Democracy starts with you, tag your it! ...Thom Hartman
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What are your thoughts about the bankruptcy terminations to be filed by Rosen. Do you think Rosen will close them up immediately, or keep Walrath hanging around until well after money begins to flow to those of us who released and COOP?
In another way, is there any reason to keep the Bankruptcies (2) administratively open...just in case Walrath is needed to provide cover on some unknown future issue?
Can the LT operate as a pass thru trust if the 2 bankruptcies are closed?
Also, COOP related, my last post probably got buried last night, but the NSM ABS Investor link shows at least 100 more trusts booked than I recall from a month ago, especially in years 200-2004.
Nationstar ABS Investor Reports link seems to show a lot more deals. Especially in years 2000 -2005 which as far as I recall, numbered less than 30 a month ago. I'm 99.9% sure there's been a very large increase change.
Could be a good sign that the aforementioned $60B in servicing is starting to flow in.... thinking the upcoming Nov 8 earnings report discussion with Jay Bray could have some positives.
You need an account to access it at https://absinvestor.nationstarmtg.com/AbsReports
thanks for posting!
new LT Quarterly Summary http://www.kccllc.net/wamu/document/0812229181030000000000006
LT specific assets within the BK purview. 13 pages. Post Confirmation Quarterly Summary.
.....and I assume, maybe why Piers were limited in their return (capped). Otherwise they could take the whole enchilada within "Washington Mutual Capital Trust 2001”. If their claim is less than 10% of the whole, why should they be entitled to the rest. Or as the judge said, what if there is more than one posit.
All the participation interest income from any of these trusts are being held in custody by the designated servicing trustee like Deutche Bank, USBANk, La Salle, etc...... until it is time to release it to the appropriate bankruptcy tranche of legacy WMI who released.
Until bankruptcy claims are nil, then it is not time. According to the latest filing, Rosen states the WMI Motion against the employee claimants, is the final claim......and that upon Judge Walrath's presumed approval, by Nov. 6, Rosen stated he will delete the claims record and close the bankruptcies (2).
All of these interest income deposits, since Sept 2008, generated from hundreds of bankruptcy remote trusts, has been on administrative hold due to lawful safe harbor, triggered by bankruptcy and receivership. Safe Harbor is, OFF-Balance Sheet. Hidden in plain view.
When Judge Walrath finally squashes the final claim with her signature, barring any appeal from the employee claimants against the WMI estate (as Rosen confirmed), then PIERS finally get paid out. The only bankruptcy tranches left after Piers............ are Preferred and Common who released.
Everything thus far, as was designed, was being paid out of WMI cash on hand all the way down through the Piers (as the WMILT declared, and as filed "certain assets")..
When Piers are paid out of the final LT leftovers, the only Tranche left to 'claim' the legacy 'WAMU' estate leftovers going forward upon the impending release of (bankruptcy triggered) safe harbor (participation income for example), is legacy Preferred and Common who released.
does the new reverse split share price make it easier to short now? in other words, 12 times the spread? before you hit zero? without sending this back to BK?
They just want to keep playing the short end (safely) for inside profits, while this drags onward, imo
Judge Walrath was pretty clear where she stands. The Employees will not get paid. She has to allow them every legal appeal they deserve.......or this really can be appealed for lack of due process.
The $100k bond is what will test their mettle, as will knowing the losers will most likely have to foot the bill.
Is Stephen Rotella etal, really got those deep pockets or the time? I'm sure most of them loaded up on cheap released shares back in the day, and they just want little icing on their cake.
He's wrong as usual, the judge clearly said that the LT could pay Piers anytime out of the DCR, barring the 21 day appeal period.
The Piers are not dependent on outside, Bankruptcy remote, Delaware trusts. The Piers are paid out of Walrath's court reserved DCR (Disputed Claims Reserve)
Douglas Southard, don_b_kruel, el juez gets paid another $10k. as does Mike Willingham, the hammer
$432,174.01 paid yet again to Alvarez & Marsal for then period 6/1/28 - 8/31/18
New Filing: Exhibit(s) (Notice of Amounts Paid by WMI Liquidating Trust Pursuant to the Liquidating Trust Agreement for Certain Compensation and for Services Rendered and Expenses Incurred by Trust Professionals for the Period Ending September 30, 2018) Filed by WMI Liquidating Trust. (Attachments: # (1) Exhibit A) (Steele, Amanda)
image not available yet.....
http://www.kccllc.net/wamu/document/0812229181008000000000001
Yah? We have been waiting for years for that ! When A&M isnt needed, that is good news for us. Why is this difficult to understand?
Wha? How do you get that from my statement? Good grief
That could be it! We’ve been speculating and waiting for years for A&M to get their pink slip.
Now that, is an excellent point. Thinking outside the box! The employee claimants have been waiting as we all have, and I think you are spot on. Something happened in the last 30 days that makes their Motion now extremely relevant to the Court.
Thanks AZ, great recap of what's to come.
New employee objections to the LT Motion:
1) http://www.kccllc.net/wamu/document/0812229180928000000000001
2) http://www.kccllc.net/wamu/document/0812229180928000000000002
If the original objection is withdrawn, there is nothing to 'joinder' to.
The other parties either file their own Objection to the court, or most likely they also have settled as well.
Smells like settlement...
settlement?
Employee Objections filed now, on KCCLLC:
Objection of Employee claimants http://www.kccllc.net/wamu/document/0812229180924000000000001
Joinder to Objection http://www.kccllc.net/wamu/document/0812229180924000000000002
Objection to Motion (J. Schrag) http://www.kccllc.net/wamu/document/0812229180924000000000003
"8. The Plan further distinguishes between WMILT and the reorganized debtor by providing the following definition:
1.192 Reorganized WMI: WMI, on and after the Effective Date, which shall include One Hundred Percent (100%) of the equity interests of WMI Investment, WMMRC and, subject to the abandonment of the equity interests of WMB, WMB."
Just re-read again for the third time. This is a good read!!
That's it right there, isnt it. The LT cant have it both ways. They are either:
"a. WMILT’s “sole purpose” as a “Liquidating Trust” is expressly limited to “the sole purpose of liquidating and distributing its assets … with no objective to continue or engage in the conduct of a trade or business” precludes WMILT from meeting the statutory definitions of an “insured depository institution” or a “covered company” under 12 U.S.C. §1828(k)(4)(A). (Chapter 11 Plan, Section 27.2); "
as shown in years of QSRs...
OR
A&M is being paid $millions to manage something on behalf of the LT, that the LT is aware enough about it to be paying A&M's billings (otherwise they'd object), and the WMILT has been lying through their teeth.
Obviously it's the latter. Gonna get hot for some soon. If they settle, then things will stay the same.....obfuscated from us all. However it means A&M's billings are not for nothing, lol.
Weird huh? Almost like the WMILT thought using WMB employee claims would be an easy stall tactic during the BK... String them along to the end, and then ultimately shut the door easily using the FDIC golden parachute rule as the kicker. Should've been quick and done.
Like AZ mentioned, how dumb does the LT think people are to be paying A&M's bills for managing something that never shows up on the WMILT's QSRs? Jeez, you'd think they'd be smart enough to have a cover contract to disguise the real issue - but at the same time, nobody wants to leave a paper trail showing they intentionally attempted to deceive the court either. Rather, everyone pretends there is no elephant in the room.
So now, many years later with the LT playing deaf, dumb, and blind about A&M's current billings, the employee claimants have been left with easy fodder to potentially hang the LT with their own rope.
This is going to be an interesting month in Walrath's court. I have no sympathy for the WMILT.
...LT backed up into a corner..... sounds very reminiscent of the Grant Thornton settlement last week.
I'd think these employees know pretty well where things are hidden. The biggest reason is Stephen Rotella is one of the claimants listed. Bet he's been open about it, after being called a mole - at the very least - for over 10 years.
I'm wondering how the LT can settle with the employee claimants if the FDIC says the LT cant make any golden parachute payments?
Is it that if there are monetary issues beyond what's reported, and therefore outside the BK, then does that mean they'd be settling with non-bankruptcy funds and therefore the FDIC doesnt get to have a say?
Wondering and trying to understand the potential mechanics of this.
I find it hard to believe, that since WMIH is the surviving entity of the merger.......that WMIH handed the reins off so easily to the new NSM management, without some governing process in play. WMIH survived NSM in this merger....
There has got to be something else in play. And to play, NSM management will be following the same script, and it's going to be the same games, imho. Just look at the PPS, as one of many indicators.
Nothing's changed, yet, just different people following the same prescripted path that's been laid out for years.
A vote yes, feels like a vote for the same incompetence. Think about what it means - that WMIH, is the surviving entity..........of the merger.
The debtors filing 8/30/18 states that the WMILT only became "successor in interest to Washington Mutual, Inc." which owned WMI Investment Corp.
Think about that for a minute. There are 2 bankruptcies, WMIIC, and WMI.................WMIIC filed first which protected itself from its parent WMI (who filed 2nd) and any other creditors............and as the debtor now admits, the WMILT only became successor in interest to WMI, bankruptcy #2.....!!!!!!
There is no 75/25 on everything as you've said. 75/25 refers to what is within the LT's jurisdiction. The LT only became successor in interest to WMI according to this filing.
Quote taken from the Order, page 2 of 6., the debtors just filed. http://www.kccllc.net/wamu/document/0812229180830000000000001
They're not literally bean counters. https://www.alvarezandmarsal.com/portfolio-valuation-advisory-services
nope. not according to the FDIC status
My legacy P tracking markers when clicked, always opened up the bonds trading page for that cusip. This pop up bonds trading window has been available to open for years, but untradable as of yet.
Tonight its "temporarily unavailable".
Probably nothing, but in light of everything lately......maybe it'll finally be a sign that something is starting up here.
woah...!....! This states that the employee claims are the only thing left standing in the way of closing the debtors Chapter 11 bankruptcy cases
Things might be starting to move......ASAP
Objections/Responses due Sept 24, 2018. Hearing Oct. 16.
"PLEASE TAKE FURTHER NOTICE THAT IF NO OBJECTIONS OR RESPONSES TO THE MOTION ARE TIMELY FILED, SERVED AND RECEIVED IN ACCORDANCE WITH THIS NOTICE, THE BANKRUPTCY COURT MAY GRANT THE RELIEF REQUESTED IN THE MOTION WITHOUT FURTHER NOTICE OR HEARING."
I like this investigative line you are taking here in your post. Makes me curious as well about something similar I should look into.
Thanks IMOption and thanks to Rich for being willing to speak with shareholders. It is a new experience that we've never had from Mike Willingham, etc, who likes to run out of the room from shareholders, and would rather create multiple message board IDs for his friends to jerk around with as compensated issue advocates.
That is a very interesting clarification that the NSM merger was only with WMIH and WMRRC. And that assets could exist (as we know) outside of this merger. That is exactly why WMIH had to be.....the surviving entity. It's nice of Rich Delgado to say they'd love to service any liquid trust assets should any be unliquidated.
This narrows down the list of who's hiding the sausage still. The FDIC thru safe harbor, and/or our lovely LT representatives thru Alverez & Marsal. Both still using the cloak fo Walraths' bankruptcy court to play games and keep the truth swept under the rug.
Great questions! I’d love to see them answered.
I wonder why all the employee claimants are listed on this Grant Thornton settlement list?
As they say.......hmmmmmmmmm
I dont have PM. boarddork@gmail.com
Your questions are regarding my thoughts ONLY IF there is a method by which legacy interest's tracking markers become tradeable.
IF they somehow become tradeable, then obviously, insiders will sit on these message boards to convince you there is very little to nothing coming back. The more that sell out, means more for the insiders to scoop up shares on the cheap.
Its all a big if.