Democracy starts with you, tag your it! ...Thom Hartman
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Thanks Nosch. A great read and superb reminder......MBS were and are, 'Pledged' to bankruptcy remote trusts...not 'sold' to the investors of the trusts.
The are pledged to be used by the trust for the benefit of the participating investors. Held in safe harbor, off balance sheet, legally isolated, and most importantly - bankruptcy remote !
Pay attention to what 'movement' is spoken about right now.
AZ never said they are moving as in for sale, etc. They are moving in the sense that they are being prepped for such upcoming actions - ie the examples AZ is kind enough to relay to us.
Any broker isnt going to see for sale trackable movement, and like AZ has said, nothing has been paid yet until July. Everything is being prepped for what appears to be a July payment.
And ultimately, I guess you'd really need to own some, to track the daily changes to the 'structure' and labeling of these bonds.
Some bond desk dude/ette isnt likely at all to be monitoring minute daily changes to the bond prior to sale. All they know is whether its for sale or not, and when it is or pays out - how much it will/did become.
If I was AZ I wouldnt share helpful identification either with internet posters of unknown backgrounds. Its crazy to think he would, and I dont know why people even ask.
LOL, in a 'WMIH shares' for 'Legacy who released' Value SWAP, escrow markers could theoretically be removed without 'payment'.
Receiving piles of pre-authorized WMIH shares so WMIH can leverage my legacy cash and assets going forward, works for me.
Thanks for the confirmation. I knew a swap was coming with this NSM merger.
KCCLLC WMI and LT websites are down. whats up?
Great information! Question: I've been wondering how in the world is the debtor/WMIH going to make the appropriate cash/stock credits to each Class as designed, without letting the cat out of the bag?......Considering the obfuscation and misdirection for 10 years, it seems like they cant just say "oooops, there it is". ? OR can they? .......as if it Turns out we are getting a bunch of stuff back and we had no official idea about it ? I'd bet they are going to be business as usual and disguise it. So what might they be attempting here in the coming months?
What are your thoughts? I'm thinking that maybe one or more of these WAND merger subs might be the vessels holding different classes returns. ie, one WAND might represent Class 22 trusts/holdings. And another WAND might represent Class 19 trusts/holdings, and so on...... And we'd observe that WMIH might be in a hurry to complete the merger of NSM, and the WAND merger subs during one reporting period, so that 'cash in = cash out' for a zero balance, non reportable event. IE, if $1m passes in and then out of my account (hint 1031 exchange), my balance is still zero to report.
So in the case of legacy Commons (Uq), could they give us WMIH shares/cash directly through a WAND merger sub holding legacy Class 22 assets, which is soon-to-be wholly owned by WMIH, becoming the exchange vehicle for CASH/STOCK - and where WMIH gains control of it in exchange for WMIH shares of itself?
It seems magic WAND merger subs, could be perfect cover for segregating and keeping quiet the return of legacy WMI assets.
WAND merger subs dont report yet..............and once in receipt of assets they are blended/folded into WMIH in exchange for stock on illiquid assets, and the liquid CASH passes thru to legacy who released without mention (cash in + cash out within a reportable quarter, to legacy = 0 nothing happened on the books). Whatever WAND did hold, is either value for value in stock, and the CASH is balanced out to zero thru 1031 exchange and distribution to legacy who released with regard to each WAND's particular prospectus. Basically each WAND becomes one one-off use legacy exchange vehicle and then disappears simultaneously through the NSM merger news. And of course WMIH has to be the surviving entity, as it is the one granting stock for the legacy assets being returned.
Apologies for these messy thoughts, I haven't had time to make this more succinct. I appreciate your input.
Thanks AZ ! It is extremely relevant that if one tranche backed by securitization is revving up its motors to run again as they did once before, than that means 100% that the other tranches are as well - that safe harbor is no longer a yoke to legacy WMI.
Safe Harbor is itself a 'none-shall-pass' gate. When cash/dividends prepare to move, than the floodgates are beginning to crack open.....slowly at first, and then all tranches get wet.
I see your point, about why Class 17 Euro backed tranches visibly show changes now, while domestic based ones don't as of yet. And yes, I am watching WMIH and my broker for hints of change to come.
I am beyond ready to move on from this fiasco!
Thanks AZ for WMB Class 17 update !! In your opinion, do you anticipate the other Class 19 and 22 releases are also needed for the upcoming WMIH/NSM merger?
Or are Class 19 and 22 possibly facing longer delays? or being used for future merger targets?
Thanks AZ. Make sense to me
It's a 3 legged sack race, and WMIH's is dragging us to the finish line before we can untie.
I slip this into posts often so apologies for redundancy - but WMIH needs us more than we need them. imo.
This whole BK/FDIC/JPM mess Yoked the re-org debtor and escrow interests at the hip, and gave the debtor the power to make the decisions, not us. Which does protect us to some degree. They cant kill us without killing themselves, for now. They cant gain and sell without us, without acknowledging us and our share of the gain and sell...
You need CASH/assets to Leverage 10 x or more to turn WMIH into a real powerhouse. If WMIH takes physical custody of legacy assets, they have to acknowledge us/our share, and I bet close to 50% or more of retail/hedge funds would move their money to other quicker deals, that aren't under the governments massive microscope, not to mention piss-ant retail's message board soap boxes. I would be gone.
WMIH loses control of too much money, they might end up in BK again, lol....
I really think this is about wmih NEEDING to string us all along as long as they can, to effect enough of a proficient holding company where they can afford to cut us loose - share exchange. And when they can afford to cut us loose, I dont think it will be bad for us on the WMIH stock end obviously.
And if WMIH circuitously 'booty calls up' with each of its legacy custodians for merger opportunities, it seems they can technically not hold their own assets personally. Remember, and if true, Nationstar is merging into WAND, and WAND got the loan right? Maybe WAND holds the paper certs (golden tickets).
Leverage sweetheart. No business puts up all their cash !! That would be a big FAIL. Leverage gets you 10x and more, use and returns on the CASH you hold. But you know that.....
Deutche Bank is struggling. Maybe WMBank FA Chatsworth, incorporated in Maryland 2017, as a foreign corporation......should take it over.
A la new WAMU
pg 134 Recommendation of WMIH BOD and Reasons For The Merger
"• the belief that the combined company will benefit from WMIH’s platform and financial attributes, which are expected to enhance free cash flow available to support business growth and be accretive to stockholders’ equity;
Sausage.
Pg 23 Natioinstar's clients include "investors in private label securities"
We are coming full circle. More 'hide the sausage' by buying out our custodian and servicer. We are buying NSM using our own deposits as collateral for the loan.
Hide the Sausage continues. Neither the FDIC, the debtors, or JPM will get egg on their faces for 10 years of misdirection. We will continue to merge with every custodian of our SH assets one by one. And in every case, WMIH will magically be the surviving entity, otherwise tracking markers would be compromised.
WMBank FA, is now incorporated in Maryland.
https://egov.maryland.gov/BusinessExpress/EntitySearch/BusinessInformation/F04974408
Business code: Savings Bank, Building & Loan
Thanks JWW.
WMB FA Chatsworth.
Incorporated: 3.20.2017. so recently ?! brought back from the dead? And your website link says it searches Maryland corporations......hmmmmmm. The sausage been hidden in Maryland perhaps?
Type: Foreign Corporation
Foreign? Maybe we can take over a struggling DB? ;) dreams....
We might find that #1 WMBank FA, Chatsworth CA......is logically associated with only mortgage product and therefore anything under its umbrella, took what it protected into safe harbor, when:
A) WMBank Utah, WMBank Nevada were received together by the FDIC (as stated), and WMI and WMIIC declared individual and separate bankruptcies, jointly administered.
I'm having a huge A-HA moment. Thanks AZ..... It totally makes sense. The FDIC always says they seized the "banking" operations of WAMU..........and most dont realize there are 3 WAMU banks - Chatsworth CA, Utah, and Nevada. The FDIC states it received Utah and Nevada only.....Holy $#%#%
I think that is a huge difference. WMBank FA Chatsworth was not the physical banking part of WAMU, it is largely the majority mortgage part of it.
Think back to all the BP Investigations, foreclosure lawsuits, etc....and it is mostly WMB FA (chatsworth CA) mentioned. This fits like a glove with how safe harbor was spirited away from the grasp of FDIC, WMI, and JPM as creditors.
I knew it happened, just couldn't figure out paper trail wise. What a sleight of hand these last 10 years has been. Between the FDIC, WMI, JPM - none have been really been outright lying, just misleading by omission and technicality. Separate the entities, compare who took what name, and oooooops....there still happens to be one surviving bank? Good god ! ! Maybe we're getting that back as well?
Thanks for the background refresher on Bonderman - and your thoughts. >= 5.6% of $1.6T is a PILE of $$$$$$$$
We, jay, those who released would be a % owner of the actual Certificate Holder. So technically the Certificate Holder only is notified - and you can read the service list on other GLOBIC docs.
We are just a holder of the HOLDER, so to speak. Hide the sausage continues.
Anecdotal highlights to the DB Probate Examiners Report
Highlights: (Keep in mind, this is only a settlement evaluation regarding FDIC reserves. Has nothing to do with actual 10 years of accumulated principal, participation income, liquidation, and interest held within each trust.)
- statement of fact. JPM is only servicer through the PAA
- DB oversees 127 'WAMU' trusts. 99 contain residential mortgages - The WMSSC Trusts and corresponding certificate participation, and 28 hold no mortgages - The WMB Trusts - and are just participation income trusts overlapping the collateral of the other 99.
- It mentions the 'sub-servicer protocol' and defines it as simply JPM agrees to 'servicing improvements' where they were lacking. It could still mean JPM cant do the servicing going forward.... Makes me think this was a condition put back on JPM (remember the robs-signing fiascos and 2013 JPM/DOJ $13B settlement agreement). Examiner does not have a value for this SSP (sub service protocol) but mentions "certain Certificateholders urged the Trustee (DB) to require SSP in the proposed settlement." I'd like to know which Certificate Holders that was ? ::)
- The DB $3B in damages was not actually for DB's pockets....get this.....it was for the losses incurred for these 'WAMU' based trusts and to reimburse the 99 trusts and the 28 cert participation trusts...
- "Certificateholders have been notified of the Proposed Settlement and they have not expressed opposition to it."
- The $3B is 100% of the costs these WAMU trusts endured (ie, the certificate investors endured), PLUS an 11.9% future predicted 'loan life loss' deposit. Examiner notes 11.9% is better than average for RMBS future loss settlements with other JPM, Citi, Countrywide, etc.
- familiar footnote. The Examiner hasn't been provided data on WMSSC liabilities or assets regarding ability to pay for litigation if the current Settlement fell apart.
sound familiar? Probably looks silly to ask for $3B in costs, when your sitting on 10 years of accumulating $$
- Oct 12, 2012 Certificate Holders first notified of Proposed Settlement. August 19, 2016 Certificate Holders were notified of The Settlement details and whether they objected. Dec 22, 2016 Certificate Holders notified again AND asked to PROVIDE THE TRUSTEE WITH INFORMATION ABOUT THEIR HOLDINGS. Certificate holders notified they could attend hearing May 9 2017 and petition the court (Jay's famous statement to court - that he was notified?! insider?)
- stock price reaction of certificates as an indication of settlement being good or bad. "It was difficult to measure as only isolated data are available on actual trading in these certificates"
* footnote: 7/19/16 - 9/16/16 during Settlement Announcement announcement, only 11 of 1404 certificates traded. And of the 11, less than 3 had trade data available. These Trusts cant be too bad to hold, lol. One person/entity seems to have a tight grip on most of them. 8)
http://www.globic.com/wamurmbssettlement/pdfs/2.%202017%2004%2026%20FILED%20WAMU%20TIP%2002-Amended%20Declaration%20iSo%20David%20L.%20Zifkin%20Submitting%20Further%20Evidence%20in%20Support%20of%20Petition.pdf
Thx and appreciate you filling in some gaps for me going on behind the scenes. Tremendous news! Finally some movement. I find this very exciting, and congratulations on making that buy years ago!
Yes. I started researching and posting about safe harbor years ago - maybe more on other MB, i cant remember.
What was interesting is that key changes were made in I think 2010...., TO BE RETROACTIVE, which ended up benefitting legacy WMI.....whether intentional or not. Legacy WMI was effectively grandfathered into prior protection limits, not available now to JPM for example.
I dont have enough fingers to count the times that some 'force' seemed to pull things together in our favor for an unseen good, or guiding hand. A govt. taking would have to quietly be made whole in some way, so there's that....
Interesting development! Pretty clever 'canary in the coal mine' tell you purchased. Thanks for updating those of us who can't look into that window.
Thx AZ! I love all these updates and signs of movement. That is fascinating about WMB FA....
So the FDIC received: 1) WMBank, Henderson, NV 2) WMBank FSB, Park City, UT
But the safe harbor trusts backing the WMB bonds were apparently stashed in another separate unseized and unrecieved: 3) WMBank, Chatsworth, CA
So in essence, 3) WMBank, Chatsworth, CA is acting like any other Delaware SPE for the duration and protection of safe harbor qualified product ? Which JPM agreed to take on the liability for? So like a bankruptcy, the FDIC took the so called 'failing' aspects of the WAMU banks, and the fully backed and supported with collateral 'bonds' were left intact and functioning - separated from the receivership's WAMU balance sheet ? if I understand this.....I haven't spent much time understanding the bonds.
Thanks for taking a risk on those bonds so we could follow this backstory. WOW! Crazy cool. Another level of 'hide the sausage'
Your what if, is my what if lately, lol. I also think that we will "pursue the retained assets" Rosen spoke about by successive mergers, where 100% of the time and surprising to some, WMIH will continue to be the surviving entity.
A seemingly 'nothing burger' of NOLS, will "pursue the retained assets" by wresting control of whomever holds them.... we gottem by the OO.
If we demand what is ours back and possibly the servicing rights for example, and knowing the numbers involved, each merger target will take quite a hit to their business.
I dont think NSM negotiations were all that difficult. We threaten to take our ball and go home, or they sell out to us, and we grow together quickly.......not in 30 years of stumbling NOL drippings....lol
Rinse and Repeat, with all "retained assets".
There is an asset/equity, chained at the hip, ownership component to legacy assets. We are waiting on WMIH, imo, who needs us (legacy interests) more than we need them, to equitably address these safe harbored values that we co-own together. Shares for whichever value/cash/assets...in some form.
DB was trustee - aka the manager. The servicer, like Nationstar - is collector and disperser of funds to participating investors. The past 10 years of income, liquidation, principle, interest, etc.....was unable to be dispersed to participation income owners like legacy WMI and other private investors like hedge/equity funds, due to safe harbor triggered by receivership and bankruptcy, which put those assets in temporary time out.
WMIH, the re-org'd WMI, is free to "pursue" those retained assets Rosen spoke about. WMIH and NSM, both know its our money NSM is holding, but if WMIH collects it today from the safe harbor 'lost-n-found', then shareholders have to be addressed and lets face it........who wouldn't take all that money and run, lol. I would. But if WMIH takes their time, and stalls, rather than immediately collect it for our mutual benefit, then they have more time and money to leverage bigger deals I think. Rather than WMIH just demanding back our assets in NSM custody, we can pick up the nations largest servicer to boot, because chances are, Legacy WMI is NSM biggest client. If we pull our safe harbor assets out and future servicing rights - and what does NSM have left other than a massively deflated balloon? I think we/WMIH had all the leverage in this situation - hence WMIH, a seemingly 'nothing burger', buys outright NSM and remains the surviving entity?
I'm keeping a close watch on this merger with NSM, as are a few others. If legacy interests are not addressed by WMIH in due time, then retail needs to go pitchfork again.
WMIH is the delay now I believe, primarily due to strategic inaction of collection. Another variant of hide the sausage. After/thru this merger, I cant see how WMIH can legally take possession through the NSM merger, and leverage our shared legacy assets, without working a deal for our interests in legacy WMI.
It's not the LT nor the FDIC getting in the way imo of pursuing safe harbor collections, .....its WMIH.
Remember 1),2) - the $%^ sandwich bandied about the message boards:
1) The LT does not have control over legacy assets such as those from the DB probate. The LT only controls those few "certain" residual assets from the WMI bankruptcy. There will be scant little remaining.
2) The FDIC does not have control over legacy assets such as those from the DB probate. The FDIC only controls those few "certain" residual assets from the WMBank receivership. There will be little to zero remaining.
Remember the:
3) Safe Harbored assets. a la Side bags of chips, zipped up into hermetically sealed Special Purpose Entities, iron clad protection as Delaware corporations.
Forget the crappy sandwich, take the chips !!
There are not 2 piles of assets being fought over, there are 3.
1) FDIC receivership: There is a battle over "certain" assets it can lay claim to. Legacy could see some small residual after many years
2) Bankruptcy court: There is a battle over "certain" assets it can lay claim to. The LT disperses 75/25 any small residuals from bankruptcy court leftovers. Remember the examiner couldn't review mortgage assets because they were outside of the courts jurisdiction (safe harbor). Can't pierce the veil.........Every mortgage instrument is hidden behind its own separate corporate veil from the BK court....Special Purpose Entities...... specialized trusts in Delaware !!!!!
3) Legacy / Safe Harbor: Legally isolated - off balance sheet: of "certain" assets that neither 1) nor 2) can legally claim as their "certain" assets to distribute to 1) and 2)'s creditors. These mortgage assets (1. principle, 2. interest, 3. liquidations, 4.securitization certs, 5.etc) are LEGALLY stripped out and segregated - 'off limits' to ALL FDIC and Bankruptcy specific creditors. Above all, A&M keeps track (nun pro tunc since 2008)... of those keeping track at ground level --- the multiple individual trustees like DB, BofA, USBank, etc.
There has been a wickedly cruel deception on retail.........but we are playing with big boys who make billions a year cutting throats, so what should we expect other than a knife in the back. MW is part of an equity fund (Esopus Creek), so I have no illusions that he really gives a crap about retail, insofar as he wants to protect his legacy Commons.
Like I said recently, everyone by design on every MB has been arguing about the #$%# sandwich in 1), 2) and ignoring the bags of chips 3) on the side !! The last 10 years have just been a massive smokescreen fighting over who inherits 1) and 2). Bonderman absolutely understood this! AND - Whoever wins and inherits the 1) and 2) residuals....us (legacy who released).......gets the GRAND PRIZE..... which is 3) the ownership of the "retained assets" Rosen said could be pursued later. You dont win the princess, until you take the kings castle !
A) The LT is battle 2) The LT has jurisdiction ONLY over "certain assets" in the Bankruptcy battle 2). The LT was created by and for the bankruptcy specific residuals in 2) - those claims as verified by the examiner. The LT has ZERO influence and power over thousands of SPE and who they are legally required to pay and when.
B) The 'winners' and sole survivors (who had to release) of Battle 2), inherit residuals 1) and 3) once pursued from the temporary custodians, such as Deutche Bank.
C) Yes. Any residuals from 3), follow the trusts they were designed to create income for. The P's have certain SPE securitization trusts that feed and collateralize it 100%. The K's as well.... After that, the bulk of remaining SPE trusts, benefit the legacy commons 100% as they did before Sept 2008. To this day, they are still performing 100%. None are bankrupt. Old symbols replaced with new symbols - but the symbols still track the SAME trusts ownership income allotments.
The courts cant pierce an independent corporate veil, not in bankruptcy or receivership, to substitute ownership !! If you substitute the LT (legal oversight over 2) 75/25 upon the thousand SPE trusts in 3), you have illegally PIERCED the VEIL a thousand times by placing an undeserving interest OVER the past/present/future/ legal interests of the securitization certificate owners.
Some ownership isnt just legacy WMI, there are Equity Funds, hedge funds, etc. who share partial cert income interests - the court or receiver CAN NOT touch these SPE trusts nor steal from the cert income owners. We who released, stepped into the shoes of 'legacy WMI as partial certificate holder' in thousands of SPE Delaware trusts, along with any other hedge/equity funds who participated pre-9/2008. Our percentage of released shares reflect a percentage of interest in those legacy WMI certificate income shoes.
WMI was f.n brilliant (Bondermans last minute leadership?) to place its crown jewels in a stone vault that none could lift the sword, except - like King Arthur, the one destined for it.
There has been a widely successful 'veil' that's been purposely placed over our eyes from MB propaganda all these years.....to not know what you should own back then....to now cover professional liability tracks......once you understand the truth, it will set you free. Like AZ, I really dont care to argue anymore with compensated 'issue advocates'......it just doesnt matter - releases were given, or not. If you released any flavor, this return will break all records.
You, we, will do well in the end.
Safe Harbor, Legal Isolation, held off balance sheet ARE 100% outside the grasp of Bankruptcy Courts and the FDIC.
Pretty funny the pivots and twists this morning.
This document is between JPM and the Dept of Justice !! The Department of Justice was suing on behalf of many others, including these WAMU entities like Washington Mutual Bank, where JPM is accused of abusing its duties. JPM only has POA on servicing related liabilities with WAMU, and that is where you see it throughout the united states.
If this was a separate settlement agreement between only WAAC and the Department of Justice, than it would be signed by JPM as POA for WAAC.
This is clearly a document between JPM and the Department of Justice.
First paragraph, the only thing the Department of Justice and JPM agree to, is that JPM only became successor in interest to is "Bears, Stearns & Co., Inc.".........and we know because JPM famously paid real money for them.
And as we discussed, line 13. page 6, the Settlement and Release Agreement goes out of its way to state JPM DID NOT become successor in interest to Washington Mutual Bank, WAAC, LongBeach, etc.
It's not partial, it's crystal clear !!
https://www.fdic.gov/about/freedom/plsa/rmbs_jpmorgan_et_al.pdf
JPM is master servicer and was granted Power of Attorney (POA) through the PA&A, which was renewed recently. As master servicer with POA, it steps into those entities shoes, with regards to what it is ultimately as servicer, liable for.
Just get the d#$%$# merger and share/cash for value exchange done pronto, and I'll be long gone. I really do have better things to do, lol.
its like scripted patty cake all day every day with them. Circling the %$ sandwich, ignoring the bag o' chips. It just doesnt work anymore on most people here, lol. After 10 friggin years, you can spot every new shift change from a mile away.
not there, Here. Settlement & Release Agreement. (1 of 2) Signed by FDIC, etc. Line 13. page 6
https://www.fdic.gov/about/freedom/plsa/rmbs_jpmorgan_et_al.pdf
for the billionth time. Line 13. page 6
https://www.fdic.gov/about/freedom/plsa/rmbs_jpmorgan_et_al.pdf
You did a great job finding the wrong document. not surprised.
The specific $13 Billion 2013 Settlement Agreement between JPM and the Department of Justice, states that "JPM did not become successor-in-interest to Washington Mutual Bank, WAAC, WMMSC, and Long Beach."
Safe Harbor. Off Balance Sheet treatment. Legally Isolated.
Out of the grasp of the FDIC, Bankruptcy and the LT, and most importantly JPM. Noone else has title to "pursue those assets" (Rosen) than legacy WMI.
People to continue to order and eat the $%^$^ sandwich thrown on the table here daily, and completely miss the bag of chips on the side. Hilarious. Keep fighting over that nothing pile, I'm taking the chips.
Nice try, but completely incorrect in facts and context. This was in relation to JPM having to PAY a $13B settlement to the Department of Justice. JPM had as much say in dictating the 2013 Department of Justice language, as you'd have telling the LT what to state in SEC docs.....
LMFAO - what you said has ZERO to do with JPM putting language in anything. Good Grief man !
It's obvious you never even read the 2013 Department of Justice and JPM Settlement Agreement (1 of 2)
I've posted the link many times over the years here. I'm good with it, I know its there. Look it up and find it, or not. It doesnt matter any more.
JPM and the Department of Justice agree !!
Per the 2013 Settlement Agreement (1 of 2), JPM did not become successor-in-interest to Washington Mutual BANK, WAAC (wamu asset acceptance corp), WMMSC, or Long Beach.
None can steal what has been nesting in safe harbor and legal isolation, Off Balance Sheet...from legacy WMI owners who released, without proper payment for, or disgorging the cash and assets from 10 years and interest compounding.
Excellent point. WMI did retain its patens and trademarks. Thinking back to early 2009 days, a lot of research was done exploring how state of the art WMI's platform was.
Safe Harbor of cash and assets yoked to securitization schemes are: legally isolated and held off balance sheet to protect investors who participated (such as WMI itself >20%) from bankruptcy creditors looting the estate. (JPM keeps 90%. Wanna bet WMI did the same on a significant portion?)
This is how they've all played 'hide the sausage' for ten years - perfectly legal. Utilize govt and legal structures in place, to set aside in time out, out of sight, but in plain view.
I am intrigued with BBbob's thoughts on this merger and future mergers with various trustee's holding and managing the many legacy WMI securitization trusts.
Surely, if they cant return previously safe harbored assets (set aside legally out of bankruptcy and FDIC receiver grasp) back to the debtor directly due to our bankruptcy, than maybe, we do go out (what Rosen meant when he said "pursue") and swallow these legacy WMI securitization custodians in whole, one by one. Ten years of accumulated principle, interest, and participation slips the trustee is temporarily holding for us makes for an easy buyout negotiation.
No substantial money to raise is necessary............ in a sense, the money for our mergers 'has been raised' for us over the last ten years. Waiting for us to collect and buyout with offers they cant refuse. It cost us nothing but time, but time actually saved us.