3...2..1...Ignition
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bkshadow,
Do you realize that there were 2 bankruptcies - which are they #1 and #2 ?
None of them is closed, not one.
Best
Uncle Bo
The top lawyer resigned at the end of May (retired) - what does it mean.
Also trial results delayed till Mid-July, shareholder's meeting on Sunday July 12th, are they going to announce then ? Is this typical ?
Anyone,
TIA
Uncle bo
Yes Large, we are waiting now for the last excuse to disappear and the events can move forward.
Remember this ?! Resolution can be announced at any time. THJMW has done her part with the order for LTW, now DB-FDIC-JPM need to settle finally. Bankruptcy and Receivership ready to close SOON...
Uncle Bo
--------------------------------------------------------
March 02, 2016 04:35 PM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Between July and October 2015, a mediation (the “First Mediation”) took place between the members of the Steering Committee (“Steering Committee”) of the Ad Hoc Committee of Washington Mutual Bank (“WMB”) Senior Note Holders and certain holders (“Institutional Investors”) of residential mortgage-backed securities (“RMBS”) sponsored by WMB. Among other terms, the last proposal made by the Steering Committee to the Institutional Investors, reflected in a proposed memorandum of understanding, included an allowed unsecured claim against the WMB Receivership in the amount of approximately $2.28 billion on behalf of the WMB RMBS trusts for which Deutsche Bank National Trust Co. (“Deutsche Bank”) serves as trustee (not including trusts with mortgage repurchase liability claims for which Washington Mutual Mortgage Securities Corporation is obligor). Other terms and conditions of the last proposal included, but were not limited to, provisions regarding the possible reduction of Deutsche Bank's claims against the WMB Receivership in the event of a successful appeal in the WMB Litigation (defined below), the payment of counsel fees, and various procedural details. It was contemplated that the terms would be reflected in an executed memorandum of understanding, and then would be fully documented in settlement agreements that would include Deutsche Bank and the FDIC. The Steering Committee and the Institutional Investors have not executed the memorandum of understanding or any settlement agreement. An agreement between the parties to the First Mediation was meant to be a step towards a global settlement of the claims asserted by Deutsche Bank on behalf of certain WMB RMBS trusts in the action Deutsche Bank Nat’l Trust Co. v. FDIC, et al., No. 09-1656 (D.D.C.), and of the indemnity claims asserted against the WMB Receivership by JPMorgan Chase Bank N. A. (“JPMorgan”) (collectively, the “WMB Litigation”). The members of the Steering Committee understand that a mediation among the named parties to the WMB Litigation (the “Second Mediation”) commenced in December 2015. The members of the Steering Committee further understand that the legal and financial advisors to the Ad Hoc Committee may have information regarding the Second Mediation, but no information regarding that mediation has been shared with members of the Steering Committee.
Contacts
Group Gordon, Inc.
Lana Gersten, +1 312-846-1655
lgersten@groupgordon.com
Money Never Sleeps and ...
While you were sleeping...the BOD
received a fresh allotment of shares, look it up.
Cheers,
Uncle Bo
Thank you AZ, process is important.
For those who have bothered to review the latest proxy statement:
AZ,
Thank you again for succinct explanation.
So "general unsecured" class 18, as part of Tranche 5 would include DB - currently held in abeyance or to put it simply Colyer sent everybody to come to an agreement and amicable solution - as confirmed also by the latest March press release. Hence they (the parties) asked for 90 more days as per the latest filing in the district court.
We wait for the end of July or sooner.
Uncle Bo
Kindly, may I suggest a correction:
I don't know why you do what you do but...
JPMorgan Chase acquired certain of the assets...of the banking operations of Washington Mutual
Bank (“Washington Mutual”) from the FDIC
Large, thank you and AZ for pointing this out...receivership not reconciled and closed yet, right ?!
Uncle Bo
Joeyohso,
Some time in Q2 this year as the CEO said in the presentation on Monday.
The new loan facility greatly improves the chances for them to make to NDA for aldox.
GLTA,
Uncle Bo
Thanks for the refresher Large,
One quote from him rings true, but a minor clarification is necessary - the assets of WMI were never "consolidated" due to the 2 bankruptcies - Thank you AZ !!!
Yes, the consolidation could occur at any point now, perhaps it is in the hands of WMIH Corp.
Uncle Bo
BK,
So given you said and the fact that currently the FDIC-R shows deficit, why is that the FDIC-C continues to maintain that "WaMu" did not cost us anything". How does that work ?
TIA,
Uncle Bo
BK,
Why is WMIIC still around, for what purpose ?
TIA,
Uncle Bo
BK,
How much are the "retained assets" worth ? Do you know ? Please provide a link if possible.
TIA,
Uncle Bo
BBANBOB,
This is what I said, there is not need to pay the filing fee Unless...unless there is an intent to exercise the warrants and bring in the additional 85MM of capital. Two different things...
cheers,
Uncle Bo
Don,
I believe, you are right. The exercise of the warrants will bring in additional 85MM, which is associated with paying more registration fees. Why file/pay if you do not plan to exercise?!
Happy Thanksgiving and GLTA,
Uncle Bo
Rockie,
You can't tell really until we see next week. One observation on L2 today though...
Usually there are clusters parsed out at the ASK - 10K, 19K, 29K for a total of about 100K shares every day. Today?! - I don't see them - why, what changed.
Uncle Bo
Boston79,
I have not found any direct reference, but the article below and the analysts following CYTR seem to suggest potential market valuation of 700MM+ for the company ($10-$12 PPS). It is anyone's guess.
Uncle Bo
ALBANY, New York, August 19, 2015 /PRNewswire/ --
Surging prevalence of different types of cancers across the globe and technological advances have driven the novel drug delivery systems (NDDS) in cancer therapy market, states Transparency Market Research in its latest publication. The report, titled "Novel Drug Delivery Systems (NDDS) in Cancer Therapy Market (Drug Eluting Beads, Polyvinyl Alcohol (PVA) Particles, Microspheres, Gelatin-based Embolization Devices, Selective Internal Radiation Therapy (SIRT), Onyx, TRUFILL n Butyl Cyano Acrylate (nBCA) Liquid Embolic System and Nanoparticles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", indicates that registering a CAGR of 23.7% from 2014 to 2020, the global NDDS in cancer therapy market is estimated to rise from a value of US$3.6 billion in 2013 to US$15.9 billion by 2020.
http://www.prnewswire.com/news-releases/novel-drug-delivery-systems-ndds-in-cancer-therapy-market-to-reach-an-estimated-value-of-usd-159-billion-in-2020-transparency-market-research-522278741.html
You know Biz,
This looks by far more certain that we will get paid. The concern I have is by mocking the lawyers and the bad actors we might actually get sued over this.
But, I absolutely love the idea. We might want to call this guy:
http://www.msn.com/en-us/news/world/what-do-we-really-know-about-osama-bin-laden%e2%80%99s-death/ar-AAftW0F?li=AAa0dzB
Re-read of the court transcripts with regards to the "retained assets" might help. Also the WMIIC assets are explicitly stated to belong to the trust. Safe harbor does not mean that the assets do not belong to the trust.
Holy Moly!
AZ,where do you find these pieces of golden information:
You mean 10Q
What is new no returns of any kind...
No soup for you etc.
bk,
You say equity is not longer in control, OK. Let me ask you this - would you maintain your statement if all of the potentially approved float is issued 3.5B shares and it turns out that KKR does not own the remainder of it ?
Best,
Uncle Bo
tcr,
When the receivership closes and the bankruptcy closes and the trust ceases to exist and when there is nothing for the escrows, I will give you credit for the correct assumption.
Until then a careful study of the documents shows plenty of evidence as to why there is more than leftovers. No other company was so royally screwed as WaMu was.
A beneficial reading for you would be the JPM document with their indemnification claims where they talk about "externally titled" assets with the meaning of assets titled to or owned by WMI, the holding company which they have record of and which it appears that they are custodian of at this point in time.
Uncle Bo
Quote from tcr7309
Right, you have answered it but this doesn't mean it makes sense. BK could you please explain to us how exactly you write down 30B. The thing is - you can't, it does not make any sense. Look up Kerry Killingers' letter and the fact sheet at OTS.
From the Examiner:
Yes, I appreciate your answer BK
You did answer eloquently for everyone to see, it just I don't know how to describe it - doesn't hold water if you will.
Cheers,
Uncle Bo
Mordicai,
It has become pretty obvious in recent years that the only way to have one of those gov related entities to comply with a FOIA request is through a court order. I expect nothing different here, very sad...
the public gets the shaft...
Uncle Bo
PickStocks,
It appears that there may be no assets showing up until Colyer makes a decision whether DB can collect from the FDIC and if yes how much. Settlement between those two is not unlikely and we know from experience that this takes a little bit of time.
Uncle Bo
Fish,
I would agree with you to the extent there was a clean cut between WMB/WMI assets. But...we know there wasn't. This is from the document listing JPM's 100+ claims against the R - see the quote below:
WTF - "externally titled", what does this even mean?! The point here are not the VISA shares.
Uncle Bo
Thank you Justice !
Could it be a partnership ?!
As Royal said DB may be the key to the basement...below is my post from the other board.
FDIC Structured Transaction Fact Sheet
https://www.fdic.gov/buying/financial/factsheet.html
FDIC Structured Transaction Fact Sheet
Background
In the early 1990s, the Resolution Trust Corporation (RTC) and the FDIC entered into a number of joint ventures or partnerships with the private-sector to facilitate the disposition of an unprecedented number of assets held by the RTC or FDIC as receiver or conservator for numerous failed banks and thrifts. These transactions were structured to align the interests of the parties and to capture the asset management efficiencies and expertise of the private sector. The strategy yielded higher present value recoveries to the RTC and FDIC than conventional sales methods.
The RTC Partnerships
From December 1992 through October 1995, the RTC created 72 partnerships in the form of limited partnerships and business trusts holding real estate loans and assets with a total book value of $21.4 billion. Under the partnership program, the RTC acted essentially as a passive participant or limited partner (LP), with a private-sector investor responsible for managing and disposing of the assets and acting as the general partner (GP). The RTC aligned the financial incentives for the LP and GP to ensure that the assets in the portfolio would be liquidated in the most cost effective and mutually profitable manner.
The RTC contributed asset pools, usually subperforming loans, nonperforming loans, and real estate owned (REO) and arranged for financing of the partnership, while the GP invested equity capital and asset management services. The financing terms required that cash proceeds generated from the liquidation of assets be applied first to the retirement of the debt (usually bonds held by the RTC). After the debt was paid in full, the partners split the remaining proceeds according to the percentage of ownership each partner held.
Lessons Learned
The RTC experience demonstrated that partnerships could successfully be used as a vehicle to convey a large volume of assets of varying types and quality to private-sector ownership and management in a relatively short period of time. The partnerships were structured using several different legal forms with RTC holding a range of residual interests. Results achieved through this partnership model were higher than through other multiple-asset cash only sales methods, where assets were sold into a depressed market and discounted for unstable market conditions and a lack of liquidity.
Recent Structured Transactions
The FDIC, as receiver for a failed institution, has a legal responsibility to maximize recovery on assets. In accordance with this responsibility, the FDIC employs a variety of strategies to manage and sell the assets of failed institutions.
In early 2008, the FDIC, drawing on its past success with partnerships, again turned to the partnership model to sell large numbers of distressed assets (primarily non-performing single family and commercial real estate loans and related real property) held by recently failed financial institutions. Since that time, the FDIC has entered into two basic types of structured transactions with private sector investors, with all transactions to date using limited liability companies (LLCs). As of December 2014, the FDIC has closed 35 structured transactions, disposing of more than 43,300 assets and $26.2 billion in unpaid principal unpaid principal balance. For information on structured transactions that have closed, click on:
FDIC: Structured Transaction Sales
Key Points
Structured transactions allow the FDIC to retain an interest in the assets, while transferring day-to-day management responsibility to expert private sector professionals who also have a financial interest in the assets and share in the costs and risks associated with ownership.
How it works:
TheThe receiver forms an entity (to date, all LLCs) to which assets from one or more failed institutions are conveyed via a Contribution and Sale Agreement.
In exchange for conveying the assets, the receivership obtains all of the equity interest in the LLC.
To date two basic types of structured transactions have been created: Participation Transactions: In transactions structured between May 2008 and March 2009, the receiver is a participant in the assets themselves. After formation of the LLC and contribution of the assets to the LLC, the LLC entered into a Participation and Servicing Agreement with the receivership, with the receivership typically holding an 80% interest in the assets after the LLC membership interest was sold to the successful bidder. The actual percentage is specific to each LLC.
Partnership Transactions: Since September 2009, all structured transactions have been in the form of partnerships in which the receiver owns an equity interest in the entity that acquires the assets. Again, to date, LLCs have been used. The winning bidder (Private Owner) purchases a portion, typically ranging from 20-40%, of the equity in the LLC (actual percentage is specific to each LLC). These types of transactions continue to be offered and sold on a leveraged, unleveraged, or whole loan “all cash” basis. To date, some form of seller financing has been offered in all of these transactions.
Bidders must be pre-qualified, have demonstrated financial capacity and the expertise to manage and dispose of the asset portfolio (GALLAGHER!!!), and have certified eligibility to purchase FDIC receivership assets.
Leveraged LLCs include financing in the form of either amortizing or non-amortizing purchase money notes issued by the LLC as partial payment for the assets conveyed by the receiver, in addition to the cash payment from the Private Owner for the purchase of its equity interest. The notes may be guaranteed by the FDIC, in its corporate capacity, should the receiver decide to sell the notes in the secondary market.
Financing terms are determined by the risk and cash flow characteristics of the LLC’s underlying pool of assets. Although terms are subject to changing market conditions, historical leverage ratios were typically: Single Family Residential ["SFR"] ranges from 1:1 up to 6:1 debt to equity.
Commercial Real Estate ["CRE"] ranges from 1:1 up to 4:1 debt to equity.
Acquisition, Development & Construction Loans ["ADC"] typically does not exceed 1:1 debt to equity.
Generally the notes must be paid off before the equity owners receive any distributions.
In certain cases, the receiver may make funding facilities and pre-funded accounts available to the LLC to fund construction draws with respect to the assets and working capital needs of the LLC. Advances must be repaid from the cash flow prior to the equity owners receiving any distributions.
The Private Owner acts as the managing member of the LLC and is responsible for the management and servicing of the assets conveyed to the LLC. The managing member enters into a Servicing Agreement with a qualified servicer to service the assets in a manner consistent with industry standards and to maximize their value to the LLC.
The Private Owner receives a monthly servicing or management fee that is specified prior to bid date to pay the servicer and other internal expenses incurred in servicing the assets.
Cash flow from the assets, after deducting the monthly servicing fee and advances for such things as taxes, insurance, and property protection expenses, are allocated first to pay off any notes and any other debt outstanding to the receiver and then, to the receiver and the Private Owner, in accordance with their percentage interests.
Transactions may include a provision that provides for a shift in ownership interests once a stated dollar amount of distributions to the receivership, including the sales price received in a competitive bid sale (Threshold), is reached. Upon reaching the Threshold, the ownership interests of the receiver and Private Owner change. The Threshold and the amount by which the percentage interests change are specific to each transaction and are established and disclosed to bidders prior to the bid date.
The Private Owner acting as the managing partner must adhere to stringent monthly, semiannual, and annual reporting requirements. The FDIC conducts compliance monitoring of the transactions on a regular basis, in addition to an annual agreed upon procedures review of entity operations.
[/quote]
Like "Gene Davis became chairman of the BOD etc."
(Updated) Status of Washington Mutual Bank Receivership
https://www.fdic.gov/bank/individual/failed/wamu_settlement.html
Courtesy of Scott Fox on the other board who alerted us on the update...
Also many thanks to AZ and LG as always !
Enjoy,
Uncle Bo
From Eighty on the other board and my response - below:
BK, you can do better...sorry