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On September 25, 2008, Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was named receiver. Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank."
vs the current version on the FDIC Receivership website ( note: it skips the above underlined part where it CLARIFIED the liabilities assumed- covered bonds & secured debt) :
" On September 25, 2008, the Federal Deposit Insurance Corporation (“FDIC”) was appointed the Receiver (“Receiver”) of Washington Mutual Bank ("WAMU"). The Receiver transferred substantially all WAMU's assets and liabilities to JPMorgan Chase Bank, N.A. ("JPMC") pursuant to a Purchase and Assumption Agreement dated September 25, 2008 - PDF("P&A Agreement"). WAMU, which was the largest failure of an insured depository institution in the history of the FDIC, had $307 billion assets, $188 billion deposits, and over 2,300 branches in fifteen states when it failed. The resolution of WAMU through the P&A Agreement was completed at no cost to the Deposit Insurance Fund."
(1) Those that keep POINTING out JPM "paying" only $ 1.88 B for WMB because of the $ 272 B listed liability on the Receivership Inception balance sheet are wrong SIMPLY BECAUSE WMB's liability were PRIMARILY made up in the form of deposits of $188.3 billion, and owed $82.9 billion to the Federal Home Loan Bank.
And from the PA & A:
" WHEREAS, the Assuming Bank desires to purchase substantially all of the assets and assume all deposit and substantially all other liabilities of the Failed Bank on the terms and conditions set fort in this Agreement; and "
==> Meaning JPM assumed $ 271.2 B of WMB's liability and the REST we remember :
"The Assuming Bank has submitted to the Receiver a positive bid of $1,888,000,000.00 for the Assets purchased and Liabilities Assumed hereunder (the "Bid Amount"). On the Payment Date, the Assuming Bank will pay to the Corporation, or the Corporation will pay to the Assuming Bank, 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 Bank Closing) from and including the day following Bank Closing to and including the day preceding the Payment Date at the Settlement Interest Rate."
Therefore, WMI, DST already received/collected from the Receivership as a Secured Creditor( as reminded in the WMB abandonment letter) to the tune of at least $ 271.2 B + whatever PREMIUM WMB fsb fetched as JPM BOUGHT 100% of the WMB fsb stock from the Receivership and NOT the "stated" book value of WMB fsb
WMI Holdings, Inc. <<<<< All Goodies
WMI Holdings Corp <<<< Not much
LG, do you think like 6/6 ?
COOP chihuahua
JPMC bulldog !!!
‘Regulator’ usually just ‘seizes’ and gives it to Jamie. So why do we need ‘regulator’ ? Can’t Jamie just jump in and take it and start helping immediately ?
Would save everybody a lot of time and effort.
MB, the markers were removed in Feb 2022.
So any brokerage statements prior to that date would have you matching escrow numbers for commons and preferred’s, BEFORE conversion. You don’t see those numbers ?
Best to save a few on your computer/ phone, just in case.
Hi AZ, could you please expand on the ‘powder’ and ‘position’ part in your post ?
TIA
I think it was so obvious lol
Lodas , please read this at least 10 times
On September 25, 2008, Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was named receiver. Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank."
vs the current version on the FDIC Receivership website ( note: it skips the above underlined part where it CLARIFIED the liabilities assumed- covered bonds & secured debt) :
" On September 25, 2008, the Federal Deposit Insurance Corporation (“FDIC”) was appointed the Receiver (“Receiver”) of Washington Mutual Bank ("WAMU"). The Receiver transferred substantially all WAMU's assets and liabilities to JPMorgan Chase Bank, N.A. ("JPMC") pursuant to a Purchase and Assumption Agreement dated September 25, 2008 - PDF("P&A Agreement"). WAMU, which was the largest failure of an insured depository institution in the history of the FDIC, had $307 billion assets, $188 billion deposits, and over 2,300 branches in fifteen states when it failed. The resolution of WAMU through the P&A Agreement was completed at no cost to the Deposit Insurance Fund."
(1) Those that keep POINTING out JPM "paying" only $ 1.88 B for WMB because of the $ 272 B listed liability on the Receivership Inception balance sheet are wrong SIMPLY BECAUSE WMB's liability were PRIMARILY made up in the form of deposits of $188.3 billion, and owed $82.9 billion to the Federal Home Loan Bank.
And from the PA & A:
" WHEREAS, the Assuming Bank desires to purchase substantially all of the assets and assume all deposit and substantially all other liabilities of the Failed Bank on the terms and conditions set fort in this Agreement; and "
==> Meaning JPM assumed $ 271.2 B of WMB's liability and the REST we remember :
"The Assuming Bank has submitted to the Receiver a positive bid of $1,888,000,000.00 for the Assets purchased and Liabilities Assumed hereunder (the "Bid Amount"). On the Payment Date, the Assuming Bank will pay to the Corporation, or the Corporation will pay to the Assuming Bank, 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 Bank Closing) from and including the day following Bank Closing to and including the day preceding the Payment Date at the Settlement Interest Rate."
Therefore, WMI, DST already received/collected from the Receivership as a Secured Creditor( as reminded in the WMB abandonment letter) to the tune of at least $ 271.2 B + whatever PREMIUM WMB fsb fetched as JPM BOUGHT 100% of the WMB fsb stock from the Receivership and NOT the "stated" book value of WMB fsb.
Distro, can you imagine the IRS conundrum if you paid $16 per P and claimed a loss of $60,000 per P
And one can only claim a loss for ‘how much one actually paid’. Not an ‘arbitrary hypothetical future’ value.
In many cases, the base but ‘true’ numbers are provided by lower level sales/ marketing. If they provide numbers, actual numbers , but not a positive number from a shareholder perspective, it is sent back down again for some more ‘positive spin’. The cycle is repeated till top level management feels the numbers are ‘acceptable’.
This is a very common practice. They actually add the ‘disclaimer’ about ‘forward looking statement’ as a CYA. To be fair, any ‘prediction’ is also dependent on the vagaries of the macro environment. So that is another CYA.
FWIW
All Pick says is that he loves your posts and hates everybody else’s posts.
Not sure what ‘exactly’ he predicts. One day he said he fell off his ‘cot’
That is the only worthwhile thing I could remember.
Rest is just ‘no money’ fluff.
I think the right question is : who was ‘actually’ controlling the Liquidation Trust , when plan 7 ( pay off all creditors) was approved ?
Pliss, on a tangent :
Issue is you see the past as free will, future as destiny and are miserable in the present.
Shift in paradigm, see future as free will, past as destiny and relish the present !
JB , nothing much to discuss. Sometimes it goes up, for no scientific reason , sometimes it goes down, again for no reason, but mostly on ‘snooze’ most of the days. I challenge ‘any analyst ’ to dispute my one line summary of this stock . lol
Thanks Pliss . See, when you help out, I will be one of the first to acknowledge it !!
Sadly for now , that is true. We have to deal with you , Lodas and and his infatuation for his ‘kaka’
Not that hearing . The most recent Bop hearing . I myself heard Bop say ‘ that is the hope’. It’s right there if you have the recording.
By the way,,after so many years, pure face just sucks . Hoping for the bigger number. GLTA
But Bban, you were there in court, and THJMW was really surprised when she asked that the preferred’s were getting more than face and Bop said, ‘that is the hope ‘.
So THJMW was surprised too.
Yes everybody gone , but Lodas is still here , everyday, 24/7. That’s why we are here !
Pick, If you read that post carefully, he already did.
That’s ok , but we really don’t want to follow Lodas and start eating and enjoying ‘kaka’ ( his own words, not making stuff up)
Sadly eating too much ‘kaka’ ( his own words) has impaired his thinking ability, likely.
Now I am starting to think XXXX is PICK
Bban, if you think this through, even Bop feels that class 22 will be bought out by JPM and others possibly. That’s the 125B.
Did you notice the latest JPM filing for 125B ?
https://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf
How could you ‘seize’ something when you don’t know what you are ‘seizing’ ?
Not sure if you read Lodas (now deleted post as a response to YourPlanet’s post) where he said he tasted his own ‘kaka’ and it was good. So we can leave it at that.
BB, did you the post where he and him called themselves ‘we’ ?
Very good . I know you read a lot of docs so please go all the way back and read about Project West.
Pliss, I really don’t want to demean you by responding to that as I know you are much smarter than that .
And then spent the few million fighting cases. Then of course there were these restaurant bills . After paying all that they had to pay the Uber drivers . So after all that, they had a whopping 5 cents left. Then they decided to pay that to Lodas and finally they all went away to live happily in the jungles.
You just need to post 3 simple questions :
1.If no assets why ‘project west’ ?
2. Why FDIC keeps on stating ‘299 Billion’ in all its disclosures re WAMU ?
3. When do we peons see $$$ the WMI/DST already received/collected from the Receivership, as a Secured Creditor( as reminded in the WMB abandonment letter) to the tune of at least $ 271.2 B + whatever PREMIUM WMB FSB fetched, as JPM BOUGHT 100% of the WMB fsb stock from the Receivership ?
And how is that going to change how much $$ will hit our bank accounts and when ?
Pliss, are you stating that if we had discussed this a ‘bit more’ they would have dumped the 20B into our accounts already ?
Pliss, The Feb MOR and retained earnings were a hot topic back in the day.
Yes agree. But even P holders, me included, did not pay $60,000 + per P , even if they bought it in the (years)1900’s
There is no reason for you to be posting as you expect nada and are here for entertainment only. But you still post at 87 and argue with kids on a message-board. Something stinks, Lodas.
By the way nobody cares what you post, in case you haven’t realized it yet.
Hi Ron, in your opinion, how much total $$ could the class 22 holders expect ?
I am presuming the total $$ would be divided by 1.2 B original commons ?
TIA
I think they went from ‘too big to fail’ to ‘way way bigger to even think they could fail’