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BUT THE ASSETS WERE NORTH OF $330 BILLION RON. WMB fsb.
FILED IN 2020, BUT TALKED ABOUT EQUITY?? WHY??
yeah this case was filed in 2008.
FORM 8937 FILED BY COOP - https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
I SENT SEVERAL EMAILS TO COOP ASKING ABOUT PAGE 4/5 REGARDING LTIs EXCHANGED IN CANCELLATION OF EQUITY.THEY ARE NOT RESPONDING AND I SUSPECT THERE IS SOMETHING GOING ON.WHY STEVEN SCHWIVE STILL WORKING AS A DIRECTOR AT COOP?.WHOSE INTERESTS HE IS REPRESENTING?.TAGAR OLSON REPRESENTS KKRs.
loda k b - "this is one who will not defend his viewpoint, but hide behind denial."....loda k b.
Senate Banking Committee Chair calls for ‘new leadership’ at the FDIC following scathing report
https://www.cnn.com/2024/05/20/economy/fdic-chair-gruenberg-senate-banking-committee/index.html
loda k b u know nothing.You can't speak truth.
They are pumping it, wait for they start shorting it soon once the interests rates start declining imo.But i missed all this action.
loda why did coop filed this in year 2020 about EQUITY?. "Pursuant to the plan,the liquidating trust assets are treated, for U.S. Federal income tax purposes, as having been transferred directly to the holders of claims or equity interests in satisfaction of their claims or cancellation of their equity interests"
Page 4/5
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
No problem, you are welcome Bill.
WROTE TO COOP ABOUT 8953 FORM FILED BY COOP AND LTIs - 5 emails sofar.
https://investors.mrcoopergroup.com/shareholder-information/irs-forms-8937/default.aspx
Particularly about LTIs and the language mentioned on page 4.I asked the same to loda too.Both did not respond yet.
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
WINK WINK or PANDORA BOX??
I am always in disagreement with liers.
FILED IN 2020.
loda page 4 https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
SAYS IT ALL.OTHER THAN ASSETS ALLOCATED TO DEE.IN CANCELLATION OF EQUITY.EOM.
Tax Withholdings by Liquidating Trustee. The Liquidating Trustee may withhold and pay to the appropriate Tax Authority all amounts required to be withheld pursuant to the IRC or any provision of any foreign, state or local tax law with respect to any payment or distribution to the holders of Liquidating Trust Interests. All such amounts withheld and paid to the appropriate Tax Authority (or placed in escrow pending resolution of the need to withhold) shall be treated as amounts distributed to such holders of Liquidating Trust Interests for all purposes of the Trust Agreement. The Liquidating Trustee shall be authorized to collect such tax information from the holders of Liquidating Trust Interests (including, without limitation, social security numbers or other tax identification numbers) as in its sole discretion the Liquidating Trustee deems necessary to effectuate the Plan, the Confirmation Order, and the Trust Agreement. In order to receive distributions under the Plan, all holders of Liquidating Trust Interests (including, without limitation, holders of Allowed Senior Notes Claims, Allowed Senior Subordinated Notes Claims, Allowed CCB-1 Guarantees Claims, Allowed CCB-2 Guarantees Claims, Allowed General Unsecured Claims, Allowed Late-Filed Claims, Allowed PIERS Claims, Allowed WMB Senior Notes Claims, Allowed Preferred Equity Interests, Allowed Common Equity Interests, holders of Dime Warrants, and Accepting Non-Filing WMB Senior Note Holders, who in each case, deliver a release in accordance with the provisions of Section 41.6 of the Plan) shall be required to identify themselves to the Liquidating Trustee and provide tax information and the specifics of their holdings, to the extent the Liquidating Trustee deems appropriate in the manner and in accordance with the procedures from time to time established by the Liquidating Trustee for these purposes. This identification requirement generally applies to all holders, including those who hold their Claims in “street name.”
So they maintain those LTIs in a BOOK ENTRY.
Mr. Folse talked in the court around $30 Billion or more down the road paid out by somebody.I think thats a very reasonable number to start with.
Who are the beneficiaries receiving assets as per this? " Liquidating Trust Beneficiaries are deemed to receive the Liquidating Trust Assets in accordance with the provisions of this Trust Agreement, the Plan and the Confirmation Order in exchange for their Allowed Claims or Equity Interests, as applicable, without further obligation or liability of any kind, but subject to the provisions of this Trust Agreement."
Ans: This excerpt from the WMI Liquidating Trust Agreement defines who receives assets from the Trust and how they qualify:
Beneficiaries:
The document refers to them as "Liquidating Trust Beneficiaries." These are the individuals or entities entitled to receive a portion of the assets after the Trust liquidates (sells) its holdings.
Basis for Receiving Assets:
Beneficiary status is linked to having either "Allowed Claims" or "Equity Interests."
Allowed Claims: This likely refers to creditors of Washington Mutual (WM) or its subsidiaries who had valid outstanding debts when the company went into bankruptcy. The Trust might distribute assets to these creditors in partial or full satisfaction of their claims.
Equity Interests: This refers to shareholders of Washington Mutual before the bankruptcy. The Trust might distribute assets to these former shareholders based on their ownership stake at the time.
Distribution Details:
The specific terms for how assets are distributed are outlined in three documents:
This Trust Agreement: This document details the rules and procedures governing the Trust, including the process for distributing assets.
The Plan: This likely refers to the official plan approved by the court outlining the liquidation process for Washington Mutual's assets. It would specify how much of the Trust's holdings would be allocated to different classes of claims or equity interests.
Confirmation Order: This is a court order that formally approves the plan, making it legally binding.
Key Points:
Beneficiaries receive assets based on their claims or equity interests.
The exact distribution details are determined by the Trust Agreement, Plan, and Confirmation Order.
Once beneficiaries receive their share, they have no further obligations or liabilities related to the Trust.
It's important to note:
This excerpt doesn't specify the proportion of assets each beneficiary receives.
The specific details of who qualifies as a beneficiary and how much they receive would depend on the terms outlined in the Plan and Confirmation Order.
------------------------------------------------------------------------------------
So based on this, equity holders received Liquidating Trust Interests which are maintained in book entry form?
Based on the information provided and the excerpt from the WMI Liquidating Trust Agreement, it's highly likely that equity holders received Liquidating Trust Interests which are maintained in book-entry form. Here's why:
No mention of physical certificates: The excerpt describes ownership being recorded electronically in a book-entry system. This suggests there are no physical certificates issued for Liquidating Trust Interests.
Focus on book-entry system: The document emphasizes the book-entry system as the primary evidence of ownership for Liquidating Trust Interests.
Distribution to former equity holders: While the excerpt doesn't explicitly state "equity holders receive Liquidating Trust Interests," previous discussions mentioned a distribution of newly issued shares to some former equity holders. This suggests a connection between former equity and the Trust.
I do. BF discouraged equity, tried to pump prefferreds.
WMMSC was merged into JPM in 2008-2009, JPM valued it at that time $15 Billion,if i am correct. WMB was valued by Cleveland Fed around $80 Billion. Its peanuts for JPM or other entity to merge with hush money.
Interest on Liquidating Trust Interests. As set forth in the Plan, interest shall not accrue and be paid on the Liquidating Trust Interests themselves, but only with respect to and to the extent provided in the Plan with respect to an Allowed Claim (“Interest”). Interest may, as an incremental adjustment on the maximum amount the Liquidating Trust distributes in respect of a Liquidating Trust Interest, accrue up to and including the date of final payment in full of the Allowed Claim related to the Liquidating Trust Interest as provided in the Plan.
Claims get interest
Equity beneficiaries no interest.
"the difference is one set of investors received LTIs and one set of investors are in the Book-Entry system."
Page 4/5
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
Grantors received LTIs but recognized Trust Beneficiaries as direct owners(book entry receivers imo)
And LG, probably there was a reason WMILT officially did not distribute any LTIs for released equity classes because there were senior claims and disputed equity claims (AAOC and others buying WMI equity)pending thru Jan 2020.WMI former equity received a portion of the reorganized company because creditors and preferred holders agreed to issue such portion and which was diluted significantly by using a RS few years ago.I see that was the reason(probably) entering details into a Book Entry system( using Ballot and W-9 submitted by released equity both class 19 and class 22).And the same thing was mentioned in the IRS ruling letter that equity owners were directly receiving distributions from underlying assets.I think COOP is using those assets and remitting the cash, COOP is the disbursing agent for LTIs and Litigation Proceeds Interests. And WMILT had no control over claims and LTIs in DCR and DCR is a separate entity.IMO, DCR is the Safe Harbor assets lying and it needs to be addressed as per restated and amended liquidating trust agreement.
LG, this is the evidence LTIs were issued based on W-8 or W-9.
WMI LIQUIDATING TRUST ANNOUNCES ADDITIONAL INFORMATION FOR
LIQUIDATING TRUST INTEREST BENEFICIARIES AND FOR CLASS 17A CLAIMANTS
SEATTLE, April 3, 2012 – The WMI Liquidating Trust (the “Liquidating Trust”), which was formed pursuant to the recently confirmed Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code (as modified, the “Plan”) of Washington Mutual, Inc. (“WMI”), today announced that on or about April 16, 2012, it will begin issuing summary statements to holders of Liquidating Trust Interests who returned a Form W-8 or Form W-9 in connection with the solicitation of acceptances on and elections pursuant to the Plan. As previously announced, the Plan became effective on March 19, 2012.
The summary statements to be issued on or about April 16, 2012, will provide a summary of the value of a particular holder’s Allowed Claim (as defined in the Plan) as of the Effective Date, distributions made with respect to such claim, and the balance of Liquidating Trust Interests held by that holder after giving effect to such distributions made on March 23, 2012. An initial valuation of the Liquidating Trust Interests also will be included in these statements, for tax reporting purposes. At the end of each calendar quarter, subsequent statements reflecting updated information will be mailed to holders of Liquidating Trust Interests.
The Liquidating Trust also announced today that on March 23, 2012, consistent with the Plan, a onetime disbursement of $326.8 million (or $335 million less a “holdback” in respect of the payment of certain professional fees as contemplated by the Plan) was made to members of Class 17A (as described in the Plan) across holders of approximately $6.1 billion of claims (after giving effect to adjustments for applicable exchange rates for foreign currency, if any) and that no additional distributions of cash or Liquidating Trust Interests will be issued to members of Class 17A. The chart below summarizes the cash distribution rates for Class 17A by security and CUSIP.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000140/mm04-0612_8ke992.htm
LG "one set of investors received LTIs and one set of investors are in the Book-Entry system" exactly IMO too. I had PIERS, it was evidenced by LTI statement. Those were not evidenced by book entry form.
IMO THEY RECORDED RELEASING EQUITY OWNERSHIP IN A BOOK ENTRY FORM.
AI - The statement "A holder of a Liquidating Trust Interest recorded in this book-entry system will be deemed the legal holder of record of that interest for purposes of all applicable U.S. federal and state laws" means:
For U.S. federal and state legal purposes, whoever is listed as the owner of a Liquidating Trust Interest in the electronic book-entry recordkeeping system maintained by the Liquidating Trust will be considered the official legal holder of that interest.
In other words, the book-entry records are the definitive source for determining the legal holders of the beneficial interests in the Liquidating Trust. The person or entity recorded in that system as holding a particular Liquidating Trust Interest will be treated as the owner of record for that interest under all relevant U.S. federal and state laws governing such matters
Page 7 "EVIDENCED BY BOOK ENTRY"
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
SO NO NEED OF ISSUING LTIs.IMO THOSE ENTRIES SOURCE WAS BALLOTS AND W-9 SUBMITTED BY FORMER SHAREHOLDERS WHO SIGNED RELEASES.
AI - The quoted statement means that for U.S. federal income tax purposes, the transfer of assets to the liquidating trust is treated as if those assets were directly transferred to the creditors and equity holders in satisfaction of their claims or cancellation of their equity interests in the company. In other words, it is a deemed transfer from the company to the creditors/equity holders, followed by a deemed transfer from the creditors/equity holders to the liquidating trust.
Regarding your second question - yes, typically the creditors and former equity holders of the company are issued beneficial interests or units in the liquidating trust in exchange for their claims against the company or their canceled equity interests. These liquidating trust interests represent their rights to receive distributions from the trust as its assets are liquidated over time
15 years is a long time to say the least.
What was the role of Steve Scheiwe in WMI Holdings Inc and why is he continuing in COOP?. Are they using Estates assets?. I suspect so. His bio indicates everything except his role at reorg WMI.
https://investors.mrcoopergroup.com/governance/board-of-directors/person-details/default.aspx?ItemId=ebbc948f-8aa5-4994-bff5-9c004aaab4d0
W-9 INFO
ITEM 4
Under U.S. federal income tax law, interest and other reportable payments may, under certain
circumstances, be subject to “backup withholding” at the then applicable backup withholding rate (currently 28%).
Backup withholding generally applies if the holder (a) fails to furnish its social security number or other taxpayer
identification number (“TIN”), (b) furnishes an incorrect TIN, (c) fails properly to report interest or dividends, or (d)
under certain circumstances, fails to provide a certified statement, signed under penalty of perjury, that the TIN
provided is its correct number and that it is a United States person that is not subject to backup withholding. Backup
withholding is not an additional tax but merely an advance payment, which may be refunded to the extent it results
in an overpayment of tax and the appropriate information is supplied to the IRS. Certain persons are exempt from
backup withholding, including, in certain circumstances, corporations and financial institutions.
. Important Tax Information Required – Potential Withholding. Distributions to holders of Common
Equity Interests by the Debtors or the Liquidating Trustee, and any subsequent amounts received by the Liquidating
Trust allocable to a holder, are subject to any applicable tax withholding.
In addition, in the case of any Liquidating Trust Beneficiaries that are not U.S. persons, the Liquidating
Trustee may be required to withhold up to 30% of the income or proceeds allocable to such persons, depending on
the circumstances (including whether the type of income is subject to a lower treaty rate). Such withholding is not
dependent on the Liquidating Trust distributing any cash or other proceeds. The Liquidating Trustee may also place
such withholding in an escrow pending a determination as to whether the withholding is required under applicable
law.
To avoid unnecessary withholding, each U.S. holder is required to properly complete and return the
Substitute Form W-9 included at the end of this Ballot, certifying that such holder is a U.S. person, that the TIN
provided is correct, and that such holder is not subject to backup withholding, as per its instructions. Exempt
persons should indicate their exempt status on the Substitute Form W-9 as per its instructions. Each non-U.S.
holder is required to complete and return the applicable IRS Form W-8 (W-8BEN, W-8ECI or W-8IMY, as
applicable), signed under penalties of perjury, certifying the holder’s foreign status. These forms may be obtained
from the IRS website (http:/www.irs.gov). Holders should consult their tax advisors as to any qualification for
exemption from backup withholding, or a lower rate of U.S. withholding under an applicable treaty or exemption,
and the procedure for obtaining such exemption.
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 § 29.13(c).
https://www.fidelity.com/misc/wamu/WAMU-Class-22-Beneficial-Ballot-Code-GG-939322-10-3.pdf
Why bother mentioning of common equity in 02/24/2020?
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
LIQUIDATING TRUST INTERESTS THAT MAY GENERATE CASH RECOVERY IN THE EVEN ALL CLAIMS 100% SATISFIED?.
AND GRANTOR TRUST TREATMENT OF TRUST BENEFICIARIES ARE AS OWNERS DIRECTLY RECEIVING DISTRIBUTIONS FROM DEBTORS.
SUCH BENEFICIARY IS ALREADY REGARDED FOR FEDERAL INCOME TAX PURPOSES AS OWNING THE UNDERLYING ASSETS(AND WAS TAXED AT THE TIME THE WAS EARNED OR RECEIVED BY SUCH TRUST)
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
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.
Page 8
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
FOR THE ABOVE REASONS WMILT WANTED W-9 FROM RELEASING EQUITY HOLDERS.THE ASSETS MUST HAVE BEEN GENERATING CASH FOR A WHILE.
Potential Recovery For Equity
Page 3/13 from equity committee
https://www.sbroker.de/pdf/Washington-Mutual-Chapter11.pdf
LG i think it was for WAHUQ/CLASS 16 ONLY.
loda WMILT to liquidate and distribute a significant portion of the company’s assets
https://www.weil.com/people/stuart-goldring significant portion of the company’s assets
Washington Mutual in its chapter 11 reorganization, including the tri-party settlement with JPMorgan Chase Bank and FDIC resulting from the seizure and subsequent sale of Washington Mutual Bank.
Washington Mutual Liquidating Trust, established pursuant to Washington Mutual’s chapter 11 plan, to liquidate and distribute a significant portion of the company’s assets, including up to $500 million of potential federal and state tax refunds.
loda 1. Title to Assets
Except as provided in Confirmation Order, on the Effective Date, title to all assets and
properties encompassed by the Seventh Amended Plan shall vest in the Reorganized Debtors,
Reorganized WMI, the Liquidating Trust, the JPMC Entities or the FDIC Receiver, as the case may be,
free and clear of all Liens and in accordance with sections 363 and 1141 of the Bankruptcy Code, and the
Confirmation Order shall be a judicial determination of discharge of the liabilities of the Debtors and the
Debtors in Possession except as provided in the Seventh Amended Plan.
loda why did you omit wmilt from title to assets?Whats your intention/motive?
THEY KNEW EVERYTHING.THEY HAD A PLAN.ASSETS WERE ALLOCATED AS PER ABSOLUTE PRIORITY.EC WAS CONTINED ON TAB THRU JAN 2020.
We all know there were at least $20 B assets were contested by FDIC and JPM which they gave up due to GSA. And we all know equity TAB members were there since 2012 thru 2020. WHY?. Does any one think sr. creditors entertain equity members with no stake in it?. LOL.And one more open secret is LT agreement was restated and amended and kept in dark, WHY?.All creditor claims were done, why keep the new agreement under dark?. Any business agreements with JPM?. Possible, IMO.
THOSE SENIOR CREDITORS THREW US OUT 7 TIMES.
WMI LT maintained 3 disputed ownership funds,WMILT itslef, Disputed Claims Reserve(DCR) and Disputed Equity Escrow(DEE).
DCR received certain Plan Contribution Assets based on GSA and those assets were allocated among equity classes and WMILT had to report the ownership of the assets ,taxes needed to be withhold(in some cases), for those reasons WMILT needed W-9 information from equity classes too. That DCR had its own EIN.I don't see COOP file any forms related to DCR like DEE.
loda why did you omit wmilt from title to assets?Whats your intention/motive?