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Note 6: Disputed Equity Escrow
Yes, the last sentence is a typo; Should be As of December 31, 2018
"As of December 31, 2019, 128,857 shares of Reorganized WMI common stock and a de minimus amount of cash, remained in the Disputed Equity Escrow."
Others; Please see the Replied to post to read Note 6 carefully.
Feb 25th 2019 Doc 12585 freed-up all the stuff in the other Claim Reserves. The DCR normally talked about was set-aside the Employee Claimants. There is other Reserves, like the Disputed Equity Escrow, and the Retained Earnings/DCR, and 363/365 Sale that are designated for Equity Escrow Holders now that all Claims and obligation have been removed from the Debtor Estate-WMI/WMIIC.
Famous Footnotes.
Our new one is Footnote 6.
The Liabilities Never Became Liabilities.
Example; The Customer Deposit Base was transferred NOT withdrawn. Therefore the Customer Deposit Base Never Became a Liability.
Subtract ZERO.
Example 2; Doc #5885, FN 2.
Fifth Amendment Taking.
WMI is a creditor to WMB. WMB's liabilities are to WMI.
The ~$24 - $26 billion number people talk about is the 363/365 Sale. Please see Equity Committees presentation.
Hint; Rabbi Trusts, reimbursal $4B for TPS exchange Event,
HM, WMI Sued the FDIC for $305 Billion.
The FDIC has declared $299 Billion for "WMB and it's assets".
So, even your $80 Billion is a low-ball number.
WMB securitized Two Trillion in RMBS. The RMBS are a subset of the ABS produced. Yes a bigger number than Two Trillion in ABS!
Money for "WMB and it's assets".
Money from ABS that WMI subs invested in.
Now what happens when damages and interest is added in.
HLCE if you invested correctly,
Ron
Offices of Sullivan & Cromwell LLP,
Sullivan & Cromwell LLP is JPM's council.
"The documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross receipt for the Securities, will be delivered at the offices of Sullivan & Cromwell LLP, 125 Broad Street, New York, New York 10004 (the “ Closing Location ”), and the Securities will be credited to the account of the Representatives at DTC, all at the Time of Delivery. A meeting will be held at the Closing Location at 4:00 p.m., New York City time, on the New York Business Day next preceding the Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4,"
Yes JPM owes stock and cast to;
WMI,
Lehmans,
AIG,
Thornburg Mortgage,
and Others.
JPM's derivative position was the Insurance Policies for the ABS Trusts of which JPM owned 57% of the Derivative market back in 2008. The 11.9% loss in the Globic settlement would need to be made-up by the ABS Trust Insurance Policies as insured Bonds.
Other Derivative Insurance Policies Writers like BofA will also need to cover the ABS Trusts losses from the 2008 "Credit Crises".
If RICO, JPM Could Buy,
"WMB and it's assets" with JPM stock, 1X. But the other 2/3 of 3X would need to be in cash.
Remember 3X for "Willful Misconduct" RICO?
JPM can't pay the penalty portion with stock, only cash.
JPM settled very fast after Doc #1997 was filed.
The FDIC says "WMB and it's assets" are worth $299B.
?? How many share will JPM need?? :)
S4V, Share for Value.
The Reorg Debtor still owes compensation to old Equity Classes 19 and 22 for property held.
Hint; WaMu 1031, WMIIC that was 'dissolved', and a whole bunch of other Stuff.
IMO'
1:1 at 12 for 22. :)
1:1 for 19
Document #12499, Rosen Said,
" and, shortly thereafter, seek to close the Debtors’ chapter 11 cases."
Rosen made no comments about other issues needing to be resolved like MARTA before closing the cases.
PDF 5/48;
"4. At this time, the Claims and the pending Adversary Proceedings are the lone hurdles standing in the way of closing the Debtors’ chapter 11 cases. The Trust understands that Claimants may not wish to risk subsequent adverse determinations in the Adversary Proceedings or incur fees and expenses in defense of the claims and causes of action asserted therein. Accordingly, in the event that the Court grants the Omnibus Objections, disallows the Claims and authorizes the release and distribution of funds and Liquidating Trust Interests in the Disputed Claims Reserve, the Trust will voluntarily withdraw the Adversary Proceedings, with prejudice, and, shortly thereafter, seek to close the Debtors’ chapter 11 cases.
5. For these reasons, and those set forth herein, the Motion should be
granted."
http://www.kccllc.net/wamu/document/0812229180830000000000001
GRANTED !
Document #12585;
http://www.kccllc.net/wamu/document/0812229190201000000000002
Bye, Bye Employee Claimants !
Document #12584;
http://www.kccllc.net/wamu/document/0812229190201000000000001
Understand Plan 6, Participate in Plan 7.
Hint; 510(b) moved as Exhibit H as changed !
HLCE,
Ron
HM, again PIERS Are Done. EOM.
HM, PIERS Are Done.
A CASH DISTRIBUTION OF APPROXIMATELY $50 MILLION WAS MADE TO TRANCHE 4 LTI HOLDERS ON FEBRUARY 25, 2019. THESE LTI HOLDERS INCLUDE SENIOR FLOATING RATE NOTE, PIERS AND GENERAL UNSECURED CLAIMANTS. ALL TRANCHE 4 CLAIMS HAVE BEEN PAID IN FULL.
PLEASE CLICK HERE TO VIEW THE PRESS RELEASE.
http://www.kccllc.net/documents/8817600/8817600190225000000000001.pdf
HM, WF debentures is Millions.
The WMCT 2001 III in Billions.
Factor of 1,000.
Debentures will be paid infull as Distributions are made.
Everyone will be happy.
HLCE,
Ron
RICO Project West RICO.
RICO Project West RICO.
Doc #1997 for Project West.
See PDF 435. ANICO. Rotella received a $20 Million bonus from JPM. Read it.
Thanks Boris the Spider.
Yes AZ, No One Wants to Talk About;
See AZ's post;
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147437723
"Upon any voluntary or involuntary liquidation or bankruptcy of Washington Mutual, the Property Trustee, as holder of the debentures, would be a subordinated creditor of Washington Mutual, subordinated in right of payment to all Senior Indebtedness as set forth in the indenture, but entitled to receive payment in full of principal and interest before any stockholders of Washington Mutual receive payments or distributions. The positions of a holder of preferred securities and a holder of the debentures relative to other creditors and to stockholders of Washington Mutual in the event of liquidation or bankruptcy of Washington Mutual should be substantially the same."
All WMI obligations have been satisfied. There are no more Claims against the Estate. 510(b) is the only item left in Tranche 5. 510(b) is the Pay-Point for "WMB and it's assets".
Understand Plan 6, participate in Plan 7, and the change to Exhibit H.
Save Harbor.
Hundreds of WaMu ABS Trusts.
WMB securitized Two Trillion in RMBS.
?? Credit Cards ??
?? Commercial Leases ??
All WMI obligations have been satisfied. There are no more Claims against the Estate. 510(b) is the only item left in Tranche 5. 510(b) is the Pay-Point for "WMB and it's assets".
Next 510(b) for WMB and ABS returns at anytime now.
Game on !
WMIIC, Investment Corp.
Invests in ABS Trusts and other investments. WMIIC pays dividends to WMI.
WMIIC is a WMI subsidiaries.
Please see the first first filing.
The LT Doesn't Govern Exhibit H,
or bankruptcy remote assets. The LT only governs the few item put in it to satisfy Claims against the Estate and some related Tax returns.
All of the Estates obligations have been satisfied. We await 510(b) payment and ABS distributions.
See AZ's post;
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147437723
"Upon any voluntary or involuntary liquidation or bankruptcy of Washington Mutual, the Property Trustee, as holder of the debentures, would be a subordinated creditor of Washington Mutual, subordinated in right of payment to all Senior Indebtedness as set forth in the indenture, but entitled to receive payment in full of principal and interest before any stockholders of Washington Mutual receive payments or distributions. The positions of a holder of preferred securities and a holder of the debentures relative to other creditors and to stockholders of Washington Mutual in the event of liquidation or bankruptcy of Washington Mutual should be substantially the same."
We await the Property Trustee / Indentured Trustee for the ABS Trusts.
Exhibit H Governs the LT's Distributions,
Not the LT governs the Washington Mutual, Inc. Waterfall Recovery Matrix, Exhibit H for distributions!
Exhibit H; Tranche 5 = 510(b) Sub Claims.
http://wmish.com/POR/7/exH.pdf
Therefore; Tranche 6 distributions can and will come from other sources bypassing the WMILT.
Hello KCC, DTCC, FDIC/JPM, COOP, Others(LIBOR).
It Says Creditors, Not Claimants.
The Employee Claimants are done. WMI is the only creditor in Class 18, Tranche 5.
"After giving effect to the Distribution, all General Unsecured Claims, including the Senior Floating Rate Note Claims and PIERS Claims, will have been paid-in-full and, to the extent funds become available, succeeding distributions will begin with Class 18 creditors."
http://www.kccllc.net/documents/8817600/8817600190225000000000001.pdf
What happened to Class 17? Wink, Wink !
WMI is a creditor to WMB. Doc #5885, FN 2.
See Reply to post.
Dmcemc, You Tell Me,
what could be holding things up?
What Tranche 4 and Tranche 5 WMI obligations are not paid in full?
Hint; Exhibit H, 510(b).
In Exhibit H, Tranche-5, 510(b) is the only entry. No class 17 or class 18. Just; 510(b).
I don't need to say it again.
Need a link?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147168535
But Now There is,
nothing keeping IT from Happening at anytime without warning from ABS or WMB/JPM sources.
Yes, and It's Only Been,
twelve days since 2-25-19.
All Tranche 4 and Tranche 5 WMI obligations have been satisfied. Tranche 5 510(b) sits in front of Tranche 6 Equity classes. Class 17 is paid from the same scouse. JPM.
Exhibit H.
Great Post AZ.
I love this line;
"As of September 30, 2007, we had total consolidated liabilities of approximately $306 billion."
"We" is the officers of WMI.
The "liabilities" are the "assets" due to the Investors in WMI.
HLCE,
Ron
Pick, Correct.
Hint; It's not coming from the WMILT. No LTI's required.
WHO IS "OTHERS"?
Thanks Flow.
Subordinated Claims.
Subordinated Claims is referencing 510(b) subordination. 510(b) is the Pay-point for all WMB issues like WMB Notes, "the Final Payment", and MARTA.
PickStocks, The HFs and I Both Agree,
that Tranche 6 will receive 510(b) from Tranche 5 and associated ABS Trust Funds.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147138922
HM, You are Right.
WMB Securitized Two Trillion in RMBS Alone.
That does not include other ABS securitizations into Trusts that WMI invested in through WMIIC and other Subs.
Now that Tranche 4 is closed, ABS Trust distributions will become available from the specific Trusts to the Certificate holders by their Trustee.
Hint: WMIIC is an Accredited Investor that can invest in ABS.
So, Yes the ABS Safe Harbor distributions will be significant.
The only LIBOR funds that become available to WMILT is if Tranche 1-4 have any LIBOR based interest rate calculations due them.
Series K as an example, LIBOR payment will be through their ESC Tracking Markers not the WMILT.
Claw, That is a True Statement Because;
the “Washington Mutual Capital Trust 2001” liquidation preference will NOT be coming from/thru the WMILT.
Hint; Do your PIERS have ESC Tracking Markers like I have for my Released UQs? Yes, I have released PQs also.
DTCC.
I will never receive an LTI to receive distributions from;
“Off-Book”, “Safe Harbor Assets” (e.g.,“Washington Mutual Capital Trust 2001”, “Posit”, or “Retained Earnings)or other assets, Washington Mutual Bank Receivership.
Willie, Yes That is What I'm Saying.
There is only one Claim in front of us in the Exhibit H payout Matrix. That Claim is 510(b). 510(b) is the claim to us as payment from the FDIC for "WMB and it's assets". 510(b) is CIC and closure to the GSA.
All of our Tranche 4 and Tranche 5 obligations are done/completed/finished. Therefore, the only thing left in Tranche 5 is 510(b).
Mr. Cooper should have a very busy week.
WMI Filed a Claim Against the FDIC.
WMI sued the FDIC in D.C. for ~$305B.
The FDIC has stated; $299B for "WMB and it's assets". Tranche 5 deals with WMB issues.
What If MARTA Just Doesn't Re-file?
DONE?
MARTA MARTA MARTA.
MARTA can "re-file their proof of claim only if and when recoveries are available to Subordinated Claim holders (Class 18)."
JPM is taking responsibility for the payment into Class 18 as the Pay-Point based on the GSA. Making the 510(b) claim over-funded by making "the Final Payment" to WMI for "WMB and it's assets" by the FDIC from JPM. JPM pays the FDIC and the FDIC pays into Class 18 510(b).
Mortgage Pass-Through Litigation
".. that WMI was not a controlling person to any entities that committed securities violations, that there were no underlying securities law violations, that the federal claims were barred by the statute of limitations, and that, because WMI was removed as a defendant in the Mortgage Pass-Through Litigation, which litigation gives rise to the proof of claim, the Debtors should not have any liability with respect to the allegations contained in the lawsuit.
.. citing the Stipulation, found that the plaintiffs’ new proofs of claim had been filed prematurely, and stated that the claimants would be allowed to re-file their proof of claim only if and when recoveries are available to Subordinated Claim holders (Class 18). Additionally, the Bankruptcy Court denied the plaintiffs’ motion to classify such claim as a general unsecured claim, reserving such determination pending the filing of a proof of claim, and allowed the Trust to release $406.0 million of the $435.0 million which was reserved in connection therewith. "
Ruled PREMATURE Because,
MARTA has not been harmed yet and is just awaiting payment. JPM needs to satisfy the Mortgage Pass-Through Litigation.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147071422
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147069182
MARTA is an insurance policy against JPM/FDIC to guaranty 510(b)/CIC payment .. [do I need to say it again].
Simply put; JPM through the FDIC is going to satisfy MARTA's Claim.
Mortgage Pass-Through Litigation.
Washington Mutual, Inc. Waterfall Recovery Matrix.
Exhibit H; Tranche 5 = 510(b) Sub Claims.
http://wmish.com/POR/7/exH.pdf
Now;
"After giving effect to the Distribution, all General Unsecured Claims, including the Senior Floating Rate Note Claims and PIERS Claims, will have been paid-in-full and, to the extent funds become available, succeeding distributions will begin with Class 18 creditors."
http://www.kccllc.net/documents/8817600/8817600190225000000000001.pdf
What happened to Class 17? Wink, Wink !
WMI is a creditor to WMB. Doc #5885, FN 2.
Here I go again;
Tranche 5 is the Way.
In Tranche 5 lives a 510(b). In this case 510(b) is an Over-Funded Claim. This Over-Funded Claim is the Pay-Point for "the Final Payment" to WMI for "WMB and it's assets" by the FDIC from JPM.
This payment is CIC. With CIC, JPM takes responsibility for MARTA, Employee Claimants CIC, and all other WMB issues like paying the WMB Noteholders.
The only reason MARTA can re-file against WMI is because we still have the WMB Title. When The Title moves, so does MARTA.
We have The Title, JPM only has title. Remember; Assets vs assets ?
Now with Tranche 4 closed, all WMI/WMB ABS Trusts can commence distributions to the ABS Trusts participants like MARTA. When MARTA receives their distribution, then will have no need to 're-file' against anyone. No harm, No foul. Hence; Premature.
Thumbs-up, Cents2ks.
Huge HLCE,
Ron
and most significantly;
=> AZ is Right <=
What happened to Class 17? Wink Wink.
"After giving effect to the Distribution, all General Unsecured Claims, including the Senior Floating Rate Note Claims and PIERS Claims, will have been paid-in-full and, to the extent funds become available, succeeding distributions will begin with Class 18 creditors."
http://www.kccllc.net/documents/8817600/8817600190225000000000001.pdf
Note; WMILT is not paying Class 17 Noteholders or EC CIC. Wink Wink.
Tranche 6 Comes After Tranche 5.
510(b) in the Pay-Point. You get paid by 510(b) for WMB.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147138922
Yes We are All Very Frustrated,
with all the time this has taken and the lack of information about 'the Process'.
I'm also very unhappy about time loss, but Tranche 4 the last creditor class is now closed Feb 25th. WMI and WMB ABS Trusts are free to start the liquidation or distribution process to the various ABS Trust CERT holders. WMIIC and other subs were WMI's investor in WMI/WMB and Others ABS offerings.
Tranche 5 Class 17 and Class 18 plus 510(b)is FDIC/JPM's responsibility.
510(b), See link for Exhibit H;
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147138922
Our sources of income;
ABS CERT Investments.
> Plus, LIBOR
> Plus, CDS
"WMB and it's assets".
Non Debtor Subs.
> Mineral Rights
:)
Oberthal, The Language to Stop ABS Distributions,
is in each of the ABS Trust Prospectus. Similar language for conditions for commencing liquidation or distributions of Trust assets to the Holders all handled by that specific Trusts Trustee.
WMCT language is Liquidation Preference to UQ's after the last creditor is addressed. Tranche 5 is now addressed.
=> AZ is Right <=
Oberthal, The ABS Trusts Stopped,
distributions when WMI filed for BK and WMB's seizure in 2008. The ABS Trusts will commence distributions now that the last creditor has been addressed.
First; Your question is just plain wrong.
EscrowDollars, You are Close to being,
on my jerry list.
"After giving effect to the Distribution, all General Unsecured Claims, including the Senior Floating Rate Note Claims and PIERS Claims, will have been paid-in-full and, to the extent funds become available, succeeding distributions will begin with Class 18 creditors."
Class 18 510(b) Creditors is WMI, as WMI is a creditors to WMB.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147138922
What happened to Class 17? Wink, Wink !
We just have to let when happen.
Washington Mutual, Inc. Waterfall Recovery Matrix.
Exhibit H; Tranche 5 = 510(b) Sub Claims.
http://wmish.com/POR/7/exH.pdf
Now;
"After giving effect to the Distribution, all General Unsecured Claims, including the Senior Floating Rate Note Claims and PIERS Claims, will have been paid-in-full and, to the extent funds become available, succeeding distributions will begin with Class 18 creditors."
http://www.kccllc.net/documents/8817600/8817600190225000000000001.pdf
What happened to Class 17? Wink, Wink !
WMI is a creditor to WMB. Doc #5885, FN 2.
Here I go again;
Tranche 5 is the Way.
In Tranche 5 lives a 510(b). In this case 510(b) is an Over-Funded Claim. This Over-Funded Claim is the Pay-Point for "the Final Payment" to WMI for "WMB and it's assets" by the FDIC from JPM.
This payment is CIC. With CIC, JPM takes responsibility for MARTA, Employee Claimants CIC, and all other WMB issues like paying the WMB Noteholders.
The only reason MARTA can re-file against WMI is because we still have the WMB Title. When The Title moves, so does MARTA.
We have The Title, JPM only has title. Remember; Assets vs assets ?
Now with Tranche 4 closed, all WMI/WMB ABS Trusts can commence distributions to the ABS Trusts participants like MARTA.
Huge HLCE,
Ron