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Dude even Tim Geithner said WAMU was a special case and would never happen again.
That throws all your copy and pastes out the window.
WMB was very atypical.
Exactly. Am gonna go fight for a company I don't own. But hey JPIG you got everything but we'll fight for WMFSB.
it smells like JPIG might only have bought servicing rights and the assets were used as collateral until the deposits were covered.
Sell off enough assets to cover deposits and claims, whatever is left comes back to the LT.
Didn't cost the FDIC a dime. That speaks volumes.
Do you have the full filing? Am trying to get what WMFSB was classified as.
Dude have you seen or authenticated the meeting minutes?
After all, meeting minutes can be backdated or retroactively updated.
Dude what's stopping them from backdating the changes to the corporate governance information.
Nothing is impossible with this guys.
Dude, Yes we know they made so much money but still wanted the reorganized company too and almost lost their shirts for insider trading.
You dont stake your future on some NOLs and risk Billions for nothing.
They saw something massive and wanted it all but got slapped down.
Going through the 10Q and it's quite a decent quarterly performance.
They just have to get the illiquid assets from the trust or make an acquisition.
GLTY.
Wow thanks for the info. Clear as mud. The FDIC-R should sold or transfered the assets for at least the book value.
We never got the value of the sale listed in the WMILT financial reports.
The Bob would say, things that make you go hmmm.
GLTY.
why did the Judge set aside the Absolute Priority Rule in this BK case?
I quietly await your profound response and analysis.
I want to think of myself as a mini-hedgefund looking at investing in distressed assets. Been part of a few bankruptcy plays that never panned out.
I've almost never seen the absolute priority rule set aside also.
The setting aside of the APR is certainly a sign of things to come. Me thinks the debtors and creditors got caught by S&G trying to hide the holding company assets. The key person might have been Doreen Logan if I remember clearly.
The APR is clearly stated in the bankruptcy code and to set it aside in this case, speaks volumes.
GLTY.
PS: Hotmeat got your PM and totally agree.
You nailed it perfectly.
GLTY.
Hotmeat, you gave away my strategy.
Was waiting for Mordicai to respond and supply him the GSA clearly stating the released claims doesn't include claims against WMB and FDIC-R in their capacity as receiver.
Am totally convinced that the language was clearly made to remove all doubt.
GLTY.
Mordicai,
Week done, now I have some time to respond.
Confirm that you are stating that WMI has no claim against the FDIC-R or the claim was dismissed?
My intention is to get your train of thought, so as not to misrepresent your point of view.
If you are saying the claim was dismissed, then we can talk. Please confirm.
My focus now is this $151Billion issue.
Am digging through everything I can find. You guys might be up to something but I'm reserving my comments till a thorough review of the off-balance sheet number from JPIG and the FDIC-R claim can be correlated.
GLTY.
http://www.kccllc.net/wamu/document/0812229110711000000000013
There you have the order signed by Judge. The language is clear and also reaffirmed by the notice by the debtors for assurance of no doubt.
They couldn't explicitly list all the assets on the order or notice because that would be highly unnecessary.
Am looking ahead to you response tomorrow.
Am not surprised anymore.
They clearly stated "However, for the avoidance of doubt".
The EC made sure that language was put in for a reason. They could have muddied and obfuscated the language. The language in the order is clear as a clear, bright summer day.
GLTY.
NB: Thanks LG for posting the working link. Trying to save posts if there are any rebuttals.
Good, I like to discuss actual issues and was expecting the stock abandonment to be raised.
The holding abandoned their ownership of WMB stock to grab the NOLs.
Now that was for the bank ONLY.
There are other assets and interest held or taken by FDIC-R because of the hastily done receivership.
For example; the assets backing the trust preferred securities were preferentially transferred and certificates issued less than 24 hours to the receivership which is actually against the bankruptcy code.
Another question is the securitizer WAASC which sold and held substantial interest in assets sold by investors.
I can go on and on. The stock abandonment was WMB but not for the other assets held by the holding company.
Good discussion, if you want me to present the stock abandonment document for you to see the stipulations, I'll present it.
Your posts are factually incorrect, you misquote, obfuscate and mis-interpret documents. This is not just my opinion but FACTS. If you are in doubt I'll post your attempts at misquoting and cutting of important information from filings.
Dude, you've won yourself a cookie on a message board on the internet.
Am sorry, you are factually wrong again. We received ownership of the reorganized WMIH for escrow holders and some extra shares recently to booth. Added more share to the tank as gravy.
We are all responsible for our individual investment decisions. You loaded on Dimmers lol and it didn't pan out and I loaded up on preferred shares.
Me thinks, there would be stock of value to cover my preferred shares that why they authorized more common shares and preferred shares of WMIH. But you are not getting any of that if you don't have escrows.
Dude you are basing your post on "experienced" and documented evidence.
Please tell us your experience as a bankruptcy lawyer and valuation analyst?
I mean, it can be that hard.
...it is the 'counter point against the reality view that is irrelevant until realized; not reality itself.
Good your posts are irrelevant, moot and not reality either.
Exactly, the idea that Jaime and the FDIC-R refused to be under oath during their meetings with the examiner rings loud and clear.
The valuation analysis by the examiner could not be completed and till date we have not seen a valuation report provided in open court.
The dude continues to claim he knows everything about everything and his obfuscations are just baffling.
GLTY.
Am gonna disagree on the basis that the claim has not been filed because the claim is not matured.
The receivership is not over. Therefore, WMILT cannot make a claim using the takings clause because the FDIC-R has to put a final value to the WMB assets sold to JPIG and close the receivership balance sheet then if there's a major disagreement, then it would be mature to file the claim.
Sorry, the claim is not mature until the receivership is completed.
Even Rosen laughed when Justin Nelson complained to the Judge that the documents provided were more redacted than the JFK report.
Been here for a long time and can give you a play by play and direct quotes from the court proceedings.
You don't know as much as you claim.
Dude you keep claiming there are simple explanations to all the filings but we have different interpretations of the core issues.
For example, There's a difference between the mortgage servicing rights and the mortgage assets themselves. That alone is something you cannot explain away.
1-2% in yearly servicing fees of a $300B mortgage portfolio results in $3-6Billion of revenues. That doesn't include mortgage repayments which cover the liabilities themselves.
Don't dismiss opposing or counter arguments and interpretations because it's not as simple as you claim.
Back to lurking.
Exactly, I don't see any reason for the gloating and I told you so.
My impression is without the closing of the books by the FDIC-R there are no finalized numbers.
GLTY.
What's stopping you from contacting the liquidation trust yourself?
I mean your the one claiming to know the entire details and scope of recovery coming.
Do us a favour and contact the liquidation trust and report back to the board. Lol.
I don't want to be repeating myself several times because of the TOU.
The receivership is not over.
The BK is not over. We still have open claims against the estate.
This now bordering on the ridiculous.
Again the case is not mature or ripe because it's not possible to file a case against the FDIC-R when the final receivership balance sheet has not been provided.
The idea that someone knows when some other person should file paperwork is non-sequitur.
Do you know the final value of the assets under the FDIC-receiverships control?
Dude, your wrong again.
The case is not mature nor ripe because the receivership has not ended.
Am sure my CPA has more knowledge about impairments and write-downs than some that classify themselves as know it all.
The impairment or write-down of assets were based on an estimate which is acceptable for accounting purposes but there has to be adjustments if the impairment losses were not realized.
Lol, got to love the Monday morning quarterback.
I spoke to an CPA about asset impairments and how if JPIG immediately wrote down assets by $30Billion but the actual impairments are far lower that they might have to revise the asset write-downs to actual values.
That's why I've stated several times that this is an accounting nightmare and we still have professionals doing valuation analysis in 2016 for the trust.
GLTY.
http://www.sec.gov/Archives/edgar/data/1317069/000092963816001192/0000929638-16-001192-index.htm
Latest Report is in;
Like Bob would say, things that make you go Hmmmm.
There about $15 Billion of assets and $11 Billion subject to demand.
There's so much assets that the mess created by the FDIC-R is an accounting nightmare.
GLTA.
Large reading that letter again makes me angry because there was no reason for the FDIC to have seized WAMU.
They had had no CDOs, complex derivatives or other esoteric financial instruments.
That's why I believe that FDIC-R was not released. They had billions to execute a plan to save the bank without legislation or FDIC injection of liquidity.
GLTA.
Dude,
Supposedly, you were in the mediation meeting crafting the language in DS.
Supposedly, you know why there's $165Billion is off-balance sheet at JPIG. If they bought all the assets, why place them off-balance sheet?
Supposedly, JPIG fell into $30Billion of assets in the rubble.
Supposedly, JPIG only paid for deposits but we don't know what the premium would be requested by the FDIC.
I mean supposedly, we all know everything and why billions of shares were authorized.
You meant $5.6 billion in NOLs right? You are incorrect again.
The reorganized WMIH has no obligation or liability to WMLT no one has that confused. There's total legal isolation after exit from the bankruptcy process.
What some of us are claiming is the possibility of using the 2.5 billion shares or preferred shares as a stock of value to purchase the assets from WMLT.
I'm starting to believe that WAAC has $16Billion of assets still being managed by JPIG until there's a clear resolution of all demand claims on the assets.
Another question that needs to be resolved is the $165Billion in off balance sheet assets. Am looking forward to the next JPIG 10K to find out the status of the remaining assets.
I don't why the BOD would approve the preferred shares and authorize 3billion shares.
GLTY.
Excellent summation. GLTY.
If they spent $10.7 million then they were looking into a big dollar targeted acquisition.
That's good because it is the cost of doing business.
They didn't do too bad from my quick review. Will break it down further later.
GLTY.
Ok thanks.
Am going to go back to 2009 and find the first time the numbers were disclosed.
Noticed the difference between 2013 and 2014. Am waiting to see 2015 to see the disclosure.
Dude, why don't you post the R-203 for 2013 and let the board know if JPIG provided numbers for Washington Mutual assets.
No need for a verbose and long response, just post the 2013 numbers and we can close the matter.
Thanks in advance.
The document would not open for me to review. Do you have a separate link?
Agreed. Wells Fargo is not a small player and with their resources and bid proposal was probably outstanding to the other competitors.