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FBREF, I Did Not Say That.
75/25% Is NOT Global.
IMO, Preferred shareholders will see multiples of Face value.
Relax, The Process is moving, but with interruptions. Blame Alice who has worked for JPM and maybe now also.
Objections to the Subpoena.
Court Docket: #12606
Document Name: Notice of Service of WMILT's Objections to the Subpoena Propounded by Alice Griffith on the Trustee of WMILT (related document(s)[12600]) Filed by WMI Liquidating Trust. (De Lillo, Christopher)
Date Filed: 4/16/2019
Related Documents [1]
12600
http://www.kccllc.net/wamu/document/0812229190416000000000001
NOTICE OF SERVICE
PLEASE TAKE NOTICE that, on April 16, 2019, WMI Liquidating Trust (“WMILT”), as successor to Washington Mutual, Inc. and WMI Investment Corp. (collectively, the “Debtors”), served WMILT’s objections to the subpoena propounded by Alice Griffith on the trustee of WMILT as follows:
By Email and Hand Delivery
John D. McLaughlin, Jr.
Ciardi Ciardi & Astin
1204 N. King Street
Wilmington, DE 19801
Email: jmclaughlin@ciardilaw.com
Bo, Take CIC as an Example;
The WMILT never touches the Money that will come from the FDIC for CIC. The WMILT oversees the event as transpired and then can close the Cases because the GSA has been fulfilled and WMILT will not need to litigate the issue. WMILT still has litigation powers due to the Non-released FDIC.
Same for the ABS in FDIC Saveharbor. These funds are held by the FRB.
Thanks AZ for the Heads up,
for the updated 4-15-2019 Q&A. Para 25.
http://www.kccllc.net/documents/8817600/8817600190415000000000001.pdf
PDF17/25
B. Rosen Isn't Hosen anyone.
just read the Docs as being truthful and it all adds up.
Read the Docs.
Pick, Both Statement Are True.
The WMILT has very little money left. There is other sources of Money that are not assets of the WMILT, others that the WMILT oversees as events.
RE/DCR.
363/365 Sale.
CIC.
510(b).
FBREF, UW Gets Everything They,
deserve just like you and I.
B. Rosen and the WMILT is not lying to anyone. All the Docs are correct and true. Plenty of Money to go around.
Just read the Docs as truth and the Docs make sense.
See The First First Filing.
BK 0812228 for WMIIC;
http://www.kccllc.net/wamu/document/0812228080926000000000001
Read it very slow and carefully.
A&M (Nuc Pro Tunc) is managing WMIIC and other WMI stuff.
The Point #24 of Q&A,
Answers the erroneous accusation made by the "griffin tantrum" as stupid, but said very elegantly by real professionals.
The UW claims are valid and need to by addressed just like us as Class 19 holders.
UW were in Class 20 in Plan 6. Plan 7 forced UW into Plan 7.
The first Stip contract need to change the because Class 20 from Plan 6 was no longer valid in Plan 7 due to Pari passu.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148235883
The “Stipulation with Underwriters” From Q&A
24. What is the “Stipulation with Underwriters” and how does it affect my interests, if any, in the Trust?
Certain underwriters (including Morgan Stanley, Credit Suisse, and Goldman Sachs) filed indemnification claims against the estate for legal fees and settlement costs incurred in defending securities fraud action claims brought against them in connection with their role underwriting various WMI pre-petition security issuances (both debt and preferred equity) pursuant to indemnification provisions in their engagement letters. In the aggregate, they settled the securities fraud claims for approximately $88 million and incurred approximately $7.5 million in legal costs. Relatively early on in the chapter 11 cases, the Bankruptcy Court approved the subordination of these claims. As a result, they are included in Classes 18 and 19. WMILT reserved its rights to object to this claim on other bases in the event value was recovered by members of Class 18 and/or 19. Because Class 19 received a distribution of Reorganized WMI common stock in connection with the Initial Distribution, the parties began preparing to litigate the merits of the underwriters’ claim. Such litigation was expected to take the form of a quasi-trial on the securities fraud claims. After consideration, rather than incur potentially significant legal costs in connection with such litigation, WMILT negotiated what it believed (and continues to believe) to be a favorable resolution of the underwriters’ claim which minimized cash payments prior to any potential additional distributions to former equity holders. The principal financial terms of such settlement included: * The $24 million Class 18 claim was disallowed in full, resulting in no cash distributions on account of such claim; and * The $72 million Class 19 claim was deemed allowed, representing only 1% of Class 19. Based on trading prices at the time of the settlement, the value of the prospective stock distribution was approximately $1 million. Reorganized WMI common stock was reserved at the time the settlement was consummated.
WMILT believes that executing the settlement with the underwriters was in the best interests of the Trust and its beneficiaries. In particular, it removed $24 million of potential claims that would have to be paid prior to any funds becoming available to former equity holders and did not require any additional cash outlay.
In accordance with, and as contemplated by, Section 6.2 of the Liquidating Trust Agreement, the terms of the settlement with the underwriters were not submitted to the Bankruptcy Court for approval. Nevertheless, the principal terms of the settlement with the underwriters, including the effect thereof, were first disclosed in the Trust’s Form 10K for the period ended December 31, 2012, which was filed on April 1, 2013, only four days after the settlement was finalized. It was further disclosed in subsequent Quarterly Summary Reports filed with the Court and under Form 8-K as well as subsequent 10-K’s. The stipulation memorializing the underwriters’ settlement is appended to these FAQs FN 3 as Exhibit A.
Footnote 3;
3 Note that the provision in such stipulation contemplating bankruptcy court approval of the settlement was waived by the parties.
http://www.kccllc.net/documents/8817600/8817600190415000000000001.pdf
Split, You Know That Alice Has Worked,
for JPM and other of WMI adversaries.
You did some of that homework.
Verified from Alice own 'professional' website and listed as clients.
FBREF, Alice Has Worker For JPM.
Confirmed.
Delay Tactic.
Alice's Pro Hac Vice request should have disclosed her past affiliations with WMI's adversaries.
BB0b, It Was Disclosed.
It does not have to be an 8-K, It just needs to be disclosed and the 10-K was used.
March 28, 2013 to April 1, 2013.
Your edit to your post proves that you don't READ. Post quarter information is divulged in 10-K, 10-Q all the time.
BB0b, READ.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148235883
While the March 2013 Stipulation contained a provision regarding Court approval, such provision was subsequently waived by the parties given that Section 6.2 of the Liquidating Trust Agreement obviated the need for approval by the Court.
and;
12. On April 1, 2013, just days after the parties entered into the March 2013 Stipulation, WMILT filed its Form 10-K for the period ended December 31, 2012 (the “2012 10-K”) and disclosed the existence and the terms of the March 2013 Stipulation.
Pari passu.
From Plan 6;
4.18 Class 18 Subordinated Claims...33
4.19 Class 19 REIT Series...33
4.20 Class 20 Preferred Equity Interests...33
4.21 Class 21 Dime Warrants....33
4.22 Class 22 Common Equity Interests...33
http://www.kccllc.net/wamu/document/0812229101025000000000008
Plan 7 made all Preferred shares of Class 19 REIT Series and Class 20 Preferred Equity Interests Pari passu (ranking equally), and became Class 19 and Class 20 is now empty (without Claims).
The March 2013 Stipulation just cleaned up the Class 20 claims from the 510(b) Stipulation and removed the UW Class 18 claims.
Excellent Housekeeping Special K, WMILT Trustee.
UW Joinder;
11. After the filing of the Eighty-Third Omnibus Objection, and prior to the Underwriters’ deadline to respond thereto, WMILT and the Underwriters engaged in good faith, arms’ length negotiations to consensually resolve the Subordinated Claims and the Eighty-Third Omnibus Objection. As a result of those negotiations, on March 28, 2013, WMILT and the Underwriters entered into a valid and binding stipulation (the “March 2013 Stipulation”), pursuant to which the parties agreed to the following treatment of the Subordinated Claims: (a) the Class 18 Claims, in the amount of approximately $24 million, were disallowed with prejudice in their entirety and (b) the Class 19 Claims were allowed in the amount of $71,953,530.09 and treated in accordance with Section 23.1 of the Plan. FN 4.
Footnote 4;
While the March 2013 Stipulation contained a provision regarding Court approval, such provision was subsequently waived by the parties given that Section 6.2 of the Liquidating Trust Agreement obviated the need for approval by the Court.
I Posted Four things,
go find it.
There's more.
The 510(b) stipulation Was Signed,
Before Plan 7 and the Reorg of WMI. Signed on February 3rd 2011, and when Equity was still considered to be Out-of-the Money. Plan 7 allows for Equity to be IN-the-Money. UW Class 18 claim was then moved to Class 19.
Therefore the Underwriters 510(b) Class 18 claim was moved to Class 19 with the Class 19 Stipulation.
NO ONE is cheating you out of anything. Alice is just ginning you up and it worked.
Then WHY did the UW file anything?
Because NOW Alice is going to pay their Court costs just like she was asking to be compensated for her costs.
Alice needs MORE MONEY.
If you like the "griffin tantrum" then send her MORE of YOUR MONEY, or please stop wasting MY TIME.
RESERVATION OF RIGHTS
22. The Underwriters reserve the right to supplement and amend this Joinder and introduce evidence at any hearing regarding the Griffin Objection.
BB0b, See My More Recent Post.
No BB0b, They Are Asking the Court,
if the Court believes a re-approval is in order.
The parties believe the first approval was sufficient even after the agreed upon modification. The 510(b) Stipulation allowed for Modifications by the parties.
BB0b, you need to read the Docs. Read them at the rate equal to your comprehension rate.
Read slow BB0b.
BB0b, READ the DOCS.
WMILT;
http://www.kccllc.net/wamu/document/0812229190412000000000002
Underwriter's Joinder;
http://www.kccllc.net/wamu/document/0812229190412000000000003
They gave you the answer.
Will This Be "griffin tantrum" II?
Court Docket: #126XX
Document Name: Second Omnibus Objection (Substantive) of Alice Griffin, Class 19 Interest Holder, to Three Legged Boogeyman Who Stole Cookies on Behalf of Themselves and Certain Other Boogeymen (Filed by Alice Griffin)
Date Filed: 4/20/2019
Related Documents [1]
12595
Will You Be a Joinder to this One also?
No, They Are Asking the Court,
if the Court believes a re-approval is in order.
The parties believe the first approval was sufficient even after the agreed upon modification. The 510(b) Stipulation allowed for Modifications by the parties.
From the Stipulation;
As agreed upon by the Parties;
"9. This Stipulation shall be binding upon and inure to the benefit of WMILT, Claimants, and their respective successors and assigns. This Stipulation may not be modified other than by a signed writing executed by the Parties hereto or by further order of the Court, This Stipulation may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document."
Dated February 3rd, 2011. THJMFW signed the original Stipulation the every next day, February 4th. DONE.
Yes the old 510(b) Stipulation was MODIFIED into the new Class 19 Stipulation.
There was no need for a second Approval by the Court.
Alice Has Spun You Up.
Alice in Wonderland, the Queen of Financial Fiction.
Promoted the TPS rejection of Plan 7.
Created and Promoted D. Hoffman's attempt to un-Seal the Equity Committee's Sealed Document.
Green Mail.
The "griffin tantrum".
Alice is the One that is; underhanded.
Footnote 5
To the extent this Court determines that the March 2013 Stipulation should have been presented to this Court for approval, however, the Underwriters respectfully submit that WMILT should be afforded the opportunity to file a motion to approve the March 2013 Stipulation and WMILT (and the Underwriters) should have an opportunity to demonstrate that the March 2013 Stipulation was fair and equitable and should be approved.
The Stipulation Parties had the right to Modify the Stipulation and they did for a very good reason. The Underwriters belong in Class 19 not in 510(b).
Underwriters Did Not Get,
ESC Tracking Markers from the Settlement as a payment. They have ESC Tracking Markers because they owned P's outright and received WMIH shares because they signed Release just like the rest of us.
The "griffin tantrum" is all built on foolish misconceptions. It was very correct for the parties of the Stipulation to modify the 510(b) Class 18 Stipulation into the Class 19 Stipulation because the Underwriters will receive their due as owners of Class 19 preferred shares just like we will.
“griffins tantrum”
18. Griffin’s assertion that WMILT should not have entered into the March 2013 Stipulation because “one doesn’t pay something for nothing,” is misguided. Griffin ignores the fact that the Underwriters and WMILT agreed that the Underwriters held valid Class 19 Claims against the Debtors. Moreover, although the Underwriters asserted that they also had valid Class 18 Claims against the Debtors, the Underwriters agreed to have their Class 18 Claims, in the amount of approximately $24 million, which would have been senior in right of recovery to holders in Classes 19, 21 and 22, disallowed in their entirety.
19. Moreover, the Underwriters did not receive a windfall on account of the allowance of their Class 19 Claims. In fact, they received the distribution applicable to their Class 19 Claims, which turned out to be a nominal percentage distribution of the common stock of Reorganized WMI. The value of the Reorganized Debtors’ equity interests distributed pursuant to the March 2013 Stipulation was, as of the time the equity interests were issued, approximately $1.1 million.
20. Finally, Griffin erroneously claims that the existence of the March 2013 Stipulation was not disclosed for at least a year. In fact, WMILT disclosed the existence and terms of the March 2013 Stipulation in its 2012 10-K filed on April 1, 2013, mere days after the March 2013 Stipulation was executed.
21. Accordingly, for the reasons stated herein and in the WMILT Response, the Griffin Objection should be dismissed or, if considered, denied in its entirety. (FN 5)
xoom, Furthermore,
WMILT cannot create Series R stock. The WMILT does not have a depository of Series R stock to be able to settle/transfer to the Underwriters. The Underwriters has to possess the shares outright. As releasing Series R holders, the Underwriters also received WMIH stock.
xoom, Furthermore,
WMILT cannot create Series R stock. The WMILT does not have a depository of Series R stock to be able to settle/transfer to the Underwriters. The Underwriters has to possess the shares outright. As releasing Series R holders, the Underwriters also received WMIH stock.
From the Stipulation;
As agreed upon by the Parties;
"9. This Stipulation shall be binding upon and inure to the benefit of WMILT, Claimants, and their respective successors and assigns. This Stipulation may not be modified other than by a signed writing executed by the Parties hereto or by further order of the Court, This Stipulation may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document."
Dated February 3rd, 2011. THJMFW signed the original Stipulation the every next day, February 4th. DONE.
Yes the old 510(b) Stipulation was MODIFIED into the new Class 19 Stipulation.
There was no need for a second Approval by the Court.
xoom, See Doc #10666.
Court Docket: #10666
Document Name: Eighty-Third Omnibus (Substantive) Objection of WMI Liquidating Trust to Proofs of Claim Filed by Morgan Stanley & Co, Inc., Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, and Other Underwriter Defendants (Claim Nos. 3935, 4045, 4046, 4047) Asserting Claims for Indemnification Relating to Securities Litigation(Note: This document is 10.1 MB. Depending on the speed of your internet connection, download of this document may take several minutes.)
Date Filed: 9/14/2012
http://www.kccllc.net/wamu/document/0812229120914000000000006
The first Stipulation, "The 510(b) Stipulation" place their Claims in Class 18. WMILT
B. SECTION 510(8) OBJECTION & SETTLEMENT which then modified the Stipulation to place the Underwriters in Class 19.
IMO, As it became a where the Supporting ABS Trusts would cover the Underwriters Claims as FDIC/FRB Saveharbor is removed and the Trusts commence distributions again. The Stipulation was modified to move the Underwriters claims from Class 18 510(b) to Class 19.
Remember the FRB has talked about releasing $4.5 Trillion in RMBS held by the FRB in monthly distributions. Hence; Sinkable. Some ABS are non-sinking and are paid out in lumpsum payment, like Class 17 WMB Notes.
History;
When reading about the History, Remember Project West which started in 2005.
EXHIBIT C
CONSOLIDATED CLASS ACTION COMPLAINT
PDF 409/553
E. The December 2007 Offering
EXHIBIT D and EXHIBIT E
Series K and Series R Underwriting.
The WMILT is only talking about the WMILT.
Yes, Johnny. We need to be turning our focus to The FDIC/FRB for 510(b) distributions, not the WMILT. The only exception is DER and WM Capital Trusts 2001 which are not an assets of the LT.
Class 18 is in 510(b). 510(b) is the Pay-Point for WMB issues.
http://wmish.com/POR/7/exH.pdf
MARTA and Tranquility Master Fund are both in 510(b) because WAAC and WMMSC are "affiliates of the debtor" WMI. MARTA and Tranquility Master Fund and all other ABS investors like WMI subs will receive their accumulated cash/funds as the FDIC/FRB release the ABS Trusts from SaveHarbor. 510(b) is the entry point for these distributions. FDIC/FRB need a quiet Docket as not to make distributions as litigation relating to the Trusts is happening. So, Shut-up Alice.
No need for MARTA to re-file when MARTA is paid. Just that simple.
510(b) is also the Pay-Point for "the Final Payment" to WMI from FDIC for "WMB and it's assets".
510(b) comes from FDIC/FRB. We are now at Tranche 5 to make distributions to all ABS holders like MARTA and Tranche 6.
ADD; Someone please tell jerry I don't read any of his posts.
THJMFW Approved the Stipulation on;
February 4th, 2011. One day after the Stipulation was agreed to. Yes, the Stipulation can, and was Modified and the Modification did not need to be re-approved.
Please see Alice's own filing for THJMFW's signature approving the Stipulation. PDF20/77.
ORDER APPROVING STIPULATION BETWEEN CLAIMANTS CREDIT SUISSE SECURITIES (USA) LLC, GOLDMAN, SACHS & CO„ AND MORGAN STANLEY & CO., INC., AND THE DEBTORS RESOLVING THE TWENTY-NINTH OMNIBUS (SUBSTANTIVE) OBJECTION TO CLAIMS (PURSUANT) TO 510(b) OF THE BANKRUPCY CODE
From the Stipulation;
"9. This Stipulation shall be binding upon and inure to the benefit of WMILT, Claimants, and their respective successors and assigns. This Stipulation may not be modified other than by a signed writing executed by the Parties hereto or by further order of the Court, This Stipulation may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document."
Alice needs to read her own filed Document.
The Underwriters own P's that had not been sold into the Market. Product on the shelf! That is why the Underwriters received WMIH shares and have a Class 19 Claim just like Me.
See Joinder, PARA 17 - 21.
Ops, Doc is Only 9 Pages.
CONCLUSION
Based upon the foregoing and the arguments set forth in the WMILT Response, the Underwriters respectfully request that the Court enter an order (a) dismissing the Griffin Objection or alternatively, denying the Griffin Objection in its entirety and (b) granting such and further relief as the Court deems just and proper.
True Regarding Any Assets Held by WMILT.
The WMILT is only talking about the WMILT.
510(b) comes from FDIC/FRB. We are now at Tranche 5 to make distributions to all ABS holders like MARTA and Tranche 6.
If MARTA is paid then why refile.
CONCLUSION
Based upon the foregoing and the arguments set forth in the WMILT Response, the Underwriters respectfully request that the Court enter an order (a) dismissing the Griffin Objection or alternatively, denying the Griffin Objection in its entirety and (b) granting such and further relief
as the Court deems just and proper.
"the Underwriters respectfully request that the Court enter an order"
Watch the Docket for an Order from THJMFW.
WHEREFORE WMILT
respectfully requests that the Court enter an order (a) dismissing the Griffin Objection or alternatively, denying the Griffin Objection in its entirety and (b) granting WMILT such and further relief as is just.
PDF 23.
Joinder of Morgan Stanley & Co.
Court Docket: #12605
Document Name: Joinder of Morgan Stanley & Co., Incorporated, Credit Suisse Securities (USA) LLC, and Goldman, Sachs & Co. to Response of WMI Liquidating Trust to First Omnibus Objection (Substantive) of Alice Griffin, Class 19 Interest Holder, to Claims (Nos. 3935 And 4045) Allowed Pursuant to a Stipulation Dated March 28, 2013 Between The WMI Liquidating Trust and Morgan Stanley & Co., Incorporated, Credit Suisse Securities (USA) LLC, and Goldman, Sachs & Co., on Behalf of Themselves and Certain Underwriters (related document(s)[12604]) Filed by Goldman Sachs & Co., Morgan Stanley & Co., Inc., and Credit Suisse Securities (USA) LLC. (Attachments: # (1) Certificate of Service) (Bowden, William)
Date Filed: 4/12/2019
http://www.kccllc.net/wamu/document/0812229190412000000000003
See PDF 15.
The Griffin Objection is Untimely, Factually and Legally Inaccurate and Fails to Understand the Economic Impact of the Final Stipulation
A. Griffin Does Not have Standing to File the Griffin Objection