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Does the POR Ever State Which Class is Impaired?
I don’t believe that the POR states what Creditor Class is impaired.
All claims are “satisfied in full “. Class 3 through Class 11.
The POR has been paying Creditors Claims years now.
CT -> Debentures, or the assets held in the Capital Trusts?!
OBS(shares) -> Class 12?!
We will see,
Ron
It All About LIBOR.
Lehman’s was named in the FDIC LIBOR litigation involving currency manipulation with all the other big banks.
Most ABS/RMBS are LIBOR based.
Lehman’s is on both sides of this litigation; Lehman’s wrote Derivative contract insuring the ABS, and held ABS Certs.
The FDIC has asked for a time extension last month, should be timing out about now.
Ron
Any Updates on FDIC’s Time Extension?
The time extension should be exhausted by now.
LIBOR Settled and signed off by Judge, or ruled on by Judge.
We should have a answer...
WaMu, Lehman’s, and F&F are all in the same boat,
Ron
It Was a Great Test of CT’s Market.
Good job mates!
Try Placing a Limit Order.
Not a Market Order.
Preferred Funding and the Cayman’s.
The TPS of four or five offerings at 1 million per share made up the Cayman’s for a total offering of $4 Billion what went through the Exchange Event all backed by ABS/RMBS.
Similar story for the Series R and Series K. All backed up by ABS/RMBS.
Yes TPS and P and K are all apart of Preferred Funding/Cayman.
I could go into great detail but I’m not in the mood for typing.
The point is that the money is there ready for distributions because the backed offerings are not a classical debt offerings like traditional bonds.
The money/property is in Trusts.
I’m in agreement with you,
Ron
Yes I fixed it. EOM.
Prior to the Commencement Date.
The Commencement date is the fourth right?
“the Plan Trust may receive Stock Distributions which will then be distributable among the Beneficiaries consistent with each Beneficiary’s rights of payment as holders of LBHI Stock existing immediately “prior” to the commencement date.”
Does that mean before the commencement date of the forth?
The main point is that payment and stock distributions are due even to common’s ESC holders.
If shares come to common holders, then everyone is fully satisfied!
Lehman’s paid $31 Billion in Claims to itself.
Ron
How I See the Numbers.
Lehman’s had $31 Billion in Claims against itself.
“Note 7 – Subsequent Events
25th Plan Distribution
On October 6, 2022, LBHI will make its 25th Plan Distribution to creditors. The Company will distribute approximately $12 million, including $11 million to third party creditors.
Through D25, the Debtors will have made distributions to creditors totaling $129.0 billion, of which $96.0 billion were payments on account of claims owned or formerly owned by third party creditors.”
Lehman’s filed with $129 billion in claims against the Debtor, of which $96 billion is third party.
That means Lehman’s paid around $31 billion to itself.
To me, that means Lehman’s has around $31 billion in operating cash!
Hence; a going concern.
Ron
Yes A lot Has Changed from 2008.
Exhibit B is most significant to me.
Lehman’s like WaMu where both solvent back in 2008. JPM’s Derivative portfolio was in total meltdown and JPM couldn’t cover their exposure.
LIBOR is about to be settled in full.
Ron
How Big is LBHI’s NOL’s?
The NOL’s cover the cancellation of debt, or discharged; canceled, forgiven,...
JPM’s settlement for when JPM didn’t advance $17 Billion in September 14th so Lehman’s could close their books “mark to market”.
JPM caused Lehman’s and Wamu’s ‘Failure’. And many others too.
I read it as all other outstanding claims against the Estate are satisfied.
Now Lehman’s is just paying itself.
Ron
Exhibit B;
“(1) "Allowed" claims as reported on Exhibit B of the Twenty-fourth Distribution Notice filed on March 30, 2022 (Docket No. 61443).
(2) Represents allowed claims that were satisfied in full through the combination of the primary obligor and guarantee distributions from LBHI. Also includes previously allowed claims that have been reclassified, withdrawn or reinstated subsequent to the Twenty-fourth Distribution.
(3) LBHI is the holder of Allowed Claims against itself of approximately $31.1 billion, including: $1.2 billion of Class 3 Claims, $25.3 billion of Class 4A Claims, $0.6 billion of Class 4B Claims, $0.2 billion of Class 5 Claims, $0.6 billion of Class 7 Claims, $1.2 billion of Class 9A Claims, and $1.9 billion of Class 9B Claims.”
https://document.epiq11.com/document/getdocumentbycode?docId=4110133&projectCode=LBH&source=DM
? The remaining part of the claim is against it self.
So are all other claimants satisfied?
Ron
So All Creditors are Paid October 6th.
Through 10C, true?
Stock distributions by October 4th, true?
That’s what I read from Exhibit B.
Ron
SEC Penalties, Not LIBOR Settlements.
The LIBOR settlements we are interested in come from the FDIC litigation that caused the WMB failure according to the FDIC filing.
The record-keeping “penalties” have to do with sloppy Derivative contracts records, IMO.
Lehman’s is ready, just like WaMu and F&F.
Ron
Yes They are All Connected.
Lehman’s is the last price of the puzzle to resolve because Lehman’s played both sides; securitized and purchased ABS, and was also manipulating LIBOR just like the other Big Investments Banks that LIBOR rates set ABS interest rates and Performance payments.
WaMu, Lehman’s, and F&F.
Ron
According to the FDIC;
“WMB Securitized $2 Trillion in RMBS of which $500 Billion was sold to government agencies like F&F.
Those RMBS where insured as required by the offering’s Prospectus by Derivative Contracts that have not been resolved as of yet.
This is why WaMu, Lehman’s, F&F Safe Harbor portfolios have not surfaced yet.
Just needs to resolve the LIBOR loss put backs.
That is why AAOC so aggressively wanted WaMu.
But we got it,
Ron
Resolve! This is all About Derivative Contracts Resolve.
LIBOR interest rates governed most of the Derivative market which insured the ABS market like RMBS.
WaMu, Lehman’s, and F&F.
Ron
“Willful Misconduct” is Code Word for RICO.
We released JPM/FDIC to settle the RICO charge. Civil RICO can be settled with a monetary penalty. A judge can rule up to 3X the valuation.
JPM lost the Dual Track. Judge ruled that JPM must pay full book value for WMB.
Ron
“Willful Misconduct” is an Admission of Guilt.
Why demand a release of “Willful Misconduct” if you don’t need it?
“Willful Misconduct” Release is an agreement that the released party will pay a premium above stated value in exchange for the release.
Please remember that WMI sued JPM/FDIC with a RICO charge!
Yes they settled so a Judge wasn’t required to rule on the change.
Yes just the RICO allegation going full public would have destroyed JPM.
The Dual Track;
JPM lost, is required to pay full book value for WMB plus a premium for “Willful Misconduct” for the release.
The delay is; JPM just needs to know how much to write the check for.
Hence; FDIC litigation regarding LIBOR.
WMI/WMB, Lehman’s, and F&F.
Ron
Anyone Have the 41.6 Release Language Handy?
Plus 41.7 also.
Please post with links if you can.
TIA
Ron
The Closing of LIBOR Establishes Final Valuations.
* for WMB and it’s assets + loan loss adjustments/derivatives insurance reimbursement adjustments from LIBOR/currency manipulators.
* like WMB above; ABS held by WMI and Subs that needs final numbers to close after LIBOR currency manipulators pay up.
* Class 19 like the K’s directly, and also P’s less directly.
Ron
Excellent Answer exostatic.
As ND9 has posted; The FDIC can close the Receivership only after all divided distributions of assets valuations in liquidation are made to the owners of that property.
UQ holders.
LIBOR is nearly completed.
Anyone have a date for judge’s LIBOR ruling after the FDIC time extension?
Not much time left!
I still stand by my five sources of revenue and distributions.
Ron
Absolute Minimum was 15%.
The Writer of the ABS is required at a minimum to own 15% of the paper/contracts they securitized.
Why not own all you can? The securitization became insured Bonds. Therefore the risk goes to near zero. The Derivative Insurance covers the losses.
JPM was the walking dead back in 2008 due to their Derivative portfolio.
Ron
No, That is NOT What I’m Saying.
LIBOR litigation should close before the end of the year. The time extension should be to create a settlement.
Payment for WMB comes before the Receivership closes.
Most/not all ABS/RMBS are LIBOR based.
Retained Earnings Treasury Notes mature in December or January.
The Non-Debtor Subs can surface at anytime.
Ron
It Shows How the FDIC Process Works.
I understand that the smaller banks didn’t create Asset Backed Securities (RMBS) like WMI/WMB did.
Anyone have the link to the FDIC’s LIBOR litigation against the big banks?
Might be interesting to see if any of these closed Receiverships are named in the filing.
My first guess is not!
LIBOR Judge granted FDIC time extension request.
Ron
WMI Made $6.5B in Capital Contributions to WMB.
JPM reimbursed WMI for the Capital Contributions to WMB in a 363 Sales as part of the GSA that is all well documented in both DS’s.
That money is now part of the Retained Earnings held in Treasury Notes.
75/25%.
Ron
Where Does the $981.20 Number Come From?
Series R are due ~2.5X + ~2.1X
75% of Retained Earnings + Series R performance payments.
Ron
Yes Stoxjock. LIBOR is the Common Theme.
WMI/WMB,
Lehman’s,
F&F
The Theme; Derivative Insurance covering the ABS is largely LIBOR based. FDIC LIBOR litigation is closing the books on the paybacks to ABS losses.
Why do we never hear about the Derivative Contracts Market?
Ron
>FDIC contested for ownership of over $20 B in assets.<
At the time of this litigation, and if the FDIC was successful than JPM would retain control of the Debtor’s Estate through JPM’s Ownership of Senior Notes as those assets passed to the bank WMB and away from WMI’s BK.
Those assets discussed are the Non-Debtor Subs later sold to JPM in 363 Sales which helped fund the Treasury Notes of $20.7 Billion.
Ron
>Who is that "Someone"?<
At the time that question was raised by Folse that Someone was AAOC.
The greater than $30 Billion far exceeded AAOC ‘s claim against the Debtor’s Estate. Therefore proving/making the case that the Equity Classes should inherit the Debtor’s Estate.
The money is there, it just needs to move >>>>>
Ron
I’m Still Here.
And I have made no adjustments to my list of five sources of revenue and distributions.
The game is still on!
Ron
Yes Xoom. Right In Line With LIBOR Settlements.
Like I have said before; I have seen nothing to change my mind regarding the five methods of revenue and distributions.
Ron
Sorry Goodie.
Series R and Series K of Class 20 was moved into Class 19 and Class 20 was closed as we moved from Plan 6 to Plan 7.
The UW Stipulation just rectified the Class problem.
Please be careful regarding AG. She works for others.
Ron
The Transcripts Dialogs Discussion for the Treasury Notes.
for Plan 7 was late December 2011 to late January 2012.
Ten Year Notes takes eleven years to mature.
Start counting at zero not one!
Retained Earnings are only one of five sources of revenue and distributions largely to Class 22.
My Series R are going to do great!
My math; ~4.6X overall.
I haven’t seen anything yet to change my mind,
Ron
True Juicy.
TPS had requested to just receive their $4 Billion in cash and move on. But the class had to be treated the same for all Class 19.
TPS will receive ~2.5X their claim in safe money in eleven years.
UW was only in Class 19 no matter what some NY attorney makes up. AG had no authority to make Class 22 offers to anyone!
No renegotiating Plan 7.
UW claim was only in Class 19. PERIOD!
Retained Assets Transcript.
“the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets.”
Think about it; this was long before Plan 7 LT.
Plan 7 LT is fully described with it mission statement in the plan to pay Creditors.
DONE!
The Other Liquidating Trust is for Equity, mainly Class 22 as the legal owners of the WMI Estate.
Ron
Extension of Time Motion to Compel.
Is the Judge granting time for the parties to settle so that the Judge doesn’t have to rule on the Upstream issues?
“Quote from: hold2wm on Yesterday at 01:41:39 PM
3491 08/29/2022 LETTER MOTION for Extension of Time Motion to Compel custodians and search terms with respect to Upstream Issues addressed to Judge Naomi Reice Buchwald from James R. Martin dated 8/29/2022. Document filed by FDIC, as receiver, Federal Deposit Insurance, The Federal Deposit Insurance Corporation as Receiver, The Federal Home Loan Mortgage Corporation.
FDIC as a receiver and the FHLMC submitted a supplemental extension. Yes its a delay tactic to push the judge ruling closer to year-end, their target timeline IMO. Don't expect to see a ruling in September could be October. ”
Yes JPM Must Pay!
This is all about the Derivative market Meltdown from 2008.
Currency/LIBOR manipulation to try to control the derivative contracts pricing.
JPM was operating as an unregulated insurance company.
LIBOR litigation closes the derivative paybacks of which the ABS markets are beneficiaries.
Ron
I Agree Juicy.
The Treasury Notes should mature in December or January at the latest.
LIBOR litigation delay is just a stall technique by JPM/FDIC to live off of others money.
We are not the only people mad about the delay game.
A-whole lot of HF Own both Class 19 and 22.
Thank You Xoom for the WHEN Question.
Ron