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Fred, I say distributions at the earliest are March 15, 2024 and latest is June 25, 2024, so go ahead and mark this post!
.,,
Yes, this is why I write to LP as this is my understanding ONLY investors who signed timely releases are eligible for distributions under the plan which include Safe Harbor
No, not al all. You must have signed a timely Release to have ANY type of distribution whether in the active bk case or from Safe Harbor.
What I am saying is the timely signed releases and ownership rights are controlled by the court which include Safe Harbor assets as well
…
LP, there was an Ownership Change on March 19, 2012 when ALL preferred and common shares, prospectuses and all associated documents were canceled. The bk process includes all rights of ownership including Safe Harbor and the court will ensure this is upheld.
If it was as some here would lead you to believe, there would be dual ownership of assets, one for Safe Harbor assets and one for BK assets and that cannot happen.
…
Fred, for years I always said $4.00 to $6,00 range on this travesty of justice,
I always said anything less than your bucks a share would be a big fat ZERO!
I still say this, so anything above six a share will be icing on the cake for me.
There must be substantial monies here or they would not have screwed around with this little-bitty bank this long in my view.
…
No, only WaMu and UWBKQ in the distressed debt arena along with all of the five flavors of SD or bonds in the WaMu arena,
Fred, did you ever buy any of the Lehman’s securities after their September 2008 bk filing?
Fred, UWBKQ distribution will be 10/15/2024 to the tune of $12.50 per each piece of UWBKQ roadkill!
…
Goodie, the (SD) Subordinated Debt (Bonds) in Tranche Five come first with all Preferred Equity Interests and Common Equity Interests next in Tranche Six but to bring the bonds current will be about 33B.
There are five flavors of the bonds and I have some of each flavor with ZERO action so far regardless of what some claim or AZC.
…
Fred, this will never see a jury trial as there is way to much to lose.
Not to mention, there is no way these Executive Perps will be deposed and/or placed on the stand again, way to much to lose.
So, whenever they get to the big-fish to start deposing and/or place on the stand then they will capitulate and pay billions.
…
Let's hope Fred is still counting his millions that are all in one-dollar bills as this would keep him busy for a while unless he is trying to convert it all into silver dimes. Then may another ten years or so...
...
We have NOT heard about this development or we would have ALL KNOWN and heard about such a shocking development but in time I believe we will know about this topic.
...
Boris, you mentioned that JPM advised there would be several hundred families of new millionaires. Here is the article.
Article Written 6/2018-What Purpose-POTENTIAL LEAK? Tried To Time Distributions?
Have Not Seen Large Amounts of Money To Several Hundred Families YET
WaMu-13 plus Years in Making - Article Refers To WaMu? Read Article VERY CLOSELY
***ALL ROADS LEAD TO (DSTs) DELAWARE STATUTORY TRUSTS PLUS Other Potential Buckets***
Think how large JPM is and the others in the same league and then think that JPM has only 55 of these individuals/entities which shows how very, very wealthy these people/entities are and how very large JPM is worldwide.
___________________________________
Article from Bloomberg Magazine:
It’s Billionaires at the Gate as Ultra-Rich Muscle In on Private Equity
In an era of hyper-affluence, JPMorgan and Credit Suisse cater to a super-exclusive class.
By Simone Foxman and Sonali Basak
June 11, 2018, 5:00 AM EDT
https://www.bloomberg.com/news/articles/2018-06-11/it-s-billionaires-at-the-gate-as-ultra-rich-muscle-in-on-private-equity
I thought this paragraph was 'interesting':
"Still, with so much money and influence at stake, bankers are pitching hard. Goldman Sachs Group Inc. has its own list of 60, counting among its clients the Reimann family’s JAB Holding Co. and the Koch brothers’ investment firm. JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
"JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
NOTE: "is watching several hundred families that are poised to enter this rarefied realm."
____________________________________
Now, read this statement again and let this sink in!
"JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
Now, let me ask a question, considering so how very much wealth JPM is speaking about to be in the rarefied realm, other than the US Government, wherein the United States could so much money come from to put "several hundred FAMILIES" in the rarefied realm which OBVIOUSLY has NOT HAPPENED YET?
Now think about a 350 billion dollar seized (5AT payback) organization that was being run under the cover of "legal darkness" for almost 14-plus years (9/25/2008) with monies being segregated in court-approved registry accounts without interruption AND with very little overhead AND very few employees.
We know from filings that at least three of these accounts are at Wells Fargo
There could easily be several hundred families and may be exactly what JPM is referring to BECAUSE, yes, and unfortunately, they would have the names/accounts of investors who signed timely releases.
xxx
Hey Fred, did you disappear AGAIN due to bad news or getting an early start spending your forthcoming millions? It would seem with the filings showing UWBKQ bk closure and/or official resolve you would have some inside intel from your Minions.
...
jhd51, in my view, the COOP upside move has to do with one or both of the following.
1) Something in the works regarding some type of settlement (Libor) or other that may involve monies for COOP
2) A deal involving XOME which in my view would see shares issued to investors who signed timely releases by 3/2012 as I also believe the timely-signed releasors beneficially own XOME via a DST.
I find it very hard to believe that COOP has NOT been able to monetize XOME after all these years of discussion and this leads me to believe it has more to do with the timely-signed releasors and their ultimate payout. To me, it proves COOP DOES NOT HAVE total ownership rights and/or total control over XOME
...
Reiko. this is not the large banks we are looking for in the Libor settlement, rather we are looking for the Libor8 settlement which could happen any day or sometime in the first part of the year 2024.
...
iPrelude. it appears to me if any monies are coming back and since the FDIC has had total control, we would not see ANY distributions until well after the bk cases are officially closed, terminated and deep-sixed forever.
This stands to reason because if there were monies to pay common shareholders then this bk case would seem to have been a fraudulent filing. Remember, in these bk cases where monies are returned, it would always be the last in line for any type of return and since the FDIC has total control it would seem they would close out the bk cases to make it appear these bk cases were legitimate and officially handled legally and correctly BEFORE ANY DISTRIBUTIONS HAPPEN.
Therefore, it seems to me that Fred may be correct considering the timing and the Libor settlement will officially play cover for any distributions just like we are waiting for in the WaMu cases. So, I expect some type of distribution around the end of March to mid-April of the year 2024.
Well, as I always say, only time passing and filings will show us the way forward.
...
Remember one very important distinction.
This is the final resolve of UWBKQ bk cases NOT the FDIC Receivership resolve.
So, what we are looking for may be administered by the FDIC and continue to wait but nonetheless, a very exciting forward development
…
HUGE NEWS - Thanks iPrelude and Eli. Does this mean distribution before 1/11/2023 in the final days of 2023 OR, OR, OR in the first few days of year 2024 or we zeroed out?
-------------------------
762 12/12/2023
Chapter 7 Trustee's Final Account, Certificate that the Estate has been Fully Administered and Application of Trustee to be Discharged Filed on Behalf of Trustee Simon Rodriguez. The United States Trustee has reviewed the Final Account, Certification that the Estate has been Fully Administered and Application of Trustee to be Discharged. The United States Trustee does not object to the relief requested. Reviewed by Aaron Carson. Filed by US Trustee Objection to Trustee Asset Report due by 01/11/2024. (US Trustee)
…
newflow. good find. Many of us have said WMI is still alive and WILL RESURFACE at some point! Thanks for sharing and remember the DST will probably be a main conduit for our eventual returns!
...
LEHMAN PAYOUT DEC 8, 2023 - Seized 2 Weeks B4 WaMu September 2008
https://finance.yahoo.com/news/deutsche-bank-scores-big-win-172218995.html
Thu, November 30, 2023 at 5:21 AM EST·
(Bloomberg) -- Deutsche Bank AG and other creditors holding obscure notes issued by Lehman Brothers before its collapse have been handed a big win by a London court, with a first payout set for next month after years of wrangling.
The Enhanced Capital Advantaged Preferred Securities (ECAPS), once regarded as worthless and sold for next-to-nothing, could pay out more than £390 million ($495 million), according to a ruling Wednesday from the UK’s High Court and Bloomberg’s calculations. That would be more than double what investors were awarded by a previous court decision.
This marks one of the final issues to be decided before Lehman and its debts can finally be laid to rest. So much money has been recovered by administrators at PricewaterhouseCoopers LLP from Lehman’s UK arm that questions over who should be paid first remain highly contentious. Creditors that held little hope of getting anything back are now in the money.
“This judgment relates to a further instalment of the Lehman saga,” Judge Robert Hildyard said. “It arises out of the unusual circumstance of the process of administration having resulted, not in deficiency, but in considerable recoveries in excess of the claims of unsubordinated creditors.”
The case effectively pitted Deutsche Bank and other ECAPS holders against Lehman’s US holding company, which has a competing claim to money recovered in the defunct lender’s London subsidiary. Both claims were subordinated to other debts, but senior lenders have already been paid in full and more money is waiting to be sent to creditors.
Deutsche Bank Poised for Big Win as Last Lehman Legal Fight Ends
Deutsche Bank and New York-based Whitefort Capital Management LP are the two members of a creditor committee of the general partner of the ECAPS notes, according to people familiar with the matter. Other investors in the notes have included Barclays Plc, Farallon Capital Management and CarVal Investors.
In a trial last year, the handful of distressed debt investors scored a win as the ECAPS claim was found to rank ahead of Lehman Brothers Holdings Inc. (LBHI), but there was an outstanding question around statutory interest on that claim. Statutory interest is a charge a creditor can levy if they have been paid late, and in the UK it is accrued at 8% each year.
Hildyard decided that statutory interest on ECAPS notes ranked ahead of the repayment of principal on the competing debt, leaving LBHI further down the pecking order when it came to receiving money. That decision has boosted the payout for ECAPS holders, potentially adding £221 million, according to an agreement established between the two parties prior to Wednesday’s judgment and Bloomberg calculations.
An initial payment will be sent to ECAPS holders on Dec. 8, according to a notice issued Wednesday.
LBHI is currently set to recover a far smaller payout on its subordinated debts, but could seek to challenge the decision at the UK Court of Appeal.
Whether there will be enough money to pay out on the entire claim will depend on how much more administrators at PwC are able to recover from the UK insolvency. In the judgment, Hildyard referred to estimates by administrators of between £233 million and £490 million for surplus left to be distributed to creditors.
Lehman’s European arm lost a case over a longstanding litigation relating to crisis-era credit default swaps last year, but a report from administrators at PwC in April said that it was likely that decision would be appealed. Success in that case could increase payouts for creditors like Deutsche Bank and LBHI.
…
KISS - WaMu Distribution Timeline Narrowed - WaMu + (Little Bitty) UWBKQ + Lehman + XOME Are Key Dots/Cases To Connect
(Keep It Simple Stup..)
A) Libor Resolve MAY Equal Distributions and/or 2.5% to COOP for a type of settlement
B) AND/OR UWBKQ/WaMu Receivership Resolve MAY Equal Distributions
[C) XOME-Discussed monetizing...Likely Tied up in a DST Owned beneficially by investors who signed timely releases by 3/2012...COULD MEAN SHARES to timely signed releasors by 3/2012
[D) The distribution timeline answers are tied to the aforementioned especially XOME in my view
...
HERE IS AN ACCURATE DOCUMENT CONCERNING THE WaMu P & A
PLEASE LOOK UP MEANING of Initial Payment
WaMu Purchase Assumption Agreement
WaMu Purchase Assumption Agreement-SOME NEED TO CONCENTRATE ON THE MEANING OF INITIAL PAYMENT
Maybe there should be further research by the ZERO MONIES RETURNING GROUP but first they need to understand what the term, "INITIAL PAYMENT" means
The end of the WaMu saga will NOT OFFICIALLY end UNTIL the "R" or Receivership has finally been resolved/terminated and closed with FDIC being released.
https://www.fdic.gov/foia/files/washington_mutual_p_and_a.pdf
***PDF Page 20***
ARTICLE VII
BID; INITIAL PAYMENT
$1,888,000,000.00 for the The Assuming Ban has submitted to the Receiver a positive bid of
Assets purchased and Liabilities Assumed hereunder (the "Bid Amount"). On the Payment Date, the Assuming Ban will pay to the Corporation, or the Corporation will pay to the Assuming Ban, as the case may be, the Initial Payment, together with interest on such amount (if the Payment Date is not the day following the day of Ban Closing) from and including the day following Ban Closing to and including the day preceding the Payment Date at the Settlement Interest Rate.
...
LEHMAN PAYOUT DEC 8, 2023 - Seized 2 Weeks B4 WaMu September 2008
https://finance.yahoo.com/news/deutsche-bank-scores-big-win-172218995.html
Thu, November 30, 2023 at 5:21 AM EST·
(Bloomberg) -- Deutsche Bank AG and other creditors holding obscure notes issued by Lehman Brothers before its collapse have been handed a big win by a London court, with a first payout set for next month after years of wrangling.
The Enhanced Capital Advantaged Preferred Securities (ECAPS), once regarded as worthless and sold for next-to-nothing, could pay out more than £390 million ($495 million), according to a ruling Wednesday from the UK’s High Court and Bloomberg’s calculations. That would be more than double what investors were awarded by a previous court decision.
This marks one of the final issues to be decided before Lehman and its debts can finally be laid to rest. So much money has been recovered by administrators at PricewaterhouseCoopers LLP from Lehman’s UK arm that questions over who should be paid first remain highly contentious. Creditors that held little hope of getting anything back are now in the money.
“This judgment relates to a further instalment of the Lehman saga,” Judge Robert Hildyard said. “It arises out of the unusual circumstance of the process of administration having resulted, not in deficiency, but in considerable recoveries in excess of the claims of unsubordinated creditors.”
The case effectively pitted Deutsche Bank and other ECAPS holders against Lehman’s US holding company, which has a competing claim to money recovered in the defunct lender’s London subsidiary. Both claims were subordinated to other debts, but senior lenders have already been paid in full and more money is waiting to be sent to creditors.
Deutsche Bank Poised for Big Win as Last Lehman Legal Fight Ends
Deutsche Bank and New York-based Whitefort Capital Management LP are the two members of a creditor committee of the general partner of the ECAPS notes, according to people familiar with the matter. Other investors in the notes have included Barclays Plc, Farallon Capital Management and CarVal Investors.
In a trial last year, the handful of distressed debt investors scored a win as the ECAPS claim was found to rank ahead of Lehman Brothers Holdings Inc. (LBHI), but there was an outstanding question around statutory interest on that claim. Statutory interest is a charge a creditor can levy if they have been paid late, and in the UK it is accrued at 8% each year.
Hildyard decided that statutory interest on ECAPS notes ranked ahead of the repayment of principal on the competing debt, leaving LBHI further down the pecking order when it came to receiving money. That decision has boosted the payout for ECAPS holders, potentially adding £221 million, according to an agreement established between the two parties prior to Wednesday’s judgment and Bloomberg calculations.
An initial payment will be sent to ECAPS holders on Dec. 8, according to a notice issued Wednesday.
LBHI is currently set to recover a far smaller payout on its subordinated debts, but could seek to challenge the decision at the UK Court of Appeal.
Whether there will be enough money to pay out on the entire claim will depend on how much more administrators at PwC are able to recover from the UK insolvency. In the judgment, Hildyard referred to estimates by administrators of between £233 million and £490 million for surplus left to be distributed to creditors.
Lehman’s European arm lost a case over a longstanding litigation relating to crisis-era credit default swaps last year, but a report from administrators at PwC in April said that it was likely that decision would be appealed. Success in that case could increase payouts for creditors like Deutsche Bank and LBHI.
…
KISS - WaMu Distribution Timeline Narrowed - WaMu + (Little Bitty) UWBKQ + Lehman + XOME Are Key Dots/Cases To Connect
(Keep It Simple Stup..)
A) Libor Resolve MAY Equal Distributions
B) AND/OR UWBKQ/WaMu Receivership Resolve MAY Equal Distributions
C) XOME-Discussed monetizing...Likely Tied up in a DST Owned beneficially by investors who signed timely releases by 3/2012
D) The distribution timeline answers are tied to the aforementioned especially XOME in my view
…
Gary, are you talking about this article detailing BILLIONAIRES AT THE GATE?
Article Written 6/2018-What Purpose-POTENTIAL LEAK? Tried To Time Distributions?
Have Not Seen Large Amounts of Money To Several Hundred Families YET
[/color] WaMu-15 plus Years in Making - Article Refers To WaMu? Read Article VERY CLOSELY
***ALL ROADS LEAD TO (DSTs) DELAWARE STATUTORY TRUSTS PLUS Other Potential Buckets***
Think how large JPM is and the others in the same league and then think that JPM has only 55 of these individuals/entities which shows how very, very wealthy these people/entities are and how very large JPM is worldwide.
___________________________________
Article from Bloomberg Magazine:
It’s Billionaires at the Gate as Ultra-Rich Muscle In on Private Equity
In an era of hyper-affluence, JPMorgan and Credit Suisse cater to a super-exclusive class.
By Simone Foxman and Sonali Basak
June 11, 2018, 5:00 AM EDT
https://www.bloomberg.com/news/articles/2018-06-11/it-s-billionaires-at-the-gate-as-ultra-rich-muscle-in-on-private-equity
I thought this paragraph was 'interesting':
"Still, with so much money and influence at stake, bankers are pitching hard. Goldman Sachs Group Inc. has its own list of 60, counting among its clients the Reimann family’s JAB Holding Co. and the Koch brothers’ investment firm. JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
"JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
NOTE: "is watching several hundred families that are poised to enter this rarefied realm."
____________________________________
Now, read this statement again and let this sink in!
"JPMorgan, in addition to its initial 55, is watching several hundred families that are poised to enter this rarefied realm."
Now, let me ask a question, considering so how very much wealth JPM is speaking about to be in the rarefied realm, other than the US Government, wherein the United States could so much money come from to put "several hundred FAMILIES" in the rarefied realm which OBVIOUSLY has NOT HAPPENED YET?
Now think about a 350 billion dollar seized (5AT payback) organization that was being run under the cover of "legal darkness" for almost 14-plus years (9/25/2008) with monies being segregated in court-approved registry accounts without interruption AND with very little overhead AND very few employees.
We know from filings that at least three of these accounts are at Wells Fargo
There could easily be several hundred families and may be exactly what JPM is referring to BECAUSE, yes, and unfortunately, they would have the names/accounts of investors who signed timely releases.
xxx
KISS - WaMu Distribution Timeline Narrowed - WaMu + (Little Bitty) UWBKQ + Lehman + XOME Are Key Dots/CasesTo Connect
(Keep It Simple Stup..)
A) Libor Resolve MAY Equal Distributions
B) AND/OR UWBKQ/WaMu Receivership Resolve MAY Equal Distributions
C) XOME-Discussed monetizing...Likely Tied up in a DST Owned beneficially by investors who signed timely releases by 3/2012
D) The distribution timeline answers are tied to the aforementioned especially XOME in my view
...
The time frame always eludes us so I say distributions followed by Libor8 settlements and/or the final resolve of the WaMu Receivership.
…
ECAPS
LP, I do not own any type of Lehman's securities and rarely follow so know very little. The only reason I follow some is because in my view as Lehman goes so does WaMu. Lehmans was taken two weeks before WaMu in September of the year 2008. WaMu was completely blacked out worldwide while Lehman was somewhat transparent and they used the same law firm for the first several years. The article said there may be as much as three to four hundred million more to distribute by the Spring of the year 2024. Read the entire article as it will give you some more info and go to the (LEHNQ) Lehman IHUB board as there are some good posters there but as always be careful with what you try and learn because the Bashers are everywhere.
...
LEHMAN PAYOUT DEC 8, 2023 - Seized 2 Weeks B4 WaMu Year 2008
https://finance.yahoo.com/news/deutsche-bank-scores-big-win-172218995.html
Thu, November 30, 2023 at 5:21 AM EST·3 min read
(Bloomberg) -- Deutsche Bank AG and other creditors holding obscure notes issued by Lehman Brothers before its collapse have been handed a big win by a London court, with a first payout set for next month after years of wrangling.
The Enhanced Capital Advantaged Preferred Securities (ECAPS), once regarded as worthless and sold for next-to-nothing, could pay out more than £390 million ($495 million), according to a ruling Wednesday from the UK’s High Court and Bloomberg’s calculations. That would be more than double what investors were awarded by a previous court decision.
This marks one of the final issues to be decided before Lehman and its debts can finally be laid to rest. So much money has been recovered by administrators at PricewaterhouseCoopers LLP from Lehman’s UK arm that questions over who should be paid first remain highly contentious. Creditors that held little hope of getting anything back are now in the money.
“This judgment relates to a further instalment of the Lehman saga,” Judge Robert Hildyard said. “It arises out of the unusual circumstance of the process of administration having resulted, not in deficiency, but in considerable recoveries in excess of the claims of unsubordinated creditors.”
The case effectively pitted Deutsche Bank and other ECAPS holders against Lehman’s US holding company, which has a competing claim to money recovered in the defunct lender’s London subsidiary. Both claims were subordinated to other debts, but senior lenders have already been paid in full and more money is waiting to be sent to creditors.
Deutsche Bank Poised for Big Win as Last Lehman Legal Fight Ends
Deutsche Bank and New York-based Whitefort Capital Management LP are the two members of a creditor committee of the general partner of the ECAPS notes, according to people familiar with the matter. Other investors in the notes have included Barclays Plc, Farallon Capital Management and CarVal Investors.
In a trial last year, the handful of distressed debt investors scored a win as the ECAPS claim was found to rank ahead of Lehman Brothers Holdings Inc. (LBHI), but there was an outstanding question around statutory interest on that claim. Statutory interest is a charge a creditor can levy if they have been paid late, and in the UK it is accrued at 8% each year.
Hildyard decided that statutory interest on ECAPS notes ranked ahead of the repayment of principal on the competing debt, leaving LBHI further down the pecking order when it came to receiving money. That decision has boosted the payout for ECAPS holders, potentially adding £221 million, according to an agreement established between the two parties prior to Wednesday’s judgment and Bloomberg calculations.
An initial payment will be sent to ECAPS holders on Dec. 8, according to a notice issued Wednesday.
LBHI is currently set to recover a far smaller payout on its subordinated debts, but could seek to challenge the decision at the UK Court of Appeal.
Whether there will be enough money to pay out on the entire claim will depend on how much more administrators at PwC are able to recover from the UK insolvency. In the judgment, Hildyard referred to estimates by administrators of between £233 million and £490 million for surplus left to be distributed to creditors.
Lehman’s European arm lost a case over a longstanding litigation relating to crisis-era credit default swaps last year, but a report from administrators at PwC in April said that it was likely that decision would be appealed. Success in that case could increase payouts for creditors like Deutsche Bank and LBHI.
…
LEHMAN PAYOUT DEC 8, 2023 - Seized 2 Weeks B4 WaMu Year 2008
https://finance.yahoo.com/news/deutsche-bank-scores-big-win-172218995.html
Thu, November 30, 2023 at 5:21 AM EST·3 min read
(Bloomberg) -- Deutsche Bank AG and other creditors holding obscure notes issued by Lehman Brothers before its collapse have been handed a big win by a London court, with a first payout set for next month after years of wrangling.
The Enhanced Capital Advantaged Preferred Securities (ECAPS), once regarded as worthless and sold for next-to-nothing, could pay out more than £390 million ($495 million), according to a ruling Wednesday from the UK’s High Court and Bloomberg’s calculations. That would be more than double what investors were awarded by a previous court decision.
This marks one of the final issues to be decided before Lehman and its debts can finally be laid to rest. So much money has been recovered by administrators at PricewaterhouseCoopers LLP from Lehman’s UK arm that questions over who should be paid first remain highly contentious. Creditors that held little hope of getting anything back are now in the money.
“This judgment relates to a further instalment of the Lehman saga,” Judge Robert Hildyard said. “It arises out of the unusual circumstance of the process of administration having resulted, not in deficiency, but in considerable recoveries in excess of the claims of unsubordinated creditors.”
The case effectively pitted Deutsche Bank and other ECAPS holders against Lehman’s US holding company, which has a competing claim to money recovered in the defunct lender’s London subsidiary. Both claims were subordinated to other debts, but senior lenders have already been paid in full and more money is waiting to be sent to creditors.
Deutsche Bank Poised for Big Win as Last Lehman Legal Fight Ends
Deutsche Bank and New York-based Whitefort Capital Management LP are the two members of a creditor committee of the general partner of the ECAPS notes, according to people familiar with the matter. Other investors in the notes have included Barclays Plc, Farallon Capital Management and CarVal Investors.
In a trial last year, the handful of distressed debt investors scored a win as the ECAPS claim was found to rank ahead of Lehman Brothers Holdings Inc. (LBHI), but there was an outstanding question around statutory interest on that claim. Statutory interest is a charge a creditor can levy if they have been paid late, and in the UK it is accrued at 8% each year.
Hildyard decided that statutory interest on ECAPS notes ranked ahead of the repayment of principal on the competing debt, leaving LBHI further down the pecking order when it came to receiving money. That decision has boosted the payout for ECAPS holders, potentially adding £221 million, according to an agreement established between the two parties prior to Wednesday’s judgment and Bloomberg calculations.
An initial payment will be sent to ECAPS holders on Dec. 8, according to a notice issued Wednesday.
LBHI is currently set to recover a far smaller payout on its subordinated debts, but could seek to challenge the decision at the UK Court of Appeal.
Whether there will be enough money to pay out on the entire claim will depend on how much more administrators at PwC are able to recover from the UK insolvency. In the judgment, Hildyard referred to estimates by administrators of between £233 million and £490 million for surplus left to be distributed to creditors.
Lehman’s European arm lost a case over a longstanding litigation relating to crisis-era credit default swaps last year, but a report from administrators at PwC in April said that it was likely that decision would be appealed. Success in that case could increase payouts for creditors like Deutsche Bank and LBHI.
…
I never said it was a fact. I said this was in my view or thoughts. Go ahead and posit how a .50 cent shell company could arrange an entity or other to loan WMIH 600M that had no income stream or assets then go on to purchase a couple billion dollar outfit called NSM. No doubt, in my view this is the OLD WMI (assets) backing these loans because who else would or could do this without assets or an income stream?
Go ahead and give me your best shot at why XOME is NOT monetized or valued into COOP's asset and ultimately COOP's stock price. There must be a reason why a CEO's plan has not come to fruition to value XOME after all these years. This reaks of XOME being controlled, owned or other by another entity or other.
...
Ron, for years now COOP CEO, Jay Bray has kept saying he will monetize XOME which never happens since COOP supposedly owns XOME. XOME is supposedly very valuable to the tune of between 800M and 2B. The minimum value of XOME is not included in COOP's valuation as the minimum of 800M with COOP's 67M outstanding shares or so would be valued immensely more, especially if you were to add any kind of multiple of the 800M plus value.
So, the question is, do you believe that Wall Street would continually miss this kind of value on COOP shares? The answer in my view is a HUGE NO!
I believe that COOP does NOT have total say-so over the sale, monetization of XOME or else XOME would be correctly valued into COOP's equity price and in my view is not even reasonably close to what it would be if XOME value were correctly valued into COOP.
Who backed COOP when it raised 600M with no income stream, supposedly NO assets? Why would anyone back WMIH's purchase of NSM with no income stream, no assets only 600M of somehow borrowed money that must be paid back.
Since all of this happened, there must be more to XOME than meets the eye, I believe the ownership of XOME is potentially tied up in a DST possibly owned by those investors who signed timely releases or there is another enitity, party or source that has ultimate decision making over XOME and I believe that to possibly be WMI or another entity that does not and will NOT allow COOP to sell or monetize XOME at this time.
...
KISS - WaMu Distribution Timeline Narrowed - WaMu + (Little Bitty) UWBKQ + Lehman + XOME Are Key Dots/CasesTo Connect
(Keep It Simple Stup..)
A) Libor Resolve MAY Equal Distributions
B) AND/OR UWBKQ/WaMu Receivership Resolve MAY Equal Distributions
C) XOME-Discussed monetizing...Likely Tied up in a DST Owned beneficially by investors who signed timely releases by 3/2012
D) The distribution timeline answers are tied to the aforementioned especially XOME in my view
…
CWG, you said the following.
Lawyer CYA statement required in every such document
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I challenge you to show us where the term, “Beneficial Interests” are used regularly as a CYA.
I do not believe you can show us that term is used loosely in CYA coverage. I believe this term is selectively used for only those investors who signed timely releases therefore you will not find this term used as commonly as you portray.
The term Beneficial Interests is a very important term with huge meanings and revelations in my view!
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Ron, there is only one thing that bothers me. Does possession is nine-tenths of the law become law?
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BINGO BOB...EXACTO MUNDO...CERTAIN EXECUTIVE HIERARCHY WILL NEVER BE DEPOSED OR TAKE THE STAND PERIOD so deposing or putting them on the stand is the timeline for settlement...
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KISS - WaMu Distribution Timeline Narrowed - WaMu + (Little Bitty) UWBKQ + Lehman + XOME Are Key Dots/CasesTo Connect
(Keep It Simple Stup..)
A) Libor Resolve MAY Equal Distributions
B) AND/OR UWBKQ/WaMu Receivership Resolve MAY Equal Distributions
C) XOME-Discussed monetizing...Likely Tied up in a DST Owned beneficially by investors who signed timely releases by 3/2012
D) The distribution timeline answers are tied to the aforementioned especially XOME in my view
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