Democracy starts with you, tag your it! ...Thom Hartman
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Shareholders are often dumped because they are profit seeking gambler investors on the bottom end of the totem pole. They know the risks going in, and its par for the course when haircuts are given.
The company wouldn't be in bankruptcy protection if it didn't need to shed liabilities and obstacles to future profitability, much less face future Chapter 7 liquidation of everything if a Chapter 11 Re-Org doesn't intervene while the patient is still alive.
After what I learned over the last 13 years, I dont know why anyone wants to be a dedicated long common shareholder of any business. The company will always love to ride a good horse while its useful...until its not. shot.
How could Walrath have known enough to posit? She'd have access to all WMI's filings to know the signs versus debtor filings. She's a federal court judge with years of experience! She's not a legal aid....
Further, many shareholders like myself were consistently pointing out the obvious in objections to the court, found in WMI's 10-k's and putting it on her public court record. Its safe to assume she had access to read and hear in court, various objections to the Debtors plans and intentions. I truly believe the years of forceful momentum of thousands of organized shareholders fighting tooth and nail, kept shareholders alive in the game for survival, against all odds.
Well, Walrath knows what Chapter 11 means versus chapter 7 liquidation. She knows that WMI/ WMIIC filing Chapter 11 means there are significant assets left to Re-organize around.
I sure she's well aware of hedge fund domination in buying senior debt and shafting shareholders. I'd like to think think that some of our thousands of (purported out of the money) shareholder letters made her read between the debtors submitted lines a little bit.
She knows the game, and the rules of the game. If the debtor is in Chapter 11, THERE IS 100% sausage hidden in subsidiaries somewhere.
"Let me posit this, if the debtor is worth, say $10B......." She knew! She knows!
Great post, but have you considered that the new company could be just WMIH? Wmih is still the parent of the former nation star group, now mr. Cooper group. So WMIH the parent, trading as COOP, could be the new company
Thx Ron! I am ready!
They really do seem to need COOP trading in this tight range. Just waiting for the trigger....
thanks jb! good to hear from you again!
Our DTCC markers could be utilized by the WMILT to make cash or share deposits based on the limited assets the WMILT was mandated to liquidate and distribute.
The WMILT can’t cancel or delete these DTCC escrow makers, as they also exist for a second purpose…to pay back accumulated interest from Bankruptcy remote asset income, that was withheld during 13 years of bankruptcy, AND to credit (pay) us for our share of the quarterly income going forward.
These BK remote assets are irrelevant to the court Chapter 11 hearings as we saw today, and as long ago with Justin Nelson. Rosen of course isn’t gonna bring up assets the judge is gonna quash on record anyways, and further he worked for the benefit of those who tried to steal the estate from us anyways.
Nobody wanted retail to know then, and nobody wants retail to know now….less the time, money, and effort to mislead and interfere for 13 years is painfully brought to light. Think about how much insider trading has continued since the the SNH meidiation? Think about how much money and personnel was used to manipulate message boards, Think about how much inside trading has occurred to counteract the loss of a lifetime to a rag tag bunch of retailers!!
lmao, HLCE is coming! Ron, I hope you’re still around here!
Nope. The only thing that fell hard today, is the ridiculous belief that the WMILT still has legacy BK remote assets left. Never did it. 75/25 to the end is officially dead.
Your DTCC markers (if you released) in your brokerage account, are the recipients of all the Bk remote assets.
Rosen and the WMILT only speaks for WMILT assets in court today. Of course there is nothing left in the WMILT as mentioned in the court, as those assets in their SEC docs have been liquidated. BK remote, like Justin Nelson’s attempt, are irrelevant to this court. You won’t hear about!
Did the WMILT cancel your DTCC tracking markers? Nope. So a big event is still yet to come for those who released. As AZ says, go COOP!
Lmao at the doomsday squad this morning. Predictable ‘misunderstandings’, lol
BOP didnt release commons, so it makes sense she NOW wants Class 22 interests, LMAO. Why if Class 22 is worth so little? lol She now sees that the 75/25 bucket full of holes now?
It's like she's finally read the Disclosure Statement, POR 7, and the class Releases now finally. lol
AZ, regarding what you said about the P's:
"That Preferred Managing Sub, became a "WMIH" Sub, and continued to be functional the entire time (trackable through 2018) ... That Very Same WMIH Preferred Managing Sub, was then used for the KKR 3% ($18,000,000.00) quarterly coupon owned for the 2015 influx of the KKR Cash', as well as the interest payments that were being paid for the Run-Off Notes, until they were completed' "
I've been pondering something about WMIH's (trading as COOP) sole use (up to this point) of the P Preferred's trust income that belongs to all who released.... for KKR and Run Off Notes.
I'd think WMIH would have to make good on what they spent that was ours. I don't see them putting CASH back into it. What do you think are the odds that our portion spent by WMIH on KKR and Run Off Notes over the past years, gets reimbursed in new COOP common shares? or new COOP Preferred bonds?
It seems for whatever reason, WMIH needed KKR to front the money it already had as collateral in the trusts? I'm guessing they could 'point to it' without touching it for use as collateral, but couldn't touch it until the BK was over and the 3rd party trustees could release the funds.
So now that the BKs are over, and WMIH spent ahead of itself over the past years regarding this collateral it couldn't touch at the time, that they will have to make it right as far as P Preffered holders who released. It just seems logical the easiest move forward in reimbursement, is new COOP common shares. If the old P Preferred trusts are nearly depleted, issuing new COOP Preferred Bonds in similar fashion as old Ps, just isn't feasible anymore.
Thanks for your time!
Hearing Rescheduled 1 day later to Friday June 11, at 9AM ET
https://www.kccllc.net/wamu/document/0812229210608000000000001
a boatload of commons she didn't release. so that old commons paper, is toilet paper. no wonder she appears to work for TPS
Well stated AZ
"So, the "wmi-lt" IS NOT DENYING ANYTHING', ... the "wmi-lt" is actually performing it's Court Ordered Functions, ... "Specific to Form" ... Again, Anything Outside of the Washington Mutual Inc, Chapter 11 Estate ?, Was Not Allowed To Be "Considered" within the BK's and Implementation ?, nor then, Allowed to be Addressed by the Estate's Liquidation Trust' ... "
This really has been the mental crossroad, that many have mistakenly taken. At the end of the day, if they released they will still be fine. That's all one had to do.
Happens all the time in criminal court. Often a prosecutor can't bring up past offenses as they are irrelevant to the current charge being litigated in court.
Everybody in the 2 WMI BKs was arguing in a box, whose boundary lines were drawn up by the court. You can go anywhere in the box, you can look anywhere in the box, you can argue over anything in the box, you can fight over the contents in the box, and you can win sole survivor of this box.....but you can't 'be' out of the box.....until your out of BK.
He'd probably get kicked out of court for talking too much
WMILT Motion to Shorten & Enforce...SIGNED by JMW today. Hearing June 10, 3pm ET
https://www.kccllc.net/wamu/document/0812229210607000000000001
Your welcome AZ! Thanks for keeping it real!
Let's see how bad and whether Alice can afford the new sanctions from Judge Walrath that are coming.
Griffins goose is cooked...burnt to a crisp actually. Like AZ said, which makes perfect sense...JMW just gonna sign the stipulation now as she said you would've back then. Which quickly ends this whole tired charade before it even gets started
Emergency Motion KCCLLC https://www.kccllc.net/wamu/document/0812229210605000000000001
Motion to Shorten https://www.kccllc.net/wamu/document/0812229210605000000000002
Why the rush? LOL. WMILT requests Hearing "on its Motions on or Before June 11"
haha! seriously....I'm so sick of this WAMU addiction. 13 years holy moly.
Something else I’ve been mulling over, if you need more mental cud. Going back to earlier discussions this spring where it appears that P’s legacy trusts income accumulations have been largely depleted by WMIH/COOP over the years until recently…..maybe that is where escrows will get paid back mostly in COOP shares. If cash was used, they’re not gonna pay cash back..they’d mostly like repay with stock IMO.
Just curious, how would changing the amount equate with the WMILT demand for AG to withdraw her complaint?
Seems likes she's still gonna get her #$# sued off regardless of changing the numbers.
All in all, this still seems like the final play in a pre-planned legal precedent strategy, to diffuse any future lawsuits that could come up after DTC tracking markers are reunited with legacy WMI assets owed to them.
I stand corrected.. In that case Praise Be to BOP for dragging this out into income tax hell. I will take pleasure in knowing that Tepper et all will be paying unimaginable billions in income taxes.
The Bopster is supposed to be smarter than basing her whole premise on heresay. It feels, as did the rest, that it was designed to fail.
She is not under oath, and can type up whatever story needed to try and get her foot in the door for TPS or whomever she represents. She could blame it all on Myadad and his walks in the park, and she would be allowed to file any mumbo jumbo without recourse.
Heck, I actually wouldn't be surprised if she's working for WMIH name changed to Mr Cooper Group Inc. If I was dotting all i's and crossing t's, I might hire an attorney to throw people off the scent by crafting up designed to fail legal bombs, that plug any future opportunity holes for those with litigious time on their hands; which after multiple courtroom failures, helps bury the chances of any other person's future reversal success'.
My 8-ball, This could all be one long drawn out exercise to dull the knife of Preferreds holders when they find out 75/25 is not for the whole estate, but was limited to "certain" finite WMILT assets as listed in it's SEC filings.
As I recall from BP long ago, BOP didnt release Commons. If a COOP event is truly eminent, she might be pretty angry and panicked as is evidenced in this latest filing.
That tax is for those making over $400 million per year. As much as I love my escrows, I'm never gonna have to worry about this tax. This is primarily a Wall Street tax.
I agree with you and thanks for your recent analysis. The WMILT is a 'liquidating' trust, that 'liquidated' 75/25 "certain" assets as approved by Walrath. This bankruptcy was a Chapter 11 RE-Org.....not Chapter 7 'liquidation' lock stock and barrel. That's why the WMILT was only in allowed to liquidate parts of the WMI whole ....that were up for grabs within Chapter 11. People have conflated the difference for over 10 years. And that's a huge mistake.
Regarding your post yesterday, and I realize you said it was based on BOP's lawsuit number of 600B, not your own. Here's where I've been at for numbers since 2012:
IMO, $600B as stated by BOP, in MBS can not actually be income. Holding companies typically retain 10-15% - maybe a touch more. For comparison, JPMorgan's MBS income participation retention has been 20% at times. The most legit information we have is looking back to WMI’s 2007 10-k which states MBS income participation was about $7B per year. Even at $5B per year Xs 13 years = 65B + $15B interest = $80B.
Additionally, also stated in that 2007 10-K was $220B in "mortgage loans held in portfolio". That means the best qualified and lowest LTV (loan to value) loans that were ‘not securitized’ and sold to others as MBS…but were actually held by WMI as private investment "held in portfolio" where WMI owned the mortgage asset itself AND the monthly interest income that created.
Similarly, Washington Federal here in Seattle is another example of a primarily focused "Portfolio Lender", meaning they only underwrite loans they can afford to keep, instead of selling them off into MBS. The underwriting standards are higher as such, and the interest rates slightly higher as well. They retain the mortgage asset rather than sell it, and they collect 100% of the interest income rather than lose 80-90% with other investors in a MBS situation. And I speak from experience regarding WAFd.
The $220B ‘held in portfolio’ has probably been largely liquidated by refinances, paid off, etc. in 13 years, so although any monthly mortgage income would be increasingly less over the years, the liquidated loans have become cash and would still be there as WMI/WMIH hasn't been underwriting any mortgage loans since 2009. This figure doesn't include monthly compounding interest on the increasingly liquidated cash over the last 13 years....Maybe another $20B minimum?
My Bop number combines what we know about WMI's "MBS participation" and "Loans Held in Portfolio" and is more like $80B in MBS income/interest participation retention + $220B (+ interest) in mortgages held in portfolio = about $300B give or take, which is mostly liquidated into cash, some remaining mortgage assets held in portfolio still producing monthly interest income, and many MBS interest income participation that is still to this day, continuing to produce income as some of these MBS don't expire until 2041.
What's funny is over the last 13 years we've heard that "they will use our money (implied over years of time) to pay us back".. And when I look at it from my perspective, they nearly have. $300B is about what WMI consolidated was worth at the time of the 5th Amendment Taking of WAMU. Which could be why rumors are flying behind the scenes that it's nearly time for the escrow conclusion as BOP has intimated.
How many shares is COOP short on itself to aid in these buybacks? KKR is an easy co-conspirator. The no-shorting agreement has long expired.
It is hard to buy back your own COOP shares in quantity when COOP is running to the moon. Motive.
For legal reasons, any entity out of business always keeps the State Certificate open for 3 years statute of limitations for legal liability reasons, lest a corporate veil get pierced from those following the money. It is not unusual for this to be kept open in Good Standing (which only means your state required filing is up to date), and the Business to be closed at the same time. Both can absolutely be true. Both are true in our case.
Takes 5 minutes of document filing, and less than $200 filing fee to maintain this liability protection. Frankly I'm glad they are, as Hot Coffee Alice has a penchant for filing and losing continual lawsuits.
lmao, Just get KKR and COOP to stop shorting itself here
Nurse Jeff, everything before Oct is written differently. so obvious its a sore spot.
This statement on todays 10-Q is different from any other 10-Qs before 10/29/20.
Yeah, ....."in the normal course of business".....
Keep in mind, "the normal course of business" as this was Chapter 11, includes the "normal course of business" pre 2008...ie decades of securitizations and SPE/VIE interest income residuals.
They SEC play it now like COOP sprang out of the martian landscape in 2012 out of nowhere, and was a little seedling until Nationstar comes along, and watered us into the recent (post 2018) growth phase that they only SEC report on...... hide within.
Think about what that really means.....COOP is still WMI (with interim name changes). This was not a Chapter 7 liquidation death and funeral.
WMI hit the hospital in 2008 Chapter 11, and lived to tell about it post 2012.. Same dude. Same assets new and old. Just dressed in another 3 piece suit.
If I was in their shoes getting millions in compensation shares, why wouldn't I have it shorted. More shares now for less, equals more later.
I agree, I don't really care to an extent.......but jeez, get this whole show on the road finally. All of it...! Stop the tease
Absolutely, Keep in mind that COOP is still the same "Company" as WMI. Chapter 11 bankruptcy never ever stopped the lineage. ITs the same corporate personhood. WMI just changed its suit and shoes....ie, name and address...WMI is still the same "Company" today, name changed as COOP, in its most recent reiteration.
Chapter 7 liquidation would've been a different story, and thank god it wasn't for those who released.
Maybe COOP is shorting itself? I think so.
We know PPS is being held back, despite COOP for months saying its undervalued, and that COOP is such a great value that COOP is continually buying its own shares back. And they act incredulous that it is so undervalued..... I know when I'm being manipulated
IF you look at motive......COOP shorting itself allows it to buy itself cheaper, and reap more when the insiders know its finally time to run to the moon. Who else has the safety of insider knowledge to play with fire this way?
I never thought they'd directly fess up, but this feels pretty close....As usual, OFF-balance is mixed in with On-Balance sheet language, to neuter accountability and specificity. Off balance is and can be hidden behind on balance sheet activity until it becomes all on-balance upon total consolidation of all books, as COOP has mentioned in this 10-Q... that they will consolidate on and off balance sheet.
Little leaks here and there, imo
Absolutely agree. Gettur dun
Today's 10-Q: 10. What interesting is the mention of OFF- balance sheet SPE/VIE mortgage backed collatoral assets, that COOP believes should be 'now consolidated in the future....blended and folded. This is a big statement to make!
COOP is acknowledging on and off balance (legacy WMI interests?) SPE transactions that will be consolidated now. COOP could now be taking ownership of the legacy collatoral mortgage assets. This would mean the Delaware trusts then reconciling with legacy who released. imo
"10. Securitizations and Financings
Variable Interest Entities
A summary of the assets and liabilities of the Company’s transactions with VIEs included in the Company’s condensed consolidated balance sheets is presented below:
In the normal course of business, the Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”) determined to be VIEs, which primarily consist of securitization trusts established for a limited purpose. Generally, these SPEs are formed for the purpose of securitization transactions in which the Company transfers assets to an SPE, which then issues to investors various forms of debt obligations supported by those
The Company has determined that the SPEs created in connection with certain advance facilities trusts should be consolidated as the Company is the primary beneficiary of each of these entities. Also, the Company consolidated certain reverse mortgage SPEs as it is the primary beneficiary of each of these entities.
Yes, Coop is the primary beneficiary of the off balance and legacy trusts backing assets, as they would be in receipt and control of these assets for collatoral purposes.
Keep in mind COOPS 10Q is only quoting up till 3/31/21 and only reporting ON- balance sheet numbers. Off balance sheet (legacy) is off balance sheet. Magic