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Dmdmd2020, I think your math is a little off. I believe your calculated servicing fees number should be per year, not per month.
So according to AZ finding, I believe the servicing fee is around 0.375% annual.
So the servicing fee on 16.160 Billion should be around $60 million annually. You should multiply the principle by 0.00375. Thats only about $600 million over 10 years...not enough to take advantage of the 6B NOL.
However, if WMIH owned 16.16 Billion portfolio..and the interest margin on the loans were around 2%, you are nkw looking at around $300 million profit a year and $3B in 10 years...now that looks closer to taking advantage of the 6B NOL.
So I think it would make sense for WMIH to offer s4v exchange for that 16B portfolio.
WARNING! Popup ads are not simply intrusive marketing ads. I suspect targeted predatory phishing of Wamu escrow owners.
First, I want to thank everyone for suggestions on the ads. I have been probing the ihub system from different angles. These are the two things that is tripping my alarm bells.
1)The ad seems to be targeted at me only when I'm logged into the system. No ads if I log out and viait WMIH page anonymously.
2) There are no ads when I visit other stock pages on ihub..only on WMIH page. This is with me logging in.
I'm a little paranoid right now and my paranoia is usually justified. I think there are hstile entities that are targetting old escrow owners. Please be vigilent and do not meet up in vegas after the windfall. I repeat..Please do not meet up in vegas after the windfall! Stay safe and enjoy the fruit of your 10 years of labor...anonymously!
Better question is why are these phising popups only on WMIH ihub page and not on any other ihub pages? and why are they suddenly all showing up now when we are close to our windfall?
WARNING! Phishing popups only on WMIH ihub page. They are not on any other ihub pages. This leads me to believe there are predatory entities on here attemting to hack into your phone or computer to see who you are because they know you are about to get a windfall. These popups just recently started showing up in the last few weeks. As of today, I can barely use this ihub page for WMIH. The frequency of these popups are too often now that I cant stay on the ihub page too long before being attacked.
What is up with the phishing popups on the wmih ihub? It seems like they are constantly coming on when I load this site now. I hope this is not something nefarious by predatory entities trying to get our info now that the escrow money is about to flow. Anyone else noticing these popups? Btw, I highly advise against people meeting up in vegas at the end of this because I think there are predatory entities on here.
Yes, me too. Do not click. Just close your browser or click the back button. I think we are being targeted.
Let's call and ask WMILT if the dog ate the QSR. Tell them they've had since end of June to prepare the QSR.
Did your dog eat the QSR?
Are you planning to hold a live press conference with the release of QSR such that there is a scheduling conflict?
Can't you just email and press send to release the QSR like you have done all these years?
Why all of a sudden, do you need to schedule time for your execs to release QSR?
Are escrow markers still expecting zero distribution of any kind?
We should still pester them. They love publishing those announcements insinuating that escrow is worth nothing all these years, let's get them to announce one now saying that escrow will get nothing.
LG, I agree. I think we all need to call and bug them at WMILT and get them to officially state that there will be no distribution of any sort to escrow owners between now and August 1st. I want their lying asses to state that denial on record.
Maybe the cash interest from the performing trusts have been released and are sitting at WMILT ready for distribution as of Q2. And they have to time the distribution of the cash with a S4V distribution from WMIH upon merger closing on the 1st. If they release the QSR before the 1st then they would disclose the pile of cash that they are sitting on and potentially conflict with the merger closure.
Ron, I agree. If the announcement is a nothing burger and is purely due to the execs being busy with WMIH merger, then they would simply announce "no distribution on August 1st" with a delayed follow up of the QSR filing on the 6th.
Also, it is no coincidence that WMIH merger is closing on the same day as the nominal distribution date for the trust.
Also, they have had almost a month to prepare the QSR in advance, its not like they need the execs to hold a conference call with the release of the QSR.
Also, they have never failed to release QSR on time since 2012.
If you add up all these coincidences, the probability of a nothing burger is very small.
A something burger is coming...IMO
Anyone suspecting upward price action this week is to disuade last holdouts on NSM to simply sell their shares on the open market instead of taking the $18 cash option? This way, whoever buys their share will not have enough time to elect cash and the shares will simply default to share swap election. Maybe WMIH board is trying to save their cash position instead of wasting it on cash buyout of NSM shares.
Well, those institutional clients now have a little inside info and could potentially see how much money is coming back through those performing trust to the estate. Maybe some of them are using that inside info to buy WMIH shares
Only if depositions took place..which we dont see any filings for.so assume it has been settled
Thanks Ron. It looks pretty cut and dried. Hopefully, we'll see the filing for settlement in the upcoming QSR on Monday.
Well, lets at least hope that they will pay off Piers on August 1st. I want to start seeing the end game. Still hopeful we might hear something about s4v by Monday.. unless 51% ownership requirement to maintain NOLs is no longer a requirement...in which case we may be waiting until early next year.
Well since the deposition deadline has come and gone as of yesterday, according to Ron, should we not be seeing a filing of settlement today? or tomorrow?
AZ, this is puzzling me a bit lately. As you say, WMI wasnt the only client for all these performing trusts. There are likely a multitude of institutional clients. Since, the settlement completion as of end of last year, these other institutional clients must also be pissed that they havent seen a dime like us. Why arent they butching? Shouldnt we be seeing some lawsuits from sone of these other institutional clients of these performing trusts?
Jerry, that is not true. Escrow markers got 200 million shares of WMIH in 2012 before class 16-18 ever saw a dime.
The only way I see Libor case paying out significantly for WMI is if we directly held a bunch of derivatives based on Libor that would have paid us the cash necessary during the bank run period and thus saving us from takeover. If they can prove that kind of damage from the Libor rigging, we can be looking at 10's of billions if dollars in settlement. Otherwise, dont expect more than 1 or 2B.
No that was for Libor but it was the Treasury that was suing them...I cant recall. I just remember it wasnt for FDIC on behalf of the banks that suffered and failed. If I recall they basically used the money for loan forgiveness for the "poor" and some other "community projects".
I cant find the article anymore. It was around 2010 if I recall. Ot wasnt related to Wamu takeover. It was a big shakedown of the banks by the government after TARP. The money went to a bunch of Obama's social pet projects.
If I recall, didnt the government settle with the banks for $13B a few years back for the Libor case but that was for regulatory fines? If they can win a similar amount for settlement with FDIC-R for the failed banks, I'd be happy. We'll probably get at least half of the settlement for WMI since we were by far the biggest amongst the banks taken over.
Dmdmd2020, the liability from the LIBOR rigging seems so high that I'm afraid in the end, the judge will simply impose a small win (<1B) on the grounds of national security. Also, I dont think FDIC-R wants to win big for the failed bank as it is not in their best interest if the big banks like JPM faces solvency issues due to a 100B payout. This whole LIBOR suit by FDIC-R is mainly for show as it reminds me of the "fox guarding the chicken coup".
IMO, our only realistic recovery comes from the safe harbored assets. I just wanted the LIBOR lawsuit to end so that there arent anymore excuses for them to not release the safe harbored assets.
AZ, since WMIIC was dissolved in q1, wouldn't this equity interest have shown up in WMIH q1 report?
You can buy NSM and elect WMIH shares exchange instead of cash for the merger. Since, the exchange ratio is fixed, shares for shares, the price of NSM should be tied to the price movement of WMIH.
Thats correct, the number of WMIH shares per NSM share exchange ratio is fixed. Therefore, if WMIH price goes up before the exchange, so will NSM price.
They can buy NSM now and elect shares by Thursday. Arbitrage players.
It seems like most of the cash/shares election votes have been made...so they are now letting the price float up.
Thanks AZ. I look forward to the release of June QSR at the end of the month...which also seems to coincide with WMIH merger date.
AZ, I know we should all be cautious of making predictions of dates by now but do you think it might be time for us to start seriously worrying if we don't see any actions on our escrow markers or on your class 17 notes within a month of WMIH merger closing (say by end of August)? If nothing happens by then, I'm just afraid that there might be no legal bounds on how long they can hold back the safe harbor assets...we may be waiting for a few more years...perhaps until both FDIC-R and the employee case closes.
Thank you Mr Simpson. I saw that orginal opinion that LG posted. They are being vague with the statement:
Merger, taken together with the other transactions contemplated by this Agreement and occurring on the Closing Date, should not result in an Ownership Change (the “382 Tax Opinion”)
Does this mean the 51% rule is still enforced but all the actions "to be taken" by close of merger will allow the company to adhere to that 51% requirement (in which case s4v happening)...
or are they saying, the NOLs are no longer restricted to the 51% rule going forward.
I think this is a question the company should be required to clarify to the shareholders.
I agree. Thats why we need to force them to state publicly whether or not the merger would violate the IRS Section 382. Force them to either deny it, which would imply a s4v to escrow, or adit NOL loss, which would imply some sort of old estate value coming back directly to WMIH...in which case, we may need to bring out the pitchforks.
LG, I feel that this a valid question that WMIH investor relations should answer. Will the merger make this NOLs void due to the 51% ownership change?
If it does void the NOLs then I dont see a reason why NSM would have agreed to the merger...unless it was never about the NOLs.
Everyone on this board should call and pester WMIH with this question. They need to address the 51% ownership change due to the merger. Will it void the "crown jewel" of WMIH - NOLs. Make them address IRS Section 382.
Kate, your continual existance here gives me hope. I would start worrying when you and your friends stop posting here.
Yup, that is the only action one can do at this time.
Isnt LIBOR lawsuit the only one left before the FDIC-R closes shop on WMI? Anyone keeping up with the LIBOR lawsuit with JPM? Are we close to resolution?
I wish you can get Smith to publicly state that there are no safe harbored assets from the old estate and that the trustees will take legal liability if ever that statement becomes untrue.
The big boys know exactly whats behind the safe harbor curtain so they do not mind waiting due to the certainty. Everyone else on this board are only speculating. Although its a good speculation, we are still in the dark so our waiting is going to be a lot more unbearable with the uncertainty. Additionally, many of us here are expecting HLCE with final escrow payout, the big boys are not in a similar anticipation...They are already enjoying their rich lifestyles and do not need HLCE. This payout is just going to add a few more digits in their bank account with many digits already...so they can wait. They already have their hookers and cocaine.. dont need escrow for HLCE.
If there is no movement on escrow by the closure of WMIH merger, be prepared to wait a few more years. I think if there is no payment to escrow or class 17 notes, upon WMIH closure, then I suspect there are no legal time limits on safe harbored assets. They can essentially hold back the assets until the last loan in the portfolio is paid off.