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Yes, the Ascending Triangle
failed at around 10:30 this morning.
Classic failure by walking out flat/straight-line out the tail of the triangle.
The Market was expecting something just like two years ago on Oct 13th.
Grrrrr.
NOLs are GONE with
"the Final Payment".
JPM paid FDIC-C on or before June 1st, closing the PAA with JPM's Indemnification payment on July 14th. The FDIC-C will push the funds to FDIC-R for distribution to "the Debtor's Estate" WMI-Escrow Holders to complete the "Change in Control" for "WMB and it's assets".
When "the Debtor's Estate" WMI-Escrow Holders realize "the Final Payment", when WMIH will 'Book' the Capital Gain against the Capital Loss and the NOLs are GONE.
The old Capital Loss will be re-Booked as the new offsetting Capital Gain. Hence; No Capital Loss, no 'gives rise to' NOLs.
The current 8-K [Value from the Hawaii Insurance Bond "Assets" which Old-WMI owns] can be 'Booked' against current NOLs, until "the Final Payment" is realized by Old-WMI, and 'Booked' by WMIH.
HLCE,
Ron
"Change in Control"
-> AZ is Right <-
Banks will be closed on Monday, October 9, for Columbus Day; however, the stock market will be open.
No, No
$32B - $8B = $24B of WMI's reported BK filing assets, then minus some other stuff = ~$20.7B that was sold to JPM in the 363 Sale and recorded in the Feb 2012 MOR as RE/DCR.
You need to learn more about the 363 Sale.
It didn't need to be proven, or ruled-on in court, because it was recorded as testimony.
The 363 Sale
was worth $20.7 Billion, and placed in RE/DCR as High-Yield US Treasury Notes. Now RE/DCR should be worth about $30B.
The TPS 'Groups' couldn't figure this out ! EC was able too !
TPS, P, K was represented by EC for Preferred's own good.
Yes, I own Preferreds'
THJMW; Posit This;
What if the Debtor is worth $10 Billion.
James Carreon testified before THJMW
when he worked for A&M, stating that the NOLs would dissipate with the return of the Capital Gains.
"the Final Payment" for "WMB and it's assets".
I would rather have the Capital Gains then the NOLs.
Managing Director
Alvarez & Marsal Taxand, LLC
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.
Yes, "NOL's Are GONE" !
James Carreon disagrees with You.
James Carreon says the "NOL's Are GONE" when the Capital Gain returns to offset the Capital Loss.
The Capital Loss gave 'rise to' the NOLs.
https://www.linkedin.com/in/james-carreon-b586725
James Carreon
Principal at KPMG M&A Tax
Greater Los Angeles Area
Accounting
Current
KPMG US
Previous
Alvarez & Marsal Taxand, LLC, Alvarez and Marsal, FTI Consulting
Education
Southwestern Law School
And 40% was paid to Senior Creditors Claim.
WMI is a Senior Creditor.
Yes, the math don"t work,
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134989508
HOLD THE PHONE Janice's assistant called back Debbie. She again was awesome.
1. THE RECIEVERSHIP OF WMB IS NOT NOT terminated and they have no idea when it will be.
2. WMI IS NOT any way a part of the recievership and she is doe not know what was safehabored as it is out side of WMB and the FDIC.
3. WMI/WMII will not be held up by the wmb receivership.
4 Senior Creditors will see aprox 40 cents on the dollar.
5. WMI is free to pursue or do as it wishes as its own entity.
6. Before you all beat me to death I am just a messenger!
As Janice's assistant she will be glad to answer any questions she can from me. She accept an email from me so as I may get some questions you want me to ask (preferable from the senior well read board members I will be glad to ask them) I hope this helps. It would be really good if the Big man called or emailed.
Regards,
B
Know What You Own.
Just think what would have happened if ANICO went forward with litigation if JPM had not settled with the WMB Noteholders in RMC #533.
Please Thank ANICO
because it's already agreed to. We will see what ajustment are made. I didn't write any Docs or agreements, I just read.
ANICO is a WMB Noteholder and part of 'the Steering Committee'.
Please see PDF 435/825.
http://www.kccllc.net/wamu/document/0812229091214000000000008
I did not say 'it', ANICO did !
LP, I never said anything
about "Safe Harbor" in my post.
I was only talking about "the Final Payment" for "WMB and it's assets".
"Safe Harbor" is because of the Receivership happened, but NOT part of the Receivership.
WMI/WMIIC 'own' ABS Certificate that are/were in "Safe Harbor".
Please read my post more carefully.
**************
and
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134957549
"Interim Dividend Distribution
As of June 30, 2017, the Receiver had approximately $2.76 billion to distribute to holders of claims allowed by the receivership, according to the priorities established in 12 U.S.C. § 1821(d)(11)(A). The most recent receivership balance sheet summary can be found at the following link: (WAMU Quarterly Receivership Balance Sheet Summary). After paying JPMC in full, the Receiver made an interim dividend distribution on September 26, 2017, on all approved senior unsecured claims of the receivership, including the claims of DBNTC, general trade creditors, and the WAMU senior bondholders. This distribution represented approximately 95% of the receivership’s remaining total current assets. The allowed senior unsecured creditors shared equally (on a pro rata basis) in this distribution. The remaining funds in the receivership are expected to be sufficient to cover future expected and potential losses and expenses."
HOLD THE PHONE Janice's assistant called back Debbie. She again was awesome.
1. THE RECIEVERSHIP OF WMB IS NOT NOT terminated and they have no idea when it will be.
2. WMI IS NOT any way a part of the recievership and she is doe not know what was safehabored as it is out side of WMB and the FDIC.
3. WMI/WMII will not be held up by the wmb receivership.
4 Senior Creditors will see aprox 40 cents on the dollar.
5. WMI is free to pursue or do as it wishes as its own entity.
6. Before you all beat me to death I am just a messenger!
As Janice's assistant she will be glad to answer any questions she can from me. She accept an email from me so as I may get some questions you want me to ask (preferable from the senior well read board members I will be glad to ask them) I hope this helps. It would be really good if the Big man called or emailed.
Regards,
B
Let's Take a Closer Look
The Balance Sheet; "As of June 30, 2017, the Receiver had approximately $2.76 billion to distribute to holders of claims allowed by the receivership"
How can the FDIC-R pay all; "After paying JPMC in full, the Receiver made an interim dividend distribution on September 26, 2017, on all approved senior unsecured claims of the receivership, including the claims of DBNTC, general trade creditors, and the WAMU senior bondholders." with only $2.76B?
$6.45MM + $3B + other Stuff = is greater than $2.76B. The Math don't work.
"The resolution of WAMU through the P&A Agreement was completed at no cost to the Deposit Insurance Fund." can only happen if "the Final Payment" was made to FDIC-C, which happened on June 1st, 2017 but not reflected on the FDIC-R WaMu Balance Sheet.
The Balance for claims was paid from FDIC-C money transferred to FDIC-R within the Reporting dates of "As of June 30, 2017" and the next Reporting date.
"The Receiver anticipates that it will make a final distribution at a later date. It is unlikely that the Receiver will have sufficient funds to distribute to holders of receivership certificates issued to WAMU subordinate note holders or equity holders." This is a true statement "As of June 30, 2017". Distributions to "WAMU subordinate note holders or equity holders" happens in the following month.
Ron
FDIC - Status of Washington Mutual Bank Receivership UPDATE
Interim Dividend Distribution
As of June 30, 2017, the Receiver had approximately $2.76 billion to distribute to holders of claims allowed by the receivership, according to the priorities established in 12 U.S.C. § 1821(d)(11)(A). The most recent receivership balance sheet summary can be found at the following link: (WAMU Quarterly Receivership Balance Sheet Summary). After paying JPMC in full, the Receiver made an interim dividend distribution on September 26, 2017, on all approved senior unsecured claims of the receivership, including the claims of DBNTC, general trade creditors, and the WAMU senior bondholders. This distribution represented approximately 95% of the receivership’s remaining total current assets. The allowed senior unsecured creditors shared equally (on a pro rata basis) in this distribution. The remaining funds in the receivership are expected to be sufficient to cover future expected and potential losses and expenses.
The settlement did not resolve certain claims by the Receiver against JPMC, including the Receiver’s claims against JPMC relating to its alleged participation with other banks in manipulating certain benchmark rates and markets (LIBOR, interest rate swaps, ISDAfix, treasury securities, credit default swaps, and foreign exchange rates). It also preserves all claims of the Receiver against other persons who caused losses to WAMU prior to its failure, including claims relating to restitution orders and all regulatory and supervisory claims of FDIC-C. The Receiver anticipates that it will make a final distribution at a later date. It is unlikely that the Receiver will have sufficient funds to distribute to holders of receivership certificates issued to WAMU subordinate note holders or equity holders.
WAMU, which was the largest failure of an insured depository institution in the history of the FDIC, had $307 billion assets, $188 billion deposits, and over 2,300 branches in fifteen states when it failed. JPMC acquired substantially all of WAMU’s assets from the FDIC, paid about $1.9 billion, and assumed all of the deposits and “substantially all other liabilities” of WAMU. The resolution of WAMU through the P&A Agreement was completed at no cost to the Deposit Insurance Fund.
https://www.fdic.gov/bank/individual/failed/wamu-settlement.html
Good Point, NDT
The FDIC's 2017 Fiscal Year ends on September 30th, and 2018 Fiscal Year starts October 1. First business day would be Oct 2nd.
So, yes Distributions start 'next year' in FDIC's 2018 Fiscal Year of October. That would be in a week and a day from EOD today.
HLCE,
Ron
CY 2018 or Fiscal Year 2018 which starts October 1?
JPM was only a Bridge Bank
Mortgage Servicer for "WMB and it's assets" until JPM made "the Final Payment" on June 1st for "WMB and it's assets" and then became the true MS.
The notices have now been sent' ... JPMC, re: WaMu "serviced" mortgages, ... "SUBSTITUTION OF TRUSTEE AND DEED OF RECONVEYANCE" ...
Document is dated, June 01, 2017',
Letter is dated, August 25, 2017',
Delivered to US Residents First Class Mail', September 13, 2017',
AZ
Then the GSA, and
Plan 7 are dead if "the Final Payment" is not made by EOY 2017.
ANICO, looks like JPM/FDIC is dropping the Ball. Time to go Red-Hot
RICO !.
Yes, I trust Johnny, but FDIC is NOT going to answer ?? like that !
Bob, Please Go Back
and re-read my other posts because I already answered your questions.
Slowdown and read, and type less.
HLCE,
Ron
LP, Escrows get
the Cash from "the Final Payment", and WMIH sees the CG-CL Tax responsibility as WMI's successor in interest. Dist 2018 violates five year Tax rule.
That is why the Receivership needs to close this year. This September is the last QTR FDIC to close and make dist in this year, and all current funds Distribute will come in Oct. WMILT must distribute all funds by Nov first. WMIH plans a M&A before the end of this year.
-> Damages, 'willful misconduct' = 3X <-
Johnheps, Go read Docs;
#1997, #5885.
Damages!
and the NOLs go away
when "the Final Payment" is made for "WMB and it's assets".
Go ask Tax Professional/Expert James Carreon of A&M and John Mastando of Weil!
Please see Plan 6 testimony. CG-CL NOL removal did not change with Plan 7.
Some people should
go downtown and hire a good Tax Consultant regarding how the CL 'gives rise to' the NOLs.
We WMIH are now at the CG vs. CL event.
In the WMB Receivership, Receivership Must Close
within five years from the WMI reorganization so that NewCo does not have a tax liability from the Capital Gain from "the Final Payment".
Doc #5885, WMB stock abandonment Capital Gain-Capital Loss.
Some of you are chasing the NOL Red Herring.
The WMB Receivership Needs to Close in 3rd QTR (Sept).
If the receivership closes EOY 2017 (end Dec) then WMIH looses the CG/CL Tax Attribute, and will have to pay the taxes on "the Final Payment" due to the five year tax rule.
To close the receivership the WMB Bonds must have released the FDIC. The WMB Bonds release with distribution (Receivership Certificate) which will probably be in JPM stock.
For the WMB Bonds to be payed with JPM stock, JPM must first own WMB. For JPM to own "WMB and it's assets" JPM must make "the Final Payment" which happened on June first.
Class 17 is proof of the holdings backing ABS/MBS loan portfolio's to support the WMBNH-program, class 19 is also backed by ABS/MBS loan portfolio's, class 22 will also be a recipient of participation in WMIIC's ABS/MBS loan portfolio's.
For the FED to take any type of action like sell/run-off ABS/MBS, then FDIC Save Harbor must have been lifted-freed from all ABS/MBS securities not just the ones the FED participated in.
IMO.
HLCE,
Ron
The $8.37 Billion is just a Placeholder.
The FDIC had not completed the valuation of "WMB and it's assets" at the time of the WMB stock abandonment. Only the "Equity Interests" in "WMB and it's assets" was released to the FDIC pending "the Final Payment".
"WMB and it's assets" is now valued at $299 Billion, with adjustment for final claims like JPM's $645MM and DBNTC and other Trustee's claims that have settled. Note the four other cases are 'Terminated', finalizing the Receivership accounting.
The new Capital Gain from "the Final Payment" is the final Capital Loss.
CG and CL are Offsetting Tax attributes. CG - CL = ZERO Taxes to be paid by WMIH. The Tax attribute expires with the end of this year.
HLCE,
Ron
Correct, Just think; CIC.
DONE; just like the Employee Claimants due to CIC.
Please stop focusing on the NOLs.
The NOLs go way with the return of the Capital Gains from "the Final Payment' received from JPM on or before June 1st to off set the Capital Loss that generated the NOLs.
Real Cash at 100% is better than NOLs at 35%.
LP, Link to CIC at this Time!
The FDIC is not going to tell us beforehand regarding the CIC and money transfers from ABS/MBS Trusts distributions. It is just going to happen. $$.
Hints:
1. Brian Rosen changed law firms. The only way BR could change LF is if CIC is complete.
2. JPM can only change the status of the WMB Bonds is if JPM owns them. The WMB Bonds status is now; "in-default' = NO.
Call your broker.
3. More later, smile.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134627227
Ron
LP, CIC happened on June 1st.
JPM paid for "WMB and it's assets" on June 1st, and when was re-paid by the FDIC their priority one claim of $645MM on July 14th.
FED met today and then again tomorrow regarding ABS/MBS 'sells and or Run-off' of holdings. If the FED is talking about any WaMu ABS/MBS Trusts then FDIC "Safe Harbor" must now have be removed and ABS/MBS Trust distributions can commence with accumulated funds at anytime.
HLCE,
Ron
Youkelsone v. WMI, et al
Original Filing;
http://www.kccllc.net/wamu/document/0812229100210000000000004
Youkelsone v. Washington Mutual Inc., et al., Case No. 09-50039
http://www.kccllc.net/Docket/SearchResults.asp?T=2025
Last entry on BK Docket;
Court Docket: #0039
Document Name: Copy of District Court Order Granting Plaintiff's Motion to Proceed Without Prepayment of Fees [re: Docket No. 31]
Date Filed: 10/20/2010
Court Docket: #0036
Document Name: Notice of Docketing Record on Appeal to District Court [re: Docket No. 30]
Date Filed: 10/6/2010
http://www.kccllc.net/wamu/document/0812229101011000000000003
Court Docket: #0030
Document Name: Notice of Appeal of Order Granting Defendant's Motion to Dismiss Amended Complaint [Docket No. 29]
Date Filed: 8/27/2010
http://www.kccllc.net/wamu/document/0812229100907000000000013
JPM received the $645MM on July 14th
10 business days after CA Judge signed on June 30th.
We should at least see 645m moving from FDIC to JPM, per the settlement agreement.
ron,would the FDIC
"be on the hook" for this?
"the Final Payment" = 3X * "WMB and it's assets" due to RICO Damages."
Change in Control
happened on, or before June 1st.
CIC happens when "the Final Payment" is made, just like when you make the final payment on a car loan you get the Title to the car, signifying the CIC in ownership. Before your final payment you only had "Equity Interest" in the Bank's car.
JPM now owns title to "WMB and it's asserts". WMI only release the "Equity Interest" in WMB to the FDIC which resulted in a CL/NOL.
Now that "the Final Payment" has been made to WMI. WMIH will 'book' the Capital Gain, and the NOL's go away.
We don't know the exact 'then' the money comes, but we know FDIC must make Dividend distributions at the end of each quarter.
September 30th is the end of the third quarter. Dividend distributions after the forth quarter will violate the five year CL/CG Tax attribute, and WMIH would have to pay the tax on "the Final Payment".
"the Final Payment" = 3X * "WMB and it's asserts" due to RICO Damages.
ABS distributions is a different source of funds coming, and not part of "the Final Payment".
HLCE indeed,
Ro
The Key Word is Serviced.
Washington Mutual Inc. (parent to Washington Mutual Bank, FSB) reported $6.2 billion in MSAs as of June 30, 2008
Exhibit No. 10.1, 10.2
See last page of 10-Q
Description of Exhibit
10.1†
364-Day Revolving Credit Agreement, dated as of June 29, 2017, among KKR Capital Markets Holdings L.P., certain subsidiaries of KKR Capital Markets Holdings L.P., each of the Lenders (as defined therein), and Mizuho Bank, Ltd., as administrative agent.
10.2†
First Amendment, dated as of June 29, 2017, to Second Amended and Restated 5-Year Revolving Credit Agreement, dated as of March 30, 2016, among KKR Capital Markets Holdings L.P., certain subsidiaries of KKR Capital Markets Holdings L.P., the Majority Lenders (as defined therein), and Mizuho Bank, Ltd., as administrative agent.
955, Another Way to do the Math.
JPM claims $6 Billion annually in revenue from servicing the WaMu Master Loan Portfolio.
From ABS/MBS prospectus a servicing rate is ~1.40%.
X * 1.4% = $6B
X = $6B/.014
Now multiply by nine for nine years. To keep it conservative, say WMI/WMIIC's participation in the Master Loan Portfolio Trusts is only 10%.
You get the Idea.
HLCE,
Ron
Bob, See My Response to Borbash;
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134661286
I was responding to his post regarding the $3.7 Trillion in ABS/MBS Certs run-off by FED.
WaMu ABS/MBS Trust Certs can be part of that FED sell. For the FED to sell Certs, the FDIC must first lift the Trusts from "Safe Harbor". That means that other WaMu Trusts will also be freed from "Safe Harbor" for nine years accumulated cash, and future monthly cash distributions.
FED is to state the Run-off process in October.
HLCE,
Ron
Should WMIH Buy Some of These?
WMIH owns the "Equity Interests" in WMIIC, and WMIIC 'owns' Certs.
* "Equity Interests"; we are not talking about the Stock of WMIIC when referencing ABS/MBS Certs.
"Equity Interests" is the result of WMIIC owning 25% or more of the Tranche/Trust thru the purchases of Certs of that tranche/Trust. Owning the "Equity Interests" that can be used as collateral to make purchases. :)
For the FED to sell the Certs, first FDIC needs to free the Trusts from "Safe Harbor". All the litigation is resolved....
Borbash, Yes it Can
be related to us.
The FED bought these ABS/MBS bonds Certs when others wanted out because the monthly distributions was stopped due to FDIC "Safe Harbor". Many investors and Institutions need the monthly cash flow, and the sales of the bonds would drive bonds prices down. Therefore the FED bought the bonds to stabilize prices and be part of the accumulated future cash distribution as FDIC "Safe Harbor" closes now that all litigation is finalized.
Now with litigation finalized and FDIC "Safe Harbor" lifted, distribution can again start flow to ABS/MBS Cert holders. The FED is going to sell their ABS/MBS bond Certs into the market in ~October.
WMI/WMIIC is a ABS/MBS bond Cert holder, and you as an WMI investor are also a participant in the accumulated and future monthly cash Cert distributions held by WMI/WMIIC in which it participated in.
BIG HLCE,
Ron
Borbash, Yes it Can
be related to us.
The FED bought these ABS/MBS bonds Certs when others wanted out because the monthly distributions was stopped due to FDIC "Safe Harbor". Many investors and Institutions need the monthly cash flow, and the sales of the bonds would drive bonds prices down. Therefore the FED bought the bonds to stabilize prices and be part of the accumulated future cash distribution as FDIC "Safe Harbor" closes now that all litigation is finalized.
Now with litigation finalized and FDIC "Safe Harbor" lifted, distribution can again start flow to ABS/MBS Cert holders. The FED is going to sell their ABS/MBS bond Certs into the market in ~October.
WMI/WMIIC is a ABS/MBS bond Cert holder, and you as an WMI investor are also a participant in the accumulated and future monthly cash Cert distributions held by WMI/WMIIC in which it participated in.
BIG HLCE,
Ron
Can this be related to us ? The Federal Reserve is set to take a leap into the unknown next week by beginning to sell some of the roughly $3.7 trillion of bonds and mortgage securities it amassed during the financial crisis.
The Fed will meet on Tuesday and Wednesday and is widely expected at the end of the meeting to announce it plans to allow the run-off of its massive balance sheet beginning sometime in October. Fed Chairwoman Janet Yellen will hold a press conference afterwards to explain the decision.
http://www.marketwatch.com/story/fed-to-take-historic-leap-into-the-unknown-2017-09-14