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Who Do You Believe?
Jerrylev or James E. Carreon?
Jerrylev
Bio; Unknown.
jl, please fill-in.
James Carreon is a Principal at KPMG M&A Tax in Los Angeles. Prior to joining KPMG in 2012, Mr. Carreon was a Managing Director with Alvarez & Marsal Tax and, LL where his practice consisted of providing tax advice with respect to M&A transactions and troubled companies. In prior roles, Mr. Carreon has been associated with FTI Consulting, Sheppard Mullin Richter & Hampton LLP, Ernst & Young and Deloitte & Touche.
Education:
J.D., Law, Southwestern Law School (1997)
B.A., University of Southern California (1990)
B.S., University of Southern California (1990)
LL.M., Taxation, Golden Gate University, School of Law
https://www.bna.com/james-carreon-esq-h2830/
P.S.
jl; I remove you from my reply counter by checking the box and then remove. No need to read your stuff.
DTA Equals NOLs.
Deferred Tax Allowance.
Thanks mordicai for the link.
See Page 8/10;
Kevin Barker
Got It. Okay. And then the DTA declined by $81 from the pro forma number in the second quarter. Was that due to lower valuation allowance or expectations for future use of the DTA?
Jay Bray
No, I think that’s – we fully expect to utilize that DTA, particularly through the term, which extended beyond 2032, when you get to the final booking and the valuation allowance, which is essentially got to a number that was just slightly below the $1billion that we had out there.
Kevin Barker
Okay. And then, on your adjusted number, you had roughly $5 million worth of taxes in your adjusted EPS, which implies roughly 5% tax rate. Is that your expectation that you have on a GAAP basis or is that what you’re going to use for an adjusted number going forward?
Jay Bray
We expect to use about a 3% number for the adjusted basis. From a GAAP basis, it will be the full rate, which will be approximately 24%.
https://seekingalpha.com/article/4220076-mr-cooper-groups-coop-ceo-jay-bray-q3-2018-results-earnings-call-transcript?page=8
The FDIC's payment to WMI was not Booked in the third Quarter. So the old WMB Stock abandonment NOLs are still active. Jay is currently talking about the third quarter. All is true !
Keeping my eyes open.
Can You Post the Audio,
Link?
TIA,
Ron
If the WMB Stock Abandonment NOLs When Away,
then The FDIC did pay WMI "the Final Payment" for "WMB and it's assets".
Can we confirm J Bray's comments regarding Taxes and NOLs? TIA.
Thanks Wowalters.
NOLs From WMB Taking vs. NOLs From WMB Losses.
First; The #5885 WMB stock abandonment created an NOL from the taking. This is the NOL that WMIH/COOP is now using. WMB was temporarily valued at ~$24B.
Then when FDIC completes the GSA with "the Final Payment"; The first NOLs go away, and then WMIH/COOP will utilize this new reported NOL for the losses generated by WMB.
Example of WMB's losses to generate new NOLs; Pre-seizure RMBS required put-backs into the Trusts. The D.C. Dual Track established these losses/valuations. The Trusts now show new 2018 Mortgage put-back into the Trusts.
*************
The 8-30 Proposed Order was Rule on from the Bench = Approved.
IT IS HEREBY ORDERED that:
<- AZ is Right ->
THMFW Ruled from the Bench.
PDF 48/48. Other Message Boarders; YOU ONLY NEED TO READ ONE PAGE. Read More, Post Less.
http://www.kccllc.net/wamu/document/0812229180830000000000001
Thank You AZ.
The Stay is OFF.
HLCE is ON,
Ron
IMO, The Process Has Started. 5AT.
The FDIC has a ten year Statue of Limitation for claims filed against the receivership. Sept 25,2018. Now the FDIC has their Statue of Limitation intact. The Employee Claimants blow-it.
Then on Oct 16th WMILT filed to pay the last creditor Class 16, and close the cases.
WMI receivership claim; Hint #5885 fn 2, 5AT.
I only wish I could answer the when question.
The PIERs are soon to be done.
FDIC needs to close GSA with "the Final Payment" to receive their releases.
The ABS/RMBS Base was Insured.
As AZ has pointed out, the ABS/RMBS were insured. JPM's was the primary issuer of 'Insurance' through paper Derivatives. JPM, BofA and others are/were responsible to cover losses of the insured Trusts.
Remember FDIC PR that WMB securitized the $500B that F&F bought. That was 25% of the $2T RMBS securitized by WMB. Securitized means that the F&F bought RMBS Bonds, not the mortgages themselves.
The FDIC was only talking about RMBS, and not all the ABS that WMB/WMI and it's affiliates' securitized.
Banks use the customers' deposit base to reinvest into other assets.
WMB's deposit base never became a liability to WMB, the FDIC, or WMI.
Yes, WMB and WMB Class 17 Notes;
need to be paid by FDIC-JPM to close the GSA before the BK cases can close.
$299B for "WMB and it's assets".
The $188B Deposit base is a potential liability, that never became a liability to WMB or the FDIC because WMI/WMBfsb covered the depositors withdraws. Hint; No cost to the FDIC Receivership.
The $1.88B JPM payment is 1% of the deposit base of $188B used as a administration fee by FDIC to JPM.
Don't subtract the deposit base of $188B from the FDIC valuation of $299B because the deposit base is used as an asset to generate assets. That is what banks do, Use the deposit base for loans, building, land, investments, and ... WMB had a Tier 1 rating of ~8%, therefore only 8% was in cash and not a working asset. The deposit base was transferred to JPM.
The liabilities of WMB was settled with the DC Dual Track to settle the ABS/RMBS put-backs pre-seizure as a WMB responsibility. JPM is responsible for the post-seizure put-backs. JPM's put-backs is evidenced by new 2018 dated Mortgages in the MBS Trusts.
The FDIC still needs to make "the Final Payment" to WMI for "WMB and it's assets".
3X for "Willfull Misconduct".
True, RICO was never ruled on. Just the NYT Headline alone would have killed JPM ! Gag Order.
HLCE,
Ron
Washington Mutual Investors Fund (AWSHX).
Still active.
https://www.capitalgroup.com/institutional/investments/fund/awshx
https://www.morningstar.com/funds/xnas/awshx/quote.html
No reference to JPM found on sites.
Could this live under, Washington Mutual Inc., Assets Management Arm ?
I Have Searched for the List,
and have not found the list posted.
Searched for "GREAT WESTERN TRUST";
GREAT WESTERN TRUST II
https://www.sec.gov/Archives/edgar/data/1283448/000106823805000591/greatwesternii080105-8k.htm
CorTS Trust for Great Western Financial Trust II
Washington Mutual 7.625% Corporate-Backed Trust Securities (CorTS) Class A Certificates.
Any one have a link to the list? SEC Doc? Other? ??
TIA.
Kurtzman Carson Consultants LLC ("KCC"),
is the Distribution agent for WMI Tracking Marker ownership.
bottom of page,
http://www.kccllc.net/wamu
Note
Kurtzman Carson Consultants LLC ("KCC") maintains this website at the direction of Weil, Gotshal & Manges LLP, counsel for the Debtors. KCC maintains this website for the public's convenience and, while KCC makes every attempt to ensure the accuracy of the information contained herein, this website is not the website of the United States Bankruptcy Court and does not contain the complete, official record of the Bankruptcy Court. All documents filed with the Court are available for inspection at the Clerk of the Bankruptcy Court, District of Delaware.
KCC had the records regarding WMI Tracking Marker ownership.
HLCE,
Ron
Clawmann, Answer the question.
Did you read the docs?
Clawmann, What is Your Opinion,
regarding todays filings?
Now you as an MB expert on current events, what happen next?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144385152
Your turn ! "Oops. Your bad."
Please Read the Court Doc.
Solved with Seattle-Mint.
HLCE,
Ron
LP, Where did the $65B Boarded,
come from? Did NSM/COOP buy the rights?
BofA: No.
Wells Fargo: Don't think so.
JPM: __
NSM/COOP never said the source for the New Boarding of $65B. Right !
Reading Time !
Court Docket: #12548
Document Name: Certification of Counsel Regarding Contested Order (A) (I) Deeming the Claimants' Claims Disallowed, (II) Authorizing the Distribution of Funds in the Disputed Claims Reserve, and (III) Dismissing 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 (Filed by WMI Liquidating Trust)
Date Filed: 10/22/2018
http://www.kccllc.net/wamu/document/0812229181022000000000001
=================
Court Docket: #12549
Document Name: Certification of Counsel re: Motion to Allow 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, John Murphy, 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. for Order Determining Applicable Law Necessary to Implement Debtors' Chapter 11 Plan (related document(s)[12499], [12512]) Filed by Melba Ann Bartels. (Attachments: # (1) Exhibit 1 # (2) Exhibit 2 # (3) Exhibit 3 # (4) Exhibit 4 (Proposed Order)) (Joyce, Michael)
Date Filed: 10/22/2018
http://www.kccllc.net/wamu/document/0812229181022000000000002
LP, Slow Down !
Yes, 1 and 2 are true.
NOLs are for the losses from WMB, NOT from the lose of WMB.
The Dual Track established the pre-seizure put-back losses to the MBS Trusts. These losses become the new NOLs. The old NOLs from the WMB stock abandonment go away with "the Final Payment" for "WMB and it's assets" to WMI common Equity.
Yes, S4V.
Equity Interests Certificate.
That is NOT what AZ said.
The subject for "Equity Interests" language was WMIIC.
When an investor owns 25% or more of a ABS Trust offering, then the investor is given an "Equity Interests Certificate" that can be used as collateral for securing loans.
The participation in the ABS Trust offering is a cash revenue stream that can be used as collateral for securing loans.
COOP owns the Equity Interests Certificate for leverage.
Old WMI Equity Tracking Markets owns the Revenue stream of cash from the associated Trusts.
Just that simple !
<- AZ is Right ->
HLCE,
Ron
Equity Interests Certificate.
The subject for "Equity Interests" language was WMIIC.
When an investor owns 25% or more of a ABS Trust offering, then the investor is given an "Equity Interests Certificate" that can be used as collateral for securing loans.
The participation in the ABS Trust offering is a cash revenue stream that can be used as collateral for securing loans.
Just that simple !
HLCE,
Ron
The PIER Creditors Only Need to be ADDRESSED.
The Employee Claimants are only a Claim against the Estate, and NOT a Creditor to the Estate. Therefore ABS Trust Funds are freed from Safe Harbor for Distribution because only Creditors must be ADDRESSED, not all Claims against the Estate. We don't need to wait for Claimants resolve to receive our ABS Funds.
ADRESSED only means that their payment is OK'ed by the Court, which happened yesterday. Yesterday Rosen was only referencing the WMILT, not the ABS Trusts.
Different Buckets.
1. LTIs from WMILT. If Employee Claimants were successful then they would receive LTIs.
2. Escrow Tracking Markers receive from ABS Trusts and WMILT. I don't need LTIs to receive money from the ABS Trusts. The WMILT does not manage the ABS Trusts. Nor do I need LTIs to receive funds for "WMB and its assets" from the FDIC.
?? How long will it take for the ABS Trustees to start Distributing funds held in SH ??
HLCE,
Ron
Notice of Agenda for Hearing on October 16
I. CONTESTED MATTERS GOING FORWARD:
Court Docket: #12543
Document Name: Notice of Agenda of Matters Scheduled for Hearing on October 16, 2018 at 11:30 a.m. (ET)
Date Filed: 10/12/2018
http://www.kccllc.net/wamu/document/0812229181012000000000001
Motion of WMI Liquidating Trust for an Order (I) Granting WMI Liquidating Trust’s Omnibus Objections, (II) Deeming the Claimants’ Claims Disallowed, (III) Authorizing the Distribution of Funds in Disputed Claims Reserve and (IV) Dismissing WMI Liquidating Trust’s Adversary Proceedings [Docket No. 12499 -
filed August 30, 2018]
**************
Court Docket: #12542
Document Name: Reply of Melba Ann Bartels, Todd H. Baker, Sean Becketti, Anthony J. Bozzuti, Alfred Brooks, Thomas W. Casey, Gregory C. Camas, Debora D. Horvath, Rajiv Kapoor, Kenneth E. Kido, Marc Malone, John P. McMurray, John Murphy, 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. in Support of the Motion for an Order Determining Applicable Law Necessary to Implementation of Debtors Chapter 11 Plan (Filed by Gregory G. Camas, Thomas Casey, Deborah Horvath, Rajiv Kapoor, Kenneth Kido, Marc Malone, John McMurray, Thomas E. Morgan, John H. Murphy, Stephen J. Rotella, David Schneider, Genevieve Anne Smith, Steven F. Stein, Mitchell Stevens, Craig Tall, Radha Thompson, Ann Tierney, Anthony Vuoto, Robert J. Williams, Jr.)
Date Filed: 10/11/2018
Related Documents [2]
12537, 12512
http://www.kccllc.net/wamu/document/0812229181011000000000002
Washington State Unclaimed Property.
https://www.google.com/search?q=washington+state+unclaimed+property&ie=utf-8&oe=utf-8&client=firefox-b-1-ab
Remember what Rosen said?
~FDIC to place payment for WMB in Washington State Lost-n-found.~
Washington State Unclaimed Property.
Notice of Withdrawal of Docket No. 12518
Court Docket: #12527 Email
Document Name: Notice of Withdrawal of Docket No. 12518 (related document(s)[12518]) Filed by Robert Bjorklund, Kimberly A. Cannon, Daryl D David, John H. Murphy, Michael A. Reynoldson, Chandan Sharma. (Joyce, Michael)
Date Filed: 9/24/2018
http://www.kccllc.net/wamu/document/0812229180924000000000010
GSA Resolution with Payment to WMI,
for "WMB and it's assets" with "the Final Payment".
"The Final Payment" for "WMB and it's assets" thru the GSA changed the seizure to a true sale by WMI to JPM with FDIC as an agent in the transaction which will close the Golden Parachute, and the CIC issues for FDIC, Employee Claimant, and WMILT.
IMO, the GSA needs to close with Payment first before current Docketed items and BK closure.
We need a Federal Judge available to hear and enforce the GSA bound to in BK Court.
ANICO and Ad hoc Steering Committee did not release JPM from RICO, Rosemary in Dual Track release in their stead.
Sleet's decision, PDF 2/33
"SUMMARY OF ARGUMENT
1.
On June 18, 2018, the Honorable United States District Judge Gregory M. Sleet entered his final Order (the “June 18, 2018 Order”) in the Declaratory Judgment Action FN2 [D. Del. D.I. 144], which granted the Claimants’ Motion for Judgment on the pleadings [D. Del. D.I. 118]and denied WMILT’s Motion for Certification of Partial Judgment [D. Del. D.I. 121]. This Order resulted in a complete dismissal of WMILT’s Amended Complaint, along with the corresponding counter-claims and cross-claims in the Declaratory Judgment Action. That Order specifically noted that the Court was declining WMILT’s request for a determination that it is subject to 12 U.S.C. § 1828 as a “covered company” within the scope of that statute.
WMI is a Creditor to WMB
See #5885, FN 2.
WMB is resolved the GSA closure. "The Final Payment". Which must take place before BK Closure.
WMI is owned by WMI's common share holders. Preferred share holders have a Claim against the WMI Estate, NOT as a Creditor only a claim.
JAD, Yes JPM Will Pay More.
The $1.88B was an administration fee based on 1% of the Deposit base at WMB.
The FDIC states $299B for "WMB and it's assets". The DC Dual Track and CA Probate established the Put-back responsibilities for WMB before seizure, and JPM post-seizure respectively back into the ABS Trusts.
The put-backs to the ABS Trust and other liabilities are subtracted from JPM's bill, then multiply by 3 for "Willful Misconduct" "RICO", and add in 1.95% FJR interest since seizure for "the Final Payment" to WMI for "WMB and it's assets".
JPM pays the FDIC, and FDIC pays WMI. Then, the FDIC R and C are Released.
No, I don't have a final number, but its BIG.
IMO, WMB's put-back obligation is about $40B. This becomes the new base for the NOLs. Old NOL base was $24B. The Old NOL base was for the WMB stock abandonment, but when WMB is paid for the Old NOL loss goes a way. The new NOL is from the Banks losses when the Bank was on WMI's books.
When is a liability an assets?
Hint; WMB's Deposit Base.
HLCE,
Ron
HM, Regarding S4V.
The REIT Preferred Series of TPS, P, and K shares are supported by the Cayman Trusts. The Trust are still performing and even received fresh 2018 Mortgages from JPM as put-backs. Hence; the DC Dual Track and CA Probate.
The REIT Preferred Series are recipient's of the Trust governed by the associated Preferred Prospectus. The Old Preferred shares were canceled from trading, and Escrow Tracking Markers provided. The Preferred Prospectus themselves were NOT canceled.
The REIT Preferred Series need to be re-united with the performing Trusts, therefore S4V.
Same for Old commons.
WMIH authorized 3.5B commons and 10MM Preferred shares for a reason.
JAD, May I Responded?
"The Final Payment" to WMI for "WMB and it's assets" from the FDIC are agreed to in the GSA. The final price tag for WMB liabilities was worked out in the DC Dual Track. The GSA is part of BK, but NOT the WMILT, and/or a WMILT 75%/25% RE-Distributions.
Too much attention is paid to The WMILT, when KCC-DTC are the real distribution agents.
GSA and ABS Trusts are about true ownership and are NOT 75%/25%.
75%/25%; and LTI's are NOT required.
$40MM
Maybe 363 Sale and interest of $30B from $20.7B in RE/DCR.
LTI's are a Tax liability for the WMILT.
What About the TPS?
TPS, Ps', and K's are all REIT based Preferred. The Caymans.
"all non-REIT"
Bob, Please Tell Me More About the;
"all non-REIT Series Preferred".
"Quote: "23.3 Cancellation of Preferred Equity Interests: Notwithstanding the provisions of Section 23.1 hereof, on the Effective Date, all non-REIT Series Preferred Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect. "
The Court Doc is right, But...
Please tell Me more about these "all non-REIT Series Preferred".
Go tell HM.
Jerry, I only click to Clear Mailbox Counter.
HM, You are Having Difficulties With This,
now aren't You?
Yes "The Texas Litigation" was stopped; "No need to go there".
Again, What happened next after QE asked for a second round of Discovery of JPM after Doc #1997 was filed?
Hint; "The Texas Litigation" is in Doc #1997.
I posted the Link to JPM $1.4T,
EURO Notes on both BP and Yahoo back around January 2017.
Because the Notes are EURO, I don't think you are going to find active links.
HM, For RICO to be Removed,
Treble for "Willful Misconduct" must be paid.
JPM settled the RICO "Willful Misconduct" allegation by ANICO and Friends fast as to NOT have RICO proved in open Court hearings. Why would we settle for less? JPM's BOD was looking at 20 year sentencing for RICO.
HM, Talk About Making Stuff-up,
You don't know what was agreed to in GSA by all parties after negotiations.
JPM quickly came to the negotiating table after Doc #1997 was filed. Do you remember the Hearing in which the Gal from Quinn Emanuel was requesting a second round of Discovery of JPM?
What happened next?
RICO, Doc #1997, PDF 435+.
HM, Has the GSA Been Satisfied?
WMB became a True Sale to silence RICO.
Therefore JPM will take responsibility for ALL WMB Bonds. What the FDIC said on that day was true on that day.
But because "Willful Misconduct" 'RICO' took place, JPM must pay Treble in damages to satisfy the Claim, or the RICO Claim isn't removed. ANICO and friends WIN.
Yes, the RICO allegation were not ruled on in open court, JPM settled fast before RICO became public.
HM, Still Having Trouble Reading,
and understanding Doc #5885 Footnote 2?
Fifth Amendment Taking. 5AT.
Has the GSA been satisfied?
You seem to have a lot of free time,
Please see Doc #1997. When see PDF 435, The Texas Litigation. RICO.
WMI Corporate Structure.
Yes, OTS regulated WaMu.
Yes, WaMu bought insurance from FDIC for WaMu's customer's.
Yes, WaMu had a Tier 1 rating of 7.8 or better, JPM's Tier 1 was 3.5.
Yes, WaMu was a Fifth Amendment Taking.
Q; Who is WaMu?
Yes, WMI Escrow Tracking Marker Holders have only been compensated for WMI's BK and NOT WMIIC's BK, Yet !
WMIIC is going to work out just great for Me. To bad for You, Eclipsed.
RE/DCR, 363 Sale.
WMIIC's Investments.
Other WMI Assets.
and JPM took responsibility for all WMB Bonds because the seizure became a True Sale brokered by the FDIC. Hint; No RICO for JPM.