 6 Statement of Changes in Beneficial Ownership. according to my email alerts. Not shown on COOP website yet.
That's a lot of ownership changes on a Friday afternoon, no ?
All insiders. Charles Marshall, Carlos Pelago, Michael Rawls, Jay Bray, Kurt Johnson, Jaime Gow
Something up? other than PPS
Yep 100%