3...2..1...Ignition
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BOB, the dollar bill is easier to administer...
I agree that our votes don't matter, but last time we saw splinters when they amended the SBP to 1.35. Some 51% or what approved...
Cheers,
Uncle Bo
In case folks forget, this is no longer WMIH managment...
The NSM management is now in charge and KKR oversees them. Soon after the RS there will be no more WMIH talk. Jay Bray said that while WMIH is an exciting name we are going to change it !!!
Cheers,
Uncle Bo
Everyone to be in sink with Bankruptcy Rule 510' "Subordination"
https://bankruptcy.cooley.com/2015/04/articles/business-bankruptcy-issues/mandatory-subordination-how-even-a-money-judgment-can-be-treated-like-equity-in-bankruptcy/
...creditors generally must be paid in full before equity gets anything
...Section 510(b) subordination is mandatory and applies to entire categories of claims
For the purpose of distribution under this title, a claim arising from rescission of a purchase or sale of a security of the debtor or of an affiliate of the debtor, for damages arising from the purchase or sale of such a security, or for reimbursement or contribution allowed under section 502 on account of such a claim, shall be subordinated to all claims or interests that are senior to or equal the claim or interest represented by such security, except that if such security is common stock, such claim has the same priority as common stock.
"The problem with banker Jamie Dimon running for President is that he doesn't have the aptitude or 'smarts' & is a poor public speaker & nervous mess - otherwise he is wonderful,"
Did you NOT read the WMILT latest filing ?!
It is not a "theory" - it's a fact !
Quote: "even though WMIH is an exciting name we are going to change it to Mr. Cooper !"
name change and RS vote coming up on Oct 9th...
stop the nonsense please...
https://www.sec.gov/Archives/edgar/data/933136/000119312518257788/d613808dpre14a.htm
Them footnotes #2
Better yet TPG PARTNERS VI LP 1,142,857.0000 1 1 0 0 1,142,857.0000 1,142,857.0000 0 0 ACCEPT
You, think employees knew something...
WAMU EMPLOYEE RESTRICTED 15,135,632.0000 1 1 0 0 15,135,632.0000 15,135,632.0000 0 0 ACCEPT
Olympic had preferred too...
http://www.kccllc.net/wamu/document/0812229081117000000000005
In September of 2008, motivated by greed
and unrestrained by moral or legal boundaries, the Defendants exploited a perceived liquidity crisis in the banking industry to improperly and illegally take advantage of the financial difficulties of Washington Mutual Inc (WMI), the nation's largest savings and loan association...
Yup, the trusts are real...directly from the prospectus
https://www.bamsec.com/filing/95011705003428?cik=1337146
Monday, September 10, 2018
10:30 AM
08-12229-MFW Washington Mutual, Inc. and Joshua R. Hochberg, the Examiner Ch. 11
Motion to Approve Settlement Agreement with Grant Thornton LLP
Stricken - Order entered under CNO
RESOLVED MATTER:
1. Motion of WMI Liquidating Trust for an Order Approving Settlement Agreement
with Grant Thornton LLP [Docket No. 12497 - filed August 17, 2018]
Objection / Response Deadline: August 31, 2018 at 4:00 p.m. (ET)
Objections / Responses Received: None.
Related Documents:
i. Order Approving Settlement Agreement with Grant Thornton LLP
[Docket No. 12505 - entered September 5, 2018]
Status: On September 5, 2018, the Court entered an order regarding this matter.
Accordingly, a hearing on this matter is no longer necessary.
http://www.kccllc.net/wamu/document/0812229180905000000000005
Right...however,
What happened to the monthly distributions which WMIIC is still receiving from participation in the certificates ?!
Cheers,
Uncle Bo
BOB, I think she signs - done !
Hearing on 16th of October...
Now WMIIC no longer exists - dissolved. Let's see what are they going to discuss ?!
http://www.kccllc.net/wamu/document/0812229180831000000000001
CERTIFICATION OF COUNSEL REGARDING
SCHEDULING OF OMNIBUS HEARING DATE
The undersigned hereby certifies that the Court has provided the hearing date set forth on the proposed order, attached hereto, for the above-captioned chapter 11 cases. WHEREFORE, WMI Liquidating Trust, as successor in interest to Washington Mutual, Inc. and WMI Investment Corp., formerly debtors and debtors in possession, requests that the Court enter the proposed order, attached hereto, at its earliest convenience.
AZC, thank you for staying the course !!!
And for continuing to provide transparency in this case. And unlike many other powerful interests who have done their best to obfuscate and cloak the truth from the truly impacted participants "the moms and pops" as judge Claster put it.
Now what is fascinating to me is that THJMW hinted where the case must be filed (Duh...going against the FDIC should be done in the DC court) they went on a jet plane to Seattle then back to Delaware, which did not have jurisdiction either...for what reason waste of time and money...
Anyhow, it seems that we are just a pen stroke away at this point.
Uncle Bo
what is going to refrain the FDIC to keep the money they have??
It is called fiduciary duty - to return the money. It's on the books that they can destroy records, but not on the books that they get to keep the money. By the way AZC has posted the order in which FDIC pays out dividends many, many times
Cheers,
Uncle Bo
So we never took a solvent bank...water under the bridge comes 09/25/2018 - POOF !!!
$23.98 new book value per share
$18.84 post RS 1:12
Dalla and fity cent...
I think Rich is talking about the numbers in terms of number of shares not quarterly financials, but I like the idea that they don't know the final share count yet...
Guys, one other thing I am curious about is...
Now that we see that these trust are being transferred back to WMIH, who is the successor of NSM (an approved servicer according to the DBNTC settlement). How is WMIH "getting" these servicing rights, I mean for free...perhaps.
If I recall correctly JPM booked 10B "unusual" gain on their BS way back when for the mortgage servicing rights which was taxable over the course of many years ahead (smart move by the way not take a tax hit). So basically they got to collect a servicing fee for 10 years for nothing. Now are they selling these servicing rights or they were order by FDIC to let go - free of charge back to NSM (FULL circle WaMu) ?!
By the way, WMALT 2006-AR4 which is listed on the NSM ABS tab is trust number 099 in the DBNTC settlement.
Uncle Bo
The ABS trusts...they do exist by the way
One of the trusts listed on the NSM site is:
WMALT 2006-AR4
Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-AR4 Trust
Depositor: WaMu Asset Acceptance Corp. (“WAAC”).
Trust: Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-AR4 Trust
Servicer: Washington Mutual Bank (“WMB”) and Countrywide Home Loans, Inc. (“Countrywide”).
Lead Manager: WaMu Capital Corp.
Trustee: LaSalle Bank National Association.
Rating Agencies: It is anticipated that the Offered Certificates will be rated by Moody’s and Standard & Poor’s
and assigned the credit ratings described herein.
Cut-off Date: May 1, 2006.
Expected Pricing Date: On or about May 15, 2006
Closing Date: On or about May 30, 2006.
Distribution Date: The 25th of each month (or if such day is not a business day, the next succeeding business
day), commencing in June 2006.
Servicing Fee for
One-Year MTA
Mortgage Loans: The servicing fee for each Mortgage Loan serviced by WMB (each a "WMB Mortgage Loan")
indexed to One-Year MTA will be calculated as a per annum percentage for each such
Mortgage Loan. The servicing fee for each such Mortgage Loan indexed to One-Year MTA
will equal the greater of (i) 0.375% and (ii) the excess, if any, of the gross margin on the
applicable Mortgage Loan (as stated in the related mortgage note) over 1.40%. The servicing
fee for each Countrywide Mortgage Loan indexed to One-Year MTA will range from [___]% to
[___]%, with a weighted average of approximately
https://www.sec.gov/Archives/edgar/data/1317069/000127727706000468/fwptermsheetwmalt2006_ar4.pdf
board this is the same site...nothing from the DBNTC settlement listed...yet, the site updates on the 18th every month. We shall see
Uncle Bo
”WMI Owns 100% of the “Equity Interest” In WMIIC”
The trusts must be functioning properly now that Globic has been settled, the "moms and pops" should have been informed as judge Claster pointed out. They surely took this case down quickly from the Orange county web site (CA)
https://www.sec.gov/Archives/edgar/data/1317069/000127727707000247/prelim424b5wamu07_he2.pdf
The Conservatorship, Receivership, or
Insolvency of WMB fsb as Custodian
Could Result In Delayed or Reduced
Distributions on the Certificates
For transactions in which WMB fsb holds some or all of
the mortgage notes and mortgages as custodian on behalf
of the trust, investors should consider the following:
The FDIC may be able to obtain a stay of any action by the
trust, the trustee, the servicer, or any holder of certificates to
enforce any obligations of WMB fsb under any transaction
document or to collect any amount owing by WMB fsb
under any transaction document. The FDIC also may
require that its claims process be followed before payments
on the mortgage loans are released to the trustee. The delay
caused by any of these actions could result in losses to
holders of the certificates.
The FDIC, moreover, may have the power to choose
whether or not the terms of the transaction documents will
continue to apply. Thus, regardless of what the transaction
documents provide, the FDIC could:
• authorize WMB fsb to stop providing custodial services;
• prevent the appointment of a successor custodian; or
• alter the terms on which WMB fsb continues to provide
custodial services, including the amount or the priority of
the fees paid to WMB fsb.
If any of these events were to occur, the trust’s rights under
the transaction documents may be limited or eliminated.
Such a repudiation by the FDIC could also excuse the other
parties to the transaction documents from performing any of
their obligations. Payments to holders of the certificates
could be delayed or reduced. Holders of the certificates also
may suffer a loss if the FDIC were to argue that any term of
the transaction documents violates applicable regulatory
requirements.
The depositor is an affiliate of WMB fsb. Certain banking
laws and regulations may apply not only to WMB fsb but to
its affiliates as well. If the depositor were found to have
violated any of these laws or regulations, holders of the
certificates could suffer a loss on their investment.
Arguments also may be made that the FDIC’s rights and
powers extend to the depositor and the trust and that, as a
consequence, the FDIC could repudiate or otherwise directly
affect the rights of holders of the certificates under the
transaction documents. If the FDIC were to take this
position, losses to holders of the certificates could result. In
addition, no assurance can be given that the FDIC would not
attempt to exercise control over the mortgage loans or the
other assets of the depositor or the trust on an interim or a
permanent basis. If this were to occur, distributions on the
certificates could be delayed or reduced.
Regardless of any decision made by the FDIC or ruling
made by a court, moreover, the mere fact that WMB fsb or
any of its affiliates has become insolvent or entered
conservatorship, receivership, or bankruptcy could have an
adverse effect on the value of the mortgage loans and on the
liquidity and value of the certificates.
There may be other possible effects of a receivership,
conservatorship, or insolvency of WMB fsb that could result
in delays or reductions in distributions on the certificates.
We also need the float to update properly and audited financials, it seems that the market isn't buying the pro-forma earnings which kind of indicate 0.34 projected for the year based on the alleged new float of 1,115 shares. May be just it takes time to file all paperwork for the newly minted shares.
DTA booked / unreserved against
(e) Reflects the estimated reduction of WMIH’s valuation allowance against its deferred tax assets of $1,015 million. As required by Accounting Standards Codification 740, Income Taxes, a company is required to evaluate the four sources of income to estimate the realizability of all the deferred tax assets. When using forecasted income to support the realization of the deferred tax assets, the forecasted earnings should be objectively verifiable. Management considered its most recent historical income, as well as 2018 projected income, which considers the 2017 growth in the servicing portfolio, along with existing business growth and cost savings initiatives, which were not fully reflected in 2017 results. The 2018 projected income was then adjusted for the incremental cost of debt and used to forecast future year income which resulted in an estimated $1,015 million release of the valuation allowance. The income tax benefit of the estimated $1,015 million reduction in the valuation allowance is not reflected in the pro forma statement of operations because it will not have a continuing impact. The remaining valuation allowance will be re-evaluated periodically.
No need, COOP works - go to the source...
https://www.nyse.com/form/ticker
ESCROWS, ESCROWS, ESCROWS - WHERE IS DA MONEY
Right, but...they did not say that "there will be no distribution on Aug 1st" or that they will PAY PIERS etc, etc. and it is past Aug 1st - why ?
yep, KKR's portion of SBP @1.35 and of course, cashless exercise of the warrants. This is only KKR, not the wand investors therefore only 200M
I think so RS 10:1 and then...
New stock offering X amount with the purpose of paying off debt...which may not be such a bad thing. That is at some point down the road not immediately IMVHO
Cheers,
Uncle Bo
which would require a shareholder vote.
JWW, one more thing...
WMIH must also reduce debt in order to accelerate the NOL utilization, the debt carries quite high interest and kind of defeats the purpose for the NOLs - they have said as much.
Cheers,
Uncle Bo
Yes, indeed Mr. Cooper
I mean if you go to https://www.globic.com/
how then you go to the page with the wamurmbssettlement/filings.html, that is if you don't know about it ?!
Globic question: how do you get to this page ?
https://www.globic.com/wamurmbssettlement/filings.html
if you go to the main site:
https://www.globic.com/
As soon as our name changes( MR COOPER) is imho when we will start seeing real appreciation in our pps..
BOB, what would be the ticker - COUP ?!