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SMH meaning is actually Shaking My Head...
Take this elsewhere. Stop it!
Agree whole heartedly with this view! Whatever $ amount is left let it be known and end this once and for all.
That equates to $400 per WAMPQ escrow. I’d be ecstatic with that return.
Excellent explanation! Agree with and look forward to resolution of this matter soon!
Jerry I truly hope the $5-$15B is SPOT ON SPOT ON!
I recall you predicted $11-$12 was coming near term for COOP. Hate to see it but good call.
Appreciate your posts. Any speculation on the reason for the increase volume on Friday?
Hope you are right Jerry. It has been a long road if the only compensation were to be wmih (now coop) shares.
Getting checks in perpetuity sounds great. Let’s get the show started NOW!
The financial wizards own more escrow shares than all retail combined. There is no them and us when it comes to owners of escrow shares. IMO.
Agee! Thank for your additional comments.
I agree with what you. JMW granted 21 day stay in order for employee counsel to review DC court ruling which is unappealable. Hopefully this will end soon. If chapter 11 cases are closed before Feb 19 is there a reason why distributions could not happen sooner?
Based on listening to the audio file, Per Rosen the WMILT intends to distribute to the Piers in November to clear the way for payment to those lower down the waterfall. The Piers will no longer be the obstacle. The employee claims will be the obstacle to payments to lower tranches and closure of. Chapter 11 cases. IMO
Hopefully the remaining will follow!
Thank you for the response. Will that statement come from A&M?
Got it. Thanks.
What does getting LTIs involve? How will i know when i receive an LTI? TIA.
I thought the $40B in assets the FDIC improperly seized belonged to the Old WMI (now WMIHLT) not WMB.
Thank you again. The puzzle pieces are beginning to fall into place and the picture of how this will end is becoming clear thanks in part to the information you have shared.
Thank you for your reply. So any interest received will be from the WMILT managing the cash investing in short term risk free investments such as t-bills, etc.
Thank you for your reply.
In your opinion will the distribution be subject to the federal judgement interest rate giving holders a return on the funds held over the 6 years?
Thank you. So IF there are LTI issued for legacy assets is the value distributed at the 75/25 ratio?
I owe you an apology Jerry. Please excuse my curt response. I was wrong here.
Thank you for pointing this out.
So were the escrow markers for the Washington Mutual Perp Funding Trust III only for calculating the number of WMIH shares distributed?
Only NON REITs were cancelled. These are REIT backed securities and were not cancelled.
To understand what the settlement noteholders - Appaloosa, Center Bridge, Owl Creek, Aurelius, and other Hedge Funds were attempting to keep from equity and what holders of former WAMPQ now have depositary shares in(Asset Trust III) one needs to read the attached. The Washington Mutual Preferred Funding Trusts (Caymans, Trust I Trust II Trust III ) have an aggregate asset backed security (mortgages) value of $10.9B. (appendix E)
Does this number of $10B ring a bell?
Judge W - "Let me posit this if $10B comes back to the estate..."
https://bpinvestigativeagency.com/wp-content/uploads/2016/08/Asset-Trusts-Offering-Circular.pdf
The will be no redemption. Only a distribution of cash from the bond which was held in chapter 11 protection through maturity plus interest. We have already received shares in the reorg WMIH. Now we should receive the liquidated value of the asset (REIT) backed security. Preferreds as you are hybrid securities.
Yes. That is correct.
The CUSIP matches the security description in Schwab account and is classified as Corporate Bond Fixed Income. Also own same CUSIP in Fidelity and the description is not as specific but it is the same security.
The old WAMUP was a preferred REIT backed security for WMI not WAMU Bank. None of retail ever owned WAMU bank stock we owned WMI now reorgd as WMIH as you are probably aware. I have been here since pre seizure will be glad for this to conclude.
939ESC992 is correct. Pardon the typo.
The were protected under the WMIH chapter 11 not the WMB chapter 11. There were two chapter 11 proceedings. WMIH was where the real value was along and the reason HFs tried to wipe out equity. They did not care about the NOLs from the abandoning WMB stock. They were in it for the trusts (REIT backed securities) belonging to WMIH.
The interest rate was changed from a floating rate of 7.72% to a fixed rate of 6.895% upon conversion when the conditional exchange occurred. Interest has been accruing while the dividend has been suspended in chapter 11. The CUSIP 939ESC92 is for the Washington Mutual Preferred Funding Trust III Fixed to Floating rate 7.72% which matured in 2012. Those who hold escrow markers for these REIT based (corporate bond) preferred securities will be getting a distribution once chapter 11 is closed. Since these trusts were performing distribution should be par plus interest. IMO
September 26, 2008 These trusts were performing and were protected under chapter 11.
SEATTLE--(BUSINESS WIRE)--Washington Mutual, Inc. (NYSE:WM) announced today that an “Exchange Event” has occurred under the applicable documents governing the following securities (Securities):
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-1 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-2 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust I Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series I Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust II Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series L Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust III Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series M Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI); and
Washington Mutual Preferred Funding Trust IV Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series N Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI).
In connection with the Exchange Event, WMI will effect an exchange (Conditional Exchange) of the Securities into depositary shares representing a like amount of preferred stock in WMI, as contemplated by the applicable documents governing the securities.
In accordance with the terms of the documents governing the Securities, the Conditional Exchange of the Securities will occur on Friday, September 26, 2008 at 8:00 A.M. New York time. As of the time of the Conditional Exchange, each outstanding Security will be exchanged automatically for a like amount of newly issued Fixed Rate Depositary Shares or newly issued Fixed-to-Floating Rate Depositary Shares, as applicable, each representing a 1/1000th interest in one share of the applicable series of preferred stock of WMI.
WMI will mail the notice required under the applicable documents to each holder of record of Securities within 30 days, and WMI will deliver or cause to be delivered to each such holder of record depositary receipts for the Fixed Rate Depositary Shares and Fixed-to-Floating Rate Depositary Shares upon surrender of the Securities. Until such depositary receipts are delivered or in the event such depositary receipts are not delivered, any certificates previously representing Securities will be deemed for all purposes, effective as of 8:00 AM New York time on September 26, 2008, to represent Fixed Rate Depositary Shares or Fixed-to-Floating Rate Depositary Shares, as applicable.
The assumption that the NOLS were so wanted is not the case. The real value for the HF was in the performing REIT backed securities - the Trusts. The NOLS were secondary and a distraction...
The Trusts listed below are on not trading but are performing. Holders of the escrow markers showing the number of depositary shares will receive principal and accrued interest once the trusts are released from chapter 11 protection. IMO
SEATTLE--(BUSINESS WIRE)--Washington Mutual, Inc. (NYSE:WM) announced today that an “Exchange Event” has occurred under the applicable documents governing the following securities (Securities):
[b]Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-1 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-2 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust I Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series I Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust II Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series L Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust III Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series M Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI); and
Washington Mutual Preferred Funding Trust IV Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series N Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI).
Channeling Elon Musk...bad joke...