Democracy starts with you, tag your it! ...Thom Hartman
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 wasn’t Chapter 7 where everything must be declared.
This WAS Chapter 11
COOP is still buying its own shares back. I doubt they wanna pay more... Probably shorting itself via a partner
Thanks for getting as far as you did. Great questions. It is apparent to me, that Charles Smith wrote those extremely lawyerly replies on behalf of Doreen. Same LT song, second verse.
The lawyer diction dance gets off target in the final reply, and what isn't stated, is interesting. Passive securitization residuals is a hot potato. Bk triggers
People hired for the Chapter 11 reorg, can only legally talk about what's included in the reorg - within the scope of their work.
no actually it was not revealed in court first. It was figured out years before that on Boardpost, and some people were 'allegedly' banned for making people aware of it
Well, she did work for JPM, she was against forming an Equity Committee, and most significantly she didn't reveal herself voluntarily or so heroically as your describe it - people had to figure it out when we realized a fox was in the henhouse.
She Quixotically chased windmills that delayed our settlement by multiple years..the effect still ongoing, attempting to slay the approved bankruptcy plan in an attempt to unravel our hard fought settlement results so that creditors and other settlement note holders would finally get to bury us with another 10 year brand new bankruptcy do-over....and I could go on
Stockholm Syndrome affects many folks here. She is FOS and batting 0/1000.
Another new shiny ID
Im not surprised the 10-K is a snoozer. Since the WMILT death certificate read effective 12/31/21, I kinda figured par for the course would be for COOP to continue in as much secrecy as usual....that they can get away with. What perfect cover....to delay again
Im sure COOP happily used (maybe coordinated with the LT) to kick the can down the road into 2022 to not have to reveal information prematurely.
If WMILT is officially over on the last day of the year, how can COOP 'effect' structural change in the waning seconds? (sarcasm)
I think 10-K worthy changes to COOP will happen over the next few months. I also expect the usual MB bots to scare more shares out, for COOP to repurchase.
Same with my Schwab
Ditto! The bottle opener has broken yet, so I shall remain here ??
Yes WMILT cusips are worthless, as the WMILT is as dead as the stinky stew crew's paycheck
I'm at ease as well. DTC maintains our positions, as the now dead WMILT used to. These broker tracking marker removals are related ONLY to the distribution of "certain" LT distributions, now complete with the passing of the WMILT
Think about this... legacy income assets are withheld safe from BK by 3rd party trustees. These trustees have zero legal or reportable obligations to the WMILT and its tracking markers, and zero obligations to pass thru assets through the WMILT via our brokerages.
These trustees pass thru directly to us via DTC and/or Compushare.
This whole cancellation event today was predictable and I'm only surprised that we are here already, so we must be getting close.. Especially now that COOP is nearing the $50 trigger - which by liquidation preference in BK will end, and the trustees overseeing our once 'on-ice' BK legacy assets, will be TELLing us it's time to celebrate.
WE are close
Good point!
Today oddly has that feeling of when Rosen coordinated a takedown of the stock in Court.
Incidentally mine at Schwab have been removed but they show up in history transactions but it doesn’t say what the transaction is. It doesn’t say removed, redemption, etc. nothing it just shows the count and the cusip in trade history, as if something is still yet to happen. All other transactions are labeled and show whether they were deductions or contributions and oddly the escrows are just listed with no explanation up or down
New Board member from PayPal Daniela Jorge
https://investors.mrcoopergroup.com/events-and-presentations/press-releases/press-release-details/2022/Mr.-Cooper-Group-Announces-Election-of-Daniela-Jorge-to-Board-of-Directors/default.aspx
"We are excited to welcome Daniela to our board and believe her experience leading organizations through design transformations that enhance the customer and user experience will be critical as we remain focused on delighting our customers,” said Jay Bray, Chairman and CEO of Mr. Cooper Group.
That’s it! Thx jb
Anybody got a handy link to the WMILT termination letter about a week ago? I can't find it anywhere. I know I read it....but it doesn't come up in searches at all?
Just wanted to re-read it. TIA
No. Only the securitization assets that created monthly income have diminished as people refi, sell, pay off etc their mortgage debt.
That monthly income and related compounding interest over the last 10 bankruptcy years, has never diminished. It is held in trust by 3rd party fiduciaries for those who released.
I have no idea. But in my mind, legacy WMI interests payable to those who released, exists 'legally' behind multiple incorporated Delaware veils, outside of 1) Bankruptcy and 2) the FDIC.
The BK had to end first, to remove the liability taint and stench of that battle between equity and creditors.... to determine who ends up with the legacy interests.
These DE trusts managing legacy interests, don't report to the old BK court, as the judge saw and ruled on them years ago for what they were...untouchable to WMI creditors, and the FDIC. So they went into standby mode while the WMI estate was fought over for 10 years - how can they pay the quarterly residuals, when the beneficiary hasn't been awarded, and the legal contests continue (no-thanks to bop for delaying us for another year +)
These DE trust dont report to the FDIC because the FDIC has no jurisdiction. No bank holding company is stupid enough to place all their assets in one corporate basket called WAMU, whereby the FDIC could theoretically seize everything one day. How could any bank raise capital/debt if creditors knew all your collatoral was first dibs to the FDIC? Literally zero banks in the world keep their assets within the banks corporate entity. The FDIC literally only oversees the WAMU bank and its meager assets.
WMI - now trading as COOP, with one (reported as of yet) major subsidiary called Mr Cooper, was/is just a PASSIVE recipient of the DE trusts. However, during BK there is nothing to receive or report as the DE trusts are in standby mode. "hide the sausage" in plain sight for those who see. Old WMI 10-Ks pre 2008 always told the truth regarding trust income....and that truth didn't go extinct, it went into standby mode.
WMI (COOP) at the moment......has no control of the DE trusts - WMI (trading as COOP) only had/has control of itself and ending the BK....as the only means to receive these 'on ice during BK' assets. Those who released will receive their share of the associated trusts accumulated/ing income, as WMI (trading as COOP) with the official end of BK and the WMILT, can once again 10 + years later...be reunited with its passive income - stand by mode 10 year holdings go to those who released. Ongoing future passive income benefits all current WMI (COOP) holders going forward.
1) Now that the BK and the WMILT is hours from being DOA, WMI trading as COOP will have to acknowledge the 'legacy interests' from old WMI, held apart from BK proceedings. There is no way around this. Maybe it'll take another quarter to report, as anything happening now is mid Q1. I expect to see something Q2 at the latest....Maybe it'll all be blended and folded into a new M&A ?
2) FDIC has no grip over WMI, only WMI's banking subs (WAMU). Whatever banking related assets remain, without seeing the 'complete' PAA, I've always figured the FDIC would find a way to absorb any minimal WAMU bank asset residuals into a loss, so that the history of WAMU story line stays intact....'largest failed bank'... (not).
doin well, thx.... ready for these boring COOP days to end.
Blackrock just filed another 13 G/A showing a reduced holding of shares with "Voting Power" versus yesterdays filed 13 G/A.
As you said...imminent... getting ducks in a row, and quick
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/64881e71-7ab3-4fbb-91b4-c7a9ee7a4de5.pdf
Thanks jb
ACD"4 Merged out" 2009
"Merged-Outgoing into NQ DE" which is WM CITATION HOLDINGS LLC...the surviving entity.
The Merger Agreement is an interesting read...https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=01868511-7335023
just a general FYI.. Anyone can still search KCCLLC under the 'Precedent Cases' tab, and run a search for any Washington Mutual court document...as Judge MW directed.
So yes, WMI is gone as an 'ACTIVE' case file for KCCLLC as the WMILT, etc has been dead and gone....but one could still pull up the documents via the search tab on KCCLLC.
The files haven't been flushed as I've read some people seem to think.
You bought through a third party. This is not what AZ has said he did. He bought privately, as a FINRA compliant investor.
In your case, you said you purchased thru Etrade, who is the actual FINRA compliant investor. So Etrade would be in receipt of the same changes and info as AZ, not you as a third party. Whether or not ETrade chooses to share this info with you, or is even capable of understanding the significance of any changes, is another issue.
Thx AZ for keeping the engine fired on this train. I am ready, lol!!!!!
Great post and a great read. I wonder then.... my thought is maybe the PLR's final extension being granted to "Date 7"....now gives us the drop dead date by which individual ESC cusips will get their accumulated returns before finally ?
What is Date 7 off the top of anyones head? my memory on past dates is terrible ; )
$38 is the new $36.
?? for sure! And for a few late parties
I like that verse the best!! hahahahahahahaha : )
In honor of the remora and the '75/25 to the end' deflation, I leave you with a little Saturday ditty......baby shark shark shark.....
Ha! dang I can't wait to see that : )
Thanks, enjoy the holiday!
The reason the judge didnt allow certain items to be included in the (2) bankruptcies, is Because its Chapter 11 re-org, not Chapter 7 liquidation. That is why only 6/10 of the pie ended up in BK court, and 4/10 of the pie are in the green room waiting for us after the show to party like its 1999.
I wouldn't waste time arguing with incentivized IDs. Hit the iggy and let them bots roomba themselves into irrelevancy.
No, BK documents tells exactly what WMIH owned as far as Bankruptcy Chapter 11 assets were. Just 6/10 of the pie.
Bankruptcy remote is just that. untouchable, out of the debtors control and LT SEC reporting, and the greedy a$$ hedgeholes they were in bed with.
WMIH had 6/10 of the pie in BK jurisdiction which had to be reported as such specifically, and 4/10 of the pie to be retrieved and reunited with later after the conclusion of every ambulance chasing attorney has run its course.
Absolutely!
Sidedraft pointed out https://gofile.io/welcome to me earlier this year when trying to post something I found..
A free place to host downloads. Maybe it'll work.
That's the way I interpreted his post to mean.. Kind of funny that the FDIC keeps the potential of a payment secret to the end, once all creditors got their haircuts. Yay for us, lol
I think this FDIC payment would just benefit holders of COOP commons of the reorganized WMIH now calling itself Mr. Cooper Group.
It was their hardship and costs paid in Chapter 11, due to FDIC taking. I think this would be a COOP common holder benefit, not legacy who released. But I dont really know...by extension former shareholders were harmed by the FDIC taking, so maybe there is some crossover.
But again, I'm completely guessing here.