Democracy starts with you, tag your it! ...Thom Hartman
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What's really exciting to me is the quarterly distributions that continue on into the future!
Getting a past due lump sum is so friggin awesome, ......but to have guaranteed quarterly income for at least 10 years or more is really life changing.
I know you hear it a lot, but thanks so much for sharing what you work so hard at!
So this is to the WMI estate reorganized, not the WMB bonds then... wow!
WOW! Thx AZ for passing that along. A wild ride indeed....I am ready to catch this wave
done and dusted. off we go, finally
Well, she said its Over before didn't she. And then filed with SCOTUS.
Wow! That really is the most meaningful find post re-org.
Man, getting ahold of that commitment letter is like Indiana finding the Ark of the Covenant! Nice work!
Thanks for those links and quotes. So historically speaking, past reporting precedent was June 28-30 as our new hot spot, although it could be any day now of course
Enjoy! We hit Mexico a couple times. Travel is so rejuvenating!
[laughing with you, not at you] I HEAR YOU! I'm ready for this to be over. Get outside, take a road trip, get some fresh air...it'll happen when its time. I laugh when I think back 13 years and what my dreams to do with the money were vs. now......it's been another lifetime in many ways.
I'm going surfing again. Get my ass kicked in some waves. Ice cold attitude adjustment. I highly recommend it. Do what you love while you wait, and it aint here....
Message boards are full of special interests anyways.
Rosen is right.....there are no other assets in the Chapter 11 pool of 'certain' Bankruptcy court assets used to settle 'certain' debts.. The debtor doesn't even have to list all liabilities either...just the ones that need a haircut necessary to re-org.
The Debtor claims Just enough Certain Assets in Chapter 11, to cover Certain Liabilities. No more, no less is required, unless you are insolvent in Chapter 7 requiring liquidation of everything.
Remote assets are just that...remote. They exist like your future assets in your grandma's will. You 'will' get them eventually, when the time is right.
To sue relatives in court NOW over assets earmarked for you later on in life, and whether your grandma justly intends to will 1% of her money elsewhere - is neither here nor there. You're suing over things that haven't been disbursed or received by/to you yet,.......... and its grandmas choice anyways within the rule of law.
Walrath said she would've approved the settlement anyways at that time, had it been contested. Which has now been re-litigaged and appealed and lost over and over......OVER something that clearly hasn't happened yet..
AliceBopNYStarbucks missed the litigation window by over 9 friggin years ! More time has passed since 2012 emergence into RE-Org, than there was from CHPT 11 infancy to 2012 approval... Think about that.....This still looks like carefully designed-to-fail theater to cement the efficacy of POR 7 against what will soon be a lot of angry people who didn't release as advised.
Well, If you released, then you didn't lose the game. You were guaranteed and received DTC Escrow markers separately designated to each preferred or common for future CASH and/or Shares distributions.
Hedge Fund inside trading I call arrogance based on complacency. Which I also call an unintended gift from them, thanks to Nate's poignant awareness and timing. If their greed and lack of ethics wasn't so predictable, we wouldn't have survived.
Hedgies get away with inside trading and flushing shareholders often. They assumed a rinse and repeat here with us, and unfortunately for them, blind arrogance and overconfidence led to their loss of control, amongst other things. Retail got to take their place.
And like I said before, you are playing against the house and like a casino, and if you're not careful playing OTHER bankruptcies, you will most often get burned. But I and many who released didnt get burned this time.
I hope you released all flavors, otherwise I can understand your angst.
IF you think about any professional in their craft.....there is only a small universe of possibilities and boundaries that can exist. There are only certain places things can be hidden, and certain configurations that things can be played or tweaked within the 'rules' of the trade.
You do anything long enough and you literally have seen it all, done it all, fixed it all. Your art, your craft..is down to a science. Everything operates within the boundaries of that vacuum.
Even if Walrath didnt know to the exact penny outside the bk that was a debtor asset to retrieve later, all she had to know is what the Debtor filed as......as a Chapter 11 RE-Organization around "certain" assets that exist outside the BK.
When Rosen threatened to switch to Chapter 7 liquidation after POR 6 failed, Walrath surely laughed to herself....I know I did.... Go for it Rosey! I dare you! Why don't you declare all assets IN and OUTSIDE (remote) to determine Chapter 7 liquidation is necessary?.. That would've been funny as heck. Rosen didnt, couldn't, because the Debtor would never qualify for Chapter 7.. There is too many Assets to qualify for liquidation.
no, confirmed in recent court hearing. UW did not get ESCROW cusips
Shareholders are often dumped because they are profit seeking gambler investors on the bottom end of the totem pole. They know the risks going in, and its par for the course when haircuts are given.
The company wouldn't be in bankruptcy protection if it didn't need to shed liabilities and obstacles to future profitability, much less face future Chapter 7 liquidation of everything if a Chapter 11 Re-Org doesn't intervene while the patient is still alive.
After what I learned over the last 13 years, I dont know why anyone wants to be a dedicated long common shareholder of any business. The company will always love to ride a good horse while its useful...until its not. shot.
How could Walrath have known enough to posit? She'd have access to all WMI's filings to know the signs versus debtor filings. She's a federal court judge with years of experience! She's not a legal aid....
Further, many shareholders like myself were consistently pointing out the obvious in objections to the court, found in WMI's 10-k's and putting it on her public court record. Its safe to assume she had access to read and hear in court, various objections to the Debtors plans and intentions. I truly believe the years of forceful momentum of thousands of organized shareholders fighting tooth and nail, kept shareholders alive in the game for survival, against all odds.
Well, Walrath knows what Chapter 11 means versus chapter 7 liquidation. She knows that WMI/ WMIIC filing Chapter 11 means there are significant assets left to Re-organize around.
I sure she's well aware of hedge fund domination in buying senior debt and shafting shareholders. I'd like to think think that some of our thousands of (purported out of the money) shareholder letters made her read between the debtors submitted lines a little bit.
She knows the game, and the rules of the game. If the debtor is in Chapter 11, THERE IS 100% sausage hidden in subsidiaries somewhere.
"Let me posit this, if the debtor is worth, say $10B......." She knew! She knows!
Great post, but have you considered that the new company could be just WMIH? Wmih is still the parent of the former nation star group, now mr. Cooper group. So WMIH the parent, trading as COOP, could be the new company
Thx Ron! I am ready!
They really do seem to need COOP trading in this tight range. Just waiting for the trigger....
thanks jb! good to hear from you again!
Our DTCC markers could be utilized by the WMILT to make cash or share deposits based on the limited assets the WMILT was mandated to liquidate and distribute.
The WMILT can’t cancel or delete these DTCC escrow makers, as they also exist for a second purpose…to pay back accumulated interest from Bankruptcy remote asset income, that was withheld during 13 years of bankruptcy, AND to credit (pay) us for our share of the quarterly income going forward.
These BK remote assets are irrelevant to the court Chapter 11 hearings as we saw today, and as long ago with Justin Nelson. Rosen of course isn’t gonna bring up assets the judge is gonna quash on record anyways, and further he worked for the benefit of those who tried to steal the estate from us anyways.
Nobody wanted retail to know then, and nobody wants retail to know now….less the time, money, and effort to mislead and interfere for 13 years is painfully brought to light. Think about how much insider trading has continued since the the SNH meidiation? Think about how much money and personnel was used to manipulate message boards, Think about how much inside trading has occurred to counteract the loss of a lifetime to a rag tag bunch of retailers!!
lmao, HLCE is coming! Ron, I hope you’re still around here!
Nope. The only thing that fell hard today, is the ridiculous belief that the WMILT still has legacy BK remote assets left. Never did it. 75/25 to the end is officially dead.
Your DTCC markers (if you released) in your brokerage account, are the recipients of all the Bk remote assets.
Rosen and the WMILT only speaks for WMILT assets in court today. Of course there is nothing left in the WMILT as mentioned in the court, as those assets in their SEC docs have been liquidated. BK remote, like Justin Nelson’s attempt, are irrelevant to this court. You won’t hear about!
Did the WMILT cancel your DTCC tracking markers? Nope. So a big event is still yet to come for those who released. As AZ says, go COOP!
Lmao at the doomsday squad this morning. Predictable ‘misunderstandings’, lol
BOP didnt release commons, so it makes sense she NOW wants Class 22 interests, LMAO. Why if Class 22 is worth so little? lol She now sees that the 75/25 bucket full of holes now?
It's like she's finally read the Disclosure Statement, POR 7, and the class Releases now finally. lol
AZ, regarding what you said about the P's:
"That Preferred Managing Sub, became a "WMIH" Sub, and continued to be functional the entire time (trackable through 2018) ... That Very Same WMIH Preferred Managing Sub, was then used for the KKR 3% ($18,000,000.00) quarterly coupon owned for the 2015 influx of the KKR Cash', as well as the interest payments that were being paid for the Run-Off Notes, until they were completed' "
I've been pondering something about WMIH's (trading as COOP) sole use (up to this point) of the P Preferred's trust income that belongs to all who released.... for KKR and Run Off Notes.
I'd think WMIH would have to make good on what they spent that was ours. I don't see them putting CASH back into it. What do you think are the odds that our portion spent by WMIH on KKR and Run Off Notes over the past years, gets reimbursed in new COOP common shares? or new COOP Preferred bonds?
It seems for whatever reason, WMIH needed KKR to front the money it already had as collateral in the trusts? I'm guessing they could 'point to it' without touching it for use as collateral, but couldn't touch it until the BK was over and the 3rd party trustees could release the funds.
So now that the BKs are over, and WMIH spent ahead of itself over the past years regarding this collateral it couldn't touch at the time, that they will have to make it right as far as P Preffered holders who released. It just seems logical the easiest move forward in reimbursement, is new COOP common shares. If the old P Preferred trusts are nearly depleted, issuing new COOP Preferred Bonds in similar fashion as old Ps, just isn't feasible anymore.
Thanks for your time!
Hearing Rescheduled 1 day later to Friday June 11, at 9AM ET
https://www.kccllc.net/wamu/document/0812229210608000000000001
a boatload of commons she didn't release. so that old commons paper, is toilet paper. no wonder she appears to work for TPS
Well stated AZ
"So, the "wmi-lt" IS NOT DENYING ANYTHING', ... the "wmi-lt" is actually performing it's Court Ordered Functions, ... "Specific to Form" ... Again, Anything Outside of the Washington Mutual Inc, Chapter 11 Estate ?, Was Not Allowed To Be "Considered" within the BK's and Implementation ?, nor then, Allowed to be Addressed by the Estate's Liquidation Trust' ... "
This really has been the mental crossroad, that many have mistakenly taken. At the end of the day, if they released they will still be fine. That's all one had to do.
Happens all the time in criminal court. Often a prosecutor can't bring up past offenses as they are irrelevant to the current charge being litigated in court.
Everybody in the 2 WMI BKs was arguing in a box, whose boundary lines were drawn up by the court. You can go anywhere in the box, you can look anywhere in the box, you can argue over anything in the box, you can fight over the contents in the box, and you can win sole survivor of this box.....but you can't 'be' out of the box.....until your out of BK.
He'd probably get kicked out of court for talking too much
WMILT Motion to Shorten & Enforce...SIGNED by JMW today. Hearing June 10, 3pm ET
https://www.kccllc.net/wamu/document/0812229210607000000000001
Your welcome AZ! Thanks for keeping it real!
Let's see how bad and whether Alice can afford the new sanctions from Judge Walrath that are coming.
Griffins goose is cooked...burnt to a crisp actually. Like AZ said, which makes perfect sense...JMW just gonna sign the stipulation now as she said you would've back then. Which quickly ends this whole tired charade before it even gets started
Emergency Motion KCCLLC https://www.kccllc.net/wamu/document/0812229210605000000000001
Motion to Shorten https://www.kccllc.net/wamu/document/0812229210605000000000002
Why the rush? LOL. WMILT requests Hearing "on its Motions on or Before June 11"
haha! seriously....I'm so sick of this WAMU addiction. 13 years holy moly.
Something else I’ve been mulling over, if you need more mental cud. Going back to earlier discussions this spring where it appears that P’s legacy trusts income accumulations have been largely depleted by WMIH/COOP over the years until recently…..maybe that is where escrows will get paid back mostly in COOP shares. If cash was used, they’re not gonna pay cash back..they’d mostly like repay with stock IMO.
Just curious, how would changing the amount equate with the WMILT demand for AG to withdraw her complaint?
Seems likes she's still gonna get her #$# sued off regardless of changing the numbers.
All in all, this still seems like the final play in a pre-planned legal precedent strategy, to diffuse any future lawsuits that could come up after DTC tracking markers are reunited with legacy WMI assets owed to them.
I stand corrected.. In that case Praise Be to BOP for dragging this out into income tax hell. I will take pleasure in knowing that Tepper et all will be paying unimaginable billions in income taxes.
The Bopster is supposed to be smarter than basing her whole premise on heresay. It feels, as did the rest, that it was designed to fail.
She is not under oath, and can type up whatever story needed to try and get her foot in the door for TPS or whomever she represents. She could blame it all on Myadad and his walks in the park, and she would be allowed to file any mumbo jumbo without recourse.
Heck, I actually wouldn't be surprised if she's working for WMIH name changed to Mr Cooper Group Inc. If I was dotting all i's and crossing t's, I might hire an attorney to throw people off the scent by crafting up designed to fail legal bombs, that plug any future opportunity holes for those with litigious time on their hands; which after multiple courtroom failures, helps bury the chances of any other person's future reversal success'.
My 8-ball, This could all be one long drawn out exercise to dull the knife of Preferreds holders when they find out 75/25 is not for the whole estate, but was limited to "certain" finite WMILT assets as listed in it's SEC filings.
As I recall from BP long ago, BOP didnt release Commons. If a COOP event is truly eminent, she might be pretty angry and panicked as is evidenced in this latest filing.