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The Entire JPM BOD was guilty of RICO,
because the entire BOD reviewed and was party to The Project West plan to acquire WMB from the FDIC in the panic seizure.
See Doc #1997.
JPM's BOD reviewed three Project West status reports.
JPM raised $1,400 Billion [$1.4T] in Euro Notes on January 20th 2017.
The real problem in 2008 was JPM's derivative portfolio of 57% of a $87T market. Some of that portfolio was used to insure the ABS Certificates securitized by WMB and it's affiliates.
The simplest example of a derivative creation is being the writer of a Naked Call, as in stock options. The writer of the paper doesn't own the base asset.
BB, Series K are a Debt Offering.
TPS and Series R are associated with the Cayman Trusts capitation.
The Series K prospectus was amended just before reorg to become Redeemable, and are NOT associated with the Cayman Trusts capitation.
Redeemable means to buy them out.
Wwhatthe, I Have a Question.
TPS, Series R, and Series K are all part of the Cayman Trusts.
All of the Cayman Trusts Preferred are Non-accumulative and perpetual, TPS and Series R are non-redeemable. The Series K became redeemable with a amendment to their Prospectus just before reorg. Only the Series K are an actual debt offering. TPS and Series R are associated with the capitalization of the Cayman Trusts.
The Cayman Trusts were overfunded to $10B - $13B for a $7.5B 'claim'/obligation to the Cayman Trust pool. Some of the 'assets' held in Trusts are Commercial leases with a lifespan of 99 years.
Question;
Because TPS and Series R are Non-accumulative, perpetual, and non-redeemable, and the Trusts are still performing;
A. Should the TPS and Series R be re-issued new shares to realign them with their assets/Trusts?
or
B. Is the overfunding of the Trust property of the Parent, hence common equity?
TIA
I'm thinking; A.
HLCE,
Ron
HM; WMILT is Gone in March.
There is no language to extend the WMILT.
As you say;
Closure of Bankruptcy/Piers Debt Paid: Trusts--->$CASH$--->WMILT--->Equity Interests (75%/25%)
How does future ABS Trust cash distributions get to Me when there is no WMILT?
Long Live the DTC.
=> AZ is Right <=
wwhatthe's post has me thinking...
Yes, No 75%/25% to the End.
FRB $4.5 Trillion Balance Sheet.
The Fed Is Ready To Begin Chipping Away At $4.5 Trillion Balance Sheet.
https://www.forbes.com/sites/laurengensler/2017/09/20/federal-reserve-september-meeting-unwind-balance-sheet/#24245bca48bb
Lauren Debter Forbes Staff
Sep 20, 2017.
"The Federal Reserve will begin the process of unwinding its massive financial crisis-era balance sheet next month, it said on Wednesday, in a sign that it's pleased with the improving state of the economy.
The central bank has been signaling that it is ready to start scaling back its $4.5 trillion balance sheet sometime this year. It confirmed at the close of its two-day policy meeting that it will begin doing so in October.
The Fed also left interest rates unchanged, as expected, with its benchmark rate remaining between 1% to 1.25%. It signaled that it could still hike rates one more time in 2017.
Stocks edged lower after the news on Wednesday afternoon, with the S&P 500 slipping 0.3%.
In the wake of the financial crisis, the Fed scooped up trillions of dollars in government bonds, mortgage-backed securities and other assets to support the American economy.
The plan now is to slowly stop reinvesting the money that its portfolio throws off. The Fed has said it will start by allowing $6 billion in Treasury securities and $4 billion in mortgage-backed securities to mature every month. Eventually, that cap will climb to $30 billion in Treasury's a month and $20 billion in mortgage securities.
The Fed has gone to great pains to plot out its moves so that it doesn't unnerve markets. It has emphasized that the reversal of its controversial bond-buying program is supposed to be a boring, gradual process. Fed chair Janet Yellen has expressed hope that it will "just run quietly in the background" in the coming years. Philadelphia Fed President Patrick Harker has gone so far to compare the process to watching paint dry."
IMO, The Fed/FRB has not begun this scaling back its $4.5 trillion balance sheet, but is now ready to unwind the Safe Harbored ABS portfolios.
The FDIC controls the ABS Trusts from corporations in BK, and the FRB controls the FDIC.
$50-$60 Billion a month from "sinkable" Trusts.
WaMu
Fannie and Freddy
Lehmans
Thornburg
and Others
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145606923
Yes, The FED/FRB Agrees With You,
and,
COOP PPS $12.00 ish.
12 COOP is 1 WMIH.
:)
The 10 Year Statute of Limitations,
is regarding filing a new claim against the FDIC regarding the seizure of WMB.
WMI has already filed their claim with the FDIC for "WMB and it's assets".
Doc #5885 FN 2, PDF 3/15;
http://www.kccllc.net/wamu/document/0812229101112000000000029
JPM still needs releases also.
PDF 435/825;
http://www.kccllc.net/wamu/document/0812229091214000000000008
Class 22 awaits "the Final Payment" to WMI for "WMB and it's assets" from FDIC.
Fed hikes rates by a quarter-point.
https://www.cnbc.com/2018/12/19/fed-hikes-rates-by-a-quarter-point-.html
IMO, to prepare Markets for the release of ~$5 Trillion into the market from ABS Trusts.
$50-$60 Billion a month from "sinkable" Trusts.
WaMu
Fannie and Freddy
Lehmans
Thornburg
and Others
Stock Market Closed Christmas Tuesday,
December 25***
*** Each market will close early at 1:00 p.m. (1:15 p.m. for eligible options) on Monday, December 24, 2018,
https://www.nyse.com/markets/hours-calendars
Heads-up; 1/2 day Monday.
add: See Point 9 (ii) of #12563;
Both attorney groups are going to estimate litigation costs/funds needed to pay their fees with litigation going into March. The Court will review parties’ submissions, 'fees' and make adjustments as required, then set the Holdback as a purse. Then Mary car release the adjusted DCR. The Surviving Claims 'claims' are locked-down with Section 502(b)(7). See Point 8.
The point is that the DCR Holdback must be sufficient to cover the last of the legal expenses, including, 'closing the cases' before closing the DCR bank. I say we are not waiting for March for the Special DCR distribution to pay Tranche 4 +. Therefore, allowing Tranche 5 JPM payment, and ABS Trusts payments.
8.
With respect to the Surviving Claims, WMILT shall be permitted to adjust the disputed claim holdback, pursuant to Section 26.3(a) of the Plan, such that the holdback for each of the Claimants holding any of the Surviving Claims shall be equal to the Section 502(b)(7) cap previously imposed by the Court for such Claimant.
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LP, Court Filing Due on DEC 19th are;
From 12563;
9.
On or before December [19], 2018, (i) Claimants holding Surviving Claims shall submit supplemental briefing and evidence in support of the allowance of the Surviving Claims, and (ii) WMILT and Claimants holding Surviving Claims shall submit briefing and any evidence supporting their respective requests for attorneys’ fees.
Addition of fees after Mary considers briefing for the scope of argument to set a value for 26.3(a) DCR Holdback to be added to Section 502(b)(7) cap;
* submit briefing; are the scope of argument [Case Law].
* evidence supporting fees for the scope of argument.
That's all the more material Mary needs to determine fees for scope of argument to be able to release this said DCR's funds and interests.
If We Need to Wait for the March conclusions from Hearings for the “Surviving Claims”, then why have a DCR Holdback for the Surviving Claims?
The propose of adding the fees to the 502(b)(7) cap is to create a purse/bank as a 'carve-out', so other classes can move forward and resolved/paid.
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Yes, Separate Envelopes.
A simple way of looking at this is;
This DCR envelope has two sub-envelopes,
One for Creditor Cash envelope in the amount of $66.5 Million.
The other for Liquidating Trust Interests envelope in the amount of $500,000.00.
There are other 'DCR' envelopes.
Hint;
Feb MOR, RE/DCR $20,7B.
It's All About Tranche 5 Class 17.
Class 17 Won in DC Court. The Texas Litigation forced JPM to the table. RICO.
Class 17 needs to be paid by JPM to start the process. The payment to Class 17 by JPM consummates CIC of "WMB and its assets". Shall I continue?
Class 17's normal biannual distribution is Dec 15th, or in this case Dec 17th.
Surviving Class 18 will have it's DCR Holdback. Therefore distributions may flow to Tranche 6 after Mary adjusts the DCR holdback for possible 'fees'.
That's Right AZ.
~ “Creditor Cash”, Is Not’, “LTI Available Cash” ~
Let’s Go “Trustee”, ... adjust that DCR, according to 26.3(a), and complete Tranche 4’ ...
AZ
Said Real Simple; Submissions are for fees.
If We Need to Wait for the March,
conclusions from Hearings for the “Surviving Claims”, then why have a DCR Holdback for the Surviving Claims?
IMO, See Point 9 ii; Both attorney groups are going to estimate litigation funds needed to pay their fees with litigation going into March. The Court will review parties’ submissions, 'fees'. The Surviving Claims 'claims' are locked-down with Section 502(b)(7). See Point 8.
The point is that the DCR Holdback must be sufficient to cover the last of the legal expenses, including, 'closing the cases' before closing the DCR bank. I say we are not waiting for March for the Special DCR distribution to pay Tranche 4 +. Therefore, allowing Tranche 5 JPM payment, and ABS Trusts payments.
Re-read
In response to a handful of inquiries regarding the timing of a potential distribution to holders of LTIs, while the bankruptcy court agreed with the Trust's position regarding the expungement of claims, the bankruptcy court has not entered an order in connection therewith. Specifically, certain of the employee claimants have contested the inclusion of all claims in any order, claiming that the Trust failed to include certain claims in the applications that were submitted to the FDIC and denied and, as to which, the D.C. District Court confirmed. The bankruptcy court has requested additional submissions and the Trust does not anticipate a determination and entry of an order extinguishing claims by the bankruptcy court prior to March, 2019.
and
6.
Except with respect to the Surviving Claims, WMILT 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 Plan.
7.
Upon this Order becoming final and non-appealable and the release of Cash and Liquidating Trust Interests as provided in decretal paragraph 6 hereof, from the Disputed Claims Reserve the following Adversary Proceedings are dismissed with prejudice:
8.
With respect to the Surviving Claims, WMILT shall be permitted to adjust the disputed claim holdback, pursuant to Section 26.3(a) of the Plan, such that the holdback for each of the Claimants holding any of the Surviving Claims shall be equal to the Section 502(b)(7) cap previously imposed by the Court for such Claimant.
9.
On or before December 5, 2018, (i) Claimants holding Surviving Claims shall submit supplemental briefing and evidence in support of the allowance of the Surviving Claims, and (ii) WMILT and Claimants holding Surviving Claims shall submit briefing and any evidence supporting their respective requests for attorneys’ fees.
10.
On or before December 17, 2018, (i) WMILT shall submit its response to Claimants’ December 5th supplemental briefing, inclusive of any evidence regarding the allowance or disallowance of the Surviving Claims, and (ii) WMILT and Claimants holding Surviving Claims shall submit their respective response in opposition to any request for attorneys’ fees, inclusive of any evidence in support of their opposition.
11.
Upon review of the parties’ submissions, the Court will direct the parties regarding next steps, including with respect to the scheduling of a hearing on the parties’ submissions and the allowance or disallowance of the Surviving Claims.
ANICO, AINGIC, FFLIC, FFCIC, NWL;
Are all WMB Noteholders from the Texas Litigation, and have not Released the FDIC-R/-C and JPM due to non-payment of their Notes.
Count One
Torturous Interference.
Count Two
Breach of Confidentiality Agreement
Count Three
Unjust Enrichment
Starting at PDF 435/825.
http://www.kccllc.net/wamu/document/0812229091214000000000008
The list of 120 WMB Noteholders that helped form the Ad Hoc Steering Committee in Tranche 5 don't get paid until the parties in Tranche 4 are satisfied.
See Footnotes 7 and 8, PDF 4-5/18;
"Marathon Credit Claimants"
http://www.kccllc.net/wamu/document/0812229101026000000000013
Maybe these are the ones with the funds and Legal Counsel to light the needed fires under the right people.
The Global Settlement has not be satisfied.
***********
Please re-read points 7, 8, 9 in #12563.
The Holdback and distribution of the DCR is NOT dependent on the 'supplemental briefing and evidence in support of the allowance of the Surviving Claims, and (ii) WMILT and Claimants holding Surviving Claims shall submit briefing and any evidence supporting their respective requests for attorneys’ fees. '.
http://www.kccllc.net/wamu/document/0812229181119000000000001
The need to see attorneys’ fees amounts would be the only additional required DCR holdback as new numbers.
Dear WMB Noteholders Ad Hoc Steering Committee,
are you being played by the signers below?
Make the Phone Call !!
Dated: November 19, 2018 Wilmington, Delaware
/s/ Amanda R. Steele Mark D. Collins (No. 2981) Paul N. Heath (No. 3704) Amanda R. Steele (No. 5530) RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701
– and –
Brian S. Rosen PROSKAUER ROSE LLP Eleven Times Square New York, NY 10036 Telephone: (212) 969-3000 Facsimile: (212) 969-2900
– and –
John P. Mastando III, Esq. Robert Swenson, Esq. WEIL GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007
Attorneys to WMI Liquidating Trust
You as Tranche 5 don't get paid until Tranche 4 is satisfied.
The BK Court has Requested Additional Submissions;
The Additional Submissions;
"9. On or before December 5, 2018 [now Dec 19th], (i) Claimants holding Surviving Claims shall submit supplemental briefing and evidence in support of the allowance of the Surviving Claims, and (ii) WMILT and Claimants holding Surviving Claims shall submit briefing and any evidence supporting their respective requests for attorneys’ fees.
10. On or before December 17, 2018 [new date], (i) WMILT shall submit its response to Claimants’ December 5th supplemental briefing, inclusive of any evidence regarding the allowance or disallowance of the Surviving Claims, and (ii) WMILT and Claimants holding Surviving Claims shall submit their respective response in opposition to any request for attorneys’ fees, inclusive of any evidence in support of their opposition. "
The Additional Submissions don't stop the DCR holdback adjustment.
Currently, No Appeal Found.
http://www.ded.uscourts.gov/sites/default/files/Court%20Calendar/Court_Calendar.pdf
SPECIAL ANNOUNCEMENT DATED 12/14/2018:
In response to a handful of inquiries regarding the timing of a potential distribution to holders of LTIs, while the bankruptcy court agreed with the Trust's position regarding the expungement of claims, the bankruptcy court has not entered an order in connection therewith. Specifically, certain of the employee claimants have contested the inclusion of all claims in any order, claiming that the Trust failed to include certain claims in the applications that were submitted to the FDIC and denied and, as to which, the D.C. District Court confirmed. The bankruptcy court has requested additional submissions and the Trust does not anticipate a determination and entry of an order extinguishing claims by the bankruptcy court prior to March, 2019.
No Appeal on United States District Court for the District of Delaware.
Has the Employee Claimant put forth their $100K Monthly Bond?
The Math of 12/14/2018 SPECIAL ANNOUNCEMENT DATED just doesn't work.
Argument on Bankruptcy Appeal, That's Not Us.
Thursday, December 13, 2018
10:00 AM 1:18-cv-00381-RGA In re: Energy Future Holdings Corp., et al Court:Courtroom 6A
Argument on Bankruptcy Appeal
http://www.ded.uscourts.gov/sites/default/files/Court%20Calendar/Court_Calendar.pdf
http://www.ded.uscourts.gov/
Only one hit when searched for "appeal".
No hits for "WMI", "FDIC", "WMB", "FRB".
SPECIAL ANNOUNCEMENT DATED 11/16/2018:
At a recent hearing before the Bankruptcy Court, counsel for the Trust suggested that a special distribution to holders of LTIs might be paid during the month of November. Because the Bankruptcy Court has not entered final orders covering the disallowance of certain claims underlying the so-called “Employee Claims Litigation”, no such distribution will be made during November. Relatedly, no such distribution will be made until such time as the Bankruptcy Court enters the aforementioned final order(s) and the related timeframe for appeals, if any, by the relevant claimants has expired.
http://www.wmitrust.com/WMITrust
Doc #12563 is CERTIFICATION OF COUNSEL,
CERTIFICATION OF COUNSEL REGARDING CONTESTED ORDER (A) (I) DEEMING CERTAIN CLAIMANTS’ CLAIMS DISALLOWED, (II) AUTHORIZING THE DISTRIBUTION OF CERTAIN FUNDS IN THE DISPUTED CLAIMS RESERVE, AND (III) DISMISSING CERTAIN OF THE WMI LIQUIDATING TRUST’S ADVERSARY PROCEEDINGS AND (B) DENYING MOTION OF CERTAIN EMPLOYEE CLAIMANTS FOR ORDER DETERMINING APPLICABLE LAW NECESSARY TO IMPLEMENT DEBTORS’ CHAPTER 11 PLAN
Document #12563 was filed on 11-19 as CERTIFICATION OF COUNSEL, The Revised Proposed Order.
"...WMILT circulated a form of proposed order (the “Proposed Order”) consistent with the Court’s ruling at the Hearing and filed such order with the Court upon certification of counsel (the “Certification”); and upon filing of the Certification, certain Claimants asserted that certain claims were not subject to the WMILT Motion and should not be included in the Proposed Order; and the Court having held a hearing on November 1, 2018 to consider the Proposed Order and the objections thereto (the “Order Hearing”); and, after due deliberation and sufficient cause appearing therefor, and for the reasons stated on the record of the Hearing and the Order Hearing, IT IS HEREBY ORDERED that:"
Done.
Thanks AZ for pointing this out.
The 12-19 Date has nothing,
to do with the Disputed Claims Holdback, and;
In accordance with the provisions of the Plan, as defined below, Creditor Cash in the amount of $66.5 Million and Liquidating Trust Interests in the amount of $500,000.00 are escrowed in the Disputed Claims Reserve on account of the Claims, each as defined in the Debtors’ chapter 11 plan. Such funds and interests cannot be released from the Disputed Claims Reserve for distribution to either the Claimants or other holders of allowed claims until a final order has been entered by this Court with respect to the Claims.
The Final Order was entered by this Court with #12563.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145334610
Appealing to District is a Losing Proposition,
for the Employee Claimants, IMO;
Filing Fee - Notice of Appeal $ 505.00
Non-refundable, even if the appeal is not heard.
http://www.ded.uscourts.gov/feeschedule
Add attorney fees at ~$250-$500/hr.
Not changing;
8.
With respect to the Surviving Claims, WMILT shall be permitted to adjust the disputed claim holdback, pursuant to Section 26.3(a) of the Plan, such that the holdback for each of the Claimants holding any of the Surviving Claims shall be equal to the Section 502(b)(7) cap previously imposed by the Court for such Claimant.
Employee Claimants would be better just waiting for WMB CIC. JPM, the new owner of WMB will pay the Employee Claimants CIC reward.
CIC is Tranche 5.
Read Point 12 in #12563.
Filed 11-19, became distributed to Adversary Case on morning of 11-21.
12-10, to 12-13 Max.
6.
Except with respect to the Surviving Claims, WMILT 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 Plan.
7.
Upon this Order becoming final and non-appealable and the release of Cash and Liquidating Trust Interests as provided in decretal paragraph 6 hereof, from the Disputed Claims Reserve the following Adversary Proceedings are dismissed with prejudice:
Wrong Again HM.
Doc #12563 is the Final Order. The Motion from Doc #12499 was rule on from the Bench, there will be no signature.
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Tranche 4 is Settled With,
From Doc #12499; [Side-note see FN 2]
http://www.kccllc.net/wamu/document/0812229180830000000000001
3.
In accordance with the provisions of the Plan, as defined below, Creditor Cash in the amount of $66.5 Million and Liquidating Trust Interests in the amount of $500,000.00 are escrowed in the Disputed Claims Reserve on account of the Claims, each as defined in the Debtors’ chapter 11 plan. Such funds and interests cannot be released from the Disputed Claims Reserve for distribution to either the Claimants or other holders of allowed claims until a final order has been entered by this Court with respect to the Claims. Consequently, during this five year period, not only have creditors holding allowed claims been denied recoveries while the Claimants continued their efforts, but also, interest has continued to accrue on other claims and expenses associated with the operation of WMILT have continued to be incurred, each further diminishing recoveries to creditors awaiting distributions. The time has come for such creditors to receive their distributions.
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Zeke, I see Yahoo COOP Options Page.
https://finance.yahoo.com/quote/COOP/options?p=COOP
Calls for January 18, 2019
Puts for January 18, 2019
Then writing of options should start in Dec for Jan 18th execution.
All this new?
26.3 Disputed Claims Holdback
26.3
Payments and Distributions on Disputed Claims and Disputed Equity
Interests:
(a) Disputed Claims Holdback. From and after the Effective Date, and until such time as each Disputed Claim has been compromised and settled, estimated by the Bankruptcy Court in an amount constituting the allowed amount, or allowed or disallowed by Final Order of the Bankruptcy Court, the Liquidating Trustee shall retain, for the benefit of each holder of a Disputed Claim, Creditor Cash (which the Disbursing Agent shall transfer to the Liquidating Trustee), Liquidating Trust Interests, and, to the extent elected by such holder, Runoff Notes and Reorganized Common Stock, and any dividends, gains or income attributable in respect of any of the foregoing, in an amount equal to the Pro Rata Share of distributions that would have been made to the holder of such Disputed Claim if it were an Allowed Claim in an amount equal to the lesser of (i) the liquidated amount set forth in the filed proof of Claim relating to such Disputed Claim, (ii) the amount in which the Disputed Claim shall be estimated by the Bankruptcy Court pursuant to section 502 of the Bankruptcy Code constitutes and represents the maximum amount in which such Claim may ultimately become an Allowed Claim, and (iii) such other amount as may be agreed upon by the holder of such Disputed Claim and the Liquidating Trustee; provided, however, that the recovery by any holder of a Disputed Claim shall not exceed the lesser of (i), (ii) and (iii) above. Any Creditor Cash, Liquidating Trust Interests, Runoff Notes and Reorganized Common Stock retained and held for the benefit of a holder of a Disputed Claim shall be treated as a payment and reduction on account of such Disputed Claim for purposes of computing any additional amounts to be paid in Cash or distributed in Liquidating Trust Interests, Runoff Notes or Reorganized Common Stock in the event the Disputed Claim ultimately becomes an Allowed Claim. Such Creditor Cash and any dividends, gains or income paid on account of the Liquidating Trust Interests, Runoff Notes and the Reorganized Common Stock (if any) retained for the benefit of holders of Disputed Claims shall be retained by the Liquidating Trust for the benefit of such holders pending determination of their entitlement thereto under the terms of the Plan. To the extent that the Liquidating Trust retains Runoff Notes or Reorganized Common Stock on behalf of Disputed Claim holders, until such time as such stock is distributed, the Liquidating Trustee shall exercise voting or consent rights with respect to such stock; provided, however, that the Liquidating Trustee shall be obligated to vote or consent, as the case may be, as to such stock in the same proportion as all other holders of issued and distributed Reorganized Common Stock have voted or consented, in each case on an issue-by-issue basis.
The Plan 7; PDF 76/767
http://www.kccllc.net/documents/0812229/0812229111212000000000003.pdf
That Happened;
6.
Except with respect to the Surviving Claims, WMILT 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 Plan.
7.
Upon this Order becoming final and non-appealable and the release of Cash and Liquidating Trust Interests as provided in decretal paragraph 6 hereof, from the Disputed Claims Reserve the following Adversary Proceedings are dismissed with prejudice:
...
8.
With respect to the Surviving Claims, WMILT shall be permitted to adjust the disputed claim holdback, pursuant to Section 26.3(a) of the Plan, such that the holdback for each of the Claimants holding any of the Surviving Claims shall be equal to the Section 502(b)(7) cap previously imposed by the Court for such Claimant.
Doc #12563 became the Final Order on/about Nov 21st with Doc distribution to Adversary Case Dockets. [Side-note see FN 1]
http://www.kccllc.net/wamu/document/0812229181119000000000001
From Doc #12499; [Side-note see FN 2]
http://www.kccllc.net/wamu/document/0812229180830000000000001
3.
In accordance with the provisions of the Plan, as defined below, Creditor Cash in the amount of $66.5 Million and Liquidating Trust Interests in the amount of $500,000.00 are escrowed in the Disputed Claims Reserve on account of the Claims, each as defined in the Debtors’ chapter 11 plan. Such funds and interests cannot be released from the Disputed Claims Reserve for distribution to either the Claimants or other holders of allowed claims until a final order has been entered by this Court with respect to the Claims. Consequently, during this five year period, not only have creditors holding allowed claims been denied recoveries while the Claimants continued their efforts, but also, interest has continued to accrue on other claims and expenses associated
with the operation of WMILT have continued to be incurred, each further diminishing recoveries to creditors awaiting distributions. The time has come for such creditors to receive their distributions.
Think About It.
When WMI gets paid for WMB, Then Defendant’s get paid.
From;
WMI Liquidating Trust v. Bjorklund et al., Case No. 12-50965
Court Docket: #0001 Document Name: Complaint Against Robert Bjorklund, Daryl David, Mary Beth Davis, Michele Grau-Iversen, Debora Horvath, Jeffrey Jones, John McMurray, Casey Nault, Michael Reynoldson, David Schneider, David Tomlinson, Bruce Alan Weber, and Jeffrey Weinstein
Date Filed: 10/22/2012
http://www.kccllc.net/wamu/document/0812229141021000000000016
17. Additionally, to the extent a Defendant was employed by a subsidiary of the Debtors, and Defendant’s employer was insolvent at the time the obligation was incurred, the Debtors did not receive any value for services, if any, performed by Defendant for Defendant’s employer. For this reason, among others, the Debtors did not receive reasonably equivalent value for incurring the purported obligations
bond, Not James.
It's not a signed order and hence not enforceable...
IT IS HEREBY ORDERED that:
#12563, PDF 9/13
http://www.kccllc.net/wamu/document/0812229181119000000000001
8.
With respect to the Surviving Claims, WMILT shall be permitted to adjust the disputed claim holdback, pursuant to Section 26.3(a) of the Plan, such that the holdback for each of the Claimants holding any of the Surviving Claims shall be equal to the Section 502(b)(7) cap previously imposed by the Court for such Claimant.
WMILT shall be permitted to adjust the disputed claim holdback, pursuant to Section 26.3(a) means that money/funds can also be added to the DCR. Think about that !
9.
On or before December 5, 2018, (i) Claimants holding Surviving Claims shall submit supplemental briefing and evidence in support of the allowance of the Surviving Claims, and (ii) WMILT and Claimants holding Surviving Claims shall submit briefing and any evidence supporting their respective requests for attorneys’ fees.
Section 502(b)(7) caps payment to one years salary, including attorney fees.
5.
Kurtzman Carson Consultants, LLC, WMILT’s court-appointed claims and noticing agent, is authorized and directed to delete the Claims, except for the portions of the Claims constituting Surviving Claims, from the official claims register in the Debtors’ chapter 11 cases and take any other actions necessary
to implement the relief granted herein.
6.
Except with respect to the Surviving Claims, WMILT 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 Plan.
The Court has approved the distributions to Claimants in Tranche 4 and 6. Tranche 5 is JPM's responsibility with CIC.
7.
Upon this Order becoming final and non-appealable and the release of Cash and Liquidating Trust Interests as provided in decretal paragraph 6 hereof, from the Disputed Claims Reserve the following Adversary Proceedings are dismissed with prejudice:
Normal semiannual Distribution date for the WMB Notes is December 15, 15th is a Saturday so Monday 17th. Therefore; JPM must complete CIC on/before WMB Notes distribution date. The FRB was late in signing-off on Docs last summer. Note that Rosen got this ball rollin August 30th. FRB has raised interest rates preparing for ABS distributions. Remember the ~$5 Trillion FRB was preparing to push back in to the Markets last year? That hasen't happened yet!
Samurai; PDF with Attached Audio File from Today.
http://www.kccllc.net/wamu/document/0812229181206000000000001
Now look to the top left for the green dot (toggle sidebar) to show attachment, click green dot paperclip to show audio file.
1bk2008-12229_20181206-095922.mp3
Audio Run Time: [00:15:09] (hh:mm:ss)
The 21 Day Stay Ends on 12-12.
#12563 was "enter this Order on each of the dockets in the Adversary Proceedings" on Nov 21st. Counting 21 days brings us to 12-12, 12-13 max.
Addressing Tranche 4 payment of their claim, and the Adversary Proceedings Dockets happened with Doc 12563 distribution. For the MB, see 12548, Point 6b;
6. Upon this Order becoming a final order, (a) the Adversary Proceedings shall be deemed dismissed with prejudice and (b) the Clerk of the Court shall be directed to enter this Order on each of the dockets in the Adversary Proceedings.
http://www.kccllc.net/wamu/document/0812229181022000000000001
See Adversary Case Proceedings, and check to see 12563 is '(b) the Clerk of the Court shall be directed to enter this Order on each of the dockets in the Adversary Proceedings'.
http://www.kccllc.net/wamu/info/3950
IMO; the re-calculation of the DCR, the Tranche 4 distribution, and other DCR distributions can take place as early as the end of next week as planned.
The Employee Claimants need to get needed Docs from FDIC. Employee Claimants WMB-CIC claim is with JPM for their "tens of millions".
7.2 Posits. ++
Wrong again HM.
The "Washington Mutual Capital Trust 2001" is direct property of WMI. That is why The "Washington Mutual Capital Trust 2001" was cited in the BK process as a "posit". As property of WMI in BK, the WMI creditors would need to be paid before distributions.
WMIIC invested in a percentage of the Other WMI Trust originated and securitized by WMB and it's affiliates as ABS.
Rights words, Wrong conclusion from Docs.
Thanks AZ.
The "Washington Mutual Capital Trust 2001" is direct property of WMI. That is why The "Washington Mutual Capital Trust 2001" was cited in the BK process as a "posit". As property of WMI in BK, the WMI creditors would need to be paid before distributions.
Other WMI Trust originated and securitized by WMB and it's affiliates as ABS wording is that the WMI debtors need to be 'addressed' before distributions.
Addressed happened with Doc 12563 as we know. For the BM, see 12548, Point 6b;
6. Upon this Order becoming a final order, (a) the Adversary Proceedings shall be deemed dismissed with prejudice and (b) the Clerk of the Court shall be directed to enter this Order on each of the dockets in the Adversary Proceedings.
http://www.kccllc.net/wamu/document/0812229181022000000000001
See Adversary Case Proceedings, and check to see 12563 is '(b) the Clerk of the Court shall be directed to enter this Order on each of the dockets in the Adversary Proceedings'.
;
http://www.kccllc.net/wamu/info/3950
Yes, Rosen wants this done.
The Other Employee Claimants got Played.
The Employee Claimants just needed to file their claim and await Change in Control to finish with "the Final Payment" from the FDIC to WMI for "WMB and its assets" to receive their WMB CIC benefits/rewards from JPM, the new owner of WMB.
The WMB Employees need to remember that Rotella already got his reward. $20MM from JPM. See Doc 1997, 435+/825. The "Texas Litigation".
Court Docket: #1997
Document Name: Debtors' Motion for an Order Pursuant to Bankruptcy Rule 2004 and Local Bankruptcy Rule 2004-1 Directing the Examination of Witnesses and Production of Documents from Knowledgeable Parties
Date Filed: 12/14/2009
http://www.kccllc.net/wamu/document/0812229091214000000000008
I think you other Employee Claimants got played by JPM/Rotella. Suckers!
Melba Ann Bartels, Todd H. Baker, Sean Becketti, Anthony J. Bozzuti, Alfred Brooks, Thomas W. Casey, Gregory C. Camas, Deborah D. Horvath, Rajiv Kapoor, Kenneth E. Kido, Marc Malone, John P. McMurray, Thomas E. Morgan, Stephen J. Rotella, David Schneider,
Genevieve Smith, Steven F. Stein, Mitchell Stevens, Craig E. Tall, Radha Thompson, Ann Tierney, Anthony Vuoto, and Robert J. Williams, Jr.
Employee Claimant's claim is limited to a maximum of one years salary including attorney fees due to BK rule 502.
Math;
Employee Claimant earns $200k/year ~$96/ hour [2080 hours in a year]. Now Employee Claimant hires an attorney at $300-$500/hour.
I see an losing scenario for the claimants.
http://www.kccllc.net/wamu/document/0812229180830000000000001
Footnotes starting on PDF41/48.
Not much time left in that clock.
Yes, It's All About Change In Control.
All WMB Employees, correct?
Melba Ann Bartels, Todd H. Baker, Sean Becketti, Anthony J. Bozzuti, Alfred Brooks, Thomas W. Casey, Gregory C. Camas, Deborah D. Horvath, Rajiv Kapoor, Kenneth E. Kido, Marc Malone, John P. McMurray, Thomas E. Morgan, Stephen J. Rotella, David Schneider,
Genevieve Smith, Steven F. Stein, Mitchell Stevens, Craig E. Tall, Radha Thompson, Ann Tierney, Anthony Vuoto, and Robert J. Williams, Jr.
I think payment of these claims belong to JPM with Change in Control. Currently still in BK Court because CIC has not yet been completed.
IMO, the reason Rosen is moving forward is because Change In Control is happening [in process].
Example; JPM paid FDIC Corporate "the Final Payment" for "WMB and it's assets".
Now WMI awaits "the Final Payment" for "WMB and it's assets" from FDIC Receiver to complete Change In Control.
When JPM completes the purchase of "WMB and it's assets" with "the Final Payment" from the FDIC as a broker, then it's no longer a "Golden Parachute" of a "Failed Bank". The Employee Claimants don't get it !! Tell Kyle to Shut-up, save your money, and let the Our Money flow !! You get your CIC Golden Parachute from JPM.
Remember; 5AT? ;)
Thanks AZ.
Think FRB, “Washington Mutual Capital Trust 2001”, and Class 17.
http://www.kccllc.net/wamu/document/0812229180830000000000001
Footnotes starting on PDF41/48.
Incredible AZ;
Requote;
26.3 Payments and Distributions on Disputed Claims and Disputed Equity Interests:
(a) Disputed Claims Holdback. From and after the Effective Date, and until such time as each Disputed Claim has been compromised and settled, estimated by the Bankruptcy Court in an amount constituting the allowed amount, or allowed or disallowed by Final Order of the Bankruptcy Court, the Liquidating Trustee shall retain, for the benefit of each holder of a Disputed Claim, Creditor Cash (which the Disbursing Agent shall transfer to the Liquidating Trustee), Liquidating Trust Interests, and, to the extent elected by such holder, Runoff Notes and Reorganized Common Stock, and any dividends, gains or income attributable in respect of any of the foregoing, in an amount equal to the Pro Rata Share of distributions that would have been made to the holder of such Disputed Claim if it were an Allowed Claim in an amount equal to the lesser of (i) the liquidated amount set forth in the filed proof of Claim relating to such Disputed Claim, (ii) the amount in which the Disputed Claim shall be estimated by the Bankruptcy Court pursuant to section 502 of the Bankruptcy Code constitutes and represents the maximum amount in which such Claim may ultimately become an Allowed Claim, and (iii) such other amount as may be agreed upon by the holder of such Disputed Claim and the Liquidating Trustee; provided, however, that the recovery by any holder of a Disputed Claim shall not exceed the lesser of (i), (ii) and (iii) above. Any Creditor Cash, Liquidating Trust Interests, Runoff Notes and Reorganized Common Stock retained and held for the benefit of a holder of a Disputed Claim shall be treated as a payment and reduction on account of such Disputed Claim for purposes of computing any additional amounts to be paid in Cash or distributed in Liquidating Trust Interests, Runoff Notes or Reorganized Common Stock in the event the Disputed Claim ultimately becomes an Allowed Claim. Such Creditor Cash and any dividends, gains or income paid on account of the Liquidating Trust Interests, Runoff Notes and the Reorganized Common Stock (if any) retained for the benefit of holders of Disputed Claims shall be retained by the Liquidating Trust for the benefit of such holders pending determination of their entitlement thereto under the terms of the Plan. To the extent that the Liquidating Trust retains Runoff Notes or Reorganized Common Stock on behalf of Disputed Claim holders, until such time as such stock is distributed, the Liquidating Trustee shall exercise voting or consent rights with respect to such stock; provided, however, that the Liquidating Trustee shall be obligated to vote or consent, as the case may be, as to such stock in the same proportion as all other holders of issued and distributed Reorganized Common Stock have voted or consented, in each case on an issue-by-issue basis.