Democracy starts with you, tag your it! ...Thom Hartman
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New Board member from PayPal Daniela Jorge
https://investors.mrcoopergroup.com/events-and-presentations/press-releases/press-release-details/2022/Mr.-Cooper-Group-Announces-Election-of-Daniela-Jorge-to-Board-of-Directors/default.aspx
"We are excited to welcome Daniela to our board and believe her experience leading organizations through design transformations that enhance the customer and user experience will be critical as we remain focused on delighting our customers,” said Jay Bray, Chairman and CEO of Mr. Cooper Group.
That’s it! Thx jb
Anybody got a handy link to the WMILT termination letter about a week ago? I can't find it anywhere. I know I read it....but it doesn't come up in searches at all?
Just wanted to re-read it. TIA
No. Only the securitization assets that created monthly income have diminished as people refi, sell, pay off etc their mortgage debt.
That monthly income and related compounding interest over the last 10 bankruptcy years, has never diminished. It is held in trust by 3rd party fiduciaries for those who released.
I have no idea. But in my mind, legacy WMI interests payable to those who released, exists 'legally' behind multiple incorporated Delaware veils, outside of 1) Bankruptcy and 2) the FDIC.
The BK had to end first, to remove the liability taint and stench of that battle between equity and creditors.... to determine who ends up with the legacy interests.
These DE trusts managing legacy interests, don't report to the old BK court, as the judge saw and ruled on them years ago for what they were...untouchable to WMI creditors, and the FDIC. So they went into standby mode while the WMI estate was fought over for 10 years - how can they pay the quarterly residuals, when the beneficiary hasn't been awarded, and the legal contests continue (no-thanks to bop for delaying us for another year +)
These DE trust dont report to the FDIC because the FDIC has no jurisdiction. No bank holding company is stupid enough to place all their assets in one corporate basket called WAMU, whereby the FDIC could theoretically seize everything one day. How could any bank raise capital/debt if creditors knew all your collatoral was first dibs to the FDIC? Literally zero banks in the world keep their assets within the banks corporate entity. The FDIC literally only oversees the WAMU bank and its meager assets.
WMI - now trading as COOP, with one (reported as of yet) major subsidiary called Mr Cooper, was/is just a PASSIVE recipient of the DE trusts. However, during BK there is nothing to receive or report as the DE trusts are in standby mode. "hide the sausage" in plain sight for those who see. Old WMI 10-Ks pre 2008 always told the truth regarding trust income....and that truth didn't go extinct, it went into standby mode.
WMI (COOP) at the moment......has no control of the DE trusts - WMI (trading as COOP) only had/has control of itself and ending the BK....as the only means to receive these 'on ice during BK' assets. Those who released will receive their share of the associated trusts accumulated/ing income, as WMI (trading as COOP) with the official end of BK and the WMILT, can once again 10 + years later...be reunited with its passive income - stand by mode 10 year holdings go to those who released. Ongoing future passive income benefits all current WMI (COOP) holders going forward.
1) Now that the BK and the WMILT is hours from being DOA, WMI trading as COOP will have to acknowledge the 'legacy interests' from old WMI, held apart from BK proceedings. There is no way around this. Maybe it'll take another quarter to report, as anything happening now is mid Q1. I expect to see something Q2 at the latest....Maybe it'll all be blended and folded into a new M&A ?
2) FDIC has no grip over WMI, only WMI's banking subs (WAMU). Whatever banking related assets remain, without seeing the 'complete' PAA, I've always figured the FDIC would find a way to absorb any minimal WAMU bank asset residuals into a loss, so that the history of WAMU story line stays intact....'largest failed bank'... (not).
doin well, thx.... ready for these boring COOP days to end.
Blackrock just filed another 13 G/A showing a reduced holding of shares with "Voting Power" versus yesterdays filed 13 G/A.
As you said...imminent... getting ducks in a row, and quick
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000933136/64881e71-7ab3-4fbb-91b4-c7a9ee7a4de5.pdf
Thanks jb
ACD"4 Merged out" 2009
"Merged-Outgoing into NQ DE" which is WM CITATION HOLDINGS LLC...the surviving entity.
The Merger Agreement is an interesting read...https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=01868511-7335023
just a general FYI.. Anyone can still search KCCLLC under the 'Precedent Cases' tab, and run a search for any Washington Mutual court document...as Judge MW directed.
So yes, WMI is gone as an 'ACTIVE' case file for KCCLLC as the WMILT, etc has been dead and gone....but one could still pull up the documents via the search tab on KCCLLC.
The files haven't been flushed as I've read some people seem to think.
You bought through a third party. This is not what AZ has said he did. He bought privately, as a FINRA compliant investor.
In your case, you said you purchased thru Etrade, who is the actual FINRA compliant investor. So Etrade would be in receipt of the same changes and info as AZ, not you as a third party. Whether or not ETrade chooses to share this info with you, or is even capable of understanding the significance of any changes, is another issue.
Thx AZ for keeping the engine fired on this train. I am ready, lol!!!!!
Great post and a great read. I wonder then.... my thought is maybe the PLR's final extension being granted to "Date 7"....now gives us the drop dead date by which individual ESC cusips will get their accumulated returns before finally ?
What is Date 7 off the top of anyones head? my memory on past dates is terrible ; )
$38 is the new $36.
?? for sure! And for a few late parties
I like that verse the best!! hahahahahahahaha : )
In honor of the remora and the '75/25 to the end' deflation, I leave you with a little Saturday ditty......baby shark shark shark.....
Ha! dang I can't wait to see that : )
Thanks, enjoy the holiday!
The reason the judge didnt allow certain items to be included in the (2) bankruptcies, is Because its Chapter 11 re-org, not Chapter 7 liquidation. That is why only 6/10 of the pie ended up in BK court, and 4/10 of the pie are in the green room waiting for us after the show to party like its 1999.
I wouldn't waste time arguing with incentivized IDs. Hit the iggy and let them bots roomba themselves into irrelevancy.
No, BK documents tells exactly what WMIH owned as far as Bankruptcy Chapter 11 assets were. Just 6/10 of the pie.
Bankruptcy remote is just that. untouchable, out of the debtors control and LT SEC reporting, and the greedy a$$ hedgeholes they were in bed with.
WMIH had 6/10 of the pie in BK jurisdiction which had to be reported as such specifically, and 4/10 of the pie to be retrieved and reunited with later after the conclusion of every ambulance chasing attorney has run its course.
Absolutely!
Sidedraft pointed out https://gofile.io/welcome to me earlier this year when trying to post something I found..
A free place to host downloads. Maybe it'll work.
That's the way I interpreted his post to mean.. Kind of funny that the FDIC keeps the potential of a payment secret to the end, once all creditors got their haircuts. Yay for us, lol
I think this FDIC payment would just benefit holders of COOP commons of the reorganized WMIH now calling itself Mr. Cooper Group.
It was their hardship and costs paid in Chapter 11, due to FDIC taking. I think this would be a COOP common holder benefit, not legacy who released. But I dont really know...by extension former shareholders were harmed by the FDIC taking, so maybe there is some crossover.
But again, I'm completely guessing here.
What's really exciting to me is the quarterly distributions that continue on into the future!
Getting a past due lump sum is so friggin awesome, ......but to have guaranteed quarterly income for at least 10 years or more is really life changing.
I know you hear it a lot, but thanks so much for sharing what you work so hard at!
So this is to the WMI estate reorganized, not the WMB bonds then... wow!
WOW! Thx AZ for passing that along. A wild ride indeed....I am ready to catch this wave
done and dusted. off we go, finally
Well, she said its Over before didn't she. And then filed with SCOTUS.
Wow! That really is the most meaningful find post re-org.
Man, getting ahold of that commitment letter is like Indiana finding the Ark of the Covenant! Nice work!
Thanks for those links and quotes. So historically speaking, past reporting precedent was June 28-30 as our new hot spot, although it could be any day now of course
Enjoy! We hit Mexico a couple times. Travel is so rejuvenating!
[laughing with you, not at you] I HEAR YOU! I'm ready for this to be over. Get outside, take a road trip, get some fresh air...it'll happen when its time. I laugh when I think back 13 years and what my dreams to do with the money were vs. now......it's been another lifetime in many ways.
I'm going surfing again. Get my ass kicked in some waves. Ice cold attitude adjustment. I highly recommend it. Do what you love while you wait, and it aint here....
Message boards are full of special interests anyways.
Rosen is right.....there are no other assets in the Chapter 11 pool of 'certain' Bankruptcy court assets used to settle 'certain' debts.. The debtor doesn't even have to list all liabilities either...just the ones that need a haircut necessary to re-org.
The Debtor claims Just enough Certain Assets in Chapter 11, to cover Certain Liabilities. No more, no less is required, unless you are insolvent in Chapter 7 requiring liquidation of everything.
Remote assets are just that...remote. They exist like your future assets in your grandma's will. You 'will' get them eventually, when the time is right.
To sue relatives in court NOW over assets earmarked for you later on in life, and whether your grandma justly intends to will 1% of her money elsewhere - is neither here nor there. You're suing over things that haven't been disbursed or received by/to you yet,.......... and its grandmas choice anyways within the rule of law.
Walrath said she would've approved the settlement anyways at that time, had it been contested. Which has now been re-litigaged and appealed and lost over and over......OVER something that clearly hasn't happened yet..
AliceBopNYStarbucks missed the litigation window by over 9 friggin years ! More time has passed since 2012 emergence into RE-Org, than there was from CHPT 11 infancy to 2012 approval... Think about that.....This still looks like carefully designed-to-fail theater to cement the efficacy of POR 7 against what will soon be a lot of angry people who didn't release as advised.
Well, If you released, then you didn't lose the game. You were guaranteed and received DTC Escrow markers separately designated to each preferred or common for future CASH and/or Shares distributions.
Hedge Fund inside trading I call arrogance based on complacency. Which I also call an unintended gift from them, thanks to Nate's poignant awareness and timing. If their greed and lack of ethics wasn't so predictable, we wouldn't have survived.
Hedgies get away with inside trading and flushing shareholders often. They assumed a rinse and repeat here with us, and unfortunately for them, blind arrogance and overconfidence led to their loss of control, amongst other things. Retail got to take their place.
And like I said before, you are playing against the house and like a casino, and if you're not careful playing OTHER bankruptcies, you will most often get burned. But I and many who released didnt get burned this time.
I hope you released all flavors, otherwise I can understand your angst.
IF you think about any professional in their craft.....there is only a small universe of possibilities and boundaries that can exist. There are only certain places things can be hidden, and certain configurations that things can be played or tweaked within the 'rules' of the trade.
You do anything long enough and you literally have seen it all, done it all, fixed it all. Your art, your craft..is down to a science. Everything operates within the boundaries of that vacuum.
Even if Walrath didnt know to the exact penny outside the bk that was a debtor asset to retrieve later, all she had to know is what the Debtor filed as......as a Chapter 11 RE-Organization around "certain" assets that exist outside the BK.
When Rosen threatened to switch to Chapter 7 liquidation after POR 6 failed, Walrath surely laughed to herself....I know I did.... Go for it Rosey! I dare you! Why don't you declare all assets IN and OUTSIDE (remote) to determine Chapter 7 liquidation is necessary?.. That would've been funny as heck. Rosen didnt, couldn't, because the Debtor would never qualify for Chapter 7.. There is too many Assets to qualify for liquidation.
no, confirmed in recent court hearing. UW did not get ESCROW cusips