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Found proof that WMMRC is "dissolved" in April 2019. One would think this would SEC filing mentionable.
Last Annual filing made in 2019 by WMMRC to the state of HI. Current Status: "Dissolved"
Articles of Dissolution: April 10, 2019
Scroll down.
https://hbe.ehawaii.gov/documents/business.html?fileNumber=118138D1&view=info
I ordered some docs, and will review.
WMMRC isn't under WMILT which has nothing left. WMMRC is under WMI/WMIH/COOP
Where did it go? This is in COOP's interest as a former debtor ongoing business.
Look what I found, or didn't find. Good question, that made me look it up. As I recall, WMMRC was licensed in the state of Hawaii.
(" WMI Holdings Corp. (“WMIHC”) is a holding company organized and existing under the laws of the State of Washington. WMIHC, formerly known as Washington Mutual, Inc. (“WMI”), is the direct parent of WM Mortgage Reinsurance Company, Inc. (“WMMRC”), a Hawaii corporation,".....)
WMMRC (washington mutual mortgage reinsurance corp) no longer exists on the approved list as of Dec, 2017. There are no records prior showing on the HI state website. https://cca.hawaii.gov/ins/other_ins/reinsurance/
Nor in the 2019 Captive Insurance List - https://cca.hawaii.gov/ins/files/2019/04/Recap-of-Captives.pdf
Did something happen during our Nationstar buyout? Did WMMRC finally "run-off mode" its contracts - if so where is the over-collaterallized real estate assets?
Posting misinformation daily gives me an axe to grind. Clearly you don't know the diff
Shameful
She literally is......the Starbucks..... 'I didn't know hot coffee on my lap would hurt' ........ambulance chaser. Look it up!!
He's only allowed to talk about Chapter 11 assets which means = not all the assets, just those legally required to be enough to cover liabilities.
This is Chapter 11. Right? Or are you that misinformed?
If this was Chapter 7 LIQUIDATION, then ALL THE FRIGGIN assets are zero'd out against greater liabilities.
You forgot one, that dont_b_kruel, is a tool
The only people opposed to closing these (2) bankruptcies of WMIIC/WMI are those who didn't release..... TPG, Alice Griffin, and those who bankroll these folks.
Why not be specific? When there is nothing left for equity ('in the WMILT')....
shameful
The pump here is hilarious. This is Chapter 11 re-org, not chapter 7 liquidation. 'Just enough' is set aside to pay the bills in Chapter 11, and the balance goes to the surviving debtor, or debtors 'releasing' shareholding owners.
WMILT exists, solely, to pay Chapter 11 debts, not manage the excess debtor owned assets outside of Chapter 11. The sooner we end the (2) WMIIC/WMI BK cases the better. The WMILT expires when its 'certain' assets to liquidate run out. And its not all that the debtor owns, not ev3n close,. Otherwise Chapter 7
Mike Willingham and Douglas Southard have had a cushier ride than us for 7+ years while waiting for the WMILT to finish blocking and delaying.
When they expire, we will finally profit.
NOTICE OF AGENDA: 9/26
https://www.kccllc.net/wamu/document/0812229190924000000000001
Objections / Written responses received: None
Yes absolutely. As AZ posted today, only 2 business days necessary prior to the court omnibus hearing. There will be more coming soon....
thx for your insight!
Maybe there is another merger/acquistion just yet to be announced by WMIH (trading as COOP)......... And one that will necessitate a forward split.
Or maybe worst case. 9/26 is a date where in the future it is proposed the bankruptcies terminate between 10/1 and 12/31. There could be some slight delay in that 15 day notice to trustee.
I only bring it up as Old Meat will love to gloat if things stall out post 9/26.
Nothing left in the WMILT to make it worth the milkman's while. plus he's got some cancer that's been keeping him occupied. I wouldn't wish that on anyone
Except.....under important court dates you only find 2.... one past in 2012 upon reorganization, and one too come on 9/26/2019.
imo, I doubt 9/26/2019 is about WMILT extension. It has to be petition to close bankruptcy imo
Haahahahaha....thanks for the laughs
When ever has a trust holding CUSTODIAL estate assets ever gotten away with stealing all its custodial assets from its clients? Never.
I'd need a stick to beat off the line of lawyers waiting to class action sue the pants of the TBTF banks trustees that custodial manage our OUT of bk court assets. It'd be the easiest case to win. Even Alice the Starbucks ambulance chaser could pull that off.,,,,,
I dont really care what the WMILT discloses, because I know the IN-court assets they trustee manage are designed to be nil.
The only thing I want to hear is that the (2) Chapter 11 bankruptcies are terminated and the WMILT is flushed down the toilet it belongs. WMILT Block & Delay? Get the f out of my way.....
Put your waders on if you must, but I know what I own and am standing on solid ground.
Only those who dont 'know what they own' continue to be shocked and confused.
Because its a Chapter 11, not a Chapter 7 liquidation where in chapter 7 ZERO is left over. Chapter 11 something is left over. And in our plan, those who released are holding the claim ticket.
In every single Chapter 11, there is a debtor who re-emerges and reunites with 'whatever' wasn't needed as 'collateral' against certain debtor declared liabilities seeking absolution.
Chapter 11 is literally only losing 'some' of your asset, to repay the same amount of 'some' liabilities.
Some Assets
Some liabilities = zero left in Chapter 11 BK court = BUT not everything the debtor owns, just what was minimum
The WMILT doesn't need to state anything because they are in compliance with Chapter 11 law. What is IN court and what is OUT of court are literally two different animals. They are not together. Cant pierce that veil. In Chapter 11 a creditor is not entitled to more than their claim. Remember judge Walrath's posit? She wasn't fooled !!
Being two different animals - the IN court, and OUT of court items, there is a fiduciary trust(s) to referee the distribution as governed by law.
- WMILT is trustee over the IN court items......and nothing else, that's it and why they can say nothing else is coming back (as far as they are concerned and legally bound to disclose
- Various other XYZ "banks as Trustee" hold and manage the OUT of court assets, which they cannot release until the court has cleared the patient to leave the hospital. They are legally bound to follow the law and disperse when BK is over.
We need to get out of the IN court, to access the OUT of court items. The WMILT has done nothing but block and delay any efforts to get out of the IN court.
I pray Sept 26 is that date, as much as it appears to be so.
So then the TSA between WMIH (only in name - changed to MR.Cooper) and the Trust need to be renewed Sept 30, 2019, 4 days after our "VERY IMPORTANT COURT DATE" Sept. 26, 2019.
And if the (2) Chapter 11s close by end of 2019, this TSA renews once more, or is no longer necessary and non renews in writing by either party.
Well, get ready because Kosturos only speaks for what's listed IN Bankruptcy, not what's outside or bankruptcy remote as allowed in Chapter 11.
We're all going to hear from the WMILT and Kosturos soon..... that there 'is nothing' because they are only authorized and fiducially bound to disclose only the things the WMILT and A&M have jurisdiction over - which is only the few things on our little bankruptcy island where we sit baking in the sun for 7+ years.
Once we exit Chptr 11 and get off this bankrupt isle, and back to shore........we'll be reunited with everything else.
So get ready.... the crew is planning to slay the hopes of those who 'dont know what they own'!
Focus on what one actually owns, if one released. Everything else is just manipulation banter. If one didn't release than I can understand the fear and 24/7 gnashing of teeth about getting ripped off in BK. Because yes, that's what bankruptcy actually is........someone is left impaired. But this is Chapter 11, not Chapter 7 liquidation...so cheer up, Chapter 11 literally means there are bankruptcy remote assets to be reunited with shortly...after both debtors Chapter 11s are officially terminated.
The WMIIC/WMI Chapter 11 bankruptcies were a game of musical chairs. The music stopped in 2012 at reorg, and those who released got the last chair (escrow tracking markers) and win the prize when our bankruptcies (2) officially terminate. There will be no fanfare or announcements from the WMILT/TAB or anyone, because its not in their authority to manage, or control, or notify, or steal, or whatevs......oh, and they know it's there, and surely own millions more than most of us. They just dont want us to realize how they played many for suckers as thanks for helping them claim the last musical chair.
Your prize is {finally} on its way when the debtor is finally released from Walrath's court upon Chapter 11 termination...........you can thank the WMILT/TAB for their block and delay mechanisms. I have a few words of appreciation I hope to say face to face one day. It's a small world.
With only 1.2 releasing, I suppose it could be said 'the crew missed it' on purpose...........
but I'm super happy with ~ 30% more for all my common escrows markers!
Or they could just get this show on the road already !!
Shameful! hahahaha
Maybe that's where WMIH/COOP picked up that $60B in mortgage servicing rights recently
Lol, pretty predictable! There’s been a couple surprises over the past few months, but nothing shocks me here anymore. Thx AZ for keeping it real!
Your tracking markers are your 'Receipt of your Ownership' in Common and Preferred if you released.
We wouldn't get that claim ticket for cancelled ownership.
If a home is foreclosed and auctioned off to a new buyer in a legal court proceeding, the foreclosee's mortgage and title held no longer technically exist, but if any equity remains after auction proceeds versus the debt owed, you wanna bet that an 'equity proceeds' cashiers check finds its way back to the original foreclosee? And rightly so. Despite the first homeowners financial hardship, if their home is worth more than they realize, its not cheated from them. Its owed to them. Just like Chapter 11. The foreclosing Trustee has a fiduciary duty to return what is rightfully theirs. (I've been the trustee sale auction buyer, and I've seen the overage return checks written back to the foreclosee > $70k.) Bank Trustees managing WMIIC/WMI non-declared Chapter 11 cash/assets outside the WMILT's legal authority, have a Fiduciary duty to return these assets to those who released, in the same way as a foreclosure trustee.
I look at WMI the same way - and Chapter 11 versus Chapter 7. When a trustee sale is auctioned, and there IS NOT excess between what's paid at the auction sale and what is owed by the debtor - it's essentially a liquidation (like Chapter 7) where the senior note (bank) takes a haircut, and as such the foreclosed homeowner gets no equity returned and most likely a painful lawsuit/judgment from their lender.
And sometimes, the homeowner has enough equity that despite being forced into a trustee sale, they still end up with significant ownership rights to their cash/equity after the trustee sale auction. Which is exactly like a Chapter 11.
WMIIC and WMI are both Chapter 11 bankruptcies. There ARE cash/assets not easily in view. Those who released, didn't lose the rights to them, even though some here can't seem to see them until actuated. As this Chapter 11 will close this year, what remains will manifest.
This was not a Chapter 7 liquidation !! good grief. The whole WMI enchilada was/is not listed in the BK filings, nor was 100% of WMI up for grabs in the Debtors filings...... ever.
This was Chapter 11 reorganization. The very fact it is Chapter 11 tells you something else remains. Not Chapter 11 listed = not up for grabs by the LT or those who didn't release. simple
The WMILT was only created to liquidate 'certain', and just enough assets to cover declared Chapter 11 liabilities. Our fight was only over being the last sole survivor to inherit what remains after BK termination - and always existed OUTSIDE and legally UNDECLARED from the BK court.
Hide the sausage, in plain sight. All legal. Happens every day in Chapter 11.
Rosen spoke about the future pursuance of these assets later on, by those who released as the EC advised. Those who didn't release, are SOL.
pretty clear to me. Thanks AZ for posting the verbiage
Got it thx AZ! auto correct is a PIA, lol
Thx for the explanation. I hadn't realized this interesting distinction.
I guess in my brokerage account it shows current COOP (WMIH) shares held and my UQ WMI commons tracking markers. So based on the UQ escrow markers, the broker could ascertain what percentage of my COOP shares are accessible vs non-accessible?
Or is the point you're trying to make more about the fact that a future allocation out of 58 million non-accessible shares is coming based on my UQ tracking markers?
"“We had a good feeling about how the plan confirmation hearing went and also felt optimistic after closing arguments,” Folse told me. “We’re gratified that the court denied confirmation of the plan and has authorized the equity committee to proceed with our disallowance case.”
Fried Frank, which represents three of the hedge funds, declined to comment. An Aurelius spokesman also declined to comment."
Thanks Cura, there is a lot in there. Mediation was not SG begging for scraps, it was SG telling the SNH like Aurelius and Centebridge what they had to give up to NOT get raked over the coals and lose their investment from inside trading. That day was a BIG deal!
Excellent! Thx AZ
very interesting! thx
This is Chapter 11. Not Chapter 7 liquidation. Know the difference, it will set your mind at ease.
WMI in Chapter 11 is like a garage sale - just liquidating some of your household assets to pay your credit cards off. Everything wasn't sold off or stolen or disappeared. You only see now what the debtor is required to show to exit Chapter 11 reorganization. The debtor has played perfect sleight of hand to kick creditors off the scent so that more remains for everyone later. But there is no reason anyone here after 10 years needs to still follow this old stale carrot that some continue to dangle here to keep you in line.
Chapter 7 is like an estate sale where someone died and everything must be sold or donated and the house removed of all its contents and sold at a loss to and pay off as many estate bills as can be covered. That is not the legacy of WMI/WMIH now trading as COOP.
WMI/WMIH never died in Chapter 7 and lives on baptized and reorganized thru Chapter 11 and still trades, now as COOP.
All assets do NOT have to be disclosed to the court in Chapter 11. Only enough to cover the liabilities you are seeking re-organization over.
Any assets not declared up for grabs in the Chapter 11, remain for the estate holders later. WMILT only has jurisdiction over the Chapter 11 declared and listed assets for liquidation necessary to exit Chapter 11. WMILT does not have jurisdiction over assets not put on the table by the debtors --- as they were allowed to exclude because this was NOT a Chapter 7 liquidation of everything. Again, Chapter 11 is like a garage sale, and the WMILT can only sell what was put in the front yard. Everything else inside our home is off limits to the neighbors.
WE never saw all the assets of WMI/WMIH now trading as COOP, because the debtor didn't have to disclose them in their Chapter 11 bankruptcy.
All I'm saying, When we clear this bankruptcy, then we shall find out what remains. What 'remains' is why this was a Chapter 11, not a Chapter 7 liquidation. SO, we know there is something of value just from the debtors choice of filing alone. And because of Chapter 11 we KNOW, the WMILT will never issue us LTIs or anything of significant value - only what they were created to liquidate and distribute, which is far far less than what is actually out there waiting for those who released. Once the WMILT is done, and the debtor finally discharged from its bankruptcy chains, then, we find out truly what and why the debtor chose to file for Chapter 11 re-org, and not a Chapter 7 iquidation where 'everything would be stolen'.
All I'm saying is there is an endless hen clucking and pecking here daily about things that aren't even relevant. Apples and Oranges.
Know and understand the difference between Chapter 11 and Chapter 7. When you truly understand this difference and what WMI and WMIIC both being in Chapter 11 really means..................then what AZ and RON have been saying for years makes perfect sense. Everyone else is just manipulating the masses.
Thx for your reply! Sounds like a good plan
Can you sell at any time, despite your XRP being lent out? Or do you have to wait for the 6 month loan period to expire?
New Filing: More payouts from the LT to A&M, etc.
https://www.kccllc.net/wamu/document/0812229190724000000000001
Update to FDIC WMB page. Now a clickable link to read a concurrent list of amendments to the P&AA. I just started reviewing. Not expecting any earth shattering news we didn't already figure out, and I'm sure its not going to be up to date as of July 2019.
https://www.fdic.gov/about/freedom/amendments-purchase-assumption-agreement.pdf
Appologies if this is already been posted here.
PS: As Ron says, WMBfsb Park City was merged, it is interesting to not that these PAA amendments are just for WMB Nevada........and not WMBfsb Park City UT