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Does anyone have an idea why Alice Griffin’s latest brief is not on Pacer? I believe it was published around August 6. Someone on this board actually published a copy here and I read it.
https://www.pacermonitor.com/public/case/28006327/In_Re_Washington_Mutual,_Inc,_et_al
Court is closed on Good Friday, if they’re having a hearing on Monday they have the next two days to announce it. My gut says it will be settled. They won’t make all the bankers show up on such little notice.
The banks 72 million claim on the estate was for a legal settlement correct? In other words they had to pay out money related to Wamu in the form of a legal settlement in the amount of 72 million. They did not hold 72k of preferred shares or any amount of preferred shares in this claim. Why is this so friggin complicated? You don’t give an equity claim to someone that did not own equity!
This guy and kosutros (guy who originally approved this) are in a lot of trouble. A 72 million claim is significant, and even more significant is not filing an 8-k and labeling it as equity. They will settle before 22nd would be my bet.
And even worse the banks agreed to the worthless claim. The banks paid out 72 million in cash as they state in their claim and they let the trust give them a claim in the bankruptcy that is guaranteed not to pay out according to every court filing and statement Rosen has issued for years and years. This guy is a cockroach. This is EXACTLY why you are trashed on this board Brian Rosen!!! This isn’t small money, it’s a 72 million dollar claim and could be worth more than this in the equity class.
Here is the fundamental problem with all of this:
If the underwriters have a valid claim as they and the trust assert then they should be paid. They will not be paid by putting them in the equity class because the trust says the waterfall stops short of the class. If they have a valid claim then you are committing fraud against the underwriters. Why would anyone assign them a worthless claim?
I’ve been reading this some more. Rosen’s claim on the 180 days doesn’t work when there is fraud (such as not filing an 8-k). There isn’t a time limit. I think she is right! They were supposed to file an 8-k, a 10-k is not sufficient.
So you don’t think there will be a hearing on the 22nd? There is no way she will be successful, per the terms of the plan she had 180 days from the effective date to file something like this. That time period came and went 6 years ago.
It’s the trust appealing a ruling by walrath to pay grant thorton. The appeal was denied.
So if we see that there are no filings by the underwriters and trust by Saturday morning is this all immediately finished? I don’t think they would even have a hearing on the 22nd if it’s not contested.
She’s insuring we never get paid by creating another delay. They ran out of delays after 10+ years. Thanks Alice.
Do you have a filing from the bank of Uzbekistan to support this approach? I need cold hard facts to support your analysis.
Not sure if I understand you. I’m basically saying that you usually petition the court, then the court determines if there is something to your argument and the court schedules a hearing and requests attorneys to provide documentation and other files.
Here she is bypassing all of that and acting like a judge. I don’t think the banks involved are compelled to do a darn thing. I could be wrong, I’m not an attorney.
Alice has the authority to schedule a hearing on this matter? I don’t think so. I’m not an attorney but everything I have seen in this case in regards to hearings has been scheduled by the judge or trust.
I agree, I don’t think there will be a hearing. I think the current arrangement will stand. I’d be surprised if the banks involved even respond more than sending in their proof of claim forms.
Are these submissions just the details behind their claim? I never understood how they can have a court date-the 22nd when the court hasn’t asked for it. It’s like she put herself in charge of the court.
What is this?
I don’t know, I have escrow and no poop shares and I didn’t get it. I think it is impossible for the payment to be related to poop.
My best guess is the last remaining amount in the trust that was available after the employee claims closed.
I think the 44 cent dividend must be related to closing of trust. Coop doesn’t pay a dividend, and if they were to make any kind of special payment there would have to be a notification and 8-k. There aren’t any exceptions.
Coop doesn’t pay a dividend. What is the money really for? I just have escrow, no poop.
No it angers people because it is another intentional and obvious delay. It pisses me off along with everyone else. We’ve been dealt with in bad faith for years on end. I guarantee you the person filing this is in on it as well. This court ruling that she is appealing was made seven years ago. SEVEN @#$&**#&$ years!!!!
All the billions coming back is definitely reflected in coop’s share price.
No there is a reason for different marker types precisely because the payment amounts are different for different share types. The marker is used to distinguish the share type. It’s a simple issue that people have complicated for some reason.
You’re making this way too complicated. It’s very simple, there are at least two reasons:
1. They’re used to represent different securities, they are placeholders for the old securities.
2. They are used to distinguish the amount of the payout to the security holder. For example if $1 comes back to the fund, .25 goes to commons, .75*(proportion of Ps/total class 22) goes to P’s, 75*(proportion of K’s/total class 22) goes to K’s etc. they need a way to identify payment amounts.
After arguing for years on this board you should know basic stuff like this. Come on man.
Those are commons, class 22 I believe. I don’t think 18 has been paid, just 17.
None of this matters if we are never paid. Why doesn’t someone ask them for an accounting of the estate, why can’t we get the truth after 11 years? If someone wants to write them, then ask them these questions.
BK now officially closed over a week, no communication, no payment just more silence. What the fk is going on?
Email the trust and let us know.
What are you looking at? Why do you say they are erasing stuff, I don’t see evidence of that.
It looks to me like you have to contact the court, but it became available on 1/23/19.
http://www.kccllc.net/wamu/document/0812229181025000000000001
Contact the court or trust. Nobody knows.
These were the absolute worst performing mortgage in their whole portfolio if I remember right. This was a subsidiary that WaMu owned that was significantly different than the rest of the bank.
No it says hearing cancelled, matters stricken. You gotta read!!!!
I say we get some news by Tuesday. The stay ends next Friday and it’s a 3 day weekend. I think the whole delay was to give Jamie time to actually pay for the bank like a normal acquisition. I think we actually have to be paid before the bankruptcy can be closed. We have a claim against the estate just like the employees and all the creditors.
I literally searched everywhere for the tps cusip and couldn’t find it. I questioned how/whether they were included in class 19 and the 75% calculation. I asked the board several times for the info and nobody seems to know.
I remember something about a mandatory redemption and them converting to commons, but I wasn’t really able to verify and be sure of this.
Maybe, when the payment is made though all of the EC issues go away. They would all be paid just as if Wamu was acquired. I’m not sure if it happened 12/31/18 like others have said here. I don’t see any evidence of that.
I think all of this is moot. We are waiting for a final CIC payment. It’s the only thing AZ has been correct about all these years.
Good for you. There is no reason to be polite or nice either.
I’m going all in on cryptos. 100% to the new tardcoin, and I am going to store them at the bank of Zimbabwe. When tardcoins go up by a factor of ten and the bank of Zimbabwe is the last central bank standing you will remember me as the ultimate genius. You will reminisce with your grandkids on the brilliance of Mr. B.
When I get my 1 billion escrow payment I will deposit everything in the safest vault in the world at the bank of Zimbabwe.
Do you have a filing from the bank of Zimbabwe to back up this theory? Otherwise this looks like more bull to me.