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The keyword is HELD.
if they owned it they would have clearly stated so.
Am now 100% certain that a ton of assets are coming back after the repurchase responsibilities are completed.
Yup they had to. They created what they themselves called a blocking position.
They were double dipping in debt and preferred equity.
They new the value of WMI and got super greedy.
AZ and BB or anyone else.
Is it ever possible for FDIC-R to have repurchase responsibilities on the assets listed on exhibit 99.1 without having the assets in the receivership portfolio.
This doesn't make sense that the asset is gone but the responsibility remains with the FDIC-R.
Am thinking this exhibit filed is a glaring indication that not all assets were transferred to JPIG.
Even if there are repurchase or put back responsibilities, they should be excess assets remain even at 50%.
What's your thoughts? Am starting to see that the unicorn is about to become a reality.
GLTY.
Standard and routine is the language from the shadowy fella.
Everything is standard operating procedure from our elite resident intellectual.
Everyone knows that this was never routine and the way the receivership was handled is atrocious if not borderline criminal.
Am not going to cut the FDIC-R or JPIG any slack. If you received stolen property, then you should either return it or pay the book value to the original owners.
GLTY.
Thanks you for the very astute and educated comment.
You contribution to the discussion has been very uplifting and plentiful of facts and figures.
Your unrelenting efforts are greatly appreciated.
Fish,
Not exactly. You can be bankrupt if your short-term liabilities exceed your short-term assets.
Most times banks would you the FED Window to get some liquidity to meet the liabilities while using the long-term assets as collateral.
The FED window closed against WMB because of the liquidity crunch during the financial crisis.
Instead of doing the prudent thing and holding the assets to cover the deposit liabilities they sold everything in site and now they are crying to the judge asking for jpig to take on more liabilities.
There should have been a orderly liquidation or a bridge bank until the deposits are covered and all remaining assets come back to the holding company.
BWTFDIK. Maybe JPIG was used as the bridge.
Enough already. You just made up another excuse that the TPS group had no choice.
How do you know that for a fact?
This is one of the things we talk about you making it up as you go.
You cannot provide a single piece of evidence to justify your assertion that the TPS group had no choice if you weren't privy to the records from the EC depositions.
Let it go, you'll never get another response from me. The way you make things up is now beyond the point of return.
GLTY. Lol they had no choice.
A shadow is not tangible also.
Let's assume there's not a single dime left why would the TPS group accept the deal after deposing the EC for about 30 minutes at the SG office in Houston.
The so called conditional exchange could have been fought all the way to the supreme court because you cannot transfer the trust assets and leave the liabilities and immediately file for BK and not account for any if the assets backing the trust.
If the deal was bad they would never have accepted it. Their lawyers were clear in court and they have a strong case of preferential transfer less than 90 day to filing a BK.
Dude, How can you be a guarantor without any value to guarantee with?
There must be a collateral worth something satisfactory to justify the guarantee.
You are starting to make it up as you go now. You cannot guarantee $600Million with zero worth of assets.
Hello please provide a situation or documentation whereby an *empty* shell guarantee more than an $0.6Billion in cash?
Then answer the question about the 1st and 2nd filings.
You should prove me wrong and reply AZ.
I'm heavy on the escrows and wmih. Like any investor I've put my mouth where my money is.
If you believe that escrows are not gonna see a dime then why spend all your time disputing and belittling others?
Think about it. If you think the new company is the only recovery possible then focus on those issues and le tbe rest of us focus on both.
Great observation.
How is possible to secure an investment with zero assets?
I think they gave away the answer. The preceding sentence states as of December 31st 2014.
That means that there must have been completed sales or consolidation of the assets of WMIIC.
We are going to have to wait for the FDIC-R, JPIG and the estate to resolve this pending item.
S&G didn't get ran over. You can't drive from the back seat.
The debtors control and the EC was not approved till later when the first GSA was completed.
We actually got a fighting chance because of US Trustee before he resigned. He called it exigent circumstances for the creation of the EC.
The debtors stonewalled the EC and basically fought all their attempts to bring up relevant information.
EC was limited based on BK laws and procedures.
Lol, you don't think Bush knew.
You can't be serious. Hank Paulson went before congress several times and he told WAMU CEO that he should have sold that things were going to get difficult.
The man used his position as treasury Secretary to remove the biggest competitor to Goldman Sachs and you think that's not the worst form of crony capitalism.
You twist yourself into a pretzel trying to prescribe ignorance as an excuse to the administration that oversaw the near collapse of the financial system.
It's an animal farm out there.
Dude, do you have any form of evidence or filing to prove that TPG short sold the converted preferred shares.
I mean that post was very accusatory and filled with innuendos.
TPG basically injected $7Billion of liquidity into the bank to meet the bank's liquidity requirements because of the outflows.
I don't know what TPG did but they had to file at least a 13g due to their substantial ownership.
Am disappointed that just to justify a line of thought people are now also making up stories to fit their biased narrative.
How much were the hold backs from the sales of the MBS? I mean they typically hold/retain like 20 - 30% of the value.
For deposit liabilities, you must be kidding. Read the last audited financial statements and you'll clearly see that assets far exceeded liabilities and deposits were not at risk. WMI raised and had enough capital to cover outflows from the bank. Give me a break.
Trying to defend such assertions have no factual basis.
The mortgage assets were almost triple A rated and only a small subprime portfolio.
WMB had no esoteric financial instruments and that's a FACT.
JPM was a desperate bank crumbling under the weight of its CDOs and poor Jaime had to beg for mercy.
Rosey is getting eating from the inside out by his lies and deceit.
They were surprised. Do you know how finance works. They asset has been generating billions of dollars in revenues.
Wow now I see why some would defend the travesty with all their strength.
There's only a few companies that generate that kind of returns.
Is JPIG guilty of non compliance by not stating their assets and revenues from the mortgages if they just found out about their performance recently. Just saying the illegality is dumbfounding.
Thanks for the info.
They bought all this for $1.89B NOT.
Even at 90% impairment the mortgages would be $3Billion value left.
Now let the spin begin.
https://www5.fdic.gov/drrip/bal/balancesheet.asp#1
See Note 1:
(1) Valuation of Assets/Loss Allowances: Assets of the receivership are shown at values representing cash on deposit or the book value of amounts invested; the principal balance of loans, notes, other debt instruments or receivables (note that interest on these assets is not accrued after failure but is recognized when received); the foreclosed value of real and/or personal property or the book value of assets (cost less depreciation or amortization through date of the institution’s failure); and the historical cost of the net investment in subsidiaries, partnerships or joint ventures, adjusted where appropriate to reflect the receivership’s portion of the underlying net earnings or losses. An Estimated Loss on Assets is provided when anticipated future asset disposition proceeds, including associated expenses, are less than recorded amounts. Future asset disposition proceeds are generally estimated by determining, via sampling or recent disposition activity, the recovery rates for similar assets across all receiverships. However, actual recovery rates for this receivership may differ according to the quality and type of individual asset, as well as over time with changing market conditions. Accordingly, the gains or losses ultimately realized for this receivership will likely vary from amounts estimated.
If the FDIC-R does not the final numbers, how do you know which assets are to be sold and/or returned.
Lol supply the direct information not what somebody said somebody said. They were off balance sheet.
Do you know the facts? I've read the financial statement and it doesn't mention any about where the remaining money is going. If you, enlighten me.
Am sorry, you just took a statement showing that the case was complex to saying weil made money for their clients that's reaching a false conclusion with plain reading of the texts.
The BK case was complex and that a fact that's indisputable.
Weil did not make money for any client. That's another fact.
Weil represented the debtors in possession. Therefore, unless you're claiming that Weil was working for both the creditors and debtors at the same time, provide some proof.
Please where is the remaining $38B going?
No need to be long winded. Just answer the question.
Where are all the off balance assets and liabilities?
AAOC and Rosen failed miserably because they wanted to get all the money to themselves like the company that wiped out equity and bought sears after telling the world that not a single dime was left.
AAOC got a look behind the curtains and Rosey was a willing collaborator to rob equity. Am sure he gets invited to their weekend golf trips lol. He almost ruined their recoveries with insider info.
Even the examiner wasn't allowed to look behind the curtain.
That's no applicable here because you cannot retroactively apply the new regulation.
If the assets are in receivership and the parties have already reached a resolution.
No that's no true. The P&AA was the basiz of the DB vs JPM but the judge specifically outlined that the liabilities on the books as of September 25, 2008 belongs to JPM but anything off balance sheet is to the FDIC.
Now we clearly know that there $165B on assets with $38B remaining.
Just because you want to be contrarian doesn't mean people should be blind to clearly stated financial disclosures.
If your in doubt check the off balance sheet filings from JPM and tell me what would happen to the remaining $38B.
That's awesome ain't. colorable claims of insider trading.
"Best and brightest minds" still need illegal and criminal activities to make money. That's a damn shame.
If that's the idea of success then we know why we are losing our status as a superpower.
Now back to AAOC, they were supposed to get everything right but didn't. That's a failure.
They tried to hide future assets out of the BK proceedings that was a failure.
They tried to disband the EC that failed miserably.
I can go on and on. They failed to zero equity and that's a fact they'll have to deal with and we are looking forward to escrow recoveries which they cannot interfere with.
Money cannot wash the colorable claim of insider trading. They were guilty and they had to succumb during mediation or lose their shirts.
Lol, Rosy lost big and money would never wash of the pain and stain of defeat. He stated unequivocally that equity was out of the money and the EC should be disbanded which all turned out totally false.
If money was a determination of successful practice as a lawyer then the ambulance chasers are the most successful.
Now back to Rosey, he got paid a salary lol and maybe a bonus for being a decent enough lawyer.
For the hedges, they are sore losers for voting against MW because his at least not morally bankrupt to sell shareholders out during negotiations.
Sorry we have shares in the new company and have old units awaiting payments.
Rosey and the hedges failed. They got paid their money as creditors but almost committed self suicide trying to fight for an empty shell.
Tell me why they almost committed suicide fighting for an empty shell and tax attributes?
Yea I guess they are mad and not voting for MW for good reasons right.
Those clowns and Rosen wanted everything to themselves but slipped and got their hands caught in the cookie jar.
Now they not only had to share but we now control the litigation trust.
Watch and learn. The FDIC-R are now going through all the off balance items because the court has determined that JPM is responsible for all liabilities on the balance sheet as of September 25th 2008.
If the hedges didn't get too greedy there was enough to go around but they almost lost everything.
Now we wait for the accounting of the off balance sheet assets and liabilities.
Rosen and the hedges failed to wipe out equity.
No you are not mistaking. The numbers don't work because the value of the retail banking division was massive.
Not to mention the credit card, mortgage and investment banking divisions.
Until the final numbers are presented, the idea that the FDIC only got $1.9B is preposterous.
GLTY.
Things that make you go hmmmm.
The FDIC got $1.9B and several millions in our tax refunds. How much was the administrative costs and how much have they indemnified JPM on their claims?
Methinks at a minimum there should be some accounting on the funds, hence the talk about reconciliation.
Am sure Catz and dark shadow can explain to the board what the FDIC is doing because last time I checked the receivership balance sheet there was not a single line for the funds.
GLTA.
8K FILED.
We are moving forward.
Fish, Wow how did your reach that conclusion?
Here we go again.
WMI filed for BK not WMB. The sale of WMB caused the WMI to lose it's most valuable asset.
The value of the bank has never been provided till date. Now I'll ask you why we've never seen a value placed on the bank? Why do you think the debtors never reviewed the loan portfolio? Why do you think the examiner himself did not review the loan portfolio?
Do you guys realize that we don't even know which exact assets and liabilities were bought by JPM and what's heed by the FDIC-R?
This is why anyone claiming to know everything there is know is being disingenuous and unreliable.
The analysis of the issues must be approached with some humility and open-mindedness.
I see someone is working real hard today.
If you think the TPS team agreed to be at the same level as the P and K preferred shares and with only a potential of 5% recovery then I have a refinery in Houston to sell you. They could have gone all the way to the supreme court because everyone knows that you cannot do such an exchange and immediately file for bankruptcy.
It's simply illegal for such a preferential transfer of assets. Am not going to argue the exchange event for the TPS because you know better. If you can take $5B worth of securities backed by assets and exchange them for nothing and immediately file for BK then I also have the tile to the shell tower downtown Houston to sell you.
Let me set you straight. Your thinking is way too narrow and myopic.
WMILT's claim against FDIC-R is as good as gold.
That recovery has not been factored into the numbers.
So let me see you spin the claim as non-factor in 1, 2, 3,_ _.
Dude, It's called confidentiality agreement.
All the parties had to sign them.
Yea, Thackery is one of WMI's subsidiaries.
Wow thanks for the find.
Here you go exposing yourself for not understanding simple concepts.
If WMI had $4B in cold hard cash, then could the bank be insolvent?
The $4B is almost 3% of the total deposit liability of $151B.
So tell me again why the bank was seized and Sheila running up to congress for a law change.
Don't have too much time to waste trying to explain stuff.
You still don't get it dude.
WMI moved raw cash from the holding company to the bank subsidiary.
Are you not aware of the downstream of funds and plans to shore up the banks liquidity. WMI couldn't have done that without not having anything in its portfolio of assets.
You need to read the audited financial statements and see for yourself that they were solid.
Am sure you would tell me the $4B in cash from WMI was also bought by JPM.
Am shocked that you questioned why Killinger wanted to sell the bank to TPG if he knew the bank had $100B's worth of mortgages off-balance sheet.
Your lack of understanding of simple legal, corporate and financial concepts is baffling.
Do you have the details of the proposed deal? Why did WMI reject the offer from JPM?
Let me explain; TPG converted preferred shares to common shares worth a certain price at the date of conversion.
Therefore, WMI sold 50% of the shareholder equity to TPG for $7B. That doesn't have anything to do with the valuation of the Bank. WMI Equity in the bank was stated as $25B at the BK petition filing. Therefore, TPG got $7B worth of common equity for about $12.5B's worth of the WMI equity in the bank.
Remember,
Preferred P = $3B
Preferred K = $.25B
TRUPS = $5B
WMI Deposit = $4B
TPG = $7B
Total = $19.25B
This should be noted are part of the WMI equity in WMB. Therefore, how could you just make a quantum leap to claiming that Kilinger wanted to sell the bank for such a low number.
TPG must be the biggest fools in the world to have converted to common shares not knowing that WMI wasn't solid. I mean how do you convert all your preferred shares and inject extra liquidity to end up at the bottom of the food chain.
I continue to be amazed at your conclusions.
GLTY.
Wow excellent due diligence.
To tie it in also 59% of the mortgages were impaired. Which were mostly single family residential mortgages.
I think your on to something.