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MAY I ASK HOW DB CASE IS CONNECTED TO ESCROW?
How in the hell people tied between DB case and markers?.Markers have no value whatsoever.They are just like IDs.
And how DB is connected to former equity?.
Can someone debate with me?
Please dont waste everyone's time, i am wasting anyways.
No relevance at all.
Sheer BS.
IMO.
RS?, WHAT?.
WMILT 8-K PRESS RELEASE
tem 8.01 Other Events
On December 20, 2017, the United States Bankruptcy Court for the District of Delaware (the “Court”) entered an order granting a motion filed by WMI Liquidating Trust (the “Trust”), as successor-in-interest to Washington Mutual, Inc. and WMI Investment Corp., to extend the term of the Trust until March 19, 2021. The motion was filed by the Trust on December 4, 2017, following receipt of a private letter ruling, dated November 21, 2017, from the Internal Revenue Service, confirming that an extension of time of the Trust’s term to March 19, 2021 will not adversely affect the determination that the Trust is a liquidating trust under Rev. Proc. 94-45, 1994-2 C.B. 684, and Treas. Reg. § 301.7701-4(d).
On January 5, 2018, the Trust issued a press release announcing the Court order, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
https://www.sec.gov/Archives/edgar/data/1545078/000119312518004616/d442499d8k.htm
"distributed their remaining cash to the Trust."
IF The Trust received $444,333 on June 27, 2017, that is the case, no need of even mentioning waterfall.
They never said that, that was the only asset(440K cash) held at trust.
MY QUESTION TO LT & RESPONSE
Q: as per state filings, WAMU 1031 EXCHANGE was dissolved on 12/8/2017.What happened to the subsidiaries merged into WAMU 1031 EXCHANGE and their equity interests.Will there be a distribution for the former equity holders of WMI , as the assets have been wounded up.Thank you.
RESPONSE
"The cash generated by the aforementioned subsidiary mergers and dissolution, as the case may be, is being held by the Trust and will be utilized by the Trust to fund operational expenses and/or distributed to the Trust’s beneficiaries in accordance with the distribution priorities (a/k/a the “waterfall”) set forth in the court-approved plan of reorganization. Thank you."
RESPONSE FROM LT IN LIGHT OF WAMU 1031 DISSOLUTION
"The cash generated by the aforementioned subsidiary mergers and dissolution, as the case may be, is being held by the Trust and will be utilized by the Trust to fund operational expenses and/or distributed to the Trust’s beneficiaries in accordance with the distribution priorities (a/k/a the “waterfall”) set forth in the court-approved plan of reorganization. Thank you."
– KKR Transaction Consent Right: KKR was granted a consent right for the next 18 months through July 5, 2019, which
we believe facilitates good alignment between the Series B Preferred Stockholders and WMIH
• [b[color=red]]KKR was supportive of the extension and they remain a valuable source for accretive acquisition ideas[/color]
From recent presentation.
From 2016 10-K
KKR is not our investment advisor and owes no fiduciary duty to us or to holders of WMIH’s common stock, Series A Preferred Stock or Series B Preferred Stock.
KKR is not our investment adviser and otherwise has no advisory, fiduciary or similar relationship with us or with holders of WMIH’s common stock or Series B Preferred Stock. KKR is not our sponsor, and the Company is not an investment product offered by KKR. KKR has no obligations (contractual, fiduciary or otherwise) to us, disclaims having any liability for our performance, investments or activities, and will not be responsible for any action or inaction of our management.
KR is not our investment advisor
As a result, affiliates of KKR may have substantial influence over our decisions to enter into any corporate transaction and may have the ability to prevent any transaction that requires the approval of stockholders regardless of whether other holders of our capital stock believe that any such transactions are in their own best interests. For example, affiliates of KKR could potentially cause us to refrain from making acquisitions in a manner that is not in the best interests of holders of the Series B Preferred Stock, whether or not such acquisitions are in the best interests of holders of WMIH common stock. KKR will not provide oversight of or have control over or be involved with the investment activities or other operations of the Company.
Neither KKR nor its director appointees are required to present us with investment opportunities and may pursue them separately or otherwise compete with us.
Neither KKR nor its director appointees are obligated to present us with investment opportunities. Moreover, each of KKR, our officers and our directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to another entity pursuant to which KKR, such officer or such director is required to present an acquisition opportunity to such entity. Accordingly, if any of KKR, our officers or our directors becomes aware of an acquisition opportunity which is suitable for an entity to which he or she has then current fiduciary or contractual obligations, it, he or she will honor its, his or her fiduciary or contractual obligations to present such acquisition opportunity to such other entity, and only present it to us if such entity rejects the opportunity. Our Certificate of Incorporation provides that we renounce our interest or expectancy in any corporate opportunity in which KKR or its director appointees seek to participate unless such opportunity (i) was first presented to KKR’s director appointees solely in their capacity as directors of WMIH or (ii) is identified by KKR or its director appointees solely through the disclosure of information by or on behalf of us. We will not be prohibited from pursuing an investment opportunity with respect to which we have renounced our interest or expectancy.
Additionally, KKR is in the business of making investments in companies and may from time to time acquire and hold interests in businesses that compete directly or indirectly with us or that compete with us for acquisitions. KKR may also pursue acquisition opportunities that may be complementary to our business and, as a result, those acquisition opportunities may not be available to us. In addition, KKR’s interest in its portfolio companies could impact our ability to pursue acquisition opportunities.
KKR is not our investment advisor and owes no fiduciary duty to us or to holders of WMIH’s common stock, Series A Preferred Stock or Series B Preferred Stock.
KKR is not our investment adviser and otherwise has no advisory, fiduciary or similar relationship with us or with holders of WMIH’s common stock or Series B Preferred Stock. KKR is not our sponsor, and the Company is not an investment product offered by KKR. KKR has no obligations (contractual, fiduciary or otherwise) to us, disclaims having any liability for our performance, investments or activities, and will not be responsible for any action or inaction of our management.
https://www.sec.gov/Archives/edgar/data/933136/000156459017004292/wmih-10k_20161231.htm#Risk_Factors
KKR IS NOT WMIHs ADVISOR
On the outset they are saying that KKR is giving them ideas and in the filings it is a different story.
Read 2016 10-K under risk factors.
JMHO.
Garbage out and garbage in, as i see it.
If these product ever had a notable value, Philip Groix would have used it better than any one else.He left AVDX seeing no value and the crooks around AVDX and AMBS.
AMBS transferred its assets to AVDX and AVDX is returning it back?.What a joke and fooling investors.Both AVDX and AMBS management should be prosecuted.
Section 1504 of the IRC - 61 months
RECONSOLIDATION OF ASSETS?
“Group” shall mean (a) for U.S. federal income Tax purposes, any affiliated group of corporations within the meaning of section 1504 of the IRC, and (b) for state, local or foreign Tax purposes, any group of corporations that filed (or was required to file) as a combined, unitary or consolidated group under state, local or foreign Tax laws, with respect to which, for purposes of both clause (a) and clause (b) hereof, (i) any of the WMI Entities (or any predecessors thereof) is or was a member and (ii) WMB (or any predecessor thereof) or any subsidiary of WMB (or any predecessor thereof) as of September 24, 2008 is or was also a member.
https://www.law.cornell.edu/uscode/text/26/1504
“WMI Entities” shall mean WMI, WMIIC, Ahmanson Obligation Company, H.S. Loan Corporation, Marion Insurance Company, WAMU 1031 Exchange, WM Mortgage Reinsurance Company, Inc., WM Citation Holdings, LLC, Washington Mutual Finance Group, LLC, Soundbay Leasing LLC, WMGW Delaware Holdings LLC, WMI Rainier LLC and Washington Mutual Capital Trust.
IRS GUIDELINES ON CORPORATE DISSOLUTION
Very good read
Form 966 might give the total valuation of wamu 1031 and subs merged in it.
https://www.irs.gov/irm/part4/irm_04-011-007
Expensive to acquire any company at this moment DOW around 25K.
CAN CREDITORS OF CH11 PUT A HAND ON NON DEBTOR ASSETS OUT OF BK JURISDICTION?
7. Assets of WMI’s Non-Debtor Subsidiaries, Other than WMMRC
Pursuant to applicable law, and as stated by the Bankruptcy Court at the March 21, 2011
hearing, the Bankruptcy Court’s jurisdiction is limited to assets of the Debtors and not to those of any
non-Debtor subsidiary. However, because the value of the Debtors’ interests in such non-Debtor
subsidiaries and non-Debtor assets, including WMMRC, ultimately accretes to the benefit of the Debtors’
chapter 11 estate, the Debtors have reflected such value in their liquidation and recovery analyses. To
provide parties in interest with additional information, set forth below is information related to WMI’s
direct and indirect subsidiaries as of the Petition Date, including WMMRC, as well as historical
information regarding any transfers of assets by WMI’s non-Debtor subsidiaries from and after the
Petition Date. Pursuant to Section 1.140 of the Seventh Amended Plan, WMI’s Equity Interest in all of
its subsidiaries, except for WMI Investment, WMMRC and WMB, will be transferred to the Liquidating
Trust. For the avoidance of doubt, and as set forth in more detail below, with the exception of a few de
minimis residential real estate properties held by Ahmanson Obligation (defined below) as a result of
mortgage foreclosures, neither the Debtors nor their non-Debtor subsidiaries hold any real estate.
The general background and status of the Non-Debtor Non-Banking Subsidiaries set forth
below is delineated as follows: (a) subsidiaries currently owned by WMI, (b) subsidiaries merged on or
prior to December 30, 2008, (c) subsidiaries merged in April 2009, and (d) subsidiaries merged or
liquidated on June 30, 2010.
Liquidation of Liquidating Trust Assets. - LT AGREEMENT AND THE CURRENT DRAGGING -
Liquidation of Liquidating Trust Assets
WMI LIQUIDATING TRUST AGREEMENT, dated as of March 6, 2012 (this "Trust Agreement"), is by and among Washington Mutual, Inc. ("WMI") and WMI Investment Corp. ("WMI Investment" and, together with WMI, the "Debtors"), as debtors and debtors-in-possession, William C. Kosturos, as liquidating trustee (together with any successor or additional trustee appointed under the terms hereof, the "Liquidating Trustee"), and CSC Trust Company of Delaware as the Delaware resident trustee (together with any successor Delaware resident trustee appointed under the terms hereof, the "Resident Trustee" and collectively with the Liquidating Trustee, the "Trustees") of the WMI Liquidating Trust (the "Liquidating Trust"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Debtors' Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code, dated December 12, 2011, as confirmed (including all exhibits
Liquidation of Liquidating Trust Assets. The Liquidating Trustee shall, in an expeditious but commercially reasonable manner and subject to the provisions of the Plan (including, without limitation, Section 31.14 of the Plan), the Confirmation Order and the other provisions of this Trust Agreement, liquidate and convert to Cash the Liquidating Trust Assets, make timely distributions in accordance with the terms hereof and the Plan and not unduly prolong the existence of the Liquidating Trust. The Liquidating Trustee shall exercise reasonable business judgment and liquidate the Liquidating Trust Assets to maximize net recoveries; provided, however, that the Liquidating Trustee shall be entitled to take into consideration the risks, timing, and costs of potential actions in making determinations as to the maximization of recoveries and the determinations and actions of the Liquidating Trustee shall in all cases be subject to the limitations provided elsewhere herein. Subject to the terms of this Trust Agreement, such liquidations may be accomplished through the prosecution, compromise and settlement, abandonment or dismissal of any or all claims, rights or causes of action of the Liquidating Trust or through the sale or other disposition of the Liquidating Trust Assets (in whole or in combination, and including the sale of any claims, rights or causes of action of the Liquidating Trust). The Liquidating Trustee may incur any reasonable and necessary expenses in connection with the liquidation and conversion of the Liquidating Trust Assets into Cash or in connection with the administration of the Liquidating Trust and, to the extent that any Administrative Funding (as defined herein) is available, such expenses shall first be deducted from the Administrative Funding.
START WITH THE JUDGE
ASK FOR WHAT WAS THE VALUATION OF WMI,WMIH,WMILT
HOW MUCH JPM PAID FOR THE ASSETS OF WMI, ITS OWN MONEY
HOW MUCH EACH SHAREHOLDER GOT?
WHY IS LT NOT PAYING DIVIDENDS TO ITS BENEFICIARIES EVERY THREE MONTHS?IS IT NOT PURPOSEFULLY POSTPONING THE DURATION?
IS EQUITY GETTING LTIS?
There was wamu 1031 exchange and it was dissolved or sold.
But later they re registered it as a california company and merged everything under LT such as HS Loan LLC,ACD,WM Citation,WMI Rainier into wamu 1031 exchange and dissolved it on 8th Dec 2017, same day WMMSC was moved to Delaware.
There is something going on in Chatsworth California around these Assets.
Mr.Trump should look into this, its obvious that lot of corruption involved in this case.Starting from WMI BOD,JPM,FDIC Sheila Bair,Ben Ber,Timmy,Hanky,weil and A&M.along with all insider trading experts.
WHY NOT WRITE TO JUDGE?
The judge said in front of senate sub committee that shareholders of WMI received both shares and warrants.We all former shareholders know that was not the case.
WHY NOT WE FORMER SHAREHOLDERS UNITE TOGETHER LIKE BEFORE AND WRITE LETTERS TO THE JUDGE WHAT SHE MEANT BY FAIR&REASONABLE, HOW MUCH ESCROW HOLDERS RECEIVE AND WHEN?
21 MONTHS FROM THE ANNOUNCEMENT OF SERIES B CHANGES
SEPT 2019
Its a long wait for me too, but its a life time opportunity IMHO.
Good luck to all fellow holders.
Honestly i believe based on the history ---- 2019
Why would they fold it up early?.Its their bread and butter,right?
Contractually they dont have to finish it up earlier than mid 2019,IMHO.
KKR probably has been shorting it in 2017 and into 2019 IMHO.
I do not think they are here for 3% or 5% in return as interest.They probably made several millions or probably their investment back already.
BOD is a cool and relaxed team, just enjoy free shares, salary paid by LT and other first hand info.
They will drag it as much as they can,legally allowed.
JIMO, i will buy when it goes down in the 40 cents range if at all.
I 1000% believe that, nothing happens on or before Jan 5th, IMHO.No offense to LG.
LTIs ARE SOME HOW TIED TO WMIH
D.I 8439
To ensure that no creditor is paid more than in full and that any excess value –
from either the value of the Reorganized Common Stock or the proceeds of claims against third
parties – flows down the waterfall to subordinated creditors and then shareholders, the Modified
Plan includes a “Limitation on Recovery” provision applicable to all creditor Classes (except
those being paid in full, in Cash on the Effective Date) and Classes 19 and 20, and provides for a
redistribution of Liquidating Trust Interests first to subordinated creditors in Class 18, then to
holders of REIT Series and Preferred Equity Interests in Classes 19 and 20, and then to holders
of Common Equity Interests in Classes 21 and 22.
Nappy was fined and restricted by SEC in a recent action.
I agree.
There is a parallel fraud AVDX going on.
GC was off of AMBS and working as a contractor to AVDX and made around 225K
and almost 20mm shares of AVDX for $150 .
Thats not the point Bob.Its evidencing that loan portfolio was WMIs and serviced by somebody else.
He is a snake, look at people around him, ssee thru,napadano,magna,his counsel,wallac..etc.
JPM SERVICING WMI LOAN PORTFOLIO -Court Docket: #8422
PAGE 9/56
http://www.kccllc.net/wamu/document/0812229110810000000000018
UNQUANTIFIED VALUE
About time LT has to issue LTIs
Why?
All assets were merged into wamu 1031 exchange( new one, there was a old one which was operating from the state of ME and VT).
The old one was merged long time ago with other insurance subs such as Marion,..etc.
wamu 1031 is dissolved on 12/8/17.
Time to issue LTIs for escrows, deal with class 18 and continue the show for next 3 yrs., IMHO.
Probably shorting while the price is up.
He is still lying as usual.He is maintaining the same old contacts like seethru.i do not trust this guy.
COMMON SENSE - MANF PATENTS
Amarantus announced that Japan issued a patent on MANF.
I am hoping pretty soon US and EU too might issue.I dont see a point where one country issues and others not.
Ofcourse as it is concerned with WMIH and KKR.
KKR wants to get the entire estate for free.
BOD is obviously very friendly with KKR by issuing convertible preferreds.
And above all, they changed the terms with KKR and others extending the deadline to some where in 2019.
The CEO was issued several million shares, and there is a reason they drag that far.
I read the whole document again and found a specific date which i wanted to share.
Its all JMO with DD.
------------
On a separate note, i guess the old equity might see some light before 31st Dec, JMO.
Its an opportunity and it needs patience.
But KKR imho is circling around WMIH and its shareholders.
MARCH 2019 COULD BE THE REAL THING AS PER DS
The Projections contained herein assume that WMMRC will continue to collect
premiums and pay losses through 2018. No new business ventures nor opportunities for expansion of
Reorganized WMI are included in the Projections, the results of which may materially affect
results. Moreover, the Projections do not take into account nor assume that Reorganized WMI
raises new capital or engages in new business lines subsequent to the Effective Date of the Seventh
Amended Plan, the proceeds of which could be used to effectuate an expanded business model. By
March 31, 2019, the Debtors assume that 1) premiums will no longer be collected, 2) no risk exposure
will exist, and 3) all remaining assets contained within the six MI affiliated trusts will become
unrestricted and used to pay off the remaining Runoff Notes or retained by the Reorganized WMI less a
final commutation settlement amount. The Projections include assumptions relating to capital
requirements and final commutation settlement negotiations in 2018 and 2019. Variances to these
assumptions may affect results.
PAGE 392/755
http://www.kccllc.net/documents/0812229/0812229120109000000000015.pdf#page=170
TRY THIS
https://ccfs.sos.wa.gov
Enter wamu for Business Search
WAMU Capital Corp Merger
Click on it and at the bottom of the page,see filings
JPM is also part of the merger agreement.
PROBABLY JPM RECEIVED EVERYTHING ON DEC 8 2017.
INCLUDING WMMSC
DEC 8,2017 LONG BEACH,WAMU CAPITAL CORP,WAMU ASSET ACCEPTANCE...MERGER...HHHHHHHHHHHHHHHHHHHHHHHHHHHHHMMMMMMMMMMMMMMMMM
SAME DAY WAMU 1031 EXCHANGE DISSOLVED
https://ccfs.sos.wa.gov/#/BusinessSearch/BusinessFilings
March 2019 IS REALISTIC IMHO.
I spent lot of time again today to read.The financial projects mentioned in
DS and other areas were projected to 2019.
Runoff assets under 6 MIs could come bakc only after 10 yrs, ie mid 2018.
-----
What did they do with SNHs money infused around 175mm or some other amount?.Did they utilize it for paying themselves mean while or utilized to run the assets?.
What did they do with that money?
------------
WMILT is a grantor trust, tax free for creditors and equity which is good.
------------
Where did the assets go from WMILT to ...who?.Its tax free.
------------
Pro rata share was never part of JPMC contribution IMHO.What is coming to ex shareholders from JPM?.
KKR NOW OWNS $3B NOL
Half WMMRC
Half others assets and all assets under WMIH?
$287 Million as DISTRIBUTIONS FROM WM CITATION HOLDINGS TO WMI
"
Since the Petition
Date, WM Citation along with the Non-Banking Subsidiaries that have merged into it have paid $287
million to WMI, either as distributions or in satisfaction of obligations to WMI."
From 2008 to 2012
What were the assets generating this much revenue?.
It was merged into WAMU 1031 EXCHANGE.
MAY BE THE FINAL PAYMENTS BY TOWARDS 363 SALE and 2004 DISCO?