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What has A&M been servicing? Plus: Hedge funds silence.
OK hotmeat, Rosen, et al. If there is no money, no assets, then what the hell has A&M been doing? And why are the hedge funds so silent? What is under seal? Why all the redactions and secrecy?
Please ask yourselves those questions.
I for one, as a hedge fund manager would not invest into 850,000 Ps if I didn't have a pretty damn good idea about what was behind the curtain. These are not stupid men.
Thanks AZ. Nov 1 should show a payment of small numbers. A perfect system test for larger numbers to come after the bk closes.
I see money coming in phases over time. IMO.
Let's get this show on the road.
When will she start a gofundme page to rake in more cash?
Or maybe jay will do it for her. Will you contribute Bob?
Again, the hedgies are not going to gamble going to jail by somehow heisting the money under the table. They would never take a chance like that, especially for a measly 30% going to retail.
They will be happy to get their 70% and move on.
So, this ludicrous notion that the lawyers involved will somehow steal it from us is nonsense and I wish people would stop with such a preposterous assertion.
If the bk closes and there is no money coming into our accounts, then it is time to bring out the heavy artillery, all the way up the chain to Trump. After all we are talking billions, not chump change. Don't think for a minute that Barr and Trump would regard this as a penny ante case. The impact of this money pouring into the economy would be significant indeed.
Yes thanks AZ. The DTC will automatically issue payments to escrow holders on record through Computershare when the bk closes.
I don't understand why this is even in question.
Just as those extra shares were automatically disbursed into our accounts before, glitch free, so will payments from the trusts.
Been a tough 11 years for everyone, but the cavalry is coming.
Here is how the escrow payout will happen.
IMO. Ps will be issued new COOP preferreds with a $1000 face. Then Ps will be converted to Qs at 49:1 ratio.
The estate will go to Qs. Commons always get the estate in these bk cases.
This is why I believe Tepper slammed the door when leaving Trump's office. Trump had his people look into the WAMU escrows and he told Tepper this is how it would go down. Tepper was furious because he wanted 75 25 throughout. Trump said, uh uh.
For the doubters.....how do you think COOP has been able to do all these deals? Where did the capital come from? Ask yourself that one.
Once the bk closes escrows get paid.....by EOY. This must happen because the big boys know that if the dems take power in 2020, taxes will go through the roof and they need to get this money now while taxes are favorable. It will happen.
Those who perpetrated this crime against the shareholders and employees of WAMU (they know who they are), will pay a very heavy karmic price someday.
Those who have lost 11 years of their lives, got sick, died, divorced, lost families, homes, jobs, life savings etc, can never adequately be repaid. But they can hopefully still see justice.
I have faith that one way or other, these crooks will have to pay the piper.
Excellent Bbanbob.
How anyone can deny this is beyond me.
And how anyone can deny that Alice Delay works for JPM as posted on her web page is beyond me.
And how anyone can deny the docs showing massive amounts of asset money is beyond me.
And how anyone can deny the eeriness of the hedgies silence is beyond me.
And on and on. All beyond me. Keep the faith folks.
For those who throw money at Alice.
Maybe now you see how it is gumming up the works. You think she is working in equitys favor, while in reality she just wants to milk $3M for her own purse.
Her delay is our delay. She can drag this out for years. She has $3m at stake. Typical lawyer.
So sure. Keep throwing more money at her.
Stupid is as stupid does.
Make up your mind meat.
For years you say no way. Nothing coming back.
Now you open the possibility of after bk closure.
I applaud that you are seeing the light but your vacillation is now bordering on the bizarre.
PE of 2 for COOP is ridiculous.
How much longer can they hold this down?
The PE should be at least 15. The sp of this should be at least 20. It will be soon.
Stox. Again, do you think the hedgies are really just going to roll over and allow that to happen? No way.
I'd bet that some of them hate the FDIC and Dimon too. If they do not get paid all hell will break loose and we will see lawsuits that will rock the financial world.
We will get paid. The crooks will still make off with billions, but escrows will get paid.
Remember the 70%.
Remember this. 70% of escrows are owned by the hedge funds.
If they dont get their due massive legal action will ensue.
Our piddly 30% is a drop in the bucket. When they get paid we get paid. And it sure as hell isn't going to be $2-10B.
AZ, Ron, dmdmd, LG, and a few others are to be applauded for their tireless DD.
The amount of work they do takes countless hours of very hard work. I hope they realize how much their efforts are truly appreciated by the 90% of us who believe.
Thanks guys. And thanks to Ihub for giving them this venue to share. Certainly they don't have to give us their findings. They could easily keep it to themselves. But they don't.
They do it for us. Thanks guys. I too believe we are very close now.
11 years of agony, about to come to an end.
So are we now saying Dr. A was a liar or incompetent?
Funny that an FDIC forensic auditor didn't know what he was talking about according to some.
My position remains that he DID know what was there, as do the hedgies who await silently in the weeds like a pride of lions to pounce after the BK closes. My money is on them.
Bob, Dr. A's numbers are minimum. $86B
Remember since then the assets have been performing in a very strong financial climate.
Dr. A had nothing to gain with his $86B number. His analysis was based on facts. Forensic experts do not go by theories or conjecture.
Ron, with all that's happening now with McCabe, Comey, etc., I doubt the crooks who stole WAMU in the dark of night that Thursday will dare take a chance. If they don't pay up they are dumber than any of us thought. Barr is no one to mess with. A man on a mission who is fearless and ferocious.
Dimon beware...and I know you read this board don't you.
As for LIBOR, that is not going to be settled near term and will likely only be a few billion. Small potatoes.
The rest of this year is sure to be very interesting indeed.
Escrows to get dividends from COOP?
Very possible, as discussed on BP. I expect a large upfront payment along with divvies once the bk closes. This would need to be approved by the judge since as it stands now it must be paid in totality.
9/26 has shorts scrambling.
AZs lofty predictions for COOP are looking like they were not so ludicrous.
A strong finish on big volume again.
Some of what we are seeing is short covering, but some is just buying because the stock is so extremely undervalued. Great investment here. And if we get news on WMI asset money this stock will go through the roof.
Yep, sure looks like news is on the way.
Barr is looking into this.
That's all I can say, but rest assured, there will be no funny business. Retail only gets 30 % of the pie, and no way will anyone risk going to jail by trying to screw the shareholders. We will be fine.
Remember also we were told by a source to keep an eye on the LT website. ;)
Clarifications coming on 9/26.
This is just another indicator of that. As I was told, keep an eye on the LT website.
Yes, things are coming to a head.
Look, we know the money is there.
Anyone who doubts this after 11 yrs of DD is deluding themselves, for whatever reason.
My concern is and has always been, the corruption we are up against. Just look at all the people in high places of finance and government that have gotten away with major crimes that little guys like us would've gotten many years in prison for.
I am confident in our chances, but guardedly so.
My guess is a small payout of a few billion by EOY, with more over time in the form of some sort of dividend payments.
And if we get nothing, the big dogs will be let out. I doubt the Dimons and Bairs of the world want to deal with that.
Significant - Follow the bouncing ball.
OK, here we go.
Go to: https://www.kccllc.net/wamu
Scroll down to Important Dates and click on it
This is what you see:
Omnibus Hearing
Order Scheduling Omnibus Hearing Dates
September 26, 2019
(2:00 p.m. (ET))
Deadline to File Administrative Expense Claims
Notice of Effective Date
June 17, 2012
(5:00 p.m. ET)
Note that there have been zero "important dates" from 2012 till now. Zero.
Next, go to: http://www.wmitrust.com/WMITrust
Note there is no mention of the 9/26 hearing. Why? It is not of the purview of the LT. Got it?
So, that's what makes this date significant. Ron and AZ have pointed this out but did anyone take notice?
We've had dates in the past that have come and gone. Granted. But now we have the final payment from the LT coming on 11/1. We have the looming junior bond payment coming (perhaps the recent JPM $13B raise). We have the closure of the BK. Has the bank been paid for yet? And don't tell me they got it all for $1.88B. Puleeze!
It's all coming to a head.
Nothing is certain but this is sure starting to look very suspect.
Is the FDIC guilty of 5th amendment unfair taking?
You betcha. WAMU was well capitalized and the holding company was on very solid footing. When they start digging into this mess, and they will, it will be obvious that the deep state arranged this heist for the well connected. Sheila will have some splainin to do. And Jamie too.
This mess stinks to high heaven. Then to make matters even more absurd and repugnant, Dimon "finds" another $30B. And rather than being quiet about it he goes in the media and mocks, laughs, and brags about it. What a slap in the face to the employees and shareholders of WAMU! Lock him up!
We can only hope that Barr investigates this. I'd love to see people go to prison for this. Madoff did, for far less.
Bob, if it is 75 25 the UW will insist on keeping 19 and we could be in a for a long court battle.
If they are willing to switch to 22 based on what some here think (no 75 25), then it is an easy fix.
I think they will want to stay with 19 per the court ruling. This will be very interesting.
Bob, the UW payment and escrows will all happen at the same time I believe.
They cannot switch the UW payment to class 22. It is locked in. Alice is too late to the party to get that changed.
Yes Civil...COOP is easily a $20 stock now.
Escrow money, when it happens, will pour into COOP WMIH.
Let's hope sooner rather than later we will all have some investing to do.
True Bob and I still have hope for something.
But if a deal with the UW or a large distribution to escrows was in the works, I believe there would be leaks.
I still have my eye on 11/1 significance but certainly something sooner is possible.
I am a bit skeptical about 9/26 having earthshattering importance.
Why? If as we speculate there is money to be announced, a deal with UW, etc., there would definitely be leaks.
If there were leaks we would see movement in COOP now. Big movement. And its not happening.
Just trying to keep it real. I say 11/1 is likely to be more significant.
Hope I am wrong about 9/26, but I doubt it. If COOP suddenly rockets, then I'll believe.
For now, we wait for something concrete. Just tired of the speculation and passing dates with zero happening.
Savitz from Greywolf is a good guy.
One thing we have in our favor is we have tough business guys like him and Tepper. Without them involved retail might have been screwed.
And for those who think the hedge funds got envelopes under the table, just stop. Ludicrous. They aren't out to shut out retail! They own 70% of the pie. No way are they going to take a chance of a whistleblower sending them to prison. They will gladly let us have our 30% of the pie.
To put 800,000 Ps in perspective.
If this were to be 75 25 to the end as some postulate, for every $10B that comes back, each guy would get $800 million.
Now, for those who think those guys threw in the towel and wrote escrows off as a lost cause, think again.
Escrows will do just fine IMO.
Yes, 800,000 Ps.
I'd have to go back through my files, but Tepper holds 800,000 P escrows, and either Bonderman or Savitz owns 850,000.
This is documented, not BS.
So, why did they buy so many if they thought they were worthless. Secondly, with those massive holdings, where the hell are they.
My guess is logical. They knew the bk would take 10 yrs. The last year was just slogging the process through the mud to clean up housekeeping items and milking of the LT by you know who.
Once the bk is closed the floodgates will open. And if they don't the hedgies will let the dogs out.
Hang on. I may be wrong but we should see some interesting things in the next few months.
The hedge funds silence is deafening.
So these big boys have 800,000 Ps each. Yet we haven't heard a peep out of them. Very strange.
If I potentially had hundreds of millions on the line I would be doing some intense digging with my attorneys.
So, why aren't they raising hell?
I think the answer is simple. They are confident in the coming result. They know where the buried treasure is and how much is there.
Either that or they are the lamest hedge fund managers in history.
I think it's the former.
Quiet confidence.
Did you read the letter?
It said no information while there is ongoing litigation.
Duh!
Fairly astute summary.
Based on the FDIC letter to porkchop, I do believe the bop litigation is holding this up.
Thanks bop. Your self serving interests to milk an extra 3 million has created a hardship on the rest of us. Good job, but typical for a lawyer.
AZ, yepper that's correct.
And if there was nothing the judge would have made a statement to the estate about that.
And if there was nothing the UW team of lawyers would not have attended Alice's meaningless hearing.
And on and on. Baffles me that so many still believe that JPM got it all for pocket change.
Haha tony. Really?
wamuq, Commons
wampq, Preferreds. face $1000
wamkq Preferreds. Face $25
wahuq Wahu is a fish. :)
Split T, me too. LOL
Wonder if they bleachbit the asset list.
Why not? It's worked before.
How will Brian Hotmeat Rosen report this to Dimon?
Once Barr's staff starts digging into this mess and the media catches on it will make the Epstein and Hillary fiascos look like kindergarten classes.
Payments, please.