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.
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.
151 BILLION at FDIC-R being showed as a CLAIM, so must be there. By the way, OFF BALANCE, so does not have to be reported
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.
Asked this many times but get no answers. Somebody instructed the trust stopping paying in 2012. So who did this and aren’t they then now obliged to tell the trusts to release. Also why are there no leaks? We now when people in the White House go to the bathroom....
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
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.
THJMFW is still in Control of the Process,
ORDERED that upon this Order becoming a final order, the
Adversary Proceedings shall be deemed dismissed with prejudice
and the Clerk of Court shall so note on the dockets thereof; and
it is further
ORDERED that in the absence of an appeal, the Court shall
retain jurisdiction to hear and determine all matters arising
from or related to the implementation, interpretation, or
enforcement of this Order.
#12585;
http://www.kccllc.net/wamu/document/0812229190201000000000002
Claw, Link; 10-K, PDF 22/77
http://www.wmitrust.com/wmitrust/document/8817600180327000000000001
Mortgage Pass-Through Litigation
On August 4, 2008, New Orleans Employees’ Retirement System and MARTA/ATU Local 732 Employees Retirement Plan (together, the “Mortgage Pass-Through Claimants”), on their own behalf and on behalf of a class of persons and entities who purchased certain mortgage-backed certificates issued by twenty-six Washington Mutual Mortgage Pass-Through Trusts (the “Pass-Through Trusts”) pursuant to a registration statement filed by WaMu Asset Acceptance Corp. (“WMAAC”), a wholly-owned subsidiary of WMB, with the SEC on December 20, 2005, as supplemented on January 3, 2006, commenced that certain action styled as New Orleans Employees’ Retirement System, et al. v. Federal Deposit Insurance Corporation, et al., No. C09-134RSM (W.D. Wash.) in Washington state court against WMI, WMAAC, the Pass-Through Trusts, and certain individual defendants alleging violations of Sections 11, 12(a) (2) and 15 of the Securities Act, 15 U.S.C. § 77a, et seq. (the “Mortgage Pass-Through Litigation”).
On January 12, 2009, Boilermakers National Annuity Trust Fund (“Boilermakers”) filed a complaint in the Washington District Court captioned Boilermakers National Annuity Trust Fund v. WaMu Mortgage Pass-Through Certificates, et al., Case No. 09-0037 (the “Boilermakers’ Complaint”). Like the original complaint filed by the Mortgage Pass-Through Claimants, the Boilermakers’ Complaint asserted claims under the Securities Act in connection with certain certificates. On February 19, 2009, the defendants moved to consolidate their lawsuit with the Mortgage Pass-Through Litigation, and; on August 14, 2009, the W.D. Washington District Court ordered consolidation of three (3) related cases – the Boilermakers’ action, the original Mortgage Pass-Through Claimants’ action, and a third related action (as consolidated, the “Boilermakers Consolidated Action”).
On March 30, 2009, the Mortgage Pass-Through Claimants filed a proof of claim against WMI in WMI’s chapter 11 case in the amount of $39.8 billion. The court appointed The Policemen’s Annuity and Benefit Fund for the City of Chicago (the “Chicago PABF”) as Lead Plaintiff for the Boilermakers Consolidated Action on October 23, 2009, and; on January 18, 2010, the Chicago PABF filed an amended proof of claim against WMI, reflecting the then-current claims based upon the causes of action alleged in the Boilermakers Consolidated Complaint. The amended proof of claim superseded the March 30, 2009 proof of claim. The Debtors objected to the amended proof of claim on various grounds including that the state law claims were preempted, that the claimants failed to establish loss causation, 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.
MARTA's claim is against WMB/JPM to be reconciled by the FDIC.
Hint; What does MARTA own?
Hint 2; 510(b) is an overfunded claim.
The WMB Noteholders Group would NOT allow to,
become a WMI Class 12 GUC in Plan 6 because their assets/WMB Covered Bonds are not part of WMI, but WMB. Therefore MARTA could NOT be a Class 12 GUC of WMI because WMB Noteholders Group won for the same reason. MARTA's real claim is against WMB/JPM not WMI.
MARTA's filing is premature because MARTA has not been harmed. MARTA will receive their Mortgage Pass-Through payments after Tranche 4 is "addressed" along with other Class 18 parties like The WMB Noteholders Group in Class 17 from FDIC/JPM along with Tranche 6.
When The WMB Noteholders Group and MATRA are satisfied by JPM, the parties cannot have a claim against WMI.
The END.
Ruled PREMATURE Because,
MARTA has not been harmed yet and is just awaiting payment. JPM needs to satisfy the Mortgage Pass-Through Litigation and "the Debtors should not have any liability with respect to the allegations contained in the lawsuit. "
HLCE,
Ron
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. JPM pays the FDIC and the FDIC pays into Class 18 510(b) to .. [do I need to say it again].
MARTA; No current Releases, no current Distribution.
Tranche 6 has Released and receives Distributions.
This coming special distribution has nothing to do with MARTA. Hence; "the Stipulation".
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. "
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.
and most significantly;
=> AZ is Right <=
Class 18, 510(b),
is the Pay-Point for "the Final Payment" to WMI for "WMB and it's assets" by the FDIC.
Class 18 is all about WMB issues. 510(b) in this case is an Over-funded claim.
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. "
http://www.wmitrust.com/wmitrust/document/8817600180327000000000001
MARTA; No current Releases, no current Distribution.
Tranche 6 has Released and receives Distributions.
#12585
"ORDERED that the Trust is authorized to release and
distribute such cash and Liquidating Trust Interests held in the
Disputed Claims Reserve on behalf of the Claims in accordance
with the provisions of the Confirmed Plan; and it is further"
http://www.kccllc.net/wamu/document/0812229190201000000000002
FORM 10-K, WMI LIQUIDATING TRUST.
The WMI Trust Site;
http://www.wmitrust.com/wmitrust/document/list/3612
The 10K
http://www.wmitrust.com/wmitrust/document/8817600180327000000000001
Is the WMB receivership completed?
Has WMB distributed all of its remaining assets?
Treas Reg; abandonment.
Read Para 13 again,
(but in the same taxable yearS as).. Abandonment is a process not an event.
http://www.kccllc.net/wamu/document/0812229101112000000000029
IMO; S4V and value to COOP with NOLs all in the same year.
Remember WMILT said CIC did not happen.
* pre-change vs post-change *
18 A. (pre-change) Well, WMB will cease to be a member of the tax group upon
19 abandonment, (post-change)and it also would cease to be a member of the
20 group upon its liquidation which would likely take place once
21 the FDIC receivership winds down.
Yes We Abandoned the Equity Interest in the one share of WMB prior to Plan 7 implementation.
#5885, PDF 3, Para 7;
* (the "Complaint") We sued for Damages *
You didn't buy that car from the Dealership. The Bank bought it for you from the Dealership with the Loan agreement after you put-up surety for that loan. The bank gave you Equity Interest in the car. You have rights and title, but not The Title. You get The Title after you make the final payment. "Ownership Change".
* assets vs Assets *
* title vs Title *
Para 13;
* pre-change vs post-change *
Think about this;
Pre-change;
$24B in Capital Losses that gives rise to $17.7B in Operating Losses times 35% equals $6.1B
Post-Change being ~$299B not the pre-change of ~$17.7B.
Post-change;
Using the same ratio of OL/CC as before;
Capital Loss; ~$299B, the Operating Loss is;
$299* * $17.7/$24 = ~$220.51B
New Post-change NOLs are ~$77.18B
New NOL available to COOP ~$77.18B
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147011681
Contrary to the Seattle lunch group; "it's not over" until we receive payment.
Have the Employee Claimants filed,
for a Venue Change to Appeals Court in the BK court?
I understand that is what Kyle was admonished for in the telephonic hearing.
! Procedural Error !
Hint; __
Stricken - No matters going forward
Thursday, February 28, 2019
10:00 AM 08-12229-MFW Washington Mutual, Inc. and Joshua R. Hochberg, the Examiner Ch. 11
Employee Claims (3 Day Trial) - Cont'd from 2/26
Stricken - No matters going forward
Done.
Claw, Please Give Us More Detail,
on the Two sources of NOLs.
A.
B.
Claw, Gives Rise To;
$17.7B * .35 = $6.195B
Clawman; An apologue is in order.
Claw, Is the WMB receivership completed?
Has WMB distributed all of its remaining assets?
Treas Reg; abandonment.
Read Para 13 again,
(but in the same taxable yearS as).. Abandonment is a process not an event.
IMO; S4V and value to COOP with NOLs all in the same year.
Remember WMILT said CIC did not happen.
18 A. Well, WMB will cease to be a member of the tax group upon
19 abandonment, and it also would cease to be a member of the
20 group upon its liquidation which would likely take place once
21 the FDIC receivership winds down.
Yes We Abandoned the Equity Interest in the one share of WMB prior to Plan 7 implementation.
#5885, PDF 3, Para 7;
* (the "Complaint") We sued for Damages *
You didn't buy that car from the Dealership. The Bank bought it for you from the Dealership with the Loan agreement after you put-up surety for that loan. The bank gave you Equity Interest in the car. You have rights and title, but not The Title. You get The Title after you make the final payment. "Ownership Change".
* assets vs Assets *
* title vs Title *
Para 13;
* pre-change vs post-change *
Think about this;
Post-Change being ~$299B not the pre-change of ~$17.7B.
Now what is COOP's final NOLs to offset the S4V event?
Contrary to the Seattle lunch group; "it's not over" until we receive payment.
Yes We Abandoned the Equity Interest,
in the one share of WMB prior to Plan implementation.
#5885, PDF 3, Para 7;
* (the "Complaint") We sued for Damages *
You didn't buy that car from the Dealership. The Bank bought it for you from the Dealership with the Loan agreement after you put-up surety for that loan. The bank gave you Equity Interest in the car. You have rights and title, but not The Title. You get The Title after you make the final payment.
* assets vs Assets *
* title vs Title *
Para 13;
* pre-change vs post-change *
Think about this;
Post-Change being ~$299B not the pre-change of ~$17.7B.
Now what is COOP's final NOLs to offset the S4V event?
Claw, Are You Saying the Debtor,
is just going to walk away from ~$299B, "WMB and it's assets"?
Is the WMB receivership completed?
Has WMB distributed all of its remaining assets?
Treas Reg; abandonment.
Read Para 13 again,
(but in the same taxable yearS as)..
IMO; S4V and value to COOP with NOLs all in the same year.
Remember WMILT said CIC did not happen.
Go see Doc #9901.
'Equity Interests', not Title.
Doc #5885, Para 12 and 13.
PDF 5/15;
...(or until the WMB receivership is completed and WMB distributes all of its remaining assets). Treas Reg.
.."ownership change" CIC is not experienced by us yet. NOLs are available to Reorged Debtor until CIC "ownership change".
http://www.kccllc.net/wamu/document/0812229101112000000000029
On the Day and the Way,
it was said, it's true.
As a ESC Tracking Marker holder, I'm still suffering a loss from my taken bank assets; "WMB and it's assets". I need to be compensated for my Banks taking. In the meantime, Reorged WMI can use some NOLs.
~$299B for "WMB and it's assets".
What Bray Said is True.
Reorged WMI has the NOL use to 2032, or until the loss goes away. No loss, no NOL.
WMI only released the 'equity interests" in WMB not the Title.
Claw, It's in the Court Transcripts.
He testified to the court as the Tax professional for A&M. He said that the NOLs go away when payment is made.
What's Jim not Kim !
Claw, James Carreon Disagrees With You.
https://www.linkedin.com/in/james-carreon-b586725
Alvarez & Marsal Taxand, LLC
4 years
Managing Director
September 2008 – June 2012 3 years 10 months
A&M has a global tax presence. My practice primarily consists of providing tax advice with respect to M&A transactions and troubled companies.
Managing Director
2008 – 2012 4 years
NOLs leave with WMB CIC payment because we no longer have the loss.
What's Jim not Kim !
LP, What is CIC?
Can CIC only happen for the Employee Claimants and not include WMB and have a CIC event?
Did you really expect to read that JPM would pay $X for "WMB and it's assets" to complete CIC and the GSA?
But we have #5885, #9901, #12499, #12584, and #12585.
No "the Final Payment" to WMI for "WMB and it's assets", No CIC, No GSA completion, No Releases to FDIC R & C.
LP, PDF 5/6.
Doc
http://www.kccllc.net/wamu/document/0812229180322000000000007
for date.
CIC to be ruled on first;
Doc 10777, PDF 10/23, Point 16;
http://www.kccllc.net/wamu/document/0812229121017000000000003
Thanks AZ.
2kidsnomoney, WMB CIC Ruling Was Scheduled for Feb 5th.
That means IMO that WMB CIC to satisfy GSA needed to be 'in place' before February 5th. If THJMFW had to rule that CIC would not happen, then the GSA has failed.
Please see AZ's posts regarding COOP's removal of the 5% ownership restriction. The 5% ownership restriction was in place to protect the NOL usage by reorged WMI-COOP. Reorged WMI-COOP had the use of the NOLs until reorged WMI-COOP recovered from it's WMB loss. No more loss, no more NOLs.
IMO, More than face for all preferred issues.
Wenatchee Wenatchee.
Quake Quake.
SamuraiProgrammer, #5885 and #9901.
When!
When JPM Pays for WMB,
then why would reorged WMI still have a loss from WMB?
With CIC's "the Final Payment" to WMI for "WMB and it's assets" then why should reorged WMI have NOLs?
Tranche 5 is the CIC Pay Point.
WMI only abandoned the 'equity interest' in WMB, not the Title to WMB.
Doc #5885.
JPM agreed with FDIC to pay CIC to WMB employees.
WMI's responsibilities was paid to Employee Claimant long ago.
PDF 40/133;
http://www.kccllc.net/wamu/document/0812229190125000000000001
THJMFW was to Rule on CIC on February 5th. IMO, this was the Drop-Dead Date for CIC.
No CIC, No GSA, No Releases.
* JPM raised $1.4 TRILLION.
Tranche 4 is just one breath away from being addressed, then comes Tranche 5 as the CIC Pay Point to Tranche 6.
Yes the Loss of NOL is a Significant,
material event to warrant an 8k filing.
CIC has not been formally announced because the releasing parties have not seen the payment yet.
CIC is based on payment closure. The Money is not in my account yet?