Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
LG, when is the potential date for Libor settlemt?
TIA
RD, there seems to be a fairness hearing date set in October....I guess Libor wont close until after that hearing?
Sorry, false alarm. I dont think I received it recently. I cant find the history of the issue. I think there was just a share left in that account by accident when I liquidated it last. It was an oldTD Ameritrade account that just got transferred into my Schwab. I apologize again for the false alarm. Still waiting on the FDIC Libor settlement like the rest of you.
Did anyone get a Coop share in your account for old escrows? I just got one share in one of my Schwab IRA account. Of course the escrow markers have been deleted from that account but it just showed up.
I'd be happpy if they returned $30B but I would restore my faith in our justice system if we see $87B+.
JPM makes over $90B in net profit a year....and they have been doing it for over 15.5 years....That's about $1.5T (trillion, like $1500B) in profits they have collected since Wamu robbery. You guys dont think there are a few billions in interest collected for old Wamu in remote bankruptcy? I guess the question comes down to if FDIC is totally corrupt and robbed Wamu of its remote bankruptcy assets ..aka interests from a $300B+ loan portfolio at time of robbery at about $9B annual interest...ok, maybe escrow doesnt get it all but there has to be a few billion collected for escrow over the last 15.5 years...otherwise the hedgefunds would not have agreed to the settlement. I would say $30+B hidden away is not an unreasonable ask (F&R) when JPM made over $1500B over the same 15.5 years.
If you think about it...Dr. A's estimate of $87B residual value of Wamu remote bk assets is not an unreasonable estimate over a 15.5 years when JPM made about $1500B over the same period.
The $87B value is there...the question is whether FDIC illegally took remote bk assets and gifted them to JPM. JPM own filing said they didnt buy any of Wamu loan portfolio. only bought the bank...so who owns the $87B? Did the hedgefunds steal it from retail? This is unlikely as it would require too many players in the conspiracy and someone would have leaked it.
The only possibility is it was either robbed by the FDIC for JPM or old Wamu equity is entitled to it once FDIC-R closes the receivership.
FDIC is suing for 400B for Libor...I think its not unreasonable for final settlement to be at least 40B (10%)
https://www.forbes.com/sites/timworstall/2017/08/17/the-fdics-libor-rigging-case-is-a-serious-problem-heres-why/?sh=7ced5d0d42da
Boris, is there a link to the filing showing that the Libor lawsuit is in the amount of $400B? I thought the amount being asked for was much lower. If the $400B is true then I'm hopeful that the settlement amount will be at least 10% ($40B)...that's significant dough...that will make it past the $13B bank bonds
Are you expecting WW3?
Happy New Year Everyone! May our wait come to an end this year with the R closing. One way or another may 2024 bring closure to all.
This is what I have been suspecting all along. I dont think you need to release to receive returns from remote bk assets. I think all shareholders on record at the time of share cancellation will receive returns. There was a period after the release deadline, where I saw a lot of shares being traded around 3 cents. Why would people be buying if they already missed the release deadline? I think the release is tied only to shares of WMIH and not remote bk assets. How can you sign away rights to assets in remote bk that were not disclosed during bk?
b3, if nothing is coming back to equity from Libor then why do we see S&G name plastered in the final negotiations? They represent equity so it must mean the final numbers are large enough to reach commons
Boris, it makes sense to me that there are people like you and others who are still here looking for a potential payout...since I know there are bk remote assets out there. However, it makes no sense to me that there are "concerned citizens" on here trying to talk us "reason" into letting go of payment coming back....for a "bankrupt company" after 15 years...and "supposedly done for good"
I've never seen this many "concerned citizens" for other stocks that arent even bankrupt...look at the number of posts for the last 15 years....they really are "concerned" to supposedly "save our souls"
Thank you Ron. I wish we could confirm S&G is representing FDIC on behalf of WMI and not some other bank....but seeing their name here definitely got my hopes up...if it is for WMI then it means settlement amount is large enough to reach commons
Thank you Boris. I hope this finally ends. We all need closure
Boris, was Sussman involved in any other bank bancruptcy during the 2008 period? So are you still expecting Libor settlement by year end?
This is really a good sign. Remember, Sussman represented common equity...this is a sign that the settlement amount will reach all the way to commons.
TIA
Thanks LG. Are you still confident of our wamu payout by end of year?
LG, do you know if money is going to reach old Lehman commons?
Thank you. It seems like they will drag out the receivership with these cases
What about the UBS and SONTARO that is scheduled to take place in the HAGUE as mentioned by Bbanbob? Do those also need to close before the receivership closes?
IMO, deleting the escrow markers by WMILT was deniability cover by Rosen to show that WMILT knew nothing about assets in remote bankruptcy. When the remote bk assets do appear, he can simply say "see we really thought there was nothing...we even deleted the escrow markers...we didnt committ any bk fraud"
wow, 11/27 filing shows no objection by any class members for the settlement. It looks like this could get approved on Dec12
Thank you Bbanbob. Do you have dates for those cases?
Boris, I recall FDIC opened up some claims against mortgage orginators this year or last year? I recall them opening the claim right before the statute of limitation ran out. Do you know if those cases have been settled? Is this Libor case really the last thing on FDIC plate or are there any other lawsuits out there?
Thanks again!
RD, these dates show 2018.. I thought the FDIC is holding final LIBOR hearings this week?
Thank you Boris. Is this the last case left for Libor?
Are there Libor settlement hearings this week? Someone mentioned that the FDIC Libor lawsuits may come to an end this week.
xoom, is this payment to ex Lehman common shares? the first payment since bankruptcy?
JPM won that lawsuit against DB. They actually got several hundred millions from DB in that lawsuit. Not only, are they not paying back the $13B they actually got more money!! They really must have blackmail material on everyone in the government. They get away with everything!
The only way we get paid is through remote bk assets...My guess is FDIC is waiting to sue those assets for the $13B WMB bonds once it comes out...hence we will be waiting for another 15 years. There is no justification for FDIC-R to have lawsuits still open for a meaaly 10's of millions in supposedly trying to cover the $13B debt. These vultures are waiting to sue the remote bk assets.
Ron, the FDIC does not control the assets in remote bk...that's why they are 'remote'. However, I have a feeling that FDIC can sue those assets if they apppear before the receivership closes...Hence, that's why we havent seen any remote bk assets return even though it has been over a year since the bk closed.
FDIC does not "control" remote bk assets. but they can sue the assets if they emerge. They can sue for anything...no justifiable cause needed. They'll just sue to delay the asset return to us until we agree to share the assets to pay off the $13B WMB bonds. IMO
I dont think FDIC is suing them for R "recovery". The amounts are so small its not going to make a dent in that $13B WMB bonds owed. I think they are simply using these suits as a delaying tactic to outlast the receivership past remote bk assets return...such that they can file the clawback claims against those returning assets from remote bk trusts.
Yes, I agree...but what if the remote bk assets cant come out until R is closed...and R is waiting it out so that it can sue the remote bk assets to cover the WMB $13B bonds...so we end up in this long waiting game. I wish there was a time limit statute for R to close...and I hope its way less than 30 years
LG, the only way R will close is if there is a time limit. IMO, they will just keep opening up new lawsuits to delay closing the receivership as long as the law permits...and so far I havent found any mandate that requires them to close the receivership within some time limit.
Is there a time limit for FDIC to close the receivership? like 100 years?
Whats the record time for FDIC to close a relationship?
Running out of theories on why remote bk assets are not released yet. It seems this clawback potential is the only one reasonable for the delay.
If you have any better theory on what's holding back our remote bk assets, I would love to know.
FDIC can sue for anything they want and would tie up the money. They can claim that the parent conpany owes the WMB bondholders even though the assets are isolated in remote bankruptcy. After all this illegal seizure of Wamu, I wouldnt be surprised if they make some sort of clawback claim and tie up the money.
This is the only reason I can imagine why the remote bankruptcy assets are not released yet. So if nothing is released by end of this year, I think we may be waiting for a few more years while FDIC drags out the receivership.
Ron, my concern is that the assets isolated and protected under remote bankruptcy may loose their shielding from FDIC-R clawback claims. Hence it cannot dostribute until FDIC R closes.
Also, FDIC may be delaying to close down the receivership with all these lawsuits for pennies because its waiting for the remote bankruptcy assets to be released so that it can file clawback claims of $13B for the WMB bonds.
Can all pro escrow believers here agree that if we dont get paid by end of 2023, then we probably wont get paid until after FDIC closes the receivership - which could be a few more years.
There is nothing holding back the remote bankruptcy assets to be released this year other than the receivership being still open. Can everyone agree to that or do you have a different theory?
No not enough....the punishment was he caught throat cancer. He took one for the team I suppose and got Wamu.
Someone should sue JPM for Jamie Dimon sleeping with Sheila Blair to steal Wamu