Democracy starts with you, tag your it! ...Thom Hartman
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Killer! thx
she is a compensated issue advocate
I hope you sent it, lol. That is a loaded question.....good one!!
Yes....and this was back in 2012, 2013 !!! Employee Claims were a 7 year smokescreen. 7 years for insiders to trade up and down.
"A. Payment of Base SERAP and ETRIP Components
5. In connection with the Claims reconciliation and objection process, WMILT sought to allow payments to certain Claimants relating to the amount that had vested pursuant to either the SERAP (the “Base SERAP Components”) or had vested pursuant to the ETRIP (the “Base ETRIP Components”). WMILT was authorized to pay Claimants their Base ETRIP and Base SERAP Components.
6. WMILT’s records reflect that, on March 22, 2012, WMILT paid the following Claimants their Base SERAP Components: Melba Ann Bartels, Kenneth Kido, Marc Malone, Thomas E. Morgan, Genevieve Smith, Mitchell Stevens, and Craig E. Tall.
7. WMILT’s records reflect that, on February 1, 2013, WMILT paid the following Claimants their Base SERAP Components: Sean Becketti, Anthony Joseph Bozzuti, Steven Stein, Ann Tierney, Robert Williams, Kimberly A. Cannon, Michael A. Reynoldson, and Chandan Sharma. Also on February 1, 2013, WMILT’s records reflect that WMILT paid Craig E. Tall his Base ETRIP Component.
Nope! More than one way to skin a cat. Nice twist wordsmith. Big money at 70% (insiders) released and the rest (30%) are retail holders who were tricked out of released or releasing commons, and into preferreds by over 10 years of coordinated message board manipulation authored by our very own and compensated Mike Williangham and ex honorable Douglas Southard. Go big ??. Lmfao.
interesting that Rosy didn't sign the first Emp-C submission! Thanks as always for your analysis. Spot on!
Thanks David!
That's interesting that we're about 12:1 just like the reverse split. Maybe the WMILT disputed reserves WMIH/COOP shares portion is about to be released in accordance with the prior reverse split. That way no one can say any newly released shares from the LT were either an advantage or disadvantaged to those who released to receive. Follow the script, in other words.
Good observation, thanks Ron.
On the 7th day of Christmas Mike Willingham have to me, POOP at $11.23
Thx for your reply!
Shouldn't our IHUB page for COOP be listed in a different category other than "Insurance" like it is now?
We are now a non-bank originator and servicer. No sense confusing newcomers.
The surviving employee claims: What I find interesting is....
"4. In light of the remaining questions of fact and/or law that were discussed on the record at the Order Hearing, the following components of Claims shall not be deemed disallowed at this time (the “Surviving Claims”):"
"iv. Any Claims of the Claimants as holders of vested equity interests which, pursuant to the Plan, are entitled to receive a distribution."
pg 5, http://www.kccllc.net/wamu/document/0812229181119000000000001
Sure are a lot of people fighting over what some say is nothing, lollllz.
A thousand thanks! Great breakdown.
hahaha! lol
New Filing: Rosens' letter to court
www.kccllc.net/wamu/document/0812229181205000000000002
Telephonic Hearing.....in 2 days. this is continued evidence of a hurry up scenario. Also interesting is this is filed by employee claimants counsel.
haha, not only is COOP the tell, but I also wait for AZ's .....tell......when he announces payment on his bonds.
Jeez, It wasn't a hoax. It was a message to the judge and everyone that the end is near - and that he, Rosen, is serious about finally pushing the last bit of the WAMU elephant's rear out the door for the last time.
Rosen isn't like trump, who dictates by executive order. Rosen has a judge to get through, her court to get through, remaining employee claimants attorneys to get through, and actual rule of law to abide by.
I'm overjoyed to see Rosen finally trying to close this up. He wouldn't have mentioned the November possibility, if it wasn't possible at all.
Rosen's gotta knock a few dominoes down before we get where we want, and where the court needs us to be. These judicial placeholders preserved 'proof of life' in this bankruptcy court, and have now been announced and ruled on for elimination....and the closing of the 2 bankruptcies!!. This heat seeking missile is on its final target.
By the way, when/if you read the court filings, did you catch that elimination of the employee claims not only leaves the "surviving claims" intact.....but it also references preserving any legacy stock interests due to them? This tells me not only do the employee claimants believe that releasing for escrow markers was worth doing....but more importantly...... it must be worth something to fight for.
If the employee claimants legacy stock options were not designated as "surviving claims"........then they'd most likely be released back to the DCR for 75/25 WMILT distributions to the rest of us.
Point being, if its not clear yet......the very people that ran this massive WAMU enterprise, know what legacy value is there.......and they have fought tooth and nail to the last second.......to make sure their "surviving claims" include legacy stock interests due to them, are protected. Legacy escrow interests for those who released are not trivial or worthless.
WMIIC was WMI's investment manager. The $1B in cash investments that WMIIC listed in court filings was everything in the accounts leading up to the bankruptcy filing in September 2008. Every month prior to bankruptcy, securitization participation income came into WMIIC coffers and was promptly distributed through the senior enterprise. ...... every month......
Every month, money flowed into WMIIC from trustees managing hundreds of securitization trusts that WMI participated in.......and that money promptly flowed out of WMIIC and into WMI as WMI saw fit.........Billions of dollars in annual income.........until: bankruptcy triggered safe harbor = flash frozen like Hans Solo, only be brought back to life in future when the time has come.
WMIIC filed for bankruptcy first, and prior to WMI it's parent's own bankruptcy filing second. The bankruptcy filing triggered safe harbor protections of "legal isolation" and off balance sheet treatment". Safe Harbor created a temporary firewall between WMIIC's ability to collect its income in the future from Sept 2008, and the trustee legally mandated to distribute that income due to WMIIC.
From the bankruptcy filing in September 2008 and going forward into the future; this safe harbor FIREWALL prohibited any more cert participation income from reaching WMIIC (and by extension WMI); and thus not showing up in any bankruptcy filings.
WMIIC had no creditors, and all cash listed in bankruptcy was a snapshot up to the moment safe harbor was triggered. Just because WMIIC filed bankruptcy with about $1B in cash, doesn't mean that all future income generated after September 2008 - present, that is held in temporary custody by the managing trustees, which is due to legacy shareholders who released, evaporates.
Thx Ron!
Thanks AZ for the update. I just looked at the adversary employee claimants on KCCLLC and the order is now updated to reflect the overall claim denied and the split out Etrip, Serap claims allowed. WOW, the day before Thanksgiving and we are cruising forward.
There must be something planned in December Rosen is gearing up for.
Exactly !!!
I agree Rosen seems to be much more actively pushing, which is great. Maybe the employee claimants attorneys were dragging their feet, and Rosen filed to split the DCR over what can be paid now, and what is for later........to herd these cats into getting things done on whatever timeline his rush seems to be.
The employee attorneys must feel they are owed more than what is in Rosens proposed DCR split,....otherwise why would they care?
Maybe something else is going on we can't see?
That's funny, just noticed the same thing!!
Interesting that certain, refers to some designated items - but not all the items. Just like the LT has "certain" designated assets to liquidate, but not all of them..
There is no signature line, but Rosen is only asking for "Entry of an Order"
What's great about this is Rosen is splitting off and separating the majority DCR funding through disallowance, and yet letting the Surviving Claims of the employees live to fight on over even smaller scraps.
It appears to me, the December court dates, are just for the Surving Claims. And that the LT could distribute the majority DCR quicker.
NEW: Final Order Disallowing Contested Claims. Requesting court to enter into the record at its earliest convenience http://www.kccllc.net/wamu/document/0812229181119000000000001
"Additionally, at such time, it was discussed that entry of an order with respect to the undisputed items would be deferred. However, as discussed below, due to the undisputed nature of such items, as well as the desire to provide distributions with respect thereto to holders of allowed claims, WMILT is hopeful that the Court would reconsider its prior position. This is especially so, as the Claimants have expressed an intention to appeal from any order and it would be in the creditors' interest to commence that process."
"However, WMILT believes that entry of the Revised Proposed Order is necessary to ensure that there is not a further deterioration to recoveries for other creditors due to not making distributions to holders of allowed claims and thus permitting additional interest to accrue on their claims and diminishing or eliminating the recoveries which may be made to creditors lower in the waterfall."
"WHEREFORE, WMILT respectfully requests that the Court enter the Revised Proposed Order at its earliest convenience."
"4. In light of the remaining questions of fact and/or law that were discussed on the
record at the Order Hearing, the following components of Claims shall not be deemed disallowed at this time (the “Surviving Claims”): Surviving claims are the ETRIP, SERAP
Think about it this way.......the LT only has jurisdiction over "certain" assets inherited from the Chapter 11 Bankruptcy and is reflected in the bankruptcy court AND the LT filings.
- Other than Washinginton Mutual Capital Trust 2001, Have the hundreds of legacy mortgage investments in safe harbor, or WMI's legacy participation income ever been included in either the POR 7, or the LT filings? No
- The examiner report mentions that these were not available nor included in the scope of his report.
- Judge Walrath shut down the Equity Committee from speaking about any assets outside of those listed in the original court filings.
-Therefore, since safe harbored mortgage assets are not part of the bankruptcy, they cannot all of a sudden appear part of the LT's jurisdiction. How can the LT have authority, 75/25, over something its bankrupt parent never retained nor declared as up for grabs while in the courts custody? If WMI had been able to declare these assets in court, there never would've been a bankruptcy allowed in the first place. Or if allowed - than yes, the LT would've listed them in their filings all these years. But they didn't because they can't, because safe harbor is an automatic trigger during bankruptcy and receivership.
- 75/25 is the filter for "certain" LT liquidated assets as declared in filings, and as disclosed to the court.
- Generally speaking, Safe harbor laws protect these income asset interests, in case the debtors (or the FDIC receiver's assets with a bank holding company different from WMI's unique legacy charter) are not enough to cover its liabilities. In our rare case, we know A > L..........and we have our escrow cusips as proof.
- A debtor in bankruptcy does not have to bankrupt all its assets and liabilities. A Chapter 11 means reorganization, not liquidation in Chapter 7. The debtor chooses which liabilities and creditors to cram down, and which "certain" assets will be declared in excess of the liabilities for reorganization, and subjected as collateral to the debts declared. Remember WMI's looooong subsidiary list? Only 2 Chapter 11 bankruptcies filed, out of all of the others that were not sent to JPM. Some survived outside of Bankruptcy and others were used for fuel in the bankruptcy fire like WMRRC.
Its a genius plan really, declare and keep just enough assets to the court, and keep their head above water to cover liabilities at any given time, and legally shelter the crown jewels off balance sheet, to be retrieved later on. No wonder stock options are an important part of executive compensation packages !! Bankruptcy forces all creditors of the entire enterprise to take a haircut, while using only a portion of the assets to put out the fire. The debtor reaps the discount paid with cash assets at hand - as disclosed to the court and publicly.
Not only did the 2008 banking disaster create cover for the FDIC to Take WAMU to shore up JPM, but it also created cover for WMI to unashamedly play the poor pauper role, while only really using less than 50% of their actual total enterprise wide assets (declared to the court or not).
good point!
well,
she's a compensated issue advocate
This is a great find, thanks
How much money is 3% of the total capital of just this one trust? (one of hundreds)
Maybe a......... 'Judge Walrath posit' of $10B ?
Up on news, but acquisition is just potential intention at the moment. Coop doesnt own it....yet
What they warehouse as $1.8B is a lending facility to originate loans and feed their portfolio of in-house investment ----- in other words "Purchasing" from themselves just like WMI did. They are a portfolio lender, meaning they keep loans in house. Remember WMI was also a portfolio lender with $240B in 2007's 10k. As of 2013, Union Pacific Financial "brought servicing in-house"..............they service their own portfolio of ~$26B.
"One way Pacific Union Financial works to stand out from the pack is with portfolio loans for borrowers with less than perfect credit. Portfolio loans are held by the lender rather than sold to an investor, and that allows for a bit of flexibility as far as a borrower’s credit qualifications." https://www.nerdwallet.com/blog/mortgages/pacific-union-financial-review/
In 2016 they originated $1.5B in loans each month. They are are portfolio lender. They are retaining the bulk of these for their own investment income.
https://www.housingwire.com/articles/37426-pacific-union-financial-sees-explosive-growth
40 branches across the country. Pacific Union currently ranks fifth as an FHA-sponsored (portfolio holding)originator. Sounds like a scaleable footprint that COOP can build and grow on? Brick and Mortar? I think so. I think another very large acquisition is in COOP's future that grows out of the roots placed by Union Pacific Financial. Union Pacific is the seeds of what's to come.
_____________________________________________________________________________________________________________________
Further in 2015-2016, Union Pacific Financial originated AND purchased (from themselves for portfolio holding)..............2,916 mortgage loans totaling $80.9 million.........just in Massachusetts !
"Pacific Union’s primary business is originating and servicing residential home mortgages. The Lender also purchases loans. Business is generated through multiple lending channels. Approved loans are funded through an established warehouse line of credit. Processes may be centralized based upon lending channel. Pacific Union also acts as a mortgage broker to provide additional financing options to their customers however no Massachusetts loans were brokered during the examination period. Servicing rights are retained and mortgage servicing is performed internally for the majority of loans originated. During the examination period of 2015 and 2016, Pacific Union originated and purchased 2,916 loans totaling approximately $803.9 million in Massachusetts." https://www.mass.gov/files/documents/2018/02/01/pacificunionfinancial-pe.pdf
This is just one state - and in 2016 they had 50 branches. It doesn't take long to get a $26B mortgage portfolio, held in-house, for investment at this rate.
Time will 'tell' (pun intended)........ but maybe this a first glimmer of 'proof of life', on knowledge that the administrative hold over the trusts is about to dissolve.
It is interesting to note from Coop's filing today , that COOP is more or less in 'contract' to buy Union Pacific Financial - but hasn't competed anything yet, nor is the nitty gritty details of the purchase disclosed. So maybe this is just the precursor to a 'tell'.
When the trusts release funds on administrative safe harbor hold, than COOP can afford to complete this acquisition as well as further ones.
Inquiring minds want to know. Where and how is COOP planning on paying for the acquisition of Union Pacific Financial?
They had a a branch in almost every state, I read. And again $26B in in house portfolio mortgage loans. These aren’t pledged to securities. These are assets.
I’d love to hear how MrCoop is paying for this acquisition, truthfully. Is this purchase the start of the “tell”
I doubt it was less than $1B for a $26B portfolio of in-house held loans, plus, the wholesale arm
Pacific Union Financial is a portfolio lender who holds its mortgage loans in-house for its own investment income. The portfolio was worth over $26 Billion in2018. Now where again, did Mr. Cooper find the money to make this purchase?
http://blog.pacificunionfinancial.com/pacific-union-financial-llc-grows-warehouse-lines-to-1-8-billion/
https://www.nerdwallet.com/blog/mortgages/pacific-union-financial-review/
"One way Pacific Union Financial works to stand out from the pack is with portfolio loans for borrowers with less than perfect credit. Portfolio loans are held by the lender rather than sold to an investor, and that allows for a bit of flexibility as far as a borrower’s credit qualifications."
? union pacific ?
interesting news, wonder where COOP got the money for this purchase ? ; )