Democracy starts with you, tag your it! ...Thom Hartman
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lmao, you dont read BP? ahahahaha right. Maybe not 'you' per se
Thanks!
The pages of WAMU bond cusips listed in the GLOBIC DB/FDIC/JPM settlement has nothing to do with the dead as a doornail WMILT and rigor mortised LTIs.
Tangentially and running in parallel, GLOBIC could have everything and anything to do with 'some of the' legacy WAMU or WMI income interests.
A person or entity could be involved in BOTH the WMI BK and Globic bond investments, or singularly with only WMI BK....OR singularly with only Global bond investments. As such WMI BK LT and LTIs have nothing to do or say with GLOBIC.
Did anyone read GLOBIC's settlement? never mind
good luck with that
Hi AZ, Do you think the money you received was from the GLOBIC settlement (DB as administrativeTrustee) ? i.e. from beneficial interests from bonds managed by DB as Trustee, on behalf of many other accredited investors, Wells Fargo, etc.?
I've been trying to think of reasons why you're getting funds and everyone else is not....Whereas both are true statements, in order to get my arms around what is coming, or not yet.
I've just reread the GLOBIC settlement and the Declaration of Mr. Zifkin of Compass Lexicon. Also noted was that Wells Fargo is on the service list, among many others. WF being who you hold and received funds through.
I've gone through the complete list of Cusips listed in the DB settlement, in search of the original WMI commons cusip which I can't find listed. Which leads me to think what money you received from WF isn't Commons related as your bank agent related to you?
However, knowing you have bonds holdings I can't help but think that maybe your bond cusips are listed on the DB Global settlement, and thus the $3B reward that DB received on behalf of the 'harmed' bondholders like yourself, that you have finally received your relevant portion of the $3B shared globally amongst the thousands of other accredited bond holders?
All in all, I really think it's a positive sign that the ice dam is finally cracking and breaking up on the WAMU river, and that the future is bright as previously frozen legacy interests begin to trickle downriver to all. I guess I'm wondering if the reason you received money and noone else, is related yes, but more tangential? Running in parallel?
After over 15 exhausting years of blowing in the WMI wind, I need to find a clear understanding of what, to have a realistic expectation of 'when'.
Thanks for your thoughts always, and thanks for your bank updates knowing the $%^$%^show that would follow!
One bond does have the 'AZ' in its call letters, lol
Agreed!
yes, that's my understanding. Probably includes some members of this board
That's still a true statement... The money was credited towards his released and W-9'd UQs, as a result of past, present, and future bond income payments owed to UQs legacy holders.
AZ was also a holder of those particular bonds that paid/will pay legacy UQ. I recall years ago one reason he bought them, was to be used as a signal of money moving. By virtue of this accredited and confirmed ownership, the trustee already had his direct banking and ownership information.
Az benefits from the efficiency of prior transactions with this particular Trustee. Anyone not holding these bonds will have to wait for the associated money to cycle through the meandering process between bank to bank.
There are multiple trustees, and there will be multiple payments. WF is just one Trustee. One cannot say how much per UQ until it has all been completed. It's really not hard to understand.
With all the word twisting and misdirection AZ has been getting lately, I wouldn't help all the #$% here either. I believe AZ to be a truthful and well intentioned person.
AZ said they are WMB bond payments that have always and still benefit the released UQs (commons WMI)
Of course not, lol. All it means is that AZ is in receipt of initial funds, because the conduit to his bank was already there from Class 18 !!!! AZ is the recipient of efficiency, from the past transaction of his Class 18.
AZ inquired about payoff on his Class 18 holdings, first with Rosen who then re-directs to DL.
Class 18 prospectus requires buyers meet certain requirements, such as being an accredited investor. AZ was, and he sent proof of his accredited Class 18 holdings. It's no stretch to think when his brokerage account holding info is sent to prove accredited Class 18 holdings, that all flavors of his holdings are available and recognized. Anyone could've done the same thing if they chose to be so precise if they were accredited Class 18 holders.
I dont have any prior funding transaction history to my bank for Class 18 payoff, as do most here I'd imagine. AZ's situation is as unique and diverse as the flavors he participated in. So, great for AZ! I'm happy for him, I'm happy he shared what he's experiencing! I think this all bodes well for the rest of us in what's to come.
Our funding will be more meandering than direct (like AZ), and depending on how many stops are involved, I'd expect this could take some time (bank to dtcc to bank versus business days)......seems conveniently after the COOP presentation? The stock is suspiciously rising at the same interesting time, which makes it less tasty for us to buy in perhaps later...when COOP is hoping to reclaim its own stock for less presumably.
Interesting times; tangled times.
AZ, I'm really sorry to hear your wife passed, not sure how I missed that news prior. Thanks for sharing what you're experiencing with WF - we do appreciate it! There was a recent time where this was appreciated by most people. I wouldn't waste a keyboard click or a brain cell on those who clearly aren't Uq released holders.
1000% agree. It's not the result of a corporate action, etc. They wouldn't know ahead of time. It's literally just someone transferring money into your account. I hope to see it at the front end of the balance transfer, rather than days after its seasoned. I am impatient.
Thanks AZ, that is awesome! Enjoy that Corona, but I would've hit the C8 hard for at least a few miles first : )
surfing and snowboarding is the only thing keeping me sane over the past few years.....
I'm sure what AZ is seeing is only just the beginning. There were a lot of Trustees. It's way too soon for napkin math conversions yet IMHO. And some of this income stream is probally continuing on into the future. I just dont think anyone can ever put a price tag on, until its all been completed over many years.
I am gonna party when that first chunk hits, and invite all the people who laughed at my WMU obsession, lmao. priceless
Thanks AZ! If I read between the lines what Wells Fargo told you....is that your money transferred quicker from the Trustee because it's amongst the same bank to itself, versus other people like myself for example who don't bank at Wells Fargo and it might take a bit longer ? Just like when I transfer money amongst different banks, and it takes at least a few days to be available after transfer.
I realize this is one of probably many Trustees where things could flow from...
But dang! What an awesome thing to see today! Thanks for sharing. Make it rain!
Was this related to your WAMU bonds? This is a great sign for the future!
What ??! Wow …
Thx Ron, it really seems like that's the holdup....hopefully wrapped(ing) up!
I ride the fence on this subject, but I lean a bit more towards: if the FDIC is ultimately on the hook for the bank WAMU 'if' liabilities exceed assets of the 'received' banking sub WAMU...then sometimes I do wonder if the FDIC keeps legacy holding company WMI assets in their back pocket in case they need something to go after if L>A in the WAMU estate.
This makes sense in that the FDIC isn't legally released by us. So why would that be unless the FDIC is still the temporary gatekeeper of our legacy holding company assets?
If you were the FDIC, why would you release everything early, only to 'maybe' have to litigate and claw back some portion years down the road? If I had the FDIC's power I'd hold onto every damn scrap of assets, until every liability has been resolved and released.
Then we get ours. Then we release the FDIC.
That's a good guess...I have many Ps and Qs that I released. I am using my same brokerage and Roth accounts since BK. I've received no postcards that some have received.
lol, their job doesn't end until the receivership is termintated.
Seems to me like Atlantic HomeLoans owes the FDIC money and is waiving its ownership of legacy interests in WAMU back to the FDIC in exchange for those debts.
Why would FDIC accept that as payment if nothing is coming back
How can COOP mark up an existing portfolio, locked into historically lower interest rates than today? not sure I follow what your saying
How does mortgage rates being higher today, cause a higher affect to future COOP value with regards to MSR portfolios; where most MSRs are based on existing homeowners with Fixed Rate mortgages, where those people are locked in at 3-4% for 30 years ?
Those homeowners reflected in the MSR portfolio are immune to interest rate hikes, and thus COOP is unable to make more money off of them, unless they refinance or were stupid enough to get a Variable Interest Rate mortgage during historically low rates over the last few years.
I dont think I attribute as much value, if any, to what your are saying.
8 different Statements of Changes of Beneficial Ownership, for COOP management just now out.
This wasn’t Chapter 7 where everything must be declared.
This WAS Chapter 11
COOP is still buying its own shares back. I doubt they wanna pay more... Probably shorting itself via a partner
Thanks for getting as far as you did. Great questions. It is apparent to me, that Charles Smith wrote those extremely lawyerly replies on behalf of Doreen. Same LT song, second verse.
The lawyer diction dance gets off target in the final reply, and what isn't stated, is interesting. Passive securitization residuals is a hot potato. Bk triggers
People hired for the Chapter 11 reorg, can only legally talk about what's included in the reorg - within the scope of their work.
no actually it was not revealed in court first. It was figured out years before that on Boardpost, and some people were 'allegedly' banned for making people aware of it
Well, she did work for JPM, she was against forming an Equity Committee, and most significantly she didn't reveal herself voluntarily or so heroically as your describe it - people had to figure it out when we realized a fox was in the henhouse.
She Quixotically chased windmills that delayed our settlement by multiple years..the effect still ongoing, attempting to slay the approved bankruptcy plan in an attempt to unravel our hard fought settlement results so that creditors and other settlement note holders would finally get to bury us with another 10 year brand new bankruptcy do-over....and I could go on
Stockholm Syndrome affects many folks here. She is FOS and batting 0/1000.
Another new shiny ID
Im not surprised the 10-K is a snoozer. Since the WMILT death certificate read effective 12/31/21, I kinda figured par for the course would be for COOP to continue in as much secrecy as usual....that they can get away with. What perfect cover....to delay again
Im sure COOP happily used (maybe coordinated with the LT) to kick the can down the road into 2022 to not have to reveal information prematurely.
If WMILT is officially over on the last day of the year, how can COOP 'effect' structural change in the waning seconds? (sarcasm)
I think 10-K worthy changes to COOP will happen over the next few months. I also expect the usual MB bots to scare more shares out, for COOP to repurchase.
Same with my Schwab
Ditto! The bottle opener has broken yet, so I shall remain here ??
Yes WMILT cusips are worthless, as the WMILT is as dead as the stinky stew crew's paycheck
I'm at ease as well. DTC maintains our positions, as the now dead WMILT used to. These broker tracking marker removals are related ONLY to the distribution of "certain" LT distributions, now complete with the passing of the WMILT
Think about this... legacy income assets are withheld safe from BK by 3rd party trustees. These trustees have zero legal or reportable obligations to the WMILT and its tracking markers, and zero obligations to pass thru assets through the WMILT via our brokerages.
These trustees pass thru directly to us via DTC and/or Compushare.
This whole cancellation event today was predictable and I'm only surprised that we are here already, so we must be getting close.. Especially now that COOP is nearing the $50 trigger - which by liquidation preference in BK will end, and the trustees overseeing our once 'on-ice' BK legacy assets, will be TELLing us it's time to celebrate.
WE are close
Good point!
Today oddly has that feeling of when Rosen coordinated a takedown of the stock in Court.
Incidentally mine at Schwab have been removed but they show up in history transactions but it doesn’t say what the transaction is. It doesn’t say removed, redemption, etc. nothing it just shows the count and the cusip in trade history, as if something is still yet to happen. All other transactions are labeled and show whether they were deductions or contributions and oddly the escrows are just listed with no explanation up or down