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Austin. March could be very significant now that the ec is out of the way.
I believe the judge now views this mess as a thorn and wants to close this out.
All is in order now. The bonds and 18 will be addressed quickly.
Get ready for something in March. The hedge funds will not allow further delays, legally.
Shares are fine with me too.
Remember we filed the tax form when we released, which means 28% comes off the top before we get to the money.
Now if we got shares, they could still take an equivalent number of shares, forcing our brokers to handle the transaction.
I would like to hear from a tax guy here on that likelihood.
Goodietime, it remains to be seen if JPM uses these shares. Surely they must've had a reason for their creation. Currently showing only 3.3b shares outstanding.
I know a good use for them. Wonder if the judge would allow shares instead of the required cash...
Shares would be a great way to keep this under the radar and avoid public fanfare about wamu.
Yes Ron, the bonds should be paid out very soon now.
Looking forward to THE FINAL PAYMENT. Can't be far off now.
Fair and reasonable does not mean 5th Amendment taking.
March will be an interesting escrow month.
Mark this post. Watch and learn.
JPM has authorized 9 billion shares, but only has 3.3 billion shares outstanding.
Now where oh where might they need all those extra shares?
Intelligent, knowledgable comments only.
Willingham and Bonderman...class 22.
So you really think that 22 will get nothing huh?
Ha! Think again...
Where do people come up with such lame theories?
This shows Judge Walrath will continue on and oversee the payment process. Her work is not done, yet.
For those who think escrows will get screwed, put this post in a folder. May be worth a sticky. Thanks Ron for pointing it out.
Relax folks.
Thanks Ron. Now its MARTA!
They can't trigger on employee claims or PIERS any longer, so now we will hear the drumbeat of MARTA. Constantly.
Too funny.
Escrows will get paid folks. Don't know how much more clearly it can be delineated.
As AZ has stated, now that these hurdles are gone we can move forward with disbursements from the trusts, which I too believe are quite massive.
Just a matter of weeks now. The hedge funds want their money even more than we do, and they will help facilitate these payouts now.
Great day for escrow holders today.
Thanks to Judge Walrath and Brian Rosen....much maligned but they got it done for us.
GLTA
Thank you Mr AZ.
Yes, things can finally now move forward after this ridiculous 7 year delay.
Expecting news on a distribution this week or the crap will hit the fan. Shareholders have suffered long enough.
Royal, we just don't know quite yet how this will pay out.
I have analyzed the DD put out kindly here by dmdmd, az, ron, and others, and I am in the camp that says a small amount initially with much larger numbers over time, possibly paid in payments like dividends to keep a fanfare from creating a stir.
It will take multiple posits for the hedge fund managers to make a profit from this 11 year fiasco, so I can't believe the peanut payouts some espouse.
Let's see what happens next week and the few subsequent weeks. I for one hope that the class actions do not happen. It would be counterproductive and result in pennies for the shareholders while the lawyers would make billions.
Thanks to Judge Walrath.
Payment to escrow accts will start in the next week or two.
How much is the question, but my guess for first volley is $44mm. $4 per P is not life changing but its a start to verify systems and accounts when the big money starts to flow.
AIMO
Does anybody really know what time it is?
Does anybody really care?
No appeal. Nighty night.
End game. Finally.
So PIERS, bonds, and escrows. Waterfall time.
Enough delays and obfuscation. Let's wrap this mess up and get on with our lives.
Gibson and others told people not to release and sue instead. Made no sense. I feel bad for those who didn't but such is life.
Zeus.
I think you should seek the assistance of professionals, for sure.
My contacts say:
Something wonderful is about to happen.
As soon as the bk closes we should start to see activity. Patience grasshopper.
Judge Walrath told us the future result.
She could not have been more succinct.
Recommended we release.
Told us "fair and reasonable" result.
Told us One Posit (at minimum).
I don't think she could've made it any clearer, do you?
Thanks AZ. You are the man!
The appeal would have been filed days ago. Nothing. It is over on Friday. Hallelujah.
Payment will come out of the blue when we least expect it.
Those in charge know there would be a riotous mutiny if they announced after all these years that escrows would get nothing.
Escrows will be paid. Patience for a bit longer. The documents don't lie.
Samurai. Various avenues of payment.
Lions and tigers and minerals, oh my!
Thanks Ron. Yep JPM still needs to pay for the bank. If you put a deposit on a car you dont get the title until you pay in full.
Paying 1.9B down on Wamu is like putting $100 down on a new Porsche...
It aint over until my ex motherinlaw sings.
Still no request for appeal.
And why should there be? The judge said it's over. I'm guessing that many ex employees also have escrows, and they will do just fine.
F&R
Posit
HLCE
Let's stop the rumor that the hedge funds did a backdoor deal to steal the escrow money.
I can't believe people still bring this nonsense up.
Hedge fund managers are wealthy people living on top of the world and would never take the chance of prison time, trust me!
They will get paid when we all do.
3/4 of high school seniors don't know what direction Mexico is in relation to the US.
Fact. Recent poll.
You are right. People don't know about Wamu any longer.
COOP going private is ludicrous.
Are we drinking wine tonight?
temocat, the plan has been in place for many months. There is no need to wait many more. The hedgies are more tired of waiting than even we are.
March/Apr for the first salvo.
They need to do a smaller distribution to escrows first to validate all accounts and systems before they can release any larger sums. Makes sense.
It's been so long since that small share distribution to escrows that many accounts have changed due to deaths, inheritance changes, divorces, etc.
Once they perform a small distribution, accounts will have been verified for larger sums to flow.
I expect this first distribution to occur in March, April at the latest.
Huh? It's called a RELEASE.
Why is this even a question?
Non releasers are non valid.
Sorry, forgot to acknowledge LG and LP.
There are many on the boards who work hard to try to shed meaningful light on this mess. And what a mess it is.
Let me clarify for the umpteenth time...that 1.9B that was paid was a downpayment admin fee so I wish people would stop this nonsensical crap that it was full payment. Do some reading!
Jamie needs to write a check, as Ron says.
Another couple weeks folks. Go buy a tin of popcorn. This is about to get very interesting.
Clawman, I clearly said theories.
Nothing is 100% in this life.
There will be a firestorm of Biblical proportions, lawsuits, etc. if the judge, Rosen, Fdic, and Jpm don't make this right for escrow holders who have released and endured almost 11 yrs of agony.
Nice post wamugold.
We should all appreciate the hard work that AZ, Ron, Dmdmd, Lodas, Royal, and all the others do.
They could easily just keep their findings to themselves, but they are kind to share it with those of us who dont have the time knowledge or resources.
Ultimately these are all theories, but everyone should show them the respect they deserve.
Lets see how this unfolds in the coming weeks. I have faith that escrow holders will be very happy soon.
Again, fake news.
The trustees are of course the various banks, DB, Mellon, etc.
Those trusts must release upon bk closing.
WMI had time to safe harbor those assets, which can be done in 2 days max.
WMI was not stupid....they knew the Wamu seizure was likely.
The hedgies were not stupid either. And no, they don't throw away billions of dollars as someone said.
Again, it comes down to 5th amendment taking.
This entire fiasco was simply legalized robbery facilitated by Bair and Walrath under the direction of their bosses, Holder and Obama.
Hmmmm. Let's see. Wonder what secret offshore accounts hold these gobs of money.
Dimon was very sneaky about the 30B.
He waited long enough to disclose the finding, but he knew he had to publicly reveal it in case a whistleblower did. He needed to cover himself.
This no doubt goes under 5th amendment unfair taking.
We got screwed in so many ways by him and the FDIC. Thats why the FDIC will do all it can to give us nothing and cover their tracks.
Good summation, lodas.
Those who say escrows will not get paid argue that JPM got all the assets, as well as the liabilities.
We who believe know that the assets far outweighed the liabilities.
Even if they still do not believe that, then what about that magical bonus of $30B that Dimon publically bragged about finding a few years back? If their payment of $1.9B was a justified payment based on A&L in 2008, then why should they have been able to keep that extra 30B that appeared years later? Any fair minded person would say that found money should go back to the estate and shareholders who have suffered so terribly for over a decade.
If the judge has any sense of fair and reasonable decency, she should make an attempt at least to make this right.
Now is the time.