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BARD says $100 Billion in assets out of which $70 B in MBS and the rest real estate and cash.
All ETFs showing $47/share https://fintel.io/so/us/lhhmq
The WMI Liquidating Trust holds a variety of mortgage-backed securities (MBS), including:
Fannie Mae MBS: Fannie Mae is a government-sponsored enterprise (GSE) that provides liquidity to the mortgage market by buying mortgages from lenders and packaging them into securities.
Fannie Mae MBSOpens in a new window
capitalmarkets.fanniemae.com
Fannie Mae MBS
Freddie Mac MBS: Freddie Mac is another GSE that provides liquidity to the mortgage market.
Freddie Mac MBSOpens in a new window
capitalmarkets.freddiemac.com
Freddie Mac MBS
Government National Mortgage Association (GNMA) MBS: GNMA is a government agency that guarantees the timely payment of principal and interest on certain MBS.
Government National Mortgage Association (GNMA) MBSOpens in a new window
en.wikipedia.org
Government National Mortgage Association (GNMA) MBS
CMBS: CMBS are MBS that are collateralized by commercial mortgages.
CMBSOpens in a new window
www.lordabbett.com
CMBS
ABS: ABS are MBS that are collateralized by non-mortgage assets, such as student loans or auto loans.
ABSOpens in a new window
www.menshealth.com
ABS
The specific types of MBS held by the WMI Liquidating Trust vary depending on the specific assets that were transferred to the trust when Washington Mutual filed for bankruptcy in 2008. However, the trust is expected to hold a significant amount of MBS, as these securities were a major part of Washington Mutual's lending portfolio.
The value of the MBS held by the WMI Liquidating Trust is also uncertain. However, the trust is expected to hold billions of dollars worth of securities. The value of the securities will depend on a number of factors, including the underlying mortgages, the creditworthiness of the borrowers, and the interest rates at the time of the securities' issuance.
The WMI Liquidating Trust is expected to sell the MBS in the future. The proceeds from the sale of the securities will be used to pay off creditors and distribute the remaining proceeds to the trust's beneficiaries.
Courtesy of BARD.
Pursuant to the Seventh Amended Plan, (i) Reorganized WMI will issue the Runoff Notes and Reorganized Common Stock (collectively, the “Reorganized WMI Interests”) to certain holders of Allowed Claims and Equity Interests, and (ii) the Liquidating Trust will issue Liquidating Trust Interests to certain Holders of Allowed Claims and Equity Interests.
DID THEY LIE UNDER OATH?
CONSEQUENCES UNDER THE FEDERAL SECURITIES LAWS
A.
General Application of section 1145 to New Interests
Pursuant to the Seventh Amended Plan, (i) Reorganized WMI will issue the Runoff Notes and Reorganized Common Stock (collectively, the “Reorganized WMI Interests”) to certain holders of Allowed Claims and Equity Interests, and (ii) the Liquidating Trust will issue Liquidating Trust Interests to certain Holders of Allowed Claims and Equity Interests. To the maximum extent provided by section 1145 of the Bankruptcy Code and applicable non-bankruptcy laws, rules and regulations, the offer and sale under the Seventh Amended Plan of the Reorganized WMI Interests and the Liquidating Trust Interests (collectively, the “New Interests”) will be exempt from registration under the Securities Act, all rules and regulations promulgated thereunder, and all applicable state and local securities laws and
regulations. The application of section 1145 and other applicable federal securities laws is discussed in more detail below with respect to each of the Reorganized WMI Interests and the Liquidating Trust Interests.
Page 242 of DS
https://www.sec.gov/Archives/edgar/data/933136/000090951812000087/jg02-2712_8ke22.htm
LINE 15
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
What did they do with LTIs issued to original equity holders?.
Transferring Foundation will transfer all of its assets to Recipient Foundation in
the Asset Transfer. Moreover, both Transferring Foundation and Recipient Foundation
are effectively controlled by the same persons.
https://www.irs.gov/pub/irs-wd/202328005.pdf
CES?
ESCRWOS AND BENEFICIAL INTERESTS IN LIQUIDATING TRUST are/were two different animals.
"Escrow CUSIPs were issued solely to facilitate potential
future distributions of equity shares of Reorganized WMI, if any, to such eligible former
shareholders of WMI if Claims involving Disputed Equity Interests were disallowed"
"Tax forms must be sent to your Voting Nominee, along with the completed Beneficial Holder Ballot.
In order to be eligible to receive a distribution from the Liquidating Trust, you must provide the requested
tax information in a timely manner so as not to forfeit your distribution. See Plan §§ 28.14(c), 29.13(c).
Page 7/13
http://personal.fidelity.com/misc/wamu/WAMU-Class-19-Beneficial-Ballot-93934W-AA-3.pdf
------------------------
c. Information to be provided before an LTI is issued
If you were entitled to vote on the Plan and submitted a properly completed Ballot
to Kurtzman Carson Consultants, LLC (“KCC”) in connection therewith, you will not
have to take any further action before your LTI(s) can be issued because a properly
completed Ballot included all requisite information. Otherwise, before an LTI can be
issued to an eligible claimant pursuant to the Plan, such claimant must provide certain
information to the Debtors’ claims agent, KCC, who will then validate the
information and provide it to the Trustee. Such information includes the name and
contact details of the claimant who shall be the beneficial holder of the LTI when
issued and tax certifications such as a W-8, W-9, etc. Additional information
regarding the information that must be provided before an LTI can be issued is
available on KCC’s website at http://www.kccllc.net/. If such information is not
provided, the applicable LTI cannot be issued by the Liquidating Trust.
Page 12/27
http://www.kccllc.net/documents/8817600/8817600210115000000000001.pdf
"6. Can an LTI be held in a Liquidating Trust Beneficiary’s brokerage account?
In order to satisfy applicable U.S. federal withholding tax requirements, all LTIs must be
held in the name of the beneficial holder and cannot be held in the name of a broker(or other
nominee).
CONCLUSION: LTIs and Escrows are two different things.LTIs can't be issued to brokerage accounts.
---------------------------------------------------------
Given this context and adding the info from 2017,2018 and 2019 10-Ks of stating WMILT was not consent to giving info on transferring LTIs in certain circumstances using certain vehicles and distribute the assets after dissolution of those vehicles for those beneficiaries who owned beneficial interests in those vehicles prior to transferring LTIs.
" Under certain circumstances, transfers of LTIs have been permitted upon the winding up or dissolution of vehicles that previously held LTIs on behalf of such vehicles or the beneficiaries thereof. There can be no assurance that the Trust will consent to any such transfers in the future."
2017 WMILT 10-K
https://www.sec.gov/Archives/edgar/data/1545078/000119312518097841/d503450d10k.htm
"Subject to certain limited exceptions, the Liquidating Trust Interests are not transferable or assignable.
LTIs are not transferable or assignable except by will, intestate succession or operation of law. Accordingly, there is no liquid trading market in the LTIs. Under certain circumstances, transfers of LTIs have been permitted upon the winding up or dissolution of vehicles that previously held LTIs on behalf of such vehicles or the beneficiaries thereof. There can be no assurance that the Trust will consent to any such transfers in the future."
2018 10K
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
No such mention of the above language in 2016 10-K.
ESCRWOS AND BENEFICIAL INTERESTS IN LIQUIDATING TRUST are/were two different animals.
"Escrow CUSIPs were issued solely to facilitate potential
future distributions of equity shares of Reorganized WMI, if any, to such eligible former
shareholders of WMI if Claims involving Disputed Equity Interests were disallowed"
"Tax forms must be sent to your Voting Nominee, along with the completed Beneficial Holder Ballot.
In order to be eligible to receive a distribution from the Liquidating Trust, you must provide the requested
tax information in a timely manner so as not to forfeit your distribution. See Plan §§ 28.14(c), 29.13(c).
Page 7/13
http://personal.fidelity.com/misc/wamu/WAMU-Class-19-Beneficial-Ballot-93934W-AA-3.pdf
------------------------
c. Information to be provided before an LTI is issued
If you were entitled to vote on the Plan and submitted a properly completed Ballot
to Kurtzman Carson Consultants, LLC (“KCC”) in connection therewith, you will not
have to take any further action before your LTI(s) can be issued because a properly
completed Ballot included all requisite information. Otherwise, before an LTI can be
issued to an eligible claimant pursuant to the Plan, such claimant must provide certain
information to the Debtors’ claims agent, KCC, who will then validate the
information and provide it to the Trustee. Such information includes the name and
contact details of the claimant who shall be the beneficial holder of the LTI when
issued and tax certifications such as a W-8, W-9, etc. Additional information
regarding the information that must be provided before an LTI can be issued is
available on KCC’s website at http://www.kccllc.net/. If such information is not
provided, the applicable LTI cannot be issued by the Liquidating Trust.
Page 12/27
http://www.kccllc.net/documents/8817600/8817600210115000000000001.pdf
[color=red]"6. Can an LTI be held in a Liquidating Trust Beneficiary’s brokerage account?
In order to satisfy applicable U.S. federal withholding tax requirements, all LTIs must be
held in the name of the beneficial holder and cannot be held in the name of a broker (or other
nominee)."[/color]
CONCLUSION: LTIs and Escrows are two different things.LTIs can't be issued to brokerage accounts.
---------------------------------------------------------
Given this context and adding the info from 2017,2018 and 2019 10-Ks of stating WMILT was not consent to giving info on transferring LTIs in certain circumstances using certain vehicles and distribute the assets after dissolution of those vehicles for those beneficiaries who owned beneficial interests in those vehicles prior to transferring LTIs.
In other words, Escrows shares were representing placeholders for receiving WMIH/COOP shares only.Beneficial interests in liquidating assets were not certificated,they were maintained in a book-entry form for which the trustee collected W-9 information from the beneficiaries.
Escrows were not securities to remove as worthless securities.They were place holders to receive WMIH shares and COOP shares later.
Why did FDIC took a waiver from, Atlantic by virtue of having equity in WMB or its holding company?.The document was prepared and reviewed by Tonkinson FDIC lawyer.Why did they took a waiver in 2022 and filed a the settlement for public view?.
Who would question fdic after 15 years still hiding under fiireafart or whatever?.They were broke, they worked with insiders,they worked with outsiders,they estimated their hole was almost $42 B and they folded a healthy bank to handover it to unhealthy but well connected bank,what is the % of corruption in between?.All corrupt top are still with fdik in a form?,why?.Great country with very corrupt top tier,very sad but true.How shame is that Bernanke working for Citadel....list goes on..chad joined akin and doreen and kostu joined silicone bank....how do they eat their food?.,do they really think they earn the food?.
As per BARD
Who are the Under Writers received class 19 liquidating trust interests in WMI Liquidating Trust?.
The Underwriters who received Class 19 Liquidating Trust Interests in the WMI Liquidating Trust were:
Barclays Capital
Citigroup
Credit Suisse
Deutsche Bank
Goldman Sachs
J.P. Morgan Securities
Morgan Stanley
RBS Securities
Wells Fargo Securities
These Underwriters were the lead arrangers and bookrunners for the $12 billion credit facility that was issued by Washington Mutual in the lead-up to its bankruptcy filing in 2008. As a result of their role in the credit facility, the Underwriters were entitled to receive Class 19 Liquidating Trust Interests in the WMI Liquidating Trust.
The Class 19 Liquidating Trust Interests are essentially equity interests in the WMI Liquidating Trust. These interests entitle the Underwriters to receive a share of any remaining assets in the WMI Liquidating Trust after all other creditors have been paid in full.
As of March 2023, the Class 19 Liquidating Trust Interests have not yet been distributed to the Underwriters. However, the WMI Liquidating Trust is still in the process of liquidating the assets of Washington Mutual, and it is possible that the Underwriters will eventually receive a payment on their interests.
Doreen and Kosturos joined SVB,milking all the way.
Washington Mutual Preferred Funding LLC provides banking products and services.
https://www.bloomberg.com/profile/company/0808470D:US#xj4y7vzkg
BARD: Who are the liquidating trust beneficiaries in WMI Liquidating Trust?.
The liquidating trust beneficiaries in WMI Liquidating Trust are the holders of the Liquidating Trust Interests. These interests were created as part of the bankruptcy plan for Washington Mutual, Inc., and they represent the right to receive a share of the proceeds from the liquidation of the company's assets.
The holders of Liquidating Trust Interests are a diverse group, and they include:
Former shareholders of Washington Mutual
Holders of certain debt securities issued by Washington Mutual
The FDIC, which is the receiver for Washington Mutual
The distribution of proceeds from the liquidation of the assets in the WMI Liquidating Trust is still ongoing, and it is not yet clear how much money will be received by the beneficiaries. However, the trust is expected to distribute a significant amount of money, and it is possible that some of the beneficiaries will receive a substantial windfall.
Here are some additional details about the liquidating trust beneficiaries in WMI Liquidating Trust:
The interests are held in book-entry form, which means that they are not represented by physical certificates.
The interests are personal property, which means that they are not subject to attachment or other creditor's claims.
The interests are not transferable, which means that they cannot be sold or traded.
The WMI Liquidating Trust is a complex legal entity, and there are many details about it that are not publicly available. However, the information that I have provided should give you a basic understanding of who the liquidating trust beneficiaries are and what their rights are.
Real Estate Assets were folded somewhere IMO.
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.
-------------
Seventh Amended POR
Page 17
https://www.sec.gov/Archives/edgar/data/933136/000090951812000087/jg02-2712_8ke21.htm
REIT?.
https://document.epiq11.com/document/getdocumentbycode?docId=3958837&projectCode=LBH&source=DM
LBHI and ECAPS agreement which i missed earlier.
As per Bard, the restated and amended LT agreement added some additional assets to the definition of Liquidating Trust Assets which were excluded previously.Could be possible, otherwise no point in hiding the RALTA.
PREPARED STATEMENT OF MARY F. WALRATH
U.S. BANKRUPTCY JUDGE FOR THE DISTRICT OF DELAWARE
before
UNITED STATES HOUSE OF REPRESENTATIVES
COMMITTEE ON THE JUDICIARY
SUBCOMMITTEE ON REGULATORY REFORM,
COMMERCIAL AND ANTITRUST LAW
"In contrast, FDIC proceedings are cloaked in secrecy. The
seizure of the bank, and sale of its assets, occurs entirely in
the dark. This inevitably gives rise to a feeling that there is
something to hide. Secrecy never instills confidence in the
process."
https://docs.house.gov/meetings/JU/JU05/20170323/105758/HHRG-115-JU05-Wstate-WalrathM-20170323.pdf
Even THJMW did not have all the info from FDIC, but probably there were secret agreements made between parties, only can be revealed at the closure of wamu receivership,IMO.
LG, IMO, until all creditors are satisfied at WMB and WMI, equity sees nothing.Remember, WMI was the only equity holder at WMB and inorder to receive any equity from WMB to WMI,the creditors at WMB have to be satisfied by WMB Receivership IMO.FDIC waits until all statute of limitations expire and that will be Sept 25th 2023,IMO.
TD removed Js today evening as worthless security.
Statute of limitations as per BARD "The FDIC statute of limitations for Washington Mutual Bank ended on September 25, 2023, 15 years after the bank failed. This means that any claims against the FDIC related to Washington Mutual Bank must have been filed by that date.
The FDIC statute of limitations is a law that sets a time limit on how long someone has to file a lawsuit. In the case of Washington Mutual Bank, the statute of limitations was 15 years. This means that anyone who wanted to sue the FDIC for damages related to the bank's failure had to file their lawsuit by September 25, 2023.
If you have any questions about the FDIC statute of limitations or Washington Mutual Bank, you should contact an attorney."
" Why Bring In New Capital?"
Leveraging the existing assets and creating value,IMO.
WAND 2.0?.
Raise capital as a SPAC,merge with a suitable target,exchange shares,reveal the assets as company progresses.Seal the litigations forever.
IMO.
Mr.Folse's comment:"4 Your Honor, it would imprudent for the estate to do so relying
5 on the speculative ability to go out and recover up to thirty
6 billion dollars or more in money paid out to someone at
7 somewhere down the road"
Good question by the way.
They could mention any number,its not exact amount they raised.As per BARD they raised several 100 millions of dollars.
Paladin new form D dated 06/20/2023
https://www.sec.gov/Archives/edgar/data/1876566/000187656623000001/xslFormDX01/primary_doc.xml
Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
X Yes
Try this bard.google.com and enter a question ' When will i get a distribution as a former equity holder of Washington Mutual, Inc.' and share the answer you get.Gltu too.
If JPM settled in 2012 with 1.4 Billion shares for 1.2 Bilion shares of former equity of WMI,that was worth $29 + Billion worth then in 2012 is now worth 209Billion dollars in 2023.How many treasury shares JPM has now?.
As per Bard, 1.23 for 1.
As per BARD, WM Citation Holdings and WMI Rainier are both located in Seattle, Washington. Their addresses are:
WM Citation Holdings: 1111 3rd Avenue, Suite 300, Seattle, WA 98101
WMI Rainier: 1201 3rd Avenue, Suite 600, Seattle, WA 98101
These addresses are the addresses of the offices of the WMI Liquidating Trust, which is the entity that manages these two companies. The actual assets of these companies are located all over the United States.
I hope this helps! Let me know if you have any other questions.
Thank you BOB.You too have a great Father's day.
How do they nothing is coming?.There was a comment by one of the EC lawyers that it was imprudent for the courts that thirty billion or more coming back to estates in money paid down by someone somewhere down the road.How can anyone say, nothing is coming back.A solvent bank was sold to a party pursuant to P&A agreement and paid a positive premium of $1.88 Billion equivalent to 1% of the deposits acquired.How about assets acquired?.FDIC wrote to a congressman that they had to evaluate the real market values of the assets that purchaser acquired pursuant to P&A,why?.WMB was a highly liquid and solvent bank as per OTC.The mock run was a hand work of wallstreet.But you can believe whatever you want, but don't suggest here that we all have to take sides with you and nay sayers.
Ok LG.No problem.
LG, could you just throw couple of clues where to find the bones?.
$8 B Surplus at LBIE,nice article.
https://www.ifre.com/story/1513429/how-lehman-was-carved-up-and-hedge-funds-won-big-tpnvfnqx9n