current
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Tie In 65B DB/FDIC/JPM Settlement & Akim Gump Court Transscript More Facts Arise
Some Investors Need To Take Note of What Was Said in The COURT TRANSCRIPT
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
--------------------------------------------------------------------
This settlement is based on the 65 billion face amount of MBS. The Calif Judge was very concerned about all investors (including the “Moms and Pops” as the Judge coined it) being notified properly. i]
• If one believes we do not have money coming back from a 65 billion tranche of MBS, then it would be hard to believe we would have any coming back from theses MBS trusts period – Pure nonsense – IMHO
• We have shown and proved that JPM only got Servicing Rights and more – See Below
______________________________________________
WaMu Asset Acceptance Corp., as Securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
http://whalewisdom.com/filer/wamu-asset-acceptance-corp
See FOOT NOTE ONE - Following Link
http://www.sec.gov/Archives/edgar/data/1317069/000092963815000128/wamu-67348_abs15g.htm
http://www.sec.gov/Archives/edgar/data/933136/000090951810000371/settlement_agr.htm
Exhibit Z
Loan Servicing. From and after the Effective Date, JPMC shall (a) cause such of its Affiliates to continue to service the loans identified on Exhibit “Z” hereto (the “Loans”) pursuant to the servicing agreements identified on Exhibit “AA” hereto (the “Servicing Agreements”), (b) cause such of its Affiliates to remit to WMI all checks and/or payments received in connection with those loans in its possession and (c) promptly (i) remit to WMI all servicing advances that JPMC is holding with respect to such loans and (ii) provide WMI an accounting with respect to each of the foregoing. Notwithstanding the foregoing,[/color] any dispute that may arise relating to the servicing of such loans during the period from and after the Effective Date shall be brought pursuant to such servicing agreements and this Agreement is not intended to create any additional rights, obligations or remedies. The Parties acknowledge and agree that (y) the Loans are the only loans that are or will be, from and after the Effective Date, serviced by the JPMC Entities (or their Affiliates) for the WMI Entities (or their Affiliates or their successors in interest) and that the Service Agreements are the only servicing agreements between the JPMC Entities (or their Affiliates) and the WMI Entities (or their Affiliates) and (z) with the exception of the obligations set forth in this Section 2.19, the JPMC Entities (and their Affiliates) shall have no further obligations or liability to any of the WMI Entities (or their Affiliates) with respect to or in any way related to the servicing of any loans for the WMI Entities (or their Affiliates).
Notice that it says WMI and NOT WMB so WMI is STILL ALIVE as we posited?
Also notice that most of the loans are single family residential loans?
And let's see what is noted in the P&A between FDIC as RECEIVER of assets from WMB and JPM. Closing date 25th of September 2014.
Let's zoom in on Schedule 3.2 (it is called PURCHASE PRICE OF ASSETS by the way, to avoid any misinterpretation):
(a) cash and receivables from depository Book Value
institutions, including cash items in the
process of collection, plus
interest thereon:
(b) securities (exclusive of the capital stock of Market Value
Acquired Subsidiaries), plus interest
thereon:
(c) federal funds sold and repurchase Book Value
agreements, if any, including interest
thereon:
(d) Loans: Book Value
(e) Other Real Estate: Book Value
(f) credit card business, if any, including all Book Value
outstanding extensions of credit:
(g) Safe Deposit Boxes and related business,
safekeeping business and trust business, if Book Value
any:
(h) Records and other documents: Book Value
(i) capital stock of any Acquired Subsidiares: Book Value
(j) amounts owed to the Failed Ban by any Book Value
Acquired Subsidiar:
(k) assets securing Deposits of public money, Book Value
to the extent not otherwise purchased
hereunder:
(1) Overdrafts of customers: Book Value
(m) rights, if any, with respect to Qualified Market Value
Financial Contracts.
(n) rights of the Failed Ban to provide Book Value
mortgage servicing for others and to have
mortgage servicing provided to the Failed
Bank by others and related contracts.
(0) Ban Premises: Book Value
(p) Furniture and Equipment: Book Value
(q) Fixtures: Book Value
If you read all this, isn't it very obvious that the off balance figures on the JPM 10k were made public in 2014 and the closing of P&A in 2014 are related? Not the mention the 38 billion of loans which have not been repaid or liquidated returning to the FDIC receivership?
Isn't it very obvious that JPM as stated in the GSA was pure servicer for Single Family Residential loans (a.k.a. mortgages) and that checks and payment are to be remitted to WMI?
Also interesting tidbit from the P&A:
(f) Servicing. The Assuming Bank shall administer and manage any Asset subject to purchase by the Receiver in accordance with usual and prudent banking standards and business
practices until such time as such Asset is purchased by the Receiver.
There we have the kicker right there. According to JPM's own 10k, it is clear that from 2008-2013 there were no purchased assets. In 2014, with the closing of P&A, these assets were ultimately purchased for Book Value.
Hence the off-balance figures we saw on the R-203 document. Assets were finally purchased, and merged into JPM. That's why in 2014 we don't see any former WMB-subsidiary on the JPM Subsidiary List anymore.
And:
All transfers with
respect to Asset or assets under this Section 3.6 shall be made as provided in Section 9.6. The
Assuming Bank shall transfer all such Asset or assets and Related Liabilities to the Receiver
without recourse, and shall indemnify the Receiver against any and all claims of any Person
claiming by, through or under the Assuming Ban with respect to any such Asset or asset, as
provided in Section 12.4.
XXX
Another JPM/FDIC new hire. Go to another board with less experienced investors!
…
Bizreader, you mentioned talking about Safe Harbor assets that AI cannot properly answer.
I can if you look below at what Akim Gump’s lawyers spoke about to Judge Walrath in open court. Yes, they spoke about assets but these could not be allowed in an active bk case because they are bankruptcy remote, safe harbor protected.
—————————————-
Also One of My All-time Favorites – The WaMu “Holy Grail” – Your Honor, The Assets Will Still Be There – The EC Can Go After Them Later
2. Pages 70-72 of Transcript Link Below
We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained ASSETS.
Now, it's my position, Your Honor, that the examiner doesn't need to do much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=135773992
…
TIMELY-SIGNED RELEASORS = BENEFICIAL RECIPIENTS OF A WMI (C) DST
1) An investor can argue the timing and amount
2) An investor may be even able to argue who will receive the distributions
3) There may even be a few more articles an investor MAY challenge
***BUT, BUT, BUT***ONE ACTION/FACT CANNOT BE ARGUED INTELLIGENTLY AS THERE MUST BE ASSETS TO OPEN A DST!
4) That is, there ARE ASSETS in the WMI DST and NOT TO BE CONFUSED WITH THE NOW CANCELED (12/31/2021) WMILT or the DST COULD HAVE NEVER BEEN OPENED During the first two weeks of March 2012 Prior to the (ED) Effective Date of 3/19/2012- PROOF FOLLOWS:
_________________________________________
"As I (Dmdmd1) posted numerous times, bgriffinokc's $ 20 was WELL SPENT and APPRECIATED to affirm WMI becoming a DST prior to BK emergence which in turn ESTABLISHED/FIXED its "ASSETS" distribution scheme via the 2 SEPARATE EINs:"
_________________________________________
Ask yourselves:
1) Why would WMI convert into a Delaware Statutory Trust (DST), prior to BK emergence on March 19, 2012, from a Corporation and also get a distinctly different EIN/Tax ID#?
IMO...My answer is simple: the bankruptcy remote assets (beneficial interest in MBS Trusts) owned by WMI would be housed in the new DST.
__________________________________________
The following is a list of the Seven Deadly Sins of a Delaware Statutory Trust (meaning all seven conditions below need to be true in order for a DST to be a legal entity):
https://seracapital.com/1031-exchanges/the-seven-7-deadly-sins-of-delaware-statutory-trusts-dsts/
"The Seven Deadly Sins of Delaware Statutory Trusts (DSTs) Explained
ONLY POSTING NUMBER 6 Of The 7 Deadly DST SINS:
6. All Cash, Other Than Necessary Reserves, Must Be Distributed To The Co-Investors Or Beneficiaries On A Current Basis. According to the IRS regulations, DSTs are allowed to keep cash reserves on hand to cover emergency maintenance and repairs issues. However, they are required to share the earnings and proceeds realized from the DST to its beneficiaries within the agreed distribution date. This deadly sin prevents trustee misappropriation of funds and protects beneficiaries’ rights to receive their earnings promptly.
XXX
Ron, could be the following.
1) WMIH/NSM/COOP
2) WMIC
3) WMMSC
4) Do not forget a DST will play a vital role in our distributions in my view
…
Newflow let everyone NOTE WMMSC is still in business and doing business as recent as 2/8/2024
Dated: February 8, 2024
WASHINGTON MUTUAL MORTGAGE
SECURITIES CORP.
(Securitizer)
Newflow, some less fortunate and late timely-signed releasors may want to look at the date on this filing very closely as it s saying there are
huge assets that remain with the FDIC as recent as FEBRUARY 08, 2024 yes that is correct 2/8/2024 and yes I did say FEBRUARY 08, 2024
These assets are ALMOST RIPE
1 On December 8, 2017, Washington Mutual Mortgage Securities Corp. merged with WaMu Asset Acceptance Corp., Long Beach Securities Corp., WM Asset Holdings Corp. and WaMu Capital Corp, with Washington Mutual Mortgage Securities Corp. (“WMMSC”) being the surviving entity. WMMSC, as securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
Central Index Key Number of depositor:
______________________________________
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of issuing entity (if applicable): ____________
Central Index Key Number of underwriter (if applicable): ____________
______________________________________
Name and telephone number, including area code, of the person to
contact in connection with this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 8, 2024
WASHINGTON MUTUAL MORTGAGE
SECURITIES CORP.
(Securitizer)
By:
/s/ Charles R. Del Gatto
Name:
Charles R. Del Gatto
Title:
Attorney-in-Fact
Goodie, you are correct with your points up to October of year 2018 when they enacted the 1-12 RS.
The filing only included common shares as the ten million Preferred shares are shelf-ready and authorized for immediate use.
Granted the new preferred have not been issued YET but they obviously have a plan for them.
…
Remember the DB, FDIC, JPM 65B CALIF CASE - VERY INTERESTING - DST WILL PLAY A VITAL ROLE IN OUR RETURNS
This settlement is based on the 65 billion face amount of MBS. The Calif Judge was very concerned about all investors (including the “Moms and Pops” as the Judge coined it) being notified properly. i]
• If one believes we do not have money coming back from a 65 billion tranche of MBS, then it would be hard to believe we would have any coming back from theses MBS trusts period – Pure nonsense – IMHO
• We have shown and proved that JPM only got Servicing Rights and more – See Below
______________________________________________
WaMu Asset Acceptance Corp., as Securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
http://whalewisdom.com/filer/wamu-asset-acceptance-corp
See FOOT NOTE ONE - Following Link
http://www.sec.gov/Archives/edgar/data/1317069/000092963815000128/wamu-67348_abs15g.htm
http://www.sec.gov/Archives/edgar/data/933136/000090951810000371/settlement_agr.htm
Exhibit Z
Loan Servicing. From and after the Effective Date, JPMC shall (a) cause such of its Affiliates to continue to service the loans identified on Exhibit “Z” hereto (the “Loans”) pursuant to the servicing agreements identified on Exhibit “AA” hereto (the “Servicing Agreements”), (b) cause such of its Affiliates to remit to WMI all checks and/or payments received in connection with those loans in its possession and (c) promptly (i) remit to WMI all servicing advances that JPMC is holding with respect to such loans and (ii) provide WMI an accounting with respect to each of the foregoing. Notwithstanding the foregoing,[/color] any dispute that may arise relating to the servicing of such loans during the period from and after the Effective Date shall be brought pursuant to such servicing agreements and this Agreement is not intended to create any additional rights, obligations or remedies. The Parties acknowledge and agree that (y) the Loans are the only loans that are or will be, from and after the Effective Date, serviced by the JPMC Entities (or their Affiliates) for the WMI Entities (or their Affiliates or their successors in interest) and that the Service Agreements are the only servicing agreements between the JPMC Entities (or their Affiliates) and the WMI Entities (or their Affiliates) and (z) with the exception of the obligations set forth in this Section 2.19, the JPMC Entities (and their Affiliates) shall have no further obligations or liability to any of the WMI Entities (or their Affiliates) with respect to or in any way related to the servicing of any loans for the WMI Entities (or their Affiliates).
Notice that it says WMI and NOT WMB so WMI is STILL ALIVE as we posited?
Also notice that most of the loans are single family residential loans?
And let's see what is noted in the P&A between FDIC as RECEIVER of assets from WMB and JPM. Closing date 25th of September 2014.
Let's zoom in on Schedule 3.2 (it is called PURCHASE PRICE OF ASSETS by the way, to avoid any misinterpretation):
(a) cash and receivables from depository Book Value
institutions, including cash items in the
process of collection, plus
interest thereon:
(b) securities (exclusive of the capital stock of Market Value
Acquired Subsidiaries), plus interest
thereon:
(c) federal funds sold and repurchase Book Value
agreements, if any, including interest
thereon:
(d) Loans: Book Value
(e) Other Real Estate: Book Value
(f) credit card business, if any, including all Book Value
outstanding extensions of credit:
(g) Safe Deposit Boxes and related business,
safekeeping business and trust business, if Book Value
any:
(h) Records and other documents: Book Value
(i) capital stock of any Acquired Subsidiares: Book Value
(j) amounts owed to the Failed Ban by any Book Value
Acquired Subsidiar:
(k) assets securing Deposits of public money, Book Value
to the extent not otherwise purchased
hereunder:
(1) Overdrafts of customers: Book Value
(m) rights, if any, with respect to Qualified Market Value
Financial Contracts.
(n) rights of the Failed Ban to provide Book Value
mortgage servicing for others and to have
mortgage servicing provided to the Failed
Bank by others and related contracts.
(0) Ban Premises: Book Value
(p) Furniture and Equipment: Book Value
(q) Fixtures: Book Value
If you read all this, isn't it very obvious that the off balance figures on the JPM 10k were made public in 2014 and the closing of P&A in 2014 are related? Not the mention the 38 billion of loans which have not been repaid or liquidated returning to the FDIC receivership?
Isn't it very obvious that JPM as stated in the GSA was pure servicer for Single Family Residential loans (a.k.a. mortgages) and that checks and payment are to be remitted to WMI?
Also interesting tidbit from the P&A:
(f) Servicing. The Assuming Bank shall administer and manage any Asset subject to purchase by the Receiver in accordance with usual and prudent banking standards and business
practices until such time as such Asset is purchased by the Receiver.
There we have the kicker right there. According to JPM's own 10k, it is clear that from 2008-2013 there were no purchased assets. In 2014, with the closing of P&A, these assets were ultimately purchased for Book Value.
Hence the off-balance figures we saw on the R-203 document. Assets were finally purchased, and merged into JPM. That's why in 2014 we don't see any former WMB-subsidiary on the JPM Subsidiary List anymore.
And:
All transfers with
respect to Asset or assets under this Section 3.6 shall be made as provided in Section 9.6. The
Assuming Bank shall transfer all such Asset or assets and Related Liabilities to the Receiver
without recourse, and shall indemnify the Receiver against any and all claims of any Person
claiming by, through or under the Assuming Ban with respect to any such Asset or asset, as
provided in Section 12.4.
XXX
SIMPLE REASON UWs DEMANDED CLASS 19 OVER CLASS 22 - COULD NOT BE AN EASIER WAY TO COMPREHEND
The Reverse Split of 1-12 in October of year 2018 ONLY applied to common shares and not PREFERRED shares letting them maintain even much more, so well, THEIR PREFERRED STATUS HAS A HUGE PRIORITY by a 12-1 margin
...
BOARDDORK, there is no question to me that a DST will play a vital and pivotal role in our eventual distributions as I discussed earlier. A DST is almost impossible for ANYONE, ANYONE, and yes, ANYONE to find out the details, those names and locations of actual owners, nearly zero information will be available outside of how the distributions are set up.
This is exactly how the Big Money Players love it and there is nowhere in the world that has anything on the state of Delaware when it comes to hiding the origination of monies, assets, and distributions that are tied to a DST.
Those investors who signed timely releases by March of the year 2012 own the former WaMu Estate and will be proven in my view to be BENEFICIAL RECIPIENTS OF A DST that will have MAGIC MONEY (thanks MadBadger) just show up in your account one day relatively soon in my view.
...
WaMu Holy Grail - Akim Gump Discuss Assets in Court - Solvency Certificate Proving Assets
NOW THINK HOW MANY MORE BILLIONS ARE LEGALLY HIDDEN
Restricted Subsidiaries PLUS Footnote 39 ALSO PROVES KOSTUROS IS A DST TRUSTEE
The Following Proves Legally Hidden Monies/Assets- BK Closure 12/21/2019 Then Cases Terminated 1/23/2020 As One Bucket of Potential Returns
1) I see distributions from (DSTs) Delaware Statutory Trusts where Kosturos is the God-like Trustee (see below) routed through DTC/Clearstream then to your Broker as one of the buckets
As set forth in the Confirmation Order, the members of the Trust Advisory Board hereby designate William C. Kosturos in connection with the applicable provisions of the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq.
Notice the highlighted pieces below in the confidential filing
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539dex105.htm
CONFIDENTIAL ANNEX C-I
Form of Solvency Certificate
Reference is made to Credit Agreement, dated as of [•] (the “Credit Agreement”), among [•] (the “Borrower”), the lending institutions from time to time parties thereto (the “Lenders”), and [•], as Administrative Agent.
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. This certificate is furnished pursuant to Section [•] of the Credit Agreement.
Solely in my capacity as a financial executive officer of WMIH and not individually (and without personal liability), I hereby certify, that as of the date hereof, after giving effect to the consummation of the transactions in connection with the Bridge Facility:
1. The sum of the liabilities (including contingent liabilities) of WMIH and its restricted subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of WMIH and its restricted subsidiaries, on a consolidated basis.
2. The fair value of the property of WMIH and its restricted subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of WMIH and its restricted subsidiaries, on a consolidated basis.
3. The capital of WMIH and its restricted subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof.
4. WMIH and its restricted subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).
For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts and circumstances existing as of the date hereof, represents the amount that would reasonably be expected to become an actual or matured liability.
IN WITNESS WHEREOF, I have executed this Certificate as of the date first written above.
***The Infamous Footnote Number 39***
In light of Footnote 39:
"FINAL REPORT OF THE EXAMINER
JOSHUA R. HOCHBERG
Court Appointed Examiner
Footnote 39
Equity undertook a preliminary solvency analysis based on the limited information made available by the Debtors. Equity noted that a final analysis of solvency would require a detailed review of WMB?s loan portfolio, which is not available to Equity and was also not reviewed by the Debtors. The Examiner in this Report has an analysis of solvency, but he also did not conduct a review of the loan portfolio."
MORE THAN LIKELY, THE LOAN PORTFOLIO ASSETS ARE BK REMOTE, SAFE HARBOR PRIOTECTED
_______________________________________
Also One of My All-time Favorites – The WaMu “Holy Grail” – Your Honor, The Assets Will Still Be There – The EC Can Go After Them Later
2. Pages 70-72 of Transcript Link Below
We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained ASSETS.
Now, it's my position, Your Honor, that the examiner doesn't need to do much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=135773992
...
Yes, we have also agreed WMI was never completely gone although it was made to look this way.
WMI was in a coma for a multitude of years until the correct time frame to reawaken.
Just do not get yo tied up on a name rather just know a DST will play a vital role in what we are waiting on to happen.
.,,
BBANBOB, yes, I believe this is correct…WMIC…is tied to a (DST) Delaware Statutory Trust
In Amended POR 7 signed by the court on 2/23/2012 shows WMI is tied to a DST with Kosturos as DST Trustee but I think the Trustee name has changed since then.
…
MadBadger, absolutely will not forget MAGIC MONEY!!!
I absolutely love this term because this is exactly how it will work. One day those investors who signed timely releases will wake up, open their accounts and find MAGIC MONEY and find out later some details!
Thanks for the reminder of MAGIC MONEY!
…
Fred, I say you are spot-on correct referencing WaMu R shutting down, and now a rather quick resolve for one reason. They would ALWAYS clean up the top scams they have been working on for years such as WaMu, UWBKQ and several other smaller ones BEFORE, BEFORE, BEFORE they bring the new Chief in so as not to sully the new Chief right off the bat with scams that date back 10, 20 and 30 years.
I see this and Libor all deep-sixed before the 200 million votes for Trump
...
FORM of SOLVENCY CERTIFICATE ALLOWING NSM MERGER - ASSETS HIDDEN - THINK WMI DST
NOW THINK HOW MANY MORE BILLIONS ARE LEGALLY HIDDEN
Restricted Subsidiaries PLUS Footnote 39 ALSO PROVES KOSTUROS IS A DST TRUSTEE
The Following Proves Legally Hidden Monies/Assets- BK Closure 12/21/2019 Then Cases Terminated 1/23/2020 As One Bucket of Potential Returns
1) I see distributions from (DSTs) Delaware Statutory Trusts where Kosturos is the God-like Trustee (see below) routed through DTC/Clearstream then to your Broker as one of the buckets
As set forth in the Confirmation Order, the members of the Trust Advisory Board hereby designate William C. Kosturos in connection with the applicable provisions of the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq.
Notice the highlighted pieces below in the confidential filing
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539dex105.htm
CONFIDENTIAL ANNEX C-I
Form of Solvency Certificate
Reference is made to Credit Agreement, dated as of [•] (the “Credit Agreement”), among [•] (the “Borrower”), the lending institutions from time to time parties thereto (the “Lenders”), and [•], as Administrative Agent.
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. This certificate is furnished pursuant to Section [•] of the Credit Agreement.
Solely in my capacity as a financial executive officer of WMIH and not individually (and without personal liability), I hereby certify, that as of the date hereof, after giving effect to the consummation of the transactions in connection with the Bridge Facility:
1. The sum of the liabilities (including contingent liabilities) of WMIH and its restricted subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of WMIH and its restricted subsidiaries, on a consolidated basis.
2. The fair value of the property of WMIH and its restricted subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of WMIH and its restricted subsidiaries, on a consolidated basis.
3. The capital of WMIH and its restricted subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof.
4. WMIH and its restricted subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).
For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts and circumstances existing as of the date hereof, represents the amount that would reasonably be expected to become an actual or matured liability.
IN WITNESS WHEREOF, I have executed this Certificate as of the date first written above.
***The Infamous Footnote Number 39***
In light of Footnote 39:
"FINAL REPORT OF THE EXAMINER
JOSHUA R. HOCHBERG
Court Appointed Examiner
Footnote 39
Equity undertook a preliminary solvency analysis based on the limited information made available by the Debtors. Equity noted that a final analysis of solvency would require a detailed review of WMB?s loan portfolio, which is not available to Equity and was also not reviewed by the Debtors. The Examiner in this Report has an analysis of solvency, but he also did not conduct a review of the loan portfolio."
MORE THAN LIKELY, THE LOAN PORTFOLIO ASSETS ARE BK REMOTE, SAFE HARBOR PRIOTECTED
...
I thought based on what may be happening Oct is the latest but something in my view could happen any day. This has to be ripe for moving forward.
Yes, I understand. This is why this is even better with the information you found. I find the update on June 01, 2024, extremely encouraging. There is no reason to even mess with this if nothing asset/money-wise is not in the picture.
Basically with the infor Newflow found on the trust update, Libor settlement review date mid-Oct, it appears most everything is coming to a head before the 11/5 election. No way to prove as we are only confirmed by time passing and filings so nothing except dot-connecting on actions that have happened and/or make sense.
...
You are exactly correct. Actions can be very telling. Look at how the facts line up.
1) JPM internal merger
2) Libor winding down by late October
3) Newflow found trust expires mid-Oct plus then just updated June 01, 2024...HmmmmmHmmmmHmmmm
4) Looks like to me JPM must pay and settle up about 60 to 90 days ahead of Oct 13, 2024 which would be around July 13 to Aug 13, 2024
....
Xoom, maybe JPM finally received the final bill and must pay sometime before the date of trust expiration! What YOU say?
...
Newflow, excellent find and due diligence. Thanks do much for sharing.
Now, I would say the part from when certain people were administering the final closeout as shown in the final trust filing verbiage, just what were these people doing?
Putting together the final bill for JPM possibly plus other details that investors who signed timely releases by March of year 2012 would financially love to see!!!
…
Newflow, thanks for the update. Can you explain details on how you arrived at this particular date?
Thanks
Yes, we could be the VICs that are beneficial recipients of a (DST) Delaware Statutory Trust
Thank you however, I would think they must release this soon due to certain SEC ACT 34 requirements
…
Greetings and Happy Father's Day To All Who Are.
Please correct me if I am wrong about the following. I seem to remember that I read in a similar filing that COOP would be divulging their Very Important Customer during the second quarter of 2024.
If this is correct, I believe the investors who signed timely releases by March 2012 will finally see a confirmation of monies, shares, or a combination being returned and possibly a reawakening of WMI or similar name that has been in a coma since September of 2008.
Thoughts?
...
Many Confirmed FACTS From A Subject Matter Expert - Distributions WILL HAPPEN ONLY A MATTER OF TIME ALSO PONTS TO WHEN
Former poster CBA09 on IHUB was a subject matter expert and did this exact work of the FDIC when closing receiverships told us in the year 2017 THAT WE MAY HAVE TO WAIT UNTIL THE WaMu Receivership is settled/resolved before we would see distributions.
Poster CBA09 suddenly disappeared after a few months of answering many detailed questions but left us with the following. EXCITING TIMES ON NOW ON THE HORIZON as many actions now happening that show light at the end of the very long tunnel!!!
_________________________________________
Anyone Who Doubts Large Style Money Returning Needs To Read IHUB Post #490806
***Many thanks goes subject matter experienced poster CBA09s following posts***
Ref: So will they just magically make the Escrows worth something then?
Comment:
Shrewd professional investors here. Those initial & ensuing Hedge Funds did not invest and release on guess work. Rather a keen understanding of what assets and rights to assets that will prevail beyond the reaching powers of bankruptcy.
It seems many here are down to a glimmer of hope, from once having high hopes. I have been primarily silent. Why!?! No need to focus on the daily PPS. It is of no concern to me.
Do you believe these Hedge Funds & Institutional Investors are concerned with the the daily PPS? Of course not, they are inured to its daily movement and the postings on this Board.
Those who have their ticket punched, namely releases, take note that you are joined in the company of those in the know. Knowing the "Final Outcome."
Key here, I strongly contend, is outside the waterfall. So those assets shielded from the Trustee's reach as follows:
1) SPE / Trusts assets ( The parent is WMI )
2) Abandonment of Stock. ( As any future value goes to WMI and not included as an asset of the estate).
The following post by CBA09 (#490902) is also another great compelling, experienced view by a certified bank auditor such as him:
"Ref: Any idea as to timing? Are we looking at sometime before or after the end of 2018?
Comment:
I believe timing will be two fold:
1) That what happens within the finalization of receivership,
2) That what happens outside of the receivership, specific to Bankruptcy remote entities - SPE's. This, I strongly believe, is where the lion's share of recovery will come. Each SPE / Trust is governed by the expressed language of each PSA. There a many and most likely many have reached ripeness while others continue until to carry out payment compliance to investors / certificate holders.
These stand alone SPE's have many accounts that keep separate various types of revenue. I know from first hand experience the amount of retained assets within can be massive. Many Trusts have 6-7 tranches with 10's of Thousands of loans in each tranche.
When a given Trust's PSA has completed it's fulfillment to certificate holders a provision called "Accounts Removable" takes place. But before the actual removable is initiated a reconciliation of "Retained Assets" takes place. This is the vouching of reports to $ in the captive cash accounts along with any remaining over "Over Collateralized Pooled Receivables." Then a true-up, namely $ distribution is performed by the Master Servicer. Here, from my experience, the Holding Company (WMI) would be the receiver of these retained assets.
Now the question is when will this happen. Since this is outside of Bankruptcy it could have happened with each fulfillment of PSA. Then again it could be ( for completed "True-ups" ) in tandem with the finalization of Receivership. Then of course, as those that meet fulfillment a payout accordingly. "
**********SOLID POST FROM CBA09****************
Now To Me - The Following Tells The Entire Story Except When
GOOD REVIEW FROM CBA09***From a Certified Bank Auditor-Subject Matter Expert
CBA09
Sunday, 01/14/18 03:41:16 PM
Re: LuckyPanda post# 503177
0
Post # of 531409
Ref: CBA09, if safe harbor rules protect the assets to pre-bankruptcy ownership then its distribution should not apply to POR7. Does that mean escrow markers are moot? Will all Wamu shareholders receive a distribution including the non-releasing ones? Thanks in advance for your input. I have been wondering about this for some time.
Comment:
Liquidation of assets involves two distinct assets:
1) Property of the Bankruptcy Estate - (Por7 applies).
2) Non-Property of the Bankruptcy Estate - Safe Harbor Assets ( regular bankruptcy code procedures / priority apply).
While the above two are distinct in nature "ALL" residual interest will go to Escrow Markers. So, no, not moot. Escrow Markers are the legacy shareholders. Thereby, have final legal standing and in turn sole contractual rights / title in residual interest.
Ownership Chain -
WMI owns the assets of WMI and in turn has legal title to all the assets of it's subsidiaries. Shareholders of WMI have legal title to all the assets of WMI. All assets that end up in WMI thru it's subsidiaries are thereby assets that WMI shareholders have legal contractual rights.
Por7, thru its declarations, have addressed the distribution of liquidated Bankruptcy Estate Assets. All residual interest of estate assets will go to Escrow Markers per the 75 % / 25 % allocation.
Since our Safe Harbor Assets are outside the bankruptcy estate, those captured within SPE/Trusts will follow each respective Pooling & Service Agreement (PSA) provisions. Generally, it's Parent that receives cash flows of residuals. Note, SPE# 1 create the SPE# 2 /Trusts, SPE 1 are many times direct subsidiaries of the Parent. And, SPE # 1's have a great deal of involvement in the residual interest of SPE # 2 / Trusts.
In a solvent entity shareholders cannot force a distribution. A Corporation, thru it's board, has to declare a distribution of its profit before shareholders are to receive any distribution in the form of dividends.
PSA are compelling and indivisible - only one end stop - Escrow Markers.
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
***The following from Large Green***
BK/SAFE HARBOR REMOTE ASSETS DISCUSSED IN COURT-THESE WORDS MEAN MORE NOW THAN EVER-WATCH AS THESE COME INTO PLAY IF NOT ON/B4 12/31/2022
***READ THESE WORDS CAREFULLY AND THINK REAL HARD ON WHAT THEY MEAN AT THIS STAGE***
*The Holy Grail*RETAINED ASSETS*YOUR HONOR*They Will Still Be There*
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
http://www.sidedraught.com/stocks/WashingtonMutual/Transcripts/2010%20July%2020/08-12229-20100720.pdf
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=135773992
xxx
Newflow, it was the taxes paid by WMI, the corporation for five years on income earned was changed temporarily from three years to five years by an attachment to a bill in October of year 2008, I believe. The monies returned totaled around 5.5B divided up among the FDIC, JPM and WMI
This is what screwed Rosie up because there was too much money for a bankruptcy filing and the shareholders should have been in charge of the case. Rosie did everything to get rid of monies to make the bk look legal including giving money away and assets.
…
Newflow, no I do not believe so because these were the tax refunds from the tax law they attached to a bill in 2009 to extend the reach-back from three to five years on profits made by the old WMI
There was about five and a half billion in tax refunds divided up among WMI, JPM and I believe the FDIC from that amendment
…
Newflow, Split T, if you remember poster CBA09 on IHUB who was a subject matter expert and did this exact work of the FDIC when closing receivership told us in the year 2017 THAT WE MAY HAVE TO WAIT UNTIL THE WaMu Receivership is settled/resolved before we would see distributions.
Poster CBA09 suddenly disappeared after a few months of answering many detailed questions but left us with the following. EXCITING TIMES ON NOW ON THE HORIZON!!!
_________________________________________
Anyone Who Doubts Large Style Money Returning Needs To Read IHUB Post #490806
***Many thanks goes subject matter experienced poster CBA09s following posts***
Ref: So will they just magically make the Escrows worth something then?
Comment:
Shrewd professional investors here. Those initial & ensuing Hedge Funds did not invest and release on guess work. Rather a keen understanding of what assets and rights to assets that will prevail beyond the reaching powers of bankruptcy.
It seems many here are down to a glimmer of hope, from once having high hopes. I have been primarily silent. Why!?! No need to focus on the daily PPS. It is of no concern to me.
Do you believe these Hedge Funds & Institutional Investors are concerned with the the daily PPS? Of course not, they are inured to its daily movement and the postings on this Board.
Those who have their ticket punched, namely releases, take note that you are joined in the company of those in the know. Knowing the "Final Outcome."
Key here, I strongly contend, is outside the waterfall. So those assets shielded from the Trustee's reach as follows:
1) SPE / Trusts assets ( The parent is WMI )
2) Abandonment of Stock. ( As any future value goes to WMI and not included as an asset of the estate).
The following post by CBA09 (#490902) is also another great compelling, experienced view by a certified bank auditor such as him:
"Ref: Any idea as to timing? Are we looking at sometime before or after the end of 2018?
Comment:
I believe timing will be two fold:
1) That what happens within the finalization of receivership,
2) That what happens outside of the receivership, specific to Bankruptcy remote entities - SPE's. This, I strongly believe, is where the lion's share of recovery will come. Each SPE / Trust is governed by the expressed language of each PSA. There a many and most likely many have reached ripeness while others continue until to carry out payment compliance to investors / certificate holders.
These stand alone SPE's have many accounts that keep separate various types of revenue. I know from first hand experience the amount of retained assets within can be massive. Many Trusts have 6-7 tranches with 10's of Thousands of loans in each tranche.
When a given Trust's PSA has completed it's fulfillment to certificate holders a provision called "Accounts Removable" takes place. But before the actual removable is initiated a reconciliation of "Retained Assets" takes place. This is the vouching of reports to $ in the captive cash accounts along with any remaining over "Over Collateralized Pooled Receivables." Then a true-up, namely $ distribution is performed by the Master Servicer. Here, from my experience, the Holding Company (WMI) would be the receiver of these retained assets.
Now the question is when will this happen. Since this is outside of Bankruptcy it could have happened with each fulfillment of PSA. Then again it could be ( for completed "True-ups" ) in tandem with the finalization of Receivership. Then of course, as those that meet fulfillment a payout accordingly. "
**********SOLID POST FROM CBA09****************
Now To Me - The Following Tells The Entire Story Except When
GOOD REVIEW FROM CBA09***From a Certified Bank Auditor-Subject Matter Expert
CBA09
Sunday, 01/14/18 03:41:16 PM
Re: LuckyPanda post# 503177
0
Post # of 531409
Ref: CBA09, if safe harbor rules protect the assets to pre-bankruptcy ownership then its distribution should not apply to POR7. Does that mean escrow markers are moot? Will all Wamu shareholders receive a distribution including the non-releasing ones? Thanks in advance for your input. I have been wondering about this for some time.
Comment:
Liquidation of assets involves two distinct assets:
1) Property of the Bankruptcy Estate - (Por7 applies).
2) Non-Property of the Bankruptcy Estate - Safe Harbor Assets ( regular bankruptcy code procedures / priority apply).
While the above two are distinct in nature "ALL" residual interest will go to Escrow Markers. So, no, not moot. Escrow Markers are the legacy shareholders. Thereby, have final legal standing and in turn sole contractual rights / title in residual interest.
Ownership Chain -
WMI owns the assets of WMI and in turn has legal title to all the assets of it's subsidiaries. Shareholders of WMI have legal title to all the assets of WMI. All assets that end up in WMI thru it's subsidiaries are thereby assets that WMI shareholders have legal contractual rights.
Por7, thru its declarations, have addressed the distribution of liquidated Bankruptcy Estate Assets. All residual interest of estate assets will go to Escrow Markers per the 75 % / 25 % allocation.
Since our Safe Harbor Assets are outside the bankruptcy estate, those captured within SPE/Trusts will follow each respective Pooling & Service Agreement (PSA) provisions. Generally, it's Parent that receives cash flows of residuals. Note, SPE# 1 create the SPE# 2 /Trusts, SPE 1 are many times direct subsidiaries of the Parent. And, SPE # 1's have a great deal of involvement in the residual interest of SPE # 2 / Trusts.
In a solvent entity shareholders cannot force a distribution. A Corporation, thru it's board, has to declare a distribution of its profit before shareholders are to receive any distribution in the form of dividends.
PSA are compelling and indivisible - only one end stop - Escrow Markers.
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
***The following from Large Green***
BK/SAFE HARBOR REMOTE ASSETS DISCUSSED IN COURT-THESE WORDS MEAN MORE NOW THAN EVER-WATCH AS THESE COME INTO PLAY IF NOT ON/B4 12/31/2022
***READ THESE WORDS CAREFULLY AND THINK REAL HARD ON WHAT THEY MEAN AT THIS STAGE***
*The Holy Grail*RETAINED ASSETS*YOUR HONOR*They Will Still Be There*
The legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine. We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets.
Now, it's my position, Your Honor, that the examiner doesn't need to know much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.
http://www.sidedraught.com/stocks/WashingtonMutual/Transcripts/2010%20July%2020/08-12229-20100720.pdf
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=135773992
xxx
COOP VERY IMPORTANT CUSTOMER
Since COOP has been hiding the identity of this important action there MUST be more to this than meets the eye. So, here are the two important actions that must happen soon that I believe, will show us the way tor the NON-REVERSED ten million shelf-ready and authorized (since 3/2012) preferred shares to be issued to those investors who signed timely releases by March of the year 2012.
1) Why has XOME not been monetized since COOP started pushing this valuable asset years ago
2) The Identity of this VERY IMPORTANT CUSTOMER
DISTRIBUTION WINDOW CONFIRMATION NOW IN VIEW
I believe our timing window has been established which is five months maximum on a minimum of a confirmation, especially with the LIBOR settlement that now seems fast-tracked
I will take it further because of two things I have always said about Big Money Perps, which can never have enough. Family, friends, and all else come AFTER the following two.
1) They know how to make money
2) They know how to legally evade taxes and/or control with the potential of 45% taxes on 1/1/2025
So, that means we MUST have the TAXABLE MONIES in our accounts no later than 12/31/2024 and they can do the other non-taxable monies/actions later if needed but it also seems we may see at least a confirmation of distributions between now and Summer's end
No doubt, in my view this is the year for those investors who signed timely releases by March of the year 2012
...
DISTRIBUTION WINDOW CONFIRMATION NOW IN VIEW
I believe our timing window has been established which is five months maximum on a minimum of a confirmation especially with LIBOR settlement that now seems fast-tracked
I will take it further because of two things I have always said about Big Money Perps who can never have enough. Family, friends, and all else come AFTER the following two.
1) They know how to make money
2) They know how to legally evade taxes and/or control with the potential of 45% taxes on 1/1/2025
So, that means we MUST have the TAXABLE MONIES in our accounts no later than 12/31/2024 and they can do the other non-taxable monies/actions later if needed but it also seems we may see at least a confirmation of distributions between now and Summer's end
No doubt, in my view this is the year for those investors who signed timely releases by March of the year 2012
...
Boris, yes you are 100% correct. Even if they think there was only a 20% chance of that party getting in no way in hell would they risk losing this much to taxes after 16 years.
So with that said, can you say…
DISTRIBUTIONS IN YEAR 2024
DISTRIBUTIONS IN YEAR 2024
DISTRIBUTIONS IN YEAR 2024
DISTRIBUTIONS IN YEAR 2024
NON TIMELY SIGNED RELEASORS…
Let the aforementioned sink in…
…
This will not be over or other until one of the following happens.
1) WaMu (R) Receivership Resolved, Terminated plus FDIC officially released
2) Distributions
…
DISTRIBUTION WINDOW CONFIRMATION NOW IN VIEW
I believe our timing window has been established which is five months maximum on a minimum of a confirmation especially with LIBOR settlement that now seems fast-tracked
I will take it further because of two things I have always said about Big Money Perps who can never have enough. Family, friends, and all else come AFTER the following two.
1) They know how to make money
2) They know how to legally evade taxes and/or control with the potential of 45% taxes on 1/1/2025
So, that means we MUST have the TAXABLE MONIES in our accounts no later than 12/31/2024 and they can do the other non-taxable monies/actions later if needed but it also seems we may see at least a confirmation of distributions between now and Summer's end
No doubt, in my view this is the year for those investors who signed timely releases by March of the year 2012
...
Xoom and Mad, you guys discussed the following.
Brilliant MB. Good observation. So client could be WMI
___________________________________________________
We have been shown that a Delaware WMI DST opened in Amended POR 7 signed by the court on 2/23/2012. We also know that one cannot open a DST without assets/cash, so that is a concrete fact. There is no doubt in my view those investors who signed timely releases by March of the year 2012 will be Beneficial Recipients of a WMI DST or other DST since they own the former WaMU Estate.
I really believe this DST will play a vital role in our eventual distributions but should not be the only bucket.
...
Stox, we have been shown that a Delaware WMI DST opened in Amended POR 7 signed by the court on 2/23/2012. We also know that one cannot open a DST without assets/cash, so that is a concrete fact. There is no doubt in my view those investors who signed timely releases by March of the year 2012 will be Beneficial Recipients of a DST since they own the former WaMU Estate.
I really believe this DST will play a vital role in our eventual distributions but should not be the only bucket.
...
Exchanged old WaMu for NewCo/WMIH
From: Edgar G. Sargent [mailto:esargent@SusmanGodfrey.com]
Sent: Thursday, March 22, 2012 4:36 PM
To:
Subject: RE: Wamu
142,500,000 (75% of 190,000,000) are distributed to holders of preferred securities as well as claims subordinated to the level of preferred. Total disputed claims at the preferred level are $106,514,585.09. For those claims, 2,109,051 shares are reserved. The remaining 140,390,949 are distributed evenly by liquidation preference across the $7.5 billion of preferred shares. However, while the TPS are denominated in 1,000s, the Series K has a face amount per share of $25.
For the TPS, 3,729,658.260 shares provided releases and will receive 73,849,406 shares or 19.80058 new shares per old share. This share count is after giving effect to the mandatory exchange.
For Series R, 2,906,421 shares provided releases and will receive 57,548,829 or 19.8005825 new shares per old share.
For Series K, 18,166,565 shares provided releases and will receive 8,992,714 shares or 0.4950146 new shares per old share.
For the common shareholders, they are receiving 47,500,000 shares of which 4,165,750 shares go to the Dime Warrant holders, 2,631,933 shares are reserved for disputed equity claims, 693,806 shares will be distributed to Principal Financial on account of their claims and existing common will get 40,008,511 shares. For each share of existing common granting releases in the total amount of 1,194,340,178 shares, they will receive 0.03349842 shares.
Because no fractional shares are being issued, the percentages for each holder may vary due to rounding. I’m not sure what you are using this information for, but that’s an important point for holders.
Hope this gets you what you need. I'm out until tomorrow so if you have any follow up I will probably respond then.
Edgar
...
XOOM, Oh MY these facts can be troubling, especially to AZC and his Clingerons