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It was a response to the foolishness of post 439243. A response that I've had to post 5 times because it keeps getting removed. Kareem's case was simple and is devoid of any craziness, conspiracy, or suspicious activity as alleged in post 439243.
While Kareem's claim would have been removed during the bankruptcy proceeding, his late filing and subsequent motions for extensions has done nothing except delay WMILT's progress in solving remaining claims. Time would not have been wasted had he:
1. Retained legal counsel instead of representing himself.
2. Filed his claim earlier which would've resulted in his claim being eliminated earlier.
5th time, lets see how long this sticks.
Kareem's claim against WMI was because his property was foreclosed on in 2008. He filed in 2012, after POR7. He should've filed earlier, he didn't and he lost.
Reopening WMB abandonment by WMI is to show proof that WMI benefited from WMB inte rests and that would put his claim as secured or priority.
As of end 6/30/15:
Net assets subject to disputed claims $75,414,677 which is largely comprised of:
Cash and short-term investments - DCR $75,120,070
A list of claims and their court status in semi organized form as of 10/20/2015. (Note: may contain errors, may be missing items)
Status: The hearing on this matter is continued to a date to be determined.
Claim 2159: $10,950
Claim 2683: $6,197,234.00 + $10,950.00
Claim 2687: $10,950.00 + $8,825,832.00
Claim 3725: $8,961,792.58
Total: $24,017,708.58
---------------------------------------------------------
Status: The pretrial conference regarding this matter is continued to a date to be determined.
Claim 466: $1,009,690.00
Claim 658: $346,211.88
Claim 710: $814,261.06
Claim 749: $55,000.00
Claim 986 + 996: $1,158,720.07 + $10,950.00 + $119,050.00
Claim 1743: $224,000.00
Claim 2106: $860,331.24 + $58,168.76
Claim 2129: $326,826.37 + $10,950.00
Claim 2539: $581,627.55
Claim 2543: $10,950.00
Claim 2571: $1,219,850.60
Claim: 2612 + 2607 + 2602: $1,176,148.76 + $10,950.00 + $84,050.00 + $73,324.21
Claim 2681: $10,950.00 + $7,730,761.00
Claim 2804: $753,749.79 + $10,950.00
Claim 3862: $842,685.33
Total: $17,500,156.62
Sweet news today:
http://www.kccllc.net/wamu/document/0812229151020000000000004
Claims 4095 and 4096 by Hussain Kareem has been disallowed in it's entirety. His claim totaled $358,012.00
On to the next employee/general unsecured creditor claim.
It's relative to perspective. Is billions better than millions? Of course. Does millions = 0? Depends on your cost basis.
WMIH Corp (aka reorganized WMI) + millions = 0? Again, depends on cost basis.
If markers receive nothing else in the future but WMIH Corp value goes up to triple digits, does that make escrow worthless?
Perspective.
KKR owns preferred shares. The BOD are working on growing the company through acquisition, as can be seen with the relatively recent event. You have to keep in mind that KKR technically didn't jump on board until late 2014. The SEC filings paint a fairly decent picture about what's going on.
Yes, I lumped REIT, P and K into one non differentiated amount of $3.02 for Class 19. My mistake. Forgot to do conversion rate. $3.02 is the average per marker of Class 19.
Post 439008 by Hotmeat for weighted Class 19 values.
____________
I haven't had my coffee or lunch either.
http://www.wmitrust.com/wmitrust/document/8817600120730000000000001
Those are roughly the number of shares that granted releases and should be the approximate total number of escrow. Considered Tranche 6 - Class 19 and Class 22.
REIT Series Class 19 -
73,849,313 / 19.80058 = 3,729,654.030336485
Series K preferred Stock Class 19 -
8,992,818 / 0.4950145 = 18,166,776.93279692
Series R Preferred Stock Class 19 -
57,548,706 / 19.8005825 = 2,906,414.798655545
----------- Class 19 should have a total of 24,802,844 markers -----------
___________________________________________________________
Common Equity Interests Class 22
40,702,317 / 0.03349842 = 1,215,051,844.236236
_____________________________________________________________
At $100,000,000 left at WMILT for Tranche 6 -
$25,000,000 goes to Class 22, each Class 22 marker receives $0.02
$75,000,000 goes to Class 19, each Class 19 marker receives $3.02
_________________________________________________________
Acquisitions isn't like going to a grocery store and buying some milk.
KKR has helped us financially, it's called Series A and Series B preferred.
No comment on the other points.
I believe there's enough to satisfy final payment to PIERS (on Nov 2).
DB suit doesn't affect WMIH Corp m/a at all. WMIH Corp isn't a party. WMILT isn't even a party. WMILT and WMIH Corp is not listed as either plaintiff or defendant.
DB themselves isn't in trouble. In their suit, they win either way, either FDIC is responsible for their claims or JPMC is. First judgement has resulted in FDIC responsibility.
Whether that changes at all at appeal is left to be seen.
It's not even a problem for WMIH Corp. WMIH Corp isn't even a party to the Deutsche Bank case, neither plaintiff nor defendant.
Filing last minute motion/s prevents the other party from prepping and filing an objection to the motion/s.
Great filing (for WMILT) came out today.
http://www.kccllc.net/wamu/document/0812229151015000000000001
Order denying Kareem's motion for extension of time and an order for a hearing for the motion for Summary Judgement to disallow Kareem's claim will proceed on Oct 20, 2015 - 10:30am.
If the judge grants WMILT's motion for summary judgement on the 20th, that's $358,012.00 saved and as well as progress trying to eliminate the next employee claim.
Indeed he is doing well stalling but I don't wish him success at all. Anyone who owns escrows shouldn't wish him success either.
According to WMILT filings there are millions left for distribution. More millions if claims get disallowed. In the realm of millions, Kareem's claim of $358,012.00 constitutes a significant amount.
His claim also violates (according to WMILT's request for summary judgement to disallow Kareem's claim) the bar date (simple terms he filed his claim way too late) and confirmation order.
It would be like anyone who would attempt to gain escrows by granting releases today. Way too late.
If you've actually read the latest court filings, the person stalling at this point in time is Hussain Kareem as pro se claimant. He filed a claim and is slowing down the process by filing for motions for extended time.
Much like most escrow holders, my feelings towards Rosen is as far away as possible from lukewarm and even ice cold, but the delays for employee claims can't be blamed on him. This could be sped up if Kareem had bothered to retain legal counsel. His claim is $358,012.00
Here's an excerpt:
Yes, they have to file an SEC form 8K
The standing order for hearings is nothing new. Happens all the time.
This is another example of how you can tell who follows the Trust progress and who doesn't.
http://www.kccllc.net/wamu/document/list/3853
Educate yourselves. Here's a clue for the lazy people:
9/14
8/17
8/3
It's a board misconception that has been addressed by the so-called naysayers of escrows back when the 6/30/15 8K was released (regarding D&O litigation). It's not likely the pro-billions escrow proponents will believe this info this time around either.
WMIH Corp(reorganized WMI) received around 22.49% of litigation proceeds. This was due to some Senior Note claim holders opting for common shares instead of 100% of litigation proceeds. You can do the math using the numbers from the 8k; Trust received $37 million from litigation, of which WMIH Corp (reorganized WMI) received $8,321,624.59
WMIH Corp (reorganized WMI) retained up to 50% economic interest in the litigation proceeds (minus fees). A number we now know to be 22.49% due to a number of note holders electing to receive some common shares rather than retain 100% economic interest in litigation proceeds. 22.49% > 2.5%
OTC Markets congratulating WMIH on the uplist is not important news. It's a fluff piece.
Correct, big difference. 10's of millions as in less than $100 million. Kind of in a rush so the amounts are all off the top of my head but it's listed in the WMILT quarterly report. Less than $100 million.
Last I checked (around March of 2015), there were around $50 million left in employee claims that needs to be settled or disallowed. That amount also doesn't include PIERS claims (should be the final payment around $50 million - a PIERS holder can chime in on this one).
The most recent employee claim to be settled or disallowed is the claim by Hussain Kareem which the Trust is trying to get disallowed because it violates the bar date and confirmation order. Court dates for other employee claims are scheduled well into the year 2016. So expect WMILT existence until end of year 2017 unless court dates get rescheduled (which historically has happened, frequently).
Tranches 2-5 needs to be paid off in full before Tranche 6 begins to see money.
Tranche 4 is PIERS
Tranche 6 is Class 19 and Class 22.
16 is WAHUQ (PIERS)
19 is preferred REIT Series, Series K and Series R. (Series R is WAMPQ and Series K is WAMKQ)
21 is DIME
22 is WAMUQ (Common)
Lowest pps required for NASDAQ listing if I remember correctly was average $2.50/share over a 90 day period. Doesn't need to be at $4.00, but it'd be nice to see.
Hey hotmeat - question for you:
Do you believe in the return of former assets or the purchase of former assets? or neither?
Omnibus hearing.
http://www.kccllc.net/wamu/document/0812229150709000000000001
http://www.kccllc.net/wamu/document/0812229150918000000000001
Next scheduled dates are:
October 20, 2015 at 10:30 a.m. (EDT)
November 24, 2015 at 10:30 a.m. (EST)
December 23, 2015 at 10:30 a.m. (EST)
Sept 22 hearing has been cancelled.
Jan 5, 2018. The deadline of 180 days only applied if WMIH didn't reincorporate into Delaware (which they did).
Do you have a link that shows Sussman won the D&O case?