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It's been posted with links provided that jpm bought substantially ALL of the assets of the "failed bank". So what's left?
hey BKshadow, can I have your permission to cut and paste part of your post? TIA.
hey, BKshadow, just to be clear, are you thinking that escrows may get a little something, but not many billions, or do you suspect that they get nothing. I know you would only be offering just one's opinion.
bbob, I thought that bkshadow had already explained to you how the mortgages worked. Nothing left for the wmilt.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=104930078
Catz, you seem to think that a bridge bank would have been better in some respect. In your own opinion, why do you think the FDIC did not form a bridge bank?
I have always said that the key to understanding what's to come is this very fact. CAPS on PIERS, then a 75%-25% divy between preferreds and commons, with NO CAP on PREFERREDS. Think about it, that's the ONLY way commons could have a real fair and reasonable recovery! With NO CAPS on PIERS and CAPS on facevalue for preferreds, and no 75%-25% divy, commons would have been out in the cold.
look, none of this mortgage business even matters, the escrows should be getting $10.4B from the CRA anyway, that should be at least par for both former P's and K's! Don't you think?
The CRA that I was referring to is the Court Registry Account.
$10.4B coming from the CRA! That's full value for preferred escrows! Is this really possible?
It's not really a future event in the sense that the blueprint is already drawn. Some here have read it correctly. I just hope that you are ONE of them.
The caps were removed from the preferreds which are now escrows. And caps were put on piers. And common equity, which are now escrows, get 25% of any money going to those equity escrows. So, if none of those caps were placed, or removed, and no 75 - 25% split, where would we (equity escrows) be in seeing a possible payment on the horizon, in terms of the preferreds, and the commons escrows? In other words, under the above scenario, how much money needs to be found in order to get to the holders of common escrow cusips?
Catz, you said:
- litigation trust contains less than half of the 20 million it startend with, which makes it bloody likely no third parties are getting sued
"True. But doesn't that run counter to the proffer that there are billions to be distributed, when both the WMILT and WMIH state that due to this fact."
This may be a stupid question, but itsn't there a difference between the litigation trust, and the liquidation trust?
And also, you said:
- the POR and DS made a mention of a financial contribution by JPM because of releases they were given
"True. However the POR also explains where those monies went. And they went already."
Did the por specifically say that JPM had completed their contribution, or maybe more to follow?
Don't know if it's allowed or not, but in case it is,, here you go.
Wrong answer, you get zero! Correct answer is no. (The reason why was not requested.)
Not true, I myself am buying, and have been, but I keep my bid low. I mean, after all, according to one supposedly very knowledgeable poster, this will soon gap up to $20.00!
Why the need to wait until sept? What's four months?
Hey large green, what's stopping the LT from just going ahead and accessing that huge pile of cash that you say is waiting for the equity escrows, and paying off the tiny amount owed to piers, and the rest to escrows? Wouldn't that be ok?
If fdic were to prevail, could the judge prescribe that damages be awarded to all of the classes that were damaged, including stockholders?
I think that the chances of succeeding there depends on the issue of who recommended signing of releases. Do you know the names of who actually did say it was in our best interest to sign?
Well of course catz that's right, but that was not the entire focus of my point. There was more to my question than that simple and obvious truth. But thanks anyway.
well catz, you didn't address the question of did or did not some "insiders" recommend signing those releases? You see, your assertion that I am wrong on the por is not right. I do remember that you only had one of two choices, BUT...... my point was this; if you chose NOT to sign, but instead just sold out everything, you could have collected some money for those preferreds that you held, and later bought some wmih shares after the conversion, it was pretty well know by all here that they would be trading, and at a lower price than you could have sold before the conversion. The other choice, holding onto those preferred,signing, and collecting nothing but tracking cusips, was really the fools gamble. So then, why was it recommended to sign and hold??? Without the escrows of former equity paying, the smart thing would have to been NOT to sign, sell out, buy back at a lower pps. So then, anyone recommending to sign and hold, would have had to believe that those preferred shares would pay out after conversion thought the WMILT.
Pardon my ignorance here but I must ask this question. The approved plan no. 7 was approved without the requirement that we all as shareholders, would sign releases.Is that in fact SO? Now if that is so, and if it was also true that some on the inside suggested that signing the releases would be to our benefit, then the only way that the releases would benefit us would be if the preferred escrows do in fact get paid substantially. This would HAVE TO BE the case, since otherwise we could have just sold out of everything and bought back in after the conversion, since we all knew that there would be a significant drop in pps. I think this is what nursejeff was getting at.
Looks like WMILT is close to closing down shop and turning out the lights for good. Sorry for all of us equity escrow holders.
Wo, I beg to differ here, it IS in black and White. And there are NO unvalued assets. Are you just stuck on one track? Look at all KNOWN facts and stop with the fantasy of BILLIONS of dollars about to pop up from some as of yet unvalued hidden assets! Show some EVIDENCE.
Here's how I know, it's called the simplest solution that makes sense. IF there were lots and lots of cash, it would be incumbent upon the WMILT to get that cash to those to whom it's owed, and they are very slow in doing so because there isn't much cash to go around. NOTHING else makes a lick of sense!
Sadly nursjeffv2, the rub is that there is very little money(not even enough), even to settle the claims above equity.
The question was simply this; IF there are untold billions under the cover, why not just simply go ahead and settle all claims now, get everything terminated and close the doors for good on the WMILT? Don't say it can't legally or morally be done, when in fact, IF, and it's a big IF, there is the vast amount of money just waiting, it SHOULD be done ......NOW.
I take it that you are among the few who "understand"? Please then, answer that question that I posed to LG.
I don't know why you want to keep this fantasy alive LG. If what you are saying had an inkling of truth behind it, why would the LT not just go ahead and settle ALL claims and terminate the WMILT now? Just because they have until Sep. 2014 to close out everything doesn't mean they must WAIT until then to do it. You really need to get a grip on reality and stop giving false hope to those who may be susceptible to your mixed up thinking.
Ptihubber, non transferrable simply means that they are not transferrabe to other owners. You are not wanting to do that are you? Then you can transfer them to another brokerage account in the same name that holds those escrows now, that name would be you I take it.
Im not wanting to be hard headed but, when "substantially" is used, that could be anything more than 51%. That would leave quite a chunk of "assets" unsold, NO?
Catz, then please tell us, whose were they?
Don't underestimate this angle; Nobody who owns equity escrows really wants it known that billions may in fact be had. Why? because there awaits others who may have a claim to it and who are ahead of equity in the waterfall, and they would never settle and go away if they realistically saw those billions coming. That's my theory and I'm sticking to it.
Thanks catz, however, there was a claim filed against wmi by the California franchise tax board in the amount of nearly $280 million. But what had me confused was that I believe that claim by the FTB was filed in order for them to keep most of the overpayment that was made to them. Therefore, no reserves were necessary by the wmilt since had wmilt lost, it would have only meant that less money would have come back to the wmilt. Is this in fact correct?
Hey, nobody knows if the wmilt had reserves in the amount of $280 million for possible ca. tax liability?
Does anyone know if there was money in reserve for the possible settlement of the cal. tax issue? Initially, cal. wanted $280 million paid to them.In the filings, the wmilt said that they will avoid the possible $280 million liability, and receive $45 million. Was there money in that amount reserved? If this was already discussed, I missed it.
Actually, you have a point there. What would have been more accurate; "It's getting clearer than ever that equity NEVER had a chance to see the waterfall".
Really LG? I had hopes of some big wins by the wmilt but little by little, those hopes are dashed by hard cold reality. You have not IMO, shown any real facts to support a payout to equity escrows. I know you have "theories", but those aren't really worth a dime. I too can think up lots of theories to say we will get billions in the end, but like you, I can not find a single fact to "prove" any of those theories.
Yes, the $45 million goes to the LT. But the LT had prev. estimated that they would receive about $96 million from the Ca. refund. So you can see that this is not good news. Looks like the wmilt will be done before equity gets a dime.
sorry bout that large green.
There were no zeros left out, dude.
Have a look:
www.kccllc.net/wamu/document/0812229140317000000000007