Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
This excerpt is from October, 2008. The current year is 2023.
https://www.fdic.gov/foia/files/congressionalcorrespondence4thqtr2008.pdf
I have no comment.
You say XXXX is private but AZCowboy has implied that XXXX is a publicly traded company. Which one of you is full of it?
B is false.Ron added this part to his post, "“[True Statement, Class 19 will receive more than $7.5 Billion]”.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172020601
Here's what was originally said by John Maciel.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171680668
Try this on Bard for fun. "Did wamu have safe harbor assets?"
If the Underwriters had accepted to have their $24 million Class 18 claim allowed, with their $72 million Class 19 disallowed, they would have received a payment only if there was enough money left to reach Class 18. Sure, Class 18 received some payment but Class 18 was not paid in full.
However, since the Underwriters accepted to have their $24 million Class 18 claim disallowed and to have their $72 million Class 19 allowed they were guaranteed to receive 1.4 million WMIH Common Shares.
Any update on your " found documented evidence"?
According to you JPM made their $900 billion payment in 2017.
According to BMT, the Revive BOD have committed to inaction with regards to the demands of the litigious groups.
A few of the key points from the video (4 days ago)...
From Biomedical Trader (BMT)
"We have put forward an experienced executive to join the board, Dave Selkirk."
"We are aware of two groups that want to pursue legal action. I have tried to frame their demands as a win-win situation and we have received acknowledgment that the current BoD will be meeting to discuss."
"There are ways for an experienced executive to move forward even without agreement from the FDA, but these paths to revenue are not feasible without an experienced hand at the wheel."
-----------------------------------------------------------------------------------------------------------------------
Shortly ago, BMT just stated on Reddit that the BOD sent him a letter stating that he didn't need to communicate any further between the litigious groups and Revive but he's not sure what will happen next.
Wow! Scut Farkus graced us with his presence and now his little toady Grover Dill shows up too. :)
Oh, please don't go. When need your attention as much as you need ours. :( (sarcasm)
"If You didn't care ?, why did you bother to ask ?" I told you why i asked, "I just wanted to see what excuse you would give for not revealing (XXXX)." No surprise that reading comprehension is difficult for you.
" ... it really doesn't matter ... obviously, no more responses to u' ... there are others here' ..."
Actually YOU don't really matter but i find you entertaining. Yes, save your responses for those blinded faithful followers of yours who you've mislead and misguided over the years. They truly are your audience for attention. Don't 'waist' (LOL) your time on me.
"Not Allowed To Be Revealed To The Public", yet somehow you know. Are you bound by some secret agreement to not reveal (XXXX) yourself?
Honestly, i really don't give a crap who/what (XXXX) is because i know you're simply just making things up like you've done for years. I'm not one of your blinded unwavering faithful followers so your games don't work on me. I just wanted to see what excuse you would give for not revealing (XXXX).
Simple specific question? Simple enough, what is the name of the mysterious entity you refer to as (XXXX)?
Post a link to the transcript.
And...
From Court Hearing 4/22/2019
This is not word for word -
14:20 ==================================================================
Alice Griffin: Your Honor, it’s sorta like when you talk about what could come in the recoveries. I cannot prove definitely that there is going to be a recovery to Class 19 and Class 22, which are pari passu, but there certainly is a possibility there could be a recovery. And, I don’t believe anyone here can say otherwise. There’s never been an unambiguous statement.
Now, the Liquidating Trust has updated it’s FAQs section on it’s website in part because, i think, of my agitation in which it said WMB…they don’t expect anything from WMB and the WMB waterfall in the FDIC, which is understandable. Right now it seems to be insolvent to the tune of 14 billion.
Judge Mary Walrath: Alright, but either way…again, let’s go back to if they had tried this and what if the Liquidating Trustee had lost? There would have been a 100 million contractual claim, creditor claim, ahead of Classes 19 & 22.
Alice Griffin: Right, but if something came in, in excess that…
Judge Mary Walrath: Well, but…isn’t better…
Alice Griffin: I would rather have them then as creditors then have them diluting Class 19 by 1%.
Judge Mary Walrath: …rather than them getting 100% before you got anything?
Alice Griffin: Well, it depends on how much comes into the waterfall, your Honor. If it’s enough…because it’s capped as a creditor claim. It’s capped. Once they’re paid it’s over.
Judge Mary Walrath: Ok, but getting (100%) 100 million dollars versus getting 1% of your recovery, which could be anything. Isn’t getting 100% worse for you than sharing 1%?
Alice Griffin: I don’t...it depends on what comes in, your Honor.
Judge Mary Walrath: Currently, how much has come in?
Alice Griffin: Well, we don’t know.
Judge Mary Walrath: You’ve got nothing under the recovery waterfall...
Alice Griffin: No.
Judge Mary Walrath: …right?
Alice Griffin: Class 19 and Class 22, we’re pari passu with Class 22 getting 25% and Class 19 getting 75%. And, just for illustration, your Honor…basically, you need 10 billion dollars for the face securities in Class 19 to get Par. But, hypothetically, if there were twice that much it would mean that the Underwriters would get actually more like 144 (million).
Judge Mary Walrath: But, you would also get more than 100%.
Alice Griffin: Right.
Judge Mary Walrath: So,…
Alice Griffin: If they were capped to a creditor claim and say 20 billion came in…if they got their full 72 (million) they would get that, but Class 19 would not be giving up any value to these interest holders.
Judge Mary Walrath: But, if they had a creditor claim of a 100 million, that would be paid before you got anything.
Alice Griffin: Yes, absolutely.
Judge Mary Walrath: Based on what is currently anticipated that would be a worse recovery for you if they got their 100 million.
Alice Griffin: Currently, you Honor. But, we…a good many of us feel that there’s a possibility we could get substantially more than par.
=================================================================
https://www.boardpost.net/forum/index.php?topic=14092.msg253099#msg253099
Here's what was said...
6:20
Alice Griffin: This is an extraordinary settlement for 100%
Judge Mary Walrath: Well, 100% not as a claim though...not as a creditor.
Alice Griffin: Yes
Judge Mary Walrath: In a class below creditors.
Alice Griffin: Yes
Judge Mary Walrath: So, and, I think even in this case, shareholders are...that class is not going to get 100%. Is it?
Alice Griffin: We don't know.
Judge Mary Walrath: Class 19?
Alice Griffin: Well, your Honor, there's hope.
Judge Mary Walrath: Ok.
https://www.boardpost.net/forum/index.php?topic=13925.msg248887#msg248887
If you know who i am on BP then you should know of the prediction i made back in 2017. That being when AZCowboy's statement of a supposed documented proof of a $24 billion FDIC "Settlement", (which had a drop dead date of March 16,2017); when this drop dead date came and went without any distribution that there would still be closed-eyes individuals who would continue to have unwavering faith in him. (Well, here we are 6 years later and not only has there not been any distribution from this supposed "Settlement" but there hasn't been one single time since that AZCowboy has made mention of this "Settlement". I guess he wants people to forget about that falsehood.)
Those closed-eyes individuals still continue to have unwavering faith in him even after the obvious falsehoods he's told about his distribution for his WMB Notes.
Actually, you're the one who needs the "good luck" if you're going to take AZCowboy's word (without question) for everything he says.
(What i've learned over the many years is AZCowboy will NEVER have a shortage of faithful followers no matter how many falsehoods he tells.)
There's no need to dig deeper. AZCowboy had to give a ridiculous reason to go along with the false narrative of him receiving a distribution for his WMB Notes because he knew that time would inevitably show that no other WMB Note Holders were receiving their distribution.
"At this time, the Company will only provide regular updates via press releases as information becomes available."
This is the first time i've seen this statement in one of Revive's PR. When Biomedical Trader (BMT) sent Revive the letter of questions approximately 5 days ago he stated that he wanted Revive to respond to the questions by the end of business Friday, April 21, 2023.
Because of this latest PR and specifically the "At this time" language in it i have a feeling that Revive (Michael Frank) will forgo providing a non PR response to the letter/questions.
A reminder of the letter...https://www.reddit.com/r/RVVTF/comments/12kpawg/letter_sent_to_the_bod/
There's $271.2 billion ("already received/collected") in the "WMI/DST"? It's definitely there?
That's a lot of money. Where did the $271.2 billion come from? From whom?
Ear plugs work just as well against the noise of glorified pumpers and those who continuously state that it's "time to load" up.
Nope, Robert Johnson with Akin Gump said it. Start from page 63 where Mr Johnson says, "Good morning, Your Honor. Robert Johnson from Akin Gump,..". Continuing reading till you get to page 70 - 71 where Robert Johnson talks about the part (b) and the "retained assets".
http://www.sidedraught.com/stocks/WashingtonMutual/Transcripts/2010%20July%2020/08-12229-20100720.pdf
And, you're misinterpreting what is being described as the "retained assets".
(Rosen wasn't the one speaking, it was Robert Johnson with Akin Gump.)
Let's look at the entire paragraph and not just a snippet from it. What was stated was, "We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets. Now, it's my position, Your Honor, that the examiner doesn't need to do much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets."
Now, pay attention because Robert Johnson with Akin Gump gave the definition of what the "retained assets" are during this court hearing on July 2, 2010.
"Moving on, the next step is part (b), and that would be "such other claims and causes of action which shall be retained by the Debtors, and the proceeds thereof, if any, distributed to creditors and equity interest holders pursuant to the Plan, and the claims and defenses of third parties thereto," and we've defined that as the "Retained Asset Component.""
The pleasure is not mine, it's all yours.
Here's another one for your reading pleasure.
Friday, April 06, 2012 9:49:30 AM
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=74124867
"The $20BB figure to equity is not accurate.
If it were, where would the $20BB come from, exactly? What can be liquidated to generate the cash? The answers: nowhere, and nothing.
The Feb. 2012 MOR that set off the discussion is here: http://www.kccllc.net/documents/0812229/0812229120330000000000007.pdf See page 7 of that PDF for the relevant discussion points.
Note that this is just a balance sheet, and is not controlling as to the distribution of funds. The Plan of Reorganization controls that process, and overrules the numbers found on the balance sheet when it comes to distribution of funds to creditors and equity. We really shouldn't even be talking about distribution in terms of what the balance sheet shows.
But, since everyone is so worked up about the balance sheet, let's examine it for the sake of the discussion. On that balance sheet, you see a section for "Shareholders' Equity". That entire section is just another way of displaying assets already stated, assigning retained earnings for the benefit of different classes of equity. In other words, there are no new assets contained in the "shareholders' equity" section that are not already in the "assets" section at the top. "Total assets" at the top and "total liabilities and shareholders' equity" are the same number for a reason - namely, the shareholders' equity section is just a restatement of the exact same assets and liabilities.
- The line stating "Preferred stock: $7,392,341,954" represents the amount of money raised by the company when they originally sold their preferred stock.
- The line stating "Common stock: $13,026,981,633" represents the amount of money raised by the company when they originally sold their common stock.
- The line stating "Retained earnings - pre-petition: ($20,770,848,942)" represents the losses incurred by the company prior to the BK petition date (Incidentally, this is a reflection on the state of the company which prompted WMI to file bankruptcy in the first place.)
- The line stating "Retained earnings - post-petition: ($1,043,405,792)" represents the losses incurred by the company (at this point, "the estate") after the BK petition date.
So, you take the total amount of money raised from shareholders (that's "shareholders' equity") and subtract out the losses actually incurred, and you're left with ($2,148,342,893) which represents the amount of assets available to pay equity after other liabilities are paid. Notice this is a negative number. Even if we add back the $913,392,629 from WMI Investments (the right side of that same page) we are left with ($1,234,950,264)... still a negative number. Obviously, there are no stated assets that can pay equity yet, as there are still $1.2 Billion in liabilities not yet paid.
Additionally, the idea that somehow WMIH could "liquidate" the $7BB for Preferred and $13BB for Common stocks figures is sadly misguided. Those numbers represent PAST money raised and do not account for the subsequent losses the company incurred. The cash is long gone, they're just showing the original amount for balance sheet purposes. The best analogy I can think of is that it's rather like saying you can take a 10-year old paycheck stub and take it to the bank to cash it as if it were a check. They'll laugh you out of the bank. It's not real money, but it is a record of money you once received.
At this point, the only way equity can be paid for our liquidating trust interests is if the liquidating trust can somehow get more for certain assets than their present stated value, or if certain disputed higher-priority claims can be cancelled or lowered. (Also, if/when the litigation trust is paid, after all other liabilities are satisfied.) Remember, we're still subject to the absolute priority rule for non-equity claims. (Equity settled among ourselves for the 75/25 split, but that doesn't preclude us from being subordinate to claims which are still a higher priority than equity.)
I have a social disorder (although it's not quite full blown Asperger's), and can come across differently than intended...if you're offended by something I've said, I probably didn't mean it with such animosity - please take it with a grain of salt. :)"
Like i've said, the $20 billion was debunked a long time ago.
A post on Boardpost from Brinkster - April 13, 2012, 05:09:41 AM
https://www.boardpost.net/forum/index.php?topic=760.75msg8358#msg8358
Hey people,
I got a reply from someone from the LT at KCCLLC:
Dear Brinkster,
David Sharp forwarded me an email from you. Let me see if I can answer your question.
I’m assuming that the 20.7 billion you are referring to is the retained earnings number in the distributions to LT column. The column itself represents the assets and liabilities that go to the liquidating trust. But the $ amount used for equity is a historical accounting balance and does not represent an outstanding balance to collect from the trust. Even though equity interests have outstanding claims against the LT, the $ amount was booked to clear out historical balances and maintain a balanced balance sheet.
Should any value be available for equity interests after Creditors and Subordinated claim holders are paid in full, equity holders will share in the value in accordance with the plan but based on the number of shares owned as of the Record date, not a $ value.
Not sure if that answers the question but let me know if you need more.
Best regards
JOHN MACIEL
Chief Financial Officer -- WMI LIquidating Trust
Senior Director -- Alvarez & Marsal
What i'm saying is there is no $20 billion. If there was then smarter people than Ron would be talking about it's existence. The existence of the $20 billion was debunked a long time ago.
I'm aware of that. Why is it that a larger group of more intelligent individuals didn't come to the same conclusion as Ron?
What do you think about this?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=74124867
https://www.boardpost.net/forum/index.php?topic=760.msg7506#msg7506
Simply explain to all of us if this is true then why wasn't this subject heavily discussed way back in the day on BP amongst a larger group of more intelligent individuals?
Biomedical Trader (BMT) has stated that the letter (questions) will be sent tomorrow and will post the letter shortly after sending it.
The Court didn't approve Plan 6, the Court approved Plan 7 therefore there is no Plan 6 Liquidating Trust and never was.
That's because AZCowboy has no shame about making up falsehoods.
I'll do you one better.
From the DISCLOSURE STATEMENT FOR THE SEVENTH AMENDED JOINT PLAN OF AFFILIATED DEBTORS PURSUANT TO CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE...
https://www.kccllc.net/documents/0812229/0812229111212000000000005.pdf
"Similar to the prior versions of the Debtors’ plan of reorganization, the Seventh Amended
Plan is premised upon and incorporates the terms of the Global Settlement Agreement (defined below), which the Bankruptcy Court has determined is fair, reasonable and in the best interests of the Debtors’ estates."
But, all claims were not paid in full which is why "WMI equity holders" (Class 19 & Class 22) were never issued LTIs.
As was stated in the Declaration Of Michael Willingham In Support Of Confirmation Of The Seventh Amended Plan Of Reorganization, "the Court issued an opinion finding the Global Settlement to be fair and reasonable". The Global Settlement encompasses all parties.