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.
It Is a Process Controlled by Government bureaucrats.
Lucky many Hedge Funds are waiting just like us.
MW was employed by the FDIC for a term.
Must have been watching the books.
True, I’m not happy with our current ‘government’.
Not our Government, but the governments government.
Please remember that this was a Fifth Amendment Taking.
WMI was a Holding Company not a Bank Holding Company.
Big Difference.
Ron
Don’t Blame MW.
The FDIC and the Government controls the money.
I don’t like what I see either.
Nor do others.
Ron
With an Attitude Like That,
If I knew when. I wouldn’t waist my time telling you!
The What is traceable through the history of the case.
Ron
Correct JJ, No Preferred Money from JPM.
Same class of Preferred investment as WMI.
I’m using WMI Preferred numbers for my math.
There is also Closed-end funds using the three payments system.
It’s not uncommon!
Remember WMI Preferred Funding? ;)
Ron
Thanks Bill. Preferred Funding.
As I said Preferred Funding is basically mature.
AZ has said the same as I recall.
Does Preferred Funding need to finish first before Distributions. I know of no reason for that.
IMO,
Government Bureaucratic love to sit on other peoples money.
Ron
Please See JPM’s Series R, S, & Z.
December 15, 2021;
https://www.jpmorganchase.com/ir/news/2021/jpmc-declares-preferred-stock-dividends0
“JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) has declared dividends on the following series of the Firm’s outstanding preferred stock, which is represented by depositary shares:”
Distribution (per Preferred Share)
The Performance Payment.
Distribution (per Depositary Share)
Semi annual dividend payment.
WMI Series R $76/2= $38
This only took me a few minutes to find the link.
Yes I have again PROVEN THE PERFORMANCE PAYMENTS FOR WMI SERIES R PREFERRED.
I obtained two reasonable data points for payments and dates.
Using linear interpolation to create a graph to generate the area under the curve to determine the accumulation of Performance funds.
Answer ~2.1X of Series R Face.
Preferred Funding is basically mature, so number is very reasonable.
PROVEN!!
Many other funds use the same method.
Example;Closed End Funds.
BBob, CWG, and a few others?
Crow?
Baked, boiled, or deep fried????
Yes I win,
Ron
Please Reread My Post.
That is not what I said.
Search JPM SEC history filing for the Series Z Preferred offering.
Ron
Then Post JPM Series Z Payments SEC Filings.
I did!
I proved that on BP three times with links.
Yes you should have been reading.
Retained Earnings also totally proven.
Ron
The Old Civil War General Losses Twice.
As I said, I posted all the documents previously.
You should have been paying attention.
You find it;
JPM Series Z.
Ron
I Don’t Control the Checkbook.
I own P’s also. I’m totally not happy with the time line either.
Ron.
The X References The Multiples of Face for Series R.
My numbers; ~4.6 times the stated face of which was $1,000 for the P’s of Series R.
The Commons; UQ’s,
Returning WMI assets of “WMB and it’s assets”, WMI non-Debtor Subs, WMIIC/ABS, and other stuff.
Money in Billions/1.215 Billions common shares.
Plus, just over $5.00 a share from Retained Earnings.
The old commons owns the WMI property.
All good,
Ron
I Have Already Posted The Document Links.
Too bad that you didn’t read them.
Not my problem anymore.
Yes I did prove my case.
Ron
I Have Already Proven The P Performance Payments.
Yes; Proven!
Proven in two ways;
1. Series R PPS fluctuated around $1,300 and paid $76 ay year in dividends before seizure. So the market price in another ~$224 valuation. Then from a friend I received another data point.
Linear Interpretation to generate the area under the curve.
Hence; 2.1X.
2. Three times I posted on BP JPM’s Series Z Preferred that has the same exact language as WMI Series R. Perpetual, non-accumulating.
Series Z made three payments a year.
Two dividend payments and one Performance Payment in the same range as our Series R.
I have explained the source for the ~2.5X being from the Retained Earnings of $20.7 Billion, now add interest.
Bop/CSNY only alludes to ‘her source’. No greater explanation, and you totally believe that.
Why not me?
I presented my source!
The February MOR.
Yes, add them up!
Let me help you;
$2.1+2.5=$4.6X
The End of 75/25%.
All Documented in BK and SEC Filings,
Ron
No Only TPS, Not P and K.
This is Plan 6, note the date.
In Plan 6, Series R&K were in Class 20.
Only TPS was in Class 19 during Plan 6.
Plan 7 moved Series R&K into Class 19 and Class 20 became empty.
Ron
Newflow, This is Plan 6.
Look at the date.
In Plan 6, Class 19 was only the TPS. Class 20 was the Series R and Series K.
Ron
Completely Wrong, LG.
There is no WMI anymore to support any Class 19’s conversions into WMI commons.
That is why The Equity Committee created the Retained Earnings to fully reimburse Class 19 for all interest losses and pay their claims.
Example;
The TPS, The Exchange Event happened. TPS received shares of NewWMI at 75%, but not at the exchange of $4 Billion.TPS awaits Retained Earnings to close their claim, and satisfaction. Just like all of us.
Again; Series R has only received about ~$70/share face from COOP.
The Equity Committee represented the Class 22 claimants.
Class 19 will be fully rewarded.
Ron
I Fully Understand JJ.
I’m just trying to contain/reduce the fiction of the MB.
I own Class 19.
I fully don’t agree with 75/25% to the end.
“Unjust Enrichment” for Class 19.
I win either way. No bias needed to argue my opinion based on emotion.
Class 22 owns the WMI Estate.
That means WMB, WMIIC, and WMI Subs.
Ron
The Only Major Change Was Exhibit H.
Very little changed between Plan 6 vs. Plan 7.
Exhibit H defined who would be the recipients of 510(b) (WMB), and WMI assets like the Retained Assets (WMIIC).
Ron
No! Stop Guessing and Find the Document.
The First first filing.
SL in 28, not 29.
Even The WMI BOD was bared from viewing the contents of WMIIC.
Hand written!
Ron
APR Was Removed So;
Distributions could flow freely to later Classes.
Class 19, 21 and Class 22 received WMIH shares or final payment before Class 16, 17, and 18 closed.
Yes it’s a shame that the RE money hasn’t been released.
I hold Class 19 also.
Ron
Hence; Their Predetermined claim.
Against the WMI Estate.
The money has already been set aside in the Retained Earnings.
Class 19 is pre-satisfied.
That is why APR was removed.
Everyone gets their property.
No exceptions.
Ron
No, Class 19 Was Never An Owner of WMI.
Class 19 had a claim against the estate owned by Class 22, The Commons.
Class 22 very generously set aside 75% of the Retained Earnings for Class 19 to satisfy Class 19’s claim.
Yes, the Equity Committee was working for Class 22.
Please explain more about the term ‘liquidation preference’.
Ron
It’s Called Bankruptcy Law!
Bankruptcy Law has nothing to do with what you call ‘Common sense’.
Your ‘common sense is just your opinion. Nothing more!
Yes, Class 22 was in control of the Negotiations with TPS(Class 19).
Class 22 offered the TPS groups in Class 19 70% of new WMIH shares and 70% of the Retained Earnings with the caveat of changing the percentage rate to 75% if TPS would vote in favor of Plan 7.
TPS said yes.
‘Stew’ said no one is privy to WMIIC except; he, the Judge, and Rosen.
Hand written!
My hint was excellent.
Anacortes is very nice,
Ron
‘Stew’ Knows What is in WMIIC.
Hint; SL in 28.
Great document,
Ron
BBob, I Said The First First Day Filing.
??Who is Stew?
You didn’t read the First First Filing.
You failed the test,
Ron
The 363 Sales Applies in Our Plan.
The 363/365 Sales was applied in both Plan 6 and 7 of the Disclosure Statement.
To best understand the assets and property involved, please see the Equity Committee’s Presentation and the DS.
The same assets and property.
Post the documents!
I win again!
Keep trying,
Ron
BBob, Why Was WMIIC Off-limits?
Stew knows.
The First first Filing.
Why BBOB?
Ron
APR Was Removed Because Class 22 Controlled Plan 7.
Therefore “distributions can flow freely to other Classes”.
Note the quotes.
Hint; Mary regarding APR.
Therefore Class 22 could receive distributions ahead of Class 19 because Class 22 guaranteed Class 19’s payment from the Retained Earnings held in Treasury Notes.
Please post the Equity Committee’s presentation to the Court.
Please post the Plan 7 DS regarding the 363 Sales.
These documents proves Me Right!
BBob couldn’t do it, can you?
I win,
Ron
No CWG! Class 22 Gifted Class 19!
Gifted 2.5X.
Please say thank You.
You probably don’t understand The 363 Sales either.
All well documented in both Plans.
Nor the performance payments to Series R holders.
Happy Hour now,
Later,
Ron
Not A Very Convincing Argument.
The Class 22 Commons better than satisfied Class 19’s claim by setting the $20.7 Billion in Treasury Notes.
Because Class 19’s claim was safe and protected, the Court removed Absolute Priority Rule.
CWG;
Class 19 didn’t ‘gift’ anything to anyone because they CAN’T.
The Equity Community proved to the Court with their presentation that the Debtor had ~$25 Billion available mostly from the 363 Sales.
That money was “on top of the Table”, and open for discussion. WMIIC was not open for discussion because of the first first day filing. (Do you know why?)
AS I SAID BEFORE, I HAVE ALREADY PROVEN THE PERFORMANCE PAYMENTS OF SERIES R.
Yes PROVEN!!
Back interest is NON-ACCUMULATING.
Ron
TOTALLY WRONG BBob.
Only the Court removed APR. Only the Court can remove APR, and after the Equity Community created the protected account to satisfy other Classes. And did!
The TPS. Didn’t negotiate anything with the Equity Community. The Equity Community made TPS the offer of 70% of the Retained Earnings, with the caveat of 75% if TPS would agree to Plan 7.
TPS did.
The TPS in Plan 6 wanted their $4 Billion from the Exchange Event, and not to be involved with the other Preferred Class 20.
Judge ruled that the Exchange Event happened; and TPS was coveted to Preferred ‘; therefore all Preferred’s will be equal and in the same class, (19) in Plan 7.
That happened!
Read Documents, and less of the MB.
Plus; you didn’t answer my question.
Hint; WMIIC?
Please post the link to the Equity Community Presentation,
Ron
UNJUST ENRICHMENT
I Have Already Proven!
• The Performance Payments to the Series R. The P’s!
Posted three times on BoardPost.
Series R made three payments a year; two Dividends and one year end performance payment.
Pending performance payment is +~2.1X Face.
• Now the Retained Earnings;
The Equity Community proved to the BK Court that Class 22 could greatly satisfy Class 19’s claims with the $20.7 Billion held in Treasury Notes.
Hence;
APR was removed because Class 22 proved that Class 22 will satisfy Class 19’s Claims.
Another 2.5X for Class 19.
The bank WMB belongs to Class 22.
It’s all about property rights.
Yes DMD is wrong!
Think about it?
Does Class 22 need to sue Class 19 for Unjust Rewards?
Ron
There is a Better Document.
Start with the Dual Track in DC Court.
See PDF 36/39.
JURY TRIAL DEMANDED.
http://www.sidedraught.com/stocks/WashingtonMutual/WMI%20v%20FDIC%20Complaint.pdf
The initial action took place in Delaware Court where WMI Sued the FDIC for $307.02 Billion and the litigation was transferred to DC. JPM became an intervener in the case. Judge Rosemary ruled that FDIC/JPM was obligated to pay full book value for WMB and it’s assets.
I’m looking to see if I can find the document again.I have posted the document in the past.
The Turnover Over Litigation and the Exchange Event Money returned to WMI. Then the FDIC adjusted the number to $299 Billion.
The numbers work.
It’s all about property rights.
No 75/25% to the end,
Ron
Edit Step One, Should Be.
WMI Holdings Corp merges will newly created WMIH Corp.
Then Step Two with NSM.
The Parent;
WMI Holdings Corp. Owned by Released legacy holders.
Ron
There Is Two WMIHs.
AZ has wordings, something like;
Step one:
WMI Holdings Corp changed name to WMIH Corp.
Step two:
WMIH Corp merger with NSM.
The Parent;
“WMI Holdings Corp is no longer” the Registrant.
Ron
Then Where Did it Go?
We have seen no evidence that our assets are in someone else’s pocket.
If so, show me/us.
I have seen no evidence that others are benefiting from our property.
Fair and Reasonable is still fully functional and active.
Remember my list?
WMB; RICO, 41.6.
WMIIC.
ABS/RMBS.
WMI Non-Debtor Subs.
More,
Ron
Gandalf has already Discussed the Many Wands.
Wands makes things disappear, and then reappear just like an Eclipse does.
COOP is only the Registrant for the trading Stocks. “WMIH Corp is no longer” the Registrant of the trading Stock.
The Parent went silent with the waving of many magical Wands. And just like the DST did with its closure filing.
Functional, but silent.
Ron
?? What Was the $1.9 Billion For??
Just an FDIC admission Fee!
The FDIC payment by JPM was based on one percent of the WMB deposit base.
The JPM payment had nothing to do with the total value of “WMB and it’s assets”.
How much did WMI sue for?
The FDIC response?
We have the number!
41.6 “Willful Misconduct”.
Adjustments to a previous post;
Yes, the WMB Notes and Preferred Funding and other like covered offerings by the WMB RMBS creation referenced by the FDIC.
True; not all the Commons property.
But a whole lot is!
Newflow; I’m surprised by your response?!?
Yes I own P’s,
Ron
So, Yes the WMB Bonds Are Still Unpaid.
The current major issue of the balance sheet being the Notes.
Please remember that the Notes are Covered Notes, and backed by ~$26 Billion in ABS securitizes.
So yes what the FDIC said is true but not correct because the FDIC hasn’t released the funds due to LIBOR, and Government bureaucracies.
The WMB Notes are self sufficient in that the the claim is covered due to overfunding by design.
Same for Preferred Funding.
That is the way WaMu operated.
Smart Banks operate in low risk exposure. WaMu was not involved/exposed in the Derivative Market like JPM was.
Big Picture;
All the Balance Sheet means is that JPM Payment hasn’t made it from FDIC Corporate to FDIC Receive.
WMI sued for?
The FDIC responses?
We have the numbers!
Ron