Democracy starts with you, tag your it! ...Thom Hartman
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Ya never know, lol......maybe why this is taking so friggin long.... JPM to buy everything WMI/WMB for a price determined later (BOOK VALUE) based on how bad the FDIC PAA final numbers upon receivership reconciliation termination. WMI presented their damaged numbers years ago.....RICO. Makes sense from a time duration perspective....but I got nothing to back that WAG up...yet. lol
The quickest way to untie a snarled knot of misappropriated assets, is to not untie it. Just roll it up together as one, and be done with it
Peter Struck’s LinkedIn still shows he’s presently VP of WMIH Corp (WMIH). Interesting stuff for sure
Without digging, KKR Wand was just the various KKR entities holding a security ownership in fledging WMIH CORP. imo
WAND Merger Sub, was just the WMIH sub created to absorb Nationstar, Nationstar being the surviving entity under the subsidiary umbrella of WMIH Corp (WMIH) .....now name changed and trading as COOP.
Question remains, who created/incorporated WMIH Corp (WMIH) initially prior to 2015. Who was/is subsidiary WMIH Corp's (WMIH) parent? Who laid that egg? That is the question.
Unless you know of another WAND?
WMI HOLDINGS Corp (WMIHC) was essentially Reorganized 'Washington Mutual Inc' (WMI)...the same entity.
Then WMIHC (previously WMI) is then gobbled up and disappears in a merger with and into WMIH Corp (WMIH) in 2015, apparently for "convenience" as part of the Reincorporation from Washington state to Delaware. This movement alone is probably a clue more than anything.
WMIHC is thus no more after 2015, as WMIH Corp pops up out of thin air, and survives without conflict or debate. The names of WMIHC and WMIH were so similar at the time, I think my mind just figured it was the same old WMI with another name change, until yesterday when I realized its not... WMIH Corp (WMIH) is actually another entity from ? that took over Reorganized WMI, right over everyones head... or like AZ said, we were mostly too busy watching one hand; the spilt coffee distractor's Quixotic lawsuit...while the other hand WMIH Corp quietly swept up Reorganized WMI (WMIHC) right under the rug. I totally missed it back then...
Where and How and Who created/incorporated WMIH Corp (WMIH) prior to 2015 ? It has to be related to released equity income interests imo.
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The 3 Thackerays'.....at one point I was tracking these religiously. They disappeared (consolidated) somewhere without mention....the corporate status expired years ago. Maybe they are rolled into the ultimate PARENT (XXXX) as another sub? Who knows.
One thing is for sure, whatever legacy WMI was put in the "Outside of Chapter 11 BK Box" to be reunited with later as Rosen said,....is apparently private enough to not find anything anywhere. Probably stored under some innocuous name that nobody would expect..... Brilliant move of AZ buying those certain bonds as a future Tell; canary in a coal mine.
Absolutely. I had to make a flow chart with nicknames and dba’s just to understand the knot that is called Wand Merger Sub , and Project Eclipse.
Untwist that knot and you’ll realize WhereTF and HowTF did WMIH Corp actually come from?
How does a ghost (shell?) with no history (WMIH Corp WMIH) pop up, buyout and survive our old reorganized WMI (WMIHC) seemingly out of thin air? Without conflict….just up and done.
Reorg’d WMI had to have merged with another version of itself outside of the BK (WMIH Corp as originally incorporated). It’s the only logical thing that makes sense with the limited info I can find.
Thanks AZ, I’d love to see more detail if you are willing. Actually dying to see it, lol. I’m curious to see how the heck I missed this years ago, lmao. I have your email from during the BP days before you and Ron got banned. I can email/PM you. I respect your work product and it won’t go further than me.
I’m crawling through a potential project house, so I’ll email in a couple hours later.
This is what I run into....Every google listing, Delaware corporation search, washington corporation search, etc has nothing on the CREATION of WMIH Corp (WMIH)...PRIOR to 2015.
It really is intriguing... WMIH Corp somehow appears out of nowhere to take over reorganized WMI (WMIHC). talk about stealth.....
My gut inclination is that (XXXX), who created sub WMIH Corp (WMIH), was created outside of CHPT 11 BK by A&M to hold released legacy equity ownership interests, to be reunited later on in 2015 with reorganized WMI (WMIHC).
I dont know if the POR 7 would detail this, or its just an option left to the restructuring agent to design and implement, as long as its not in violation of POR 7. ie making sure released legacy equity ownership isn't cut out, and retains its pre-2008 ownership rights.
You ask for clarity? or con? lol, most here never provide clarity either....just babble and twist. They rely on common sense, lmao.... If you want to know, how about you do something yourself? Find out How and When was WMIH Corp (a shell? and a sub of XXXX) Created prior to 2015 ?
Not sure yet who (XXXX) is, but overall I get it now. Not that I ever doubted what AZ said, I just didn't have the time in my life or mental bandwidth to deep dive into this historic stuff all over again.
It's not lost on me now that WMIH Corp (WMIH) appeared out of nowhere to merge into and take over the Reorganized WMI (WMIHC) in 2015. Who laid this egg (WMIH Corp aka WMI)?
Ultimately its all water under the bridge and doesn't affect where everything is headed. Its out of our control.... But knowing who, what, when, where, why (XXXX) is, will definitely lead to understanding of future forward movement in our favor and not feeling so blindfolded and impotent. imho
That's what they want you to see....to follow the straight line of COOPs lineage. Everything after 2015. But WMIH isn't a straight line....it comes in from the side out of nowhere and jumps in line to take over.
The pertinent question is how and where the heck did WMIH Corp (WMIH) come about to even merge with/into/survive the 2015 merger with WMIHC (reorganized WMI) ?
It just appeared out of thin air. Somebody created/incorporated WMIH prior to 2015.
WHO ? Who is the ultimate parent (XXXX) from AZs clarification post.
Find WHO, and things might start to make sense about when.
Incidentally, Peter Struck and another person's LinkedIn still show WMIH Corp (WMIH) as their present employment since 2012 as Senior VP (Seattle) and President & COO (Philadelphia) respectively. Peter still comments on Linked In as of a month ago, so I doubt he'd leave inaccurate employment information up if he's actively engaged with the website.
I really believe finding out about the inception and creation of WMIH Corp (WMIH) will illuminate who we are today, and maybe an answer to When. Who and what was WMIH CORP (WMIH).....BEFORE.....it merged and became parent of reorganized WMI (WMIHC) in 2015 ?
Everything about WMIH Corp (WMIH) is easily searchable after it merged with reorganized WMI (reorganized as WMIHC). THERE IS VIRTUALLY NOTHING about who WMI Corp (WMIH) is before the merger with reorganized WMI. It's like a ghost benefactor.
So Who was WMIH Corp (WMIH) before it became parent of reorganized WMI? Who created WMIH Corp (WMIH)? Kosturos, A&M ?
Is the 'what' created WMIH Corp (WMIH) to absorb reorganized WMI,..... the Sub of a Sub that AZ is talking about?
the 'Sub of a Sub' I'll admit I've had a hard time following the movements and mergers...wands and eclipses. 'The Company' into the Merger Sub, under project eclipse....
What's really jumped out at me today in re-reading the SEC docs and merger agreements....is HOW and Where in the heck did WMIH Corp (WMIH) actually come from? It's like WMIH Corp (WMIH) just appeared out of thin air to merge into and survive the WMI reorganized WMIHoldings Corp (WMIHC).
Was/is WMIH Corp (WMIH) a company created for and owned by those who released? Is this what you've been talking about? as in UQs own the company?
It just dawned on me while reading, that this thing called WMIH Corp (WMIH) appears and casually absorbs reorganized WMI (WMIHC), but how and where in the heck did WMIH Corp (WMIH) actually come from/about? Who laid that egg? Kosturos?
Where can i find documents about WMIH Corp (WMIH) inception?
What day is the "Commencement Date" ? How much longer? TIA. I have NQ and KQs
interesting news for sure! although selling an asset that made money, is just a one time benefit. So hopefully this potential news is part of a much bigger benefit adjacent
lmao, you dont read BP? ahahahaha right. Maybe not 'you' per se
Thanks!
The pages of WAMU bond cusips listed in the GLOBIC DB/FDIC/JPM settlement has nothing to do with the dead as a doornail WMILT and rigor mortised LTIs.
Tangentially and running in parallel, GLOBIC could have everything and anything to do with 'some of the' legacy WAMU or WMI income interests.
A person or entity could be involved in BOTH the WMI BK and Globic bond investments, or singularly with only WMI BK....OR singularly with only Global bond investments. As such WMI BK LT and LTIs have nothing to do or say with GLOBIC.
Did anyone read GLOBIC's settlement? never mind
good luck with that
Hi AZ, Do you think the money you received was from the GLOBIC settlement (DB as administrativeTrustee) ? i.e. from beneficial interests from bonds managed by DB as Trustee, on behalf of many other accredited investors, Wells Fargo, etc.?
I've been trying to think of reasons why you're getting funds and everyone else is not....Whereas both are true statements, in order to get my arms around what is coming, or not yet.
I've just reread the GLOBIC settlement and the Declaration of Mr. Zifkin of Compass Lexicon. Also noted was that Wells Fargo is on the service list, among many others. WF being who you hold and received funds through.
I've gone through the complete list of Cusips listed in the DB settlement, in search of the original WMI commons cusip which I can't find listed. Which leads me to think what money you received from WF isn't Commons related as your bank agent related to you?
However, knowing you have bonds holdings I can't help but think that maybe your bond cusips are listed on the DB Global settlement, and thus the $3B reward that DB received on behalf of the 'harmed' bondholders like yourself, that you have finally received your relevant portion of the $3B shared globally amongst the thousands of other accredited bond holders?
All in all, I really think it's a positive sign that the ice dam is finally cracking and breaking up on the WAMU river, and that the future is bright as previously frozen legacy interests begin to trickle downriver to all. I guess I'm wondering if the reason you received money and noone else, is related yes, but more tangential? Running in parallel?
After over 15 exhausting years of blowing in the WMI wind, I need to find a clear understanding of what, to have a realistic expectation of 'when'.
Thanks for your thoughts always, and thanks for your bank updates knowing the $%^$%^show that would follow!
One bond does have the 'AZ' in its call letters, lol
Agreed!
yes, that's my understanding. Probably includes some members of this board
That's still a true statement... The money was credited towards his released and W-9'd UQs, as a result of past, present, and future bond income payments owed to UQs legacy holders.
AZ was also a holder of those particular bonds that paid/will pay legacy UQ. I recall years ago one reason he bought them, was to be used as a signal of money moving. By virtue of this accredited and confirmed ownership, the trustee already had his direct banking and ownership information.
Az benefits from the efficiency of prior transactions with this particular Trustee. Anyone not holding these bonds will have to wait for the associated money to cycle through the meandering process between bank to bank.
There are multiple trustees, and there will be multiple payments. WF is just one Trustee. One cannot say how much per UQ until it has all been completed. It's really not hard to understand.
With all the word twisting and misdirection AZ has been getting lately, I wouldn't help all the #$% here either. I believe AZ to be a truthful and well intentioned person.
AZ said they are WMB bond payments that have always and still benefit the released UQs (commons WMI)
Of course not, lol. All it means is that AZ is in receipt of initial funds, because the conduit to his bank was already there from Class 18 !!!! AZ is the recipient of efficiency, from the past transaction of his Class 18.
AZ inquired about payoff on his Class 18 holdings, first with Rosen who then re-directs to DL.
Class 18 prospectus requires buyers meet certain requirements, such as being an accredited investor. AZ was, and he sent proof of his accredited Class 18 holdings. It's no stretch to think when his brokerage account holding info is sent to prove accredited Class 18 holdings, that all flavors of his holdings are available and recognized. Anyone could've done the same thing if they chose to be so precise if they were accredited Class 18 holders.
I dont have any prior funding transaction history to my bank for Class 18 payoff, as do most here I'd imagine. AZ's situation is as unique and diverse as the flavors he participated in. So, great for AZ! I'm happy for him, I'm happy he shared what he's experiencing! I think this all bodes well for the rest of us in what's to come.
Our funding will be more meandering than direct (like AZ), and depending on how many stops are involved, I'd expect this could take some time (bank to dtcc to bank versus business days)......seems conveniently after the COOP presentation? The stock is suspiciously rising at the same interesting time, which makes it less tasty for us to buy in perhaps later...when COOP is hoping to reclaim its own stock for less presumably.
Interesting times; tangled times.
AZ, I'm really sorry to hear your wife passed, not sure how I missed that news prior. Thanks for sharing what you're experiencing with WF - we do appreciate it! There was a recent time where this was appreciated by most people. I wouldn't waste a keyboard click or a brain cell on those who clearly aren't Uq released holders.
1000% agree. It's not the result of a corporate action, etc. They wouldn't know ahead of time. It's literally just someone transferring money into your account. I hope to see it at the front end of the balance transfer, rather than days after its seasoned. I am impatient.
Thanks AZ, that is awesome! Enjoy that Corona, but I would've hit the C8 hard for at least a few miles first : )
surfing and snowboarding is the only thing keeping me sane over the past few years.....
I'm sure what AZ is seeing is only just the beginning. There were a lot of Trustees. It's way too soon for napkin math conversions yet IMHO. And some of this income stream is probally continuing on into the future. I just dont think anyone can ever put a price tag on, until its all been completed over many years.
I am gonna party when that first chunk hits, and invite all the people who laughed at my WMU obsession, lmao. priceless
Thanks AZ! If I read between the lines what Wells Fargo told you....is that your money transferred quicker from the Trustee because it's amongst the same bank to itself, versus other people like myself for example who don't bank at Wells Fargo and it might take a bit longer ? Just like when I transfer money amongst different banks, and it takes at least a few days to be available after transfer.
I realize this is one of probably many Trustees where things could flow from...
But dang! What an awesome thing to see today! Thanks for sharing. Make it rain!
Was this related to your WAMU bonds? This is a great sign for the future!
What ??! Wow …
Thx Ron, it really seems like that's the holdup....hopefully wrapped(ing) up!
I ride the fence on this subject, but I lean a bit more towards: if the FDIC is ultimately on the hook for the bank WAMU 'if' liabilities exceed assets of the 'received' banking sub WAMU...then sometimes I do wonder if the FDIC keeps legacy holding company WMI assets in their back pocket in case they need something to go after if L>A in the WAMU estate.
This makes sense in that the FDIC isn't legally released by us. So why would that be unless the FDIC is still the temporary gatekeeper of our legacy holding company assets?
If you were the FDIC, why would you release everything early, only to 'maybe' have to litigate and claw back some portion years down the road? If I had the FDIC's power I'd hold onto every damn scrap of assets, until every liability has been resolved and released.
Then we get ours. Then we release the FDIC.
That's a good guess...I have many Ps and Qs that I released. I am using my same brokerage and Roth accounts since BK. I've received no postcards that some have received.
lol, their job doesn't end until the receivership is termintated.
Seems to me like Atlantic HomeLoans owes the FDIC money and is waiving its ownership of legacy interests in WAMU back to the FDIC in exchange for those debts.
Why would FDIC accept that as payment if nothing is coming back
How can COOP mark up an existing portfolio, locked into historically lower interest rates than today? not sure I follow what your saying
How does mortgage rates being higher today, cause a higher affect to future COOP value with regards to MSR portfolios; where most MSRs are based on existing homeowners with Fixed Rate mortgages, where those people are locked in at 3-4% for 30 years ?
Those homeowners reflected in the MSR portfolio are immune to interest rate hikes, and thus COOP is unable to make more money off of them, unless they refinance or were stupid enough to get a Variable Interest Rate mortgage during historically low rates over the last few years.
I dont think I attribute as much value, if any, to what your are saying.
8 different Statements of Changes of Beneficial Ownership, for COOP management just now out.