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Rule 2002 is mailing or notifying all parties on a list of every filing the parties (defendant or plaintiff) has filed. The new filing is to remove people no longer involved or no longer requires notification (past counsel, settled parties, etc.) No need for employee A to be notified of Kareem's shenanigans. A motion to remove parties on 2002 list should be done pretty much every time a claim gets settled or disallowed.
I touched on this on post 439644 and was ridiculed for suggesting that there are some on the list that doesn't need to receive any further bankruptcy filings. *COUGH* SUSMAN MILKING ESTATE FOR RECEIVING FILINGS ON CASES HE'S NOT INVOLVED IN *COUGH* Susman's firm isn't the only one that doesn't need to be on that list either. The firm is just one of the few that actually charges for reading/receiving and "processing" (by processing they probably just shred it and throw it in the trash) the filings.
A month before that pps was in the 2.70s.
A month before that it was back down to 2.20-2.30s
A month before that it was 2.70-2.80's.
I think I've made my point.
There's basically only 2 directions to go from here (pps) -
It continues to go up if there is good news.
It goes down with no news or bad news (failed acquisition news for example).
Distribution of disputed reserve is a WMILT duty (a duty that cannot be fulfilled until remaining claims are settled). Not necessary to be distributed prior to M/A.
WMIH will be a bigger pay day than Escrow ever will be.
I don't see why there would be. Applies to Preferred B or converted preferred. It'd be like if I sold you my WMIH shares privately. The deal has nothing to do with WMIH.
There were no provisions to sell Preferred B/converted preferred shares. Now there is. KKR and Citigroup can exit out of their position in WMIH Corp if they wanted to now.
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A better example would be if I bought a car from a car dealership that car now belongs to me and I can do what I wish.
If I decide to sell my car to someone else, that transaction has nothing to do with the car manufacturer.
Yes... in March... of 2012...
Standing order for 2 weeks? Normal. All the requests for a standing order has been 13-15 day period.
Keep timeline in mind. The funding from KKR (from series A and series B preferred) didn't become available until summer of 2015. Only a short few months ago.
Their first attempt for acquisition while ending in failure was, realistically within 6 months of acquiring funding. Pretty fast in my opinion (and in many others).
Prior to KKR funding (2015), WMIH (reorganized WMI) had less than $300 million for business transactions.
His claims are against WMILT because Kareem alleges that WMB profited from his foreclosure and because WMB is a wholly owned subsidiary - WMI profited as well.
Bankruptcy court has already disallowed hundreds of mortgage claims filed against the estate (WMI) and will continue to do so (I don't think there are any remaining mortgage claims besides Kareem's). WMI didn't write mortgages (subsidiaries did). In simple terms - are you, the parent (WMI), responsible for the actions of your adult son/daughter (WMB)?
His appeal is ongoing. In fact, he (Kareem) has filed for an extension of time for him to submit his statement of appeal.
No. You need to actually read his case. Kareem is not an investor, he's a property owner. More specifically, was a property owner who had his property foreclosed on prior to WMI bankruptcy. This is fact, not an opinion. It's right there in the filings.
I've addressed this before.
Post 439263
If it gets denied by the court of appeals, at this rate, it's likely he'll file for another appeal with SCOTUS.
He filed for an appeal.
It's correct.
WAMUQ, WAMKQ, WAMPQ, WAHUQ all traded below $1.00 at one point.
Don't own PIERS. I know they're owed money. With Tranche 4 not being paid off on 11/1, it's not likely Tranches 6 will begin to see any substantial amounts any time soon (substantial is relative and this is what I was alluding to with "something interesting").
Previously quarterly reports by the LT usually lists value with a description that's it's based either in cash, liquidating interests, or a combination of both.
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The success of WMIH (reorganized WMI) is where escrow holders should be pinning their hopes up.
Something interesting to note is the projected 11/01/15 distribution for Tranche 4 - no value. Don't think PIERS are getting paid on 11/1.
Projected ending balance (includes accretion)- $66,457,555
Just go back to the hundreds of posts posted here about how the shorts are covering, or massive accumulation/someone knows something, something big about to go down.
Edited to add the other often repeated phrase: MM shaking the tree.
You've been here for years. I know you've (as well as everyone who follows this on a regular basis) seen those posts and the results afterwards.
Trades like that happen all the time with WMIH. Not the first time, probably won't be the last. Without news being released, it's nothing to get excited over.
Edited: By happen all the time, I mean trades go through in huge volume with no news released in the prior days and/or no news released in the subsequent days.
http://www.law360.com/articles/310893/wamu-strikes-deal-to-secure-votes-on-ch-11-plan
It's been posted many many times. Refer to post 436473.
Prove me wrong, I've provided links that support my statements. Obvious links that has to do with the current activities of the LT (most recent one involves Hussain Kareem - of which I can note that there is 0 involvement with Susman Godfrey LLP).
What info are you not sharing? I'm willing to read any info you have.
I remember that too and while I was angry about that, someone I know of that works on "book time" pointed this out.
Auto Mechanics at car dealerships - Labor rate is set at book hours not including cost of parts. Repairing a transmission for example might be 8 book hours. If it takes 6 hours for the mechanic to fix the transmission, you will still be charged 8 book hours.
I have no clue what WEIL, GOTSHAL & MANGES LLP billing practices are and if it was something that would be a point of contention - the LT wouldn't have retained their services post confirmation to begin with.
WEIL, GOTSHAL & MANGES LLP, Quinn Emanuel, Klee Tuchin
http://www.kccllc.net/documents/0812229/0812229120106000000000006.pdf
Are you trying to justify Susman's billing for what essentially amounts to 0 services rendered post confirmation?
Also take a look at one of the claims with a status that is still unresolved.
http://www.kccllc.net/wamu/creditor/cdb/16282920/
Status: Continued
Priority claim amount: $10,950.00
Unliquidated Claim remaining.
compared that to the amount Susman has charged for doing nothing.
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If Weil was charging even $1 for no work being done, you'd see me mentioning that too.
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You hate WEIL, GOTSHAL & MANGES LLP, yeah we get it. Most of us do. Doesn't change any of the above facts. Brian Rosen has been working for the LT actually doing something post confirmation.
Look at Rosie's billing + the filings and objections he's done to have claims settled or disallowed.
Yeah he charges a lot, but he's not charging for nothing.
The documents are all made public. Take a look at all the bankruptcy filings that have been done by Susman vs how much he's charging. Compare that to how many of those filings were made by other firms that actually represent the LT.
All public info. Take a look (link below for court filings). I challenge anyone who thinks Susman is actively involved and is a positive asset for the amount he's charged to go over all the filings.
You laugh, as do I but for different reasons. Susman hasn't done anything significant for the LT post plan confirmation. Period.
http://www.kccllc.net/wamu/document/list/3853
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I am in no way discounting the things he's done for equity holders as representative of the Equity Committee during bankruptcy.
Susman filed a D&O complaint in King County, WA in 10/14/2014. Why? I don't have a clue.
https://www.kccllc.net/wmitrust/document/8817600141015000000000002
WMILT Complaint in Delaware filed 03/15/2012.
http://www.kccllc.net/wamu/document/0812229120613000000000021
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http://dw.courts.wa.gov/index.cfm?fa=home.casesummary&crt_itl_nu=S17&casenumber=14-2-28048-3&searchtype=sName&token=1BA8EF9D01C9DCF5C2A376B4C102C5BC&dt=032EADB9C0F85B90EEC4F2DBE3FD16B6&courtClassCode=S&casekey=169082679&courtname=KING%20CO%20SUPERIOR%20CT
http://www.law360.com/articles/607516/wamu-trust-cuts-37m-deal-with-execs-over-bank-s-collapse
Some of you who still thinks Susman Godfrey LLP is still involved with the LT probably should've read the documents you received via mail that were included with the release paperwork. Assuming you actually owned shares and received release paperwork.
http://www.kccllc.net/documents/0812229/0812229120106000000000006.pdf
WEIL, GOTSHAL & MANGES LLP
RICHARDS, LAYTON & FINGER, P.A.
AKIN GUMP STRAUSS HAUER & FELD LLP
WMI (non-reorganized WMI) couldn't abandon their stock in any other subs even if they wanted to. Their other subsidiaries were stolen (officially recognized as being seized) by the FDIC and sold to JPMC.
Those subsidiaries retained their rights to the property/equipment as per Global Settlement Agreement (so as to maintain business).
WMI abandoned WMB stock, as noted in POR7. WMI received "worthless stock deductions" in return for the abandonment.
http://www.sec.gov/Archives/edgar/containers/fix067/933136/000090951812000125/mm03-2312_8ke991.htm
No, it's organized as a conglomerate.
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A holding company's main business is owning other businesses.
A conglomerate is a business that owns other businesses either through creation of subsidiaries or acquisition.
There's basically only 1 major difference between a conglomerate and holding company but otherwise appear very similar. That's liability. Several minor differences.
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Example conglomerate: You are DMCeng Corp and your business is producing Tricket 2000x which is used for communication. Your business is booming and you decide to purchase WithCatz Bank and rename it DMCeng Bank.
Two totally separate sectors and you reorganize as a conglomerate corp known as DMCeng.
Business is booming for both your communication and bank business and you decided to open DMCeng Oil. DMCeng Oil started from scratch as in you used the profits from DMCeng Corp and DMCeng bank to purchase all new oil equipment, hire new all new employees, etc. Now your conglomerate is comprised of your main company DMCeng Corp and its two subsidiaries DMCeng Bank and DMCeng Oil.
3 companies that produces products or services (Communications, financial and oil)
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Example holding company: You are DMCeng and you have money. You set up a holding company for the sole purpose of buying other companies or being majority shareholder (controlling interest) in another company.
You use money to buy WithCatz Bank and Evintos Oil.
Your holding company now only has 2 subsidiaries. Those two subsidiaries are the only thing that produces products/services.
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The big pro/con of a conglomerate is that if one subsidiary fails, all the subsidiaries including parent corporation will suffer financially. At the same time if 1 subsidiary is failing, the other subsidiaries that are succeeding can prop up the failing subsidiary financially.
For a holding company - if DMCeng's Holding's subsidiary Evintos Oil fails, it would not affect WithCatz Bank financially. Limited liability among subsidiaries.
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Real world example is General Electric which is a conglomerate and Berkshire Hathaway which is technically a holding company.
GE is a conglomerate.