Democracy starts with you, tag your it! ...Thom Hartman
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One of your best posts ever! The italicized verbiage quoted 1000% sums it up perfectly
Thanks AZ for clarifying. That is obviously even better news. So I will go out now and have another nice day !! lol
holee molee, I am more than ready.
Thinking about the Capital Trusts liquidation preference and the $50 day average for 90 days requirement as the last blockade to fall, before COOP can utilize the Trust debt structure, and those who released commons get their % of the last 15 years of interest income and compounding interest.
Taking a random sample of the last 90 days of COOP's average daily trading, I come up with $48.80. Thinking about the fast rise of COOP's PPS over the last few days, I wondered how many more days of COOP trading at $60 + were neccessary to effect a 90 day average PPS of $50 or higher.
I come up with 8 days at $60, minimum,...before COOP can get there hands on the Capital Trusts, and we get our hands on what we waited for. minimum.
Of course a random average sample is just that..random and variable. COOP could get there in less than 8 days by trading far higher than $60. Obviously there is a rush to get somewhere with the PPS, and something is about to happen.
What they'll do, and how they'll do it is the big question. It's been an exciting week for sure!
Wonder how much the lurker lost when Piers were capped ? ; )
Makes sense to me also! Don't need the DTC when you got (xxxx) managing the distributions on behalf of (XXXX)
man, I can't wait for this to wrap up.
That was a huge find! Thanks for your persistence. What you're seeing with your bonds changes everything. Canary in a coal mine... it's a big bird...and it aint dead, lol
the Capital Trusts liquidation preference requires a maintained average of $50 or higher, before 15 years of withheld safe harbored earnings + compounding interest can be released to shareholders...PLUS..as well as the release of ongoing future disbursements potentially out to year 2041 I recall. The fact that this is suddenly over $50 and holding has got my attention. We shall see if it holds. Those who released will be well into the money if so.
Good Volume today!
I know right? It's been sustained for a while and climbing. My attention is piqued. But I'm still tempered by the low volume.
To add, If COOP wants to access the WMI Capital Trust assets to leverage etc, then they have to maintain an average PPS of $50…while simultaneously paying back old commons their back interest and dividends.
The fact that the PPS is now at $50 + and holding has got my attention for sure! Question is, will the $50 average PPS hold..meaning is COOP finally ready to utilize this asset pool ? Or is this just another head fake on no news. Based on past history, prob just another head fake unfortunately
Specifics bob.... "he owns all issues of bonds".. All issues of whose bonds? which issue? Pretty blanket statement.
Only certain of many bonds, are actually paying now. These are now re-labeled with cusips from (xxxx)
If JPMC owns WMIH/COOP then JMPC buying, trading, shorting WMIH shares would be fraught with inside trading risks and equitable dissallowances.
The court has been down that road before with the SNH, and look where that got them....They lost to equity holders due to their greed. No way does the court or any insider take that risk again in this case. Being barred from buying any WMIH shares (if that happened) would be to prevent the temptation to trade on nonpublic material information under seal, regarding who 'actually' owns who. as in JPMC could 'actually' own WMIH/COOP.
JPMC and the FDIC have gone a long way to disguise this 15+ year transaction. No way would they risk an inside trading slap down.
The only way that JPMC could ever take ownership of WMI's charter, or anything WMI is if JPMC agreed to buy out the whole WMI enterprise, starting with and including WMB.
It'd be the only sane way to unwind tens of billions in Mortgage assets, resolve JPMC's exposure to RICO, LIBOR, etc. and bury the FDIC's complicity in the corporate assassination of WAMU to prop up JPMC's Trillion dollar failure. Litigation morass.
Remember how quickly ANICO and the 5th Amendment Taking Texas Litigation disappeared on a jurisdictional technicality, and then was never re-filed? JPMC and the FDIC couldn't let this lawsuit see the light of day in a very public litigation, and had to bury this fast, before it could be refiled. The result is there is another or an amended GSA or P&AA (Purchase & Assumption Agreement) that isn't publicly available.
Where there were once 3 parties (WMI versus JPMC, FDIC) in an adversarial conflict.....the quickest way to silence and quash the noisy one from the equation, was to buy out WMI as a complete enterprise under seal and gag order. The FDIC and JPMC would've done anything to hide their liability from a 5th Amendment Taking of WAMU the bank.
Killing the WMI EC and shareholders, equals less for JPMC to pay in the end. Fortunately we surived. The purchase balance for the WMI enterprise is now due from XXXX.
Recently certain specific bonds have lately revealed this truth, as they've now been reclassified to 'xxxx'. And it's a bombshell. After all, Washington Mutual Inc. in it's Chapter 11 bankruptcy filings, did own other banks that were outside of the FDIC receivership of WMB.
The only friggin way 'xxxx' could now be listed on the reclassified bond description is if 'XXXX' bought the entire WMI enterprise, not just WMB.
"Should've held out for more"....
Tic Toc XXXX
Its all pretty comical!
COOP's Tender Offer for Home Point Capital https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/76dedc76-ea1e-4385-8e41-6b49408ecc01.html
Can this actually be cross referenced and corroborated? I wouldn't take ChatGPT as gospel yet.
I searched the first named transaction and can't find jack about what's listed by Chat GPT
Maybe Coop is getting into the mortgage securization game again, based on its originations
My Schwab has always shown the interest since I bought my shares
Thanks for confirming the WMB (now xxxx) notes do not trade, despite the fact that they are now once again paying, as they once originally did.
..nope. they no longer trade. they name changed to (xxxx) just prior to becoming active and paying money last month
Those bonds are no longer for sale. It's like finally seeing value for your Uqs or PQs. They no longer trade since 2012, but the legacy income interests start firing up one day out of the blue.
Canary in a coal mine.....those bonds
Whose PPS would react? is the question you should ask yourself..... Not COOP. Coop has nothing to do with the bonds of Parent (XXXX) or former WMB (now xxxx) bonds
Why would our COOP PPS react to WMB bonds ?
It's not my right to share these specifics. I figure when AZ wants to he will, or maybe never. There are some interesting conclusions that can be drawn from his bonds, and would make for interesting discussion topics some day.
Now that we know certain WMB bonds (now called xxxx) are active again after 15 years, it's a great sign of things to come.
The eventual 'when' and 'how' it will manifest in relation to the other legacy interests in Us, Ps, and maybe Ks is yet to be witnessed. When it does I suspect we will ALL know at the same time.
Yes the wait is lame, and I really do have better things to do in life. Ready for this to wrap up also. GLTY
It couldn't be clearer !
It wasn't logical inference or guessing either. It is what it is. It's what it says....and what that reveals.
That's not what I'm referring to. The FDIC exerted claims throughout the BK. Some people wonder if the FDIC not being released at the 2012 reorganization means there is an outstanding unfulfilled claim against the FDIC.
The FDIC could say they have nothing to do with remote BK assets directly because the FDIC doesn't manage those assets like a 3rd party trustee would, but that doesn't mean the FDIC isn't off the hook for damages to these remote BK assets due to their collusive seizure and gift to JPMC...and why they aren't released by us...yet
IF the FDIC was required to close the receivership before anyone gets paid, then how could AZ be getting paid on his WMB bonds as of last month ?
Thus, either termination of receivership isn't a prerequisite to getting paid, or the receivership is being terminated as we speak.
(And yes, AZ shared the details with me privately...and no I won't share the details with anyone else)
months before WMIIC was administrative dissolved, its assets were 'eliminated upon consolidation' which is an accounting term for severing the consolidated accounting between the parent and subsidiary.
WMIIC was able to go dark and move incoming asset interests, and transfer its future interest into another entity outside of its parent, as they were no longer reporting on a consolidated basis. No one could publicly see anything being transferred, except those gutting WMIICs future income interests.
After time passed, and money/interests moved, then WMIIC is finally dissolved. There was purpose to the delay between 'elimination upon consolidation' and when it eventually was administratively dissolved.
WMIIC filed first to protect itself from its parent WMI who filed second
Schneider should add the FDIC to the list to sue. Robo-signing was enabled thanks to the FDIC giving JPMC complete 'Power of Attorney' over mortgage portfolios like WMB, LB, LEH, BS, etc. Talk about a License to Make a Killing. Too big to fail. Too big to regulate. Too big to prosecute. Dodd-Frank was neutered in 2017, and here we are again with SVB and others. Too much baked in incompetence to be accidental; it is the business plan. Pay a fine is a cost of business, rather than the corporate death penalty. Make it hurt the investors, executives, and shareholders....and you'll see them give a damn in 2 seconds.
New Filings: Annual Report to Security Holders https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/42d2bd08-3770-4ad8-a658-6b26516359da.pdf
Proxy Statement: https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/ee6cee25-a0bb-4f98-a6e6-03563516da03.html
Just popped up to $.05 at the close according to my schwab alert ...
"Kohlberg Kravis Roberts & Co LP (KKR), a related part of the Company" (Mr Cooper Group, Inc)
If JPM owns us already then they are earning interest. But at some point they'd have to pay for it...us
the delay, yes make money on others money. Prob playing our money and making 10x + what they will owe in FJR interest by delaying.
Of course! The original WMI is still alive - it's still been SEC reporting all these years out in the open. It's no secret?!? Original WMI became WMIHC to WMIH Corp to Mr Cooper. No surprise there.
There was another bankruptcy debtor of WMI, named WMIIC who's accounting was mysteriously severed on a consolidated basis with its Parent WMI....JUST BEFORE the first and second servicing acquisitions. That is a huge clue about what WMIIC's role was regarding original common equity interests (and later on those who released).
Once WMIIC was bled dry after 'elimination upon consolidation', months later the WMIIC shell was administratively dissolved.. Buried an empty coffin.
Where's the body at? Ask the Parent (XXXX)
Maybe KKR was also caught up in the Project Eclipse delays, as well as the first failed acquisition target prior...thanks to Alice's litigation delays. It was enough of a threat to unwind the POR7 reorg, because had she succeeded, every other class would be beating down the door following her lead. What prospective merger partner wants that baggage?
If you have to ask who benefits the most from delay? what parties are left other than reorganized WMI......and you got JPM and the FDIC. But the FDIC only has jurisdiction over the bank...unless as I posture, there could be another Purchase& Sale under seal regarding the sale of WMI the former Holding Co, to JPM. JPM and the FDIC do like to work together as we well know. And if you really wanted to keep things under wraps, you'd keep it ALL under wraps WMI and WMB. You can't have us feral shareholders running around squealing about 5th Ammendment Takings, etc.
I'm left with its JPM who's throwing wrenches in every direction to delay paying top dollar for all of WMI, not just the bank.
Could JPM and the FDIC be playing patty cake together while its mutually beneficial? Probably.
That's what's important about waving a magic Wand and Eclipsing legacy WMIIC.
2 bankruptcies, 2 reorganized debtors. So 2 paths out = 1 is the Eclipse..very out in public and SEC reported (WMIHC, WMIH, WAND/NSM, Mr Cooper Group = now trading as COOP), and 1 'eliminated upon consolidation' in 2015 going dark but VERY MUCH ALIVE while unaudited and unreported until such time its asset interests could be moved out, until a few months later when drained dry....its 'adminstratively dissolved' for appearance sake....what I call 'burying an empty coffin'.
Where's the body? Ask the Parent (XXXX)
One of my favorite items in the SEC link is: https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539dex105.htm
Guarantees: WMIH and each direct or indirect subsidiary... a) other than a subsidiary of a non-US subsidiary of WMIH that is a "foreign controlled corporation"...
Think about that one....stated that WMIH has a 'Guarantee' exempt sub....WHICH IS a sub of a "foreign controlled corporation".
2 birds, 1 stone. your post speaks to one bird going forward. I'm following the whole process.
WMIIC was WMI WA prior to the reincorporation Merger. !!
WMIIC was simultaneously 'eliminated upon consolidation' as part of that reincorporation Merger..going forward. Meaning WMIIC's books and records reporting duties were severed from the parent on a consolidated basis..going forward - for the first time EVER ! The new DE reincorporated parent WMIHC could no longer report or claim the incoming assets due to arrive, as they always did prior to BK #1.
Once WMIIC was no longer reporting on a consolidated basis, ie it became invisible, you were free to move the incoming assets elsewhere without anyone noticing. Once those income interests were moved, months later WMIIC was administratively dissolved. What I call 'burying an empty coffin'.
This is how you hid the sausage. WMIIC goes dark and invisible while WMIHC (trading now as COOP) at the time moves forward in a very public SEC reporting fashion.
Wave the Wand, and Eclipse WMIIC's legacy interests from those who released. Almost got away with it.
Makes sense to me. I'll take JPM shares or cash now, if that be the case