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“Net Operating Loss Carryforward".
The DCR is a "Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2).
The “Net Operating Loss Carryforward” being exercised by COOP came from the stock abandonment of WMB of ~$24B.
The Math;
Remainder of Year;
(366 - (31+29+19))/366 = .78415301
WMB NOL; ~$24B * .35 *.784 = ~$6.58B.
RE/DCR/DOF-NOL;
Let's use the P's for the example;
Per Share:
$2,077 * .35 * .784 = $569.9 NOL Carryforward.
The Commons;
$20.77B * .25/1.215 =$4.27
$4.27 * .35 * .784 = $1.17 NOL Carryforward.
HLCE,
Ron
These NOL's are NOT the Reorganized Debtor's NOL's.
The Reorganized Debtor's NOL's that COOP is now exercising came from the stock abandonment of WMB.
These NOL's discussed in the FAQ are regarding the RE/DCR revealed in the February MOR of $20.77 billion generated by the 363 Sales that was placed into Treasury Notes.
The DCR is a "Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2).
As a future recipient of the RE/DCR, do I have a current NOL Tax attribute for my funds withheld as a "Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2)?
From the FAQ;
6. The Beneficiary Tax Reporting Letter I received includes disclosures regarding a “Net Operating Loss Carryforward” – what’s that about?
Treasury Regulation 1.468B-9(c)(6) provides that upon the termination of a Disputed Ownership Fund, the claimants to the fund’s net assets succeed to the funds unused net operating loss carryforwards. This regulation also provides that “if the fund's net assets are distributable to more than one claimant, the unused net operating loss carryover. . . must be allocated among the claimants in proportion to the value of the assets distributable to each claimant from the fund.”
Pursuant to the Plan, the DCR was created and elected to be treated as a “Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2). On the basis of the foregoing, a beneficiary’s share of the unused net operating loss of the DCR is set forth in the Beneficiary Tax Reporting Letter distributed by the Trust for the year ended December 31, 2020. This amount was calculated by allocating the unused net operating loss of the DCR among the final claimants based on each claimant’s portion of the final cash distribution that was initiated in January 2020.
The taxation of Disputed Ownership Funds is a highly technical area of tax law for which there is very little authority or interpretation. As stated previously, neither the Trust nor its personnel is able to provide tax advice to beneficiaries. Therefore, we recommend that you consult your financial and tax advisors regarding the appropriateness of claiming the amount shown above as a deduction on your tax return.
http://www.kccllc.net/documents/8817600/8817600210201000000000001.pdf
"Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2).
"(2) Exceptions.
(i) The claimants to a disputed ownership fund may submit a private letter ruling request proposing a method of taxation different than the method provided in paragraph (c)(1) of this section.
(ii) The trustee of a liquidating trust established pursuant to a plan confirmed by the court in a case under title 11 of the United States Code may, in the liquidating trust's first taxable year, elect to treat an escrow account, trust, or fund that holds assets of the liquidating trust that are subject to disputed claims as a disputed ownership fund. Pursuant to this election, creditors holding disputed claims are not treated as transferors of the money or property transferred to the disputed ownership fund. A trustee makes the election by attaching a statement to the timely filed Federal income tax return of the disputed ownership fund for the taxable year for which the election becomes effective. The election statement must include a statement that the trustee will treat the escrow account, trust, or fund as a disputed ownership fund and must include a legend, “§ 1.468B-9(c) Election,” at the top of the page. The election may be revoked only upon consent of the Commissioner by private letter ruling."
https://www.law.cornell.edu/cfr/text/26/1.468B-9
Please see PDF 20/78;
http://sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/POR/WaMu_Closing_Equity_Committe.pdf
Potential Assets Of The Estate
BOLI/COLI = $5B
Fraudulent Conveyance
(Capital Contributions) = $6.5B
Deposit
(Turn-over Litigation) = $4B
Tax Refund = $5.54B
Many of the assets listed were settled with the GSA in 363 Sales.
Now see PDF 76/78;
"Liquidating Trust"
Anyone have the transcript for the hearing. I know it has been posted before.
Then came Plan 7.
Now the Equity Committee is in control of WMI Assets and its "Liquidating Trust".
For UQ holders to inherit WMI, The Equity Committee needed to show the Court how it could close all outstanding claims against the Estate.
The EC showed the court how with the February MOR that Class 22 will satisfy Creditors and Preferred claims the Plan 7 WMI-LT for creditors, and the RE/DCR for Preferred.
February MOR: PDF 10/18;
http://www.kccllc.net/wamu/document/0812229120330000000000007
RE/DCR of $20.77085 was placed into Treasury Notes.
We don't know the interest rate but lets use 2.5% for ten years.
$20.77085(1+2.5%*10) = $25.96 Billion.
Yes to be distributed, 75/25%
Class 19 is now better than made whole.
2.6X their Claim.
LIBOR is Finished; Remember Thackeray Bridge?
Thackeray Bridge I, II, III?
Remember Maiden Lane I, II?
The US Treasury can now release its purchased ABS holdings of Fixed and Floating Rate Senior/Senior Subordinated Notes now that LIBOR and Derivative insurance reimbursements have been made.
The corrections have been made and paid.
Which Liquidating Trust?
Plan 6 or Plan 7.
Plan 7 was only to settle the WMI Creditors carved out of the Plan 6 LT.
Closely study the February MOR.
The Retained Earings of $20.77 Billion never became property of the Plan 7 LT for WMI Creditors, but guaranteed to the Court that Class 22 will satisfy Class 19's claim at 2X, of more from the Plan 6 LT assets at agreed to 75/25% ratio.
Please see PDF 20/78;
http://sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/POR/WaMu_Closing_Equity_Committe.pdf
Potential Assets Of The Estate
BOLI/COLI = $5B
Fraudulent Conveyance
(Capital Contributions) = $6.5B
Deposit
(Turn-over Litigation) = $4B
Tax Refund = $5.54B
Many of the assets listed were settled with the GSA in 363 Sales.
Now see PDF 76/78;
"Liquidating Trust"
Anyone have the transcript for the hearing. I know it has been posted before.
Then came Plan 7.
Now the Equity Committee is in control of WMI Assets and its "Liquidating Trust".
For UQ holders to inherit WMI, The Equity Committee needed to show the Court how it could close all outstanding claims against the Estate.
The EC showed the court how with the February MOR that Class 22 will satisfy Creditors and Preferred claims the Plan 7 WMI-LT for creditors, and the RE/DCR for Preferred.
February MOR: PDF 10/18;
http://www.kccllc.net/wamu/document/0812229120330000000000007
RE/DCR of $20.77085 was placed into Treasury Notes.
We don't know the interest rate but lets use 2.5% for ten years.
$20.77085(1+2.5%*10) = $25.96 Billion.
Yes to be distributed, 75/25%
Class 19 is now better than made whole.
2.6X their Claim.
The end of 75/25%.
UQ to COOP = .0335/12*$43.78 = $.122
PQ to COOP = 19.8/12*$43.78 = $72.24
This is a long way from "Fair and Reasonable" recovery.
WMIIC filed to the BK Court first;
http://www.kccllc.net/wamu/document/0812228080926000000000001
WMIIC maybe has been dissolved, but the assets/investments are alive.
Hint;
Retained Assets.
and also,
Footnote 39.
And,
Where are the WMI non-debtor Subs?
The WMI non-debtor Subs are not on COOP's books!
Wave the Magic Wand. All three of them.
WMIHC?
WMIH -> COOP.
Plan 7 WMI-LT was never meant to pay anything to Class 19-22 by design, but Plan 6 LT was.
HLCE,
Ron
These NOL's are NOT the Reorganized Debtor's NOL's.
The Reorganized Debtor's NOL's that COOP is now exercising came from the stock abandonment of WMB.
These NOL's discussed in the FAQ are regarding the RE/DCR revealed in the February MOR of $20.77 billion generated by the 363 Sales that was placed into Treasury Notes.
The DCR is a "Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2).
As a future recipient of the RE/DCR, do I have a current NOL Tax attribute for my funds withheld as a "Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2)?
From the FAQ;
6. The Beneficiary Tax Reporting Letter I received includes disclosures regarding a “Net Operating Loss Carryforward” – what’s that about?
Treasury Regulation 1.468B-9(c)(6) provides that upon the termination of a Disputed Ownership Fund, the claimants to the fund’s net assets succeed to the funds unused net operating loss carryforwards. This regulation also provides that “if the fund's net assets are distributable to more than one claimant, the unused net operating loss carryover. . . must be allocated among the claimants in proportion to the value of the assets distributable to each claimant from the fund.”
Pursuant to the Plan, the DCR was created and elected to be treated as a “Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2). On the basis of the foregoing, a beneficiary’s share of the unused net operating loss of the DCR is set forth in the Beneficiary Tax Reporting Letter distributed by the Trust for the year ended December 31, 2020. This amount was calculated by allocating the unused net operating loss of the DCR among the final claimants based on each claimant’s portion of the final cash distribution that was initiated in January 2020.
The taxation of Disputed Ownership Funds is a highly technical area of tax law for which there is very little authority or interpretation. As stated previously, neither the Trust nor its personnel is able to provide tax advice to beneficiaries. Therefore, we recommend that you consult your financial and tax advisors regarding the appropriateness of claiming the amount shown above as a deduction on your tax return.
http://www.kccllc.net/documents/8817600/8817600210201000000000001.pdf
"Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2).
"(2) Exceptions.
(i) The claimants to a disputed ownership fund may submit a private letter ruling request proposing a method of taxation different than the method provided in paragraph (c)(1) of this section.
(ii) The trustee of a liquidating trust established pursuant to a plan confirmed by the court in a case under title 11 of the United States Code may, in the liquidating trust's first taxable year, elect to treat an escrow account, trust, or fund that holds assets of the liquidating trust that are subject to disputed claims as a disputed ownership fund. Pursuant to this election, creditors holding disputed claims are not treated as transferors of the money or property transferred to the disputed ownership fund. A trustee makes the election by attaching a statement to the timely filed Federal income tax return of the disputed ownership fund for the taxable year for which the election becomes effective. The election statement must include a statement that the trustee will treat the escrow account, trust, or fund as a disputed ownership fund and must include a legend, “§ 1.468B-9(c) Election,” at the top of the page. The election may be revoked only upon consent of the Commissioner by private letter ruling."
https://www.law.cornell.edu/cfr/text/26/1.468B-9
Remember Thackeray Bridge. I, II, III.?
Remember Maiden Lane?
According to the FDIC: WMB securitized $2 Trillion in RMBS, of which $500 Billion was sold to Government agencies like FnF.
What about Commercial ABS's? That's another story and more money.
Hint; WMI Preferred Funding, and many other others WMI Subs.
The Government agencies like the FDIC/Treasury have now resolved the "LIBOR" and Derivates contracts of 2008 as proven by the FDIC's demands for Indemnification.
Thackeray Bridge. I, II, III, and Maiden Lane withheld funds held since 2008 are due to be released back into the economy.
This isn't new money, but money removed from the economy and therefore not inflationary.
After Taxation from the release from the withheld funds the Government/Treasury.
The Government/Treasury will be happy.
GSA-P6-LT not the WMI-P7-LT.
510(b)/WMB, 41.6.
Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2).
"(2) Exceptions.
(i) The claimants to a disputed ownership fund may submit a private letter ruling request proposing a method of taxation different than the method provided in paragraph (c)(1) of this section.
(ii) The trustee of a liquidating trust established pursuant to a plan confirmed by the court in a case under title 11 of the United States Code may, in the liquidating trust's first taxable year, elect to treat an escrow account, trust, or fund that holds assets of the liquidating trust that are subject to disputed claims as a disputed ownership fund. Pursuant to this election, creditors holding disputed claims are not treated as transferors of the money or property transferred to the disputed ownership fund. A trustee makes the election by attaching a statement to the timely filed Federal income tax return of the disputed ownership fund for the taxable year for which the election becomes effective. The election statement must include a statement that the trustee will treat the escrow account, trust, or fund as a disputed ownership fund and must include a legend, “§ 1.468B-9(c) Election,” at the top of the page. The election may be revoked only upon consent of the Commissioner by private letter ruling."
https://www.law.cornell.edu/cfr/text/26/1.468B-9
"Pursuant to the Plan, the DCR was created and elected to be treated as a “Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2)."
Please see previous post.
Sorry, Series R not Series S. EOM.
?? Why Would Preferred Receive New Shares??
Why Would Preferred Receive New Share If There if there is not/little money left in the fund?
No need for new Preferred shares.
All cash.
RE/DCR is +2.5X to all Class 19.
P's;
Plus, 2.1X from accumulated performance funds for Series S.
K's;
Plus, Whatever K's deserve.
TPS;
Completed.
Class 19 is to be generosity satisfied greater than their would be interest claim.
WMI Preferred Funding is a WMI non-debtor sub!
Who controls the WMI non-debtors subs?
WMIHC?
Private WMIHC is not entangled with COOP.
Please see my post regarding RKT.
COOP can't, but WMIHC can just like KKR did.
Just wave the magic WAND again.
Ok, What About the WMI Non-Debtor Subs.
Who holds the WMI Non-Debtor Subs and their assets and the assets of WMIIC?
WMIHC?
WMIH?
COOP? Not reported. Nope!
Remember all the discussion about taking WMIHC private before NationStar?
At that time WMIHC was still under BK protection because BK was still open.
If WMIHC went private during the merger, then Thomas L. Fairfield can still be the Chief Operating Officer of WMIHC (Private). As reported; Thomas L. Fairfield is no longer the Chief Operating Officer WMIHC (Public) (WMIH as Registrant). And, yes Fairfield was not the COO of WMIH as stated post merger.
All the Merger language is regarding the Registrant is true. The tradable shares known as WMIH.
WMIHC going private wound not need to be reported because ESC holders are not shareholders. No voting rights. Just beneficiaries.
Again;
What About the WMI Non-Debtor Subs.
Who holds the WMI Non-Debtor Subs and their assets and the assets of WMIIC?
WMIHC?
WMIH?
COOP? Not reported. Nope!
IMO; WMIHC went private during the merger.
Thanks you ND9 for keeping the discussion alive.
Ron
Where is Mr. Fairfield?
Tom Fairfield
President and Chief Operating Officer
WMIH Corp.
https://www.linkedin.com/in/tom-fairfield-4a340a10
President and Chief Operating Officer
WMIH Corp.
May 2015 - Present 6 years 7 months
Seattle, Washington
and;
https://www.sec.gov/Archives/edgar/data/933136/000156459018005121/wmih-ex102_7.htm
Private WMIHC has no shareholders. WMIHC only has beneficiaries holding ESC. WMIHC is not entangled with COOP.
Where are the WMI non-debtor Subs??
WMI Preferred Funding.
WMI Citation.
H.S. Loan Corporation.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166782608
?? GSA-P6_LT !!
!! 510(b), Exhibit H. ??
"EXPLANATORY NOTE
On July 31, 2018, WMIH Corp. (“WMIH” or the “Registrant”) and Nationstar Mortgage Holdings Inc., a Delaware corporation (“Nationstar”), consummated the merger (the “merger”) of Wand Merger Corporation, a Delaware corporation and wholly owned subsidiary of WMIH (“Merger Sub”), with and into Nationstar, with Nationstar surviving the merger as provided by the Agreement and Plan of Merger dated as of February 12, 2018 by and among WMIH, Merger Sub and Nationstar."
WMIH (“Merger Sub”)?
It didn't say; 'Wand Merger Corporation (“Merger Sub”), a Delaware corporation and wholly owned subsidiary of WMIH'.
Did JPM purchase WMB for $1.9 billion? NO!
Some one please tell me, where are the WMI non-debtor Subs??
COOP doesn't have them.
Alvarez & Marsal?
Where Did WMIHC Go, WMIH Corp.
Before July 31, 2018, WMIH Corp trading symbol was WMIH. (“WMIH” or the “Registrant”).
WMIHC created the newly created registrant WMIH as a merger sub which became the “Registrant” of the trading shares on July 31, 2018 trading as WMIH, and merged with and into Nationstar.
On July 31, 2018, WMIH Corp (WMIHC) went Private, after transferring the registration to newly created WMIH.
Private WMIHC has no shareholders. WMIHC only has beneficiaries holding ESC. WMIHC is not entangled with COOP.
Where are the WMI non-debtor Subs??
WMI Preferred Funding.
WMI Citation.
H.S. Loan Corporation.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166782608
?? GSA-P6_LT !!
!! 510(b), Exhibit H. ??
"EXPLANATORY NOTE
On July 31, 2018, WMIH Corp. (“WMIH” or the “Registrant”) and Nationstar Mortgage Holdings Inc., a Delaware corporation (“Nationstar”), consummated the merger (the “merger”) of Wand Merger Corporation, a Delaware corporation and wholly owned subsidiary of WMIH (“Merger Sub”), with and into Nationstar, with Nationstar surviving the merger as provided by the Agreement and Plan of Merger dated as of February 12, 2018 by and among WMIH, Merger Sub and Nationstar.
Immediately prior to the consummation of the merger, 6,863,026 shares of common stock, par value $0.01 per share (“Nationstar common stock”) of Nationstar were reserved and available for issuance under the Nationstar Mortgage Holdings Inc. Second Amended and Restated 2012 Incentive Compensation Plan (the “Nationstar Plan”), which WMIH assumed upon consummation of the merger. This Registration Statement has been filed by WMIH for the purpose of registering 87,704,668 shares of WMIH Common Stock that remain available for issuance under the Nationstar Plan with respect to awards to be granted by WMIH under the Nationstar Plan following the consummation of the merger."
https://www.sec.gov/Archives/edgar/data/933136/000119312518233673/d582035ds8.htm
Lights?
HLCE,
Ron
WMB Notes; Issue Date 05/18/2006
First Coupon 11/20/2006
Therefore; 11/20/2021 is a normal Dividend distribution date.
Now that Globic/DB is completed with the FDIC's indemnifications demands of August 2nd. DB as the Trustee for the WMB Notes can distribute funds.
The WMB Notes are Covered Bonds, with backing assets greater than the obligation. The Notes stand alone and are not a burden to either JPM or the FDIC.
Hence; AZ's statement.
Let's see what happens this coming Monday, 11/22/2021.
Same Globic completion for all other ABS Trustees.
AS PER GSA “WMI Entities
The WMI non-debtor Subs are still functioning.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166250109
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166254149
Regarding Plan 6 Liquidating Trust.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166215778
Turn the Lights ON.
P6-LT
P7-LT was only for WMI's creditors and not Equity classes, but P6-LT because of the EC efforts is for the Equity classes.
Yes,
HLCE,
Ron
H.S. Loan Corporation Balance Sheet
(Unaudited)
DS, PDF 256;
(2) Per the Global Settlement Agreement, JPMC will pay WMI for notes receivable from WMB and subs.
What was the time period for the numbers shown? One Quarter? (Unaudited).
Where are the WMI non-debtor Subs assets?
Have fun.
HLCE,
Ron
Merged into WM Citation;
From the DS;
http://www.kccllc.net/documents/0812229/0812229120109000000000015.pdf#page=170
Ctrl F and inner >Citation<.
See PDF;
235
237
238
240 ...
246
Example; 251: "WMI Subsidiaries Merged or Dissolved at June 30, 2010"
Note the the Mergers are before the December 7, 2010 hearing that discussed
"Liquidating Trust" created in P6.
253, (3) Per the Global Settlement Agreement, JPMC will pay WMI for notes receivable from WMB and subs.
Where are the WMI non-debtor Subs assets?
Now search >363<.
Do the same with the GSA.
41.6
Have the Lights Come On Yet?
The Equity Committee shot-down the Plan 6 Amended (P6A) with their presentation on December 7, 2010 and took control of the "Liquidating Trust" created in P6. The P6-LT for the Class 16 creditors but excluding the Equity classes.
Some of the assets in the P6 "Liquidating Trust" are from the 363 Sales in the GSA/DS.
BOLI/COLI = $5B
Fraudulent Conveyance
(Capital Contributions) = $6.5B
Deposit
(Turn-over Litigation) = $4B
Tax Refund = $5.54B
TPS Exchange Event Reimbursement = $4B
Then came Plan 7 with EC in control which for one; changed the location of 510(B) of Exhibit-H from before Class 16 of P6 to after Class 16, the creation of the P7 "Liquidating Trust" for Class 16 and any other claimants, and to include Equity Classes. P7-LT has never meant to pay anything to Class 19 and Class 22.
The Present.
June 14; JPM has $500 Billion cash on hand.
JPMC only needs $108B to meet their TEIR 1 rating, and JD isn't talking about TEIR 1 ratings.
August 2; FDIC demands for Indemnifications related to Globic/DB which settled LIBOR and Derivates repayment to insured ABS CERTs.
The California Globic case was the "means and method" for their and other related settlements for the FDIC and other agencies.
Where are the WMI non-debtor Subs?
H. S. Home Loan.
Citation.
Others.
The WMI non-debtor Subs are not on COOP's books!
??
Back to the Merger/Accusation with NationStar.
WMIHC
??
Please Explain the NOL vs. DCR Relationship.
6. The Beneficiary Tax Reporting Letter I received includes disclosures regarding a “Net Operating Loss Carryforward” – what’s that about?
Treasury Regulation 1.468B-9(c)(6) provides that upon the termination of a Disputed Ownership Fund, the claimants to the fund’s net assets succeed to the funds unused net operating loss carryforwards. This regulation also provides that “if the fund's net assets are distributable to more than one claimant, the unused net operating loss carryover. . . must be allocated among the claimants in proportion to the value of the assets distributable to each claimant from the fund.”
Pursuant to the Plan, the DCR was created and elected to be treated as a “Disputed Ownership Fund” pursuant to Treasury Regulation 1.468B-9(c)(2). On the basis of the foregoing, a beneficiary’s share of the unused net operating loss of the DCR is set forth in the Beneficiary Tax Reporting Letter distributed by the Trust for the year ended December 31, 2020. This amount was calculated by allocating the unused net operating loss of the DCR among the final claimants based on each claimant’s portion of the final cash distribution that was initiated in January 2020.
The taxation of Disputed Ownership Funds is a highly technical area of tax law for which there is very little authority or interpretation. As stated previously, neither the Trust nor its personnel is able to provide tax advice to beneficiaries. Therefore, we recommend that you consult your financial and tax advisors regarding the appropriateness of claiming the amount shown above as a deduction on your tax return.
http://www.kccllc.net/documents/8817600/8817600210201000000000001.pdf
DCR?
Which one?
Plan 6 or Plan 7?
*****************
WMB has not paid for. JPM has $500 Billion cash on hand June 14th.
Hint; 41.6
What if WMB is paid for?
NOL's?
*****************
WMI non-debtor Subs that are not on COOP's books.
? Wand-3X ?
WMIHC ??
They are still functioning.
HLCE,
Ron
Wave the Magic Wand. All three of them.
WMIHC?
WMIH -> COOP.
WMI-LT was never meant to pay anything to Class 19-22 by design.
Where are the WMI non-debtor Subs?
The WMI non-debtor Subs are not on COOP's books!
WMIIC maybe has been dissolved, but the assets/investments are alive.
Hint;
Retained Assets.
and also,
Footnote 39.
The WMI/WMB money and assets are still there.
Yes.....
WHAT!
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166542143
WHEN?
Again, That's Not the LT You're Looking For.
Please see PDF 20/78;
http://sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/POR/WaMu_Closing_Equity_Committe.pdf
Potential Assets Of The Estate
BOLI/COLI = $5B
Fraudulent Conveyance
(Capital Contributions) = $6.5B
Deposit
(Turn-over Litigation) = $4B
Tax Refund = $5.54B
Many of the assets listed were settled with the GSA in 363 Sales.
Now see PDF 76/78;
"Liquidating Trust"
Anyone have the transcript for the hearing. I know it has been posted before.
Then came Plan 7.
Now the Equity Committee is in control of WMI Assets and its "Liquidating Trust".
For UQ holders to inherit WMI, The Equity Committee needed to show the Court how it could close all outstanding claims against the Estate.
The EC showed the court how with the February MOR that Class 22 will satisfy Creditors and Preferred claims the Plan 7 WMI-LT for creditors, and the RE/DCR for Preferred.
February MOR: PDF 10/18;
http://www.kccllc.net/wamu/document/0812229120330000000000007
RE/DCR of $20.77085 was placed into Treasury Notes.
We don't know the interest rate but lets use 2.5% for ten years.
$20.77085(1+2.5%*10) = $25.96 Billion.
Yes to be distributed, 75/25%
Class 19 is now better than made whole.
2.6X their Claim.
The end of 75/25%.
UQ to COOP = .0335/12*$43.78 = $.122
PQ to COOP = 19.8/12*$43.78 = $72.24
This is a long way from "Fair and Reasonable" recovery.
WMIIC filed to the BK Court first;
http://www.kccllc.net/wamu/document/0812228080926000000000001
WMIIC maybe has been dissolved, but the assets/investments are alive.
Hint;
Retained Assets.
and also,
Footnote 39.
And,
Where are the WMI non-debtor Subs?
The WMI non-debtor Subs are not on COOP's books!
Wave the Magic Wand. All three of them.
WMIHC?
WMIH -> COOP.
WMI-LT was never meant to pay anything to Class 19-22 by design.
HLCE,
Ron
thanks lodas, you answered my question.
of course, indirectly.
JB9 is right.
lodas, Please Read the First-First Filing.
WMIIC filed to the BK Court first;
http://www.kccllc.net/wamu/document/0812228080926000000000001
WMIIC maybe has been dissolved, but the assets/investments are alive.
Hint;
Retained Assets.
and also,
Footnote 39.
And,
Where are the WMI non-debtor Subs?
The WMI non-debtor Subs are not on COOP's books!
Wave the Wand.
WMIHC?
WMIH -> COOP.
WMI-LT was never meant to pay anything to Class 19-22 by design.
Absolute Priority Rule Was Removed!
APR was removed by Court Order because RE/DCR proved to the Court that Class 19 claim can be generously satisfied.
I have posted my numbers for Class 19.
Yes I own P's.
Expiations; P*(2.6+2.1). Stop complaining.
P's; Non-cumulative interest (no past interest payment), but perpetual. I have posted about the "Performance".
Preferred Funding is still functioning.
Class 22;
WMB.
WMIIC's assets.
WMI non-debtor Subs are still functioning.
HLCE,
Ron
That's Not the LT You're Looking For.
Please see PDF 20/78;
http://sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/POR/WaMu_Closing_Equity_Committe.pdf
Potential Assets Of The Estate
BOLI/COLI = $5B
Fraudulent Conveyance
(Capital Contributions) = $6.5B
Deposit
(Turn-over Litigation) = $4B
Tax Refund = $5.54B
Many of the assets listed were settled with the GSA in 363 Sales.
Now see PDF 76/78;
"Liquidating Trust"
Anyone have the transcript for the hearing. I know it has been posted before.
Then came Plan 7.
Now the Equity Committee is in control of WMI Assets and its "Liquidating Trust".
For UQ holders to inherit WMI, The Equity Committee needed to show the Court how it could close all outstanding claims against the Estate.
The EC showed the court how with the February MOR that Class 22 will satisfy Creditors and Preferred claims the Plan 7 WMI-LT for creditors, and the RE/DCR for Preferred.
February MOR: PDF 10/18;
http://www.kccllc.net/wamu/document/0812229120330000000000007
RE/DCR of $20.77085 was placed into Treasury Notes.
We don't know the interest rate but lets use 2.5% for ten years.
$20.77085(1+2.5%*10) = $25.96 Billion.
Yes to be distributed, 75/25%
Class 19 is now better than made whole.
2.6X their Claim.
HLCE,
Ron
That's Not the Liquidation Trust You're Looking For.
UQ holders are the owner of this Plan 6 (GSA-LT) Liquidation Trust.
The Plan 7 Liquidation Trust is/was for Creditors. DONE.
For UQ holders to inherit WMI, The Equity Committee needed to show the Court how it could close all outstanding claims against the Estate.
The EC showed the court how with the February MOR that Class 22 will satisfy Creditors and Preferred claims the Plan 7 WMI-LT for creditors, and the RE/DCR for Preferred.
February MOR;
www.kccllc.net/wamu/document/0812229120330000000000007
RE/DCR of $20.78 Billion from February MOR has nothing to do with the Plan 7 WMI-LT. The Plan 7 LT is/was only for Creditors to address their remaining claim, and it did. DONE.
Never mine the slow paper work.
The RE/DCR of $20.78 Billion from February MOR is not is the final righthand side column for the Plan 7 WMI-LT for WMI Creditors.
Closing Argument of Equity Committee
http://sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/POR/WaMu_Closing_Equity_Committe.pdf
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166574872
What About the WMI Subs?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166574353
COOP has not reported owning WMI Subs or WMIIC's assets worth about $36B.
WMI = $375 - $307 - ~$33 = ~$35 Billion, or more.
Follow the assets...
Xoom, Using Your Math.
UQ to COOP = .0335/12*$43.78 = $.122
PQ to COOP = 19.8/12*$43.78 = $72.24
This is a long way from "Fair and Reasonable" recovery.
Class 22 is the Owner of Reorganized WMI.
For UQ holders to inherit WMI, The Equity Committee needed to show the Court how it could close all outstanding claims against the Estate.
The EC showed the court how with the February MOR that Class 22 will satisfy Creditors and Preferred claims the Plan 7 WMI-LT for creditors, and the RE/DCR for Preferred.
February MOR;
www.kccllc.net/wamu/document/0812229120330000000000007
RE/DCR of $20.78 Billion from February MOR has nothing to do with the Plan 7 WMI-LT. The Plan 7 LT is/was only for Creditors to address their remaining claim, and it did. DONE.
Never mine the slow paper work.
The RE/DCR of $20.78 Billion from February MOR is not is the final righthand side column for the Plan 7 WMI-LT for WMI Creditors.
Closing Argument of Equity Committee
http://sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/POR/WaMu_Closing_Equity_Committe.pdf
What About the WMI Subs?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166574353
Proof COOP is not the Reorganized WMI.
RKT? COOP can't do it, but WMIH can.
The Holding Company, WMIH should be very cash rich due to JPM and their $500 Billion brag, and FDIC's indemnification demands related to Globic.
WMIH is Private and owned by UQ's.
> What If <
1. WMIH bought out RKT (~$34.5 cap) with a all cash offer of $40 billion.
2. WMIH mergers RKT into COOP.
3. COOP gives each UQ holder one COOP for ten UQ, by 125 million new COOP shares. ~121.5 million of the new COOP shares to UQ holders and the remainder remains at COOP. 200 million COOP shares outstanding (125 + 75).
> Numbers <
Combined Capitulations of RKT and COOP;
~$34.5B + ~$3.25B = $37.75B
$37.75/.2 = $188.75 new COOP share price.
Work for you JWW?
WMIH/UQ is tooo cash rich. I pay taxes on cash. I would rather have some investments also.
HLCE,
Ron
Great to Hear, AZ.
Now with Globic finished with FDIC's indemnification demands August 2nd.
WMB's losses have now been covered, and WMB Notes are now whole.
The WMB Notes paid for themselves as Covered Notes. Just a passthrough for JPM and FDIC.
~$13.2 B obligation backed by ~$26B in assets.
You should be in the money ASAP.
HLCE,
Ron
dess66, Do You Have Documentation?
Do you have a link, document, or statement by WMI-LT or a different 'source'.
How do you know this?
TIA.
I Win, I Win.
WMIH is private and the owner of COOP.
If COOP is the parent of WMI subs, then COOP needs to report the WMI subs on their books.
That hasn't happened.
WMIH is no longer the Registrant for the Trading Stock after the wave of the Wand, but still the owner and parent of WMI assets like WMIIIC.
WMIIC is now free to distribute now that Globic is finished.
Someone please tell me about the WMI non-debtor Subs or WMIIC on COOP's books?
???
For starters, "Plan 6 LT", and not Plan 7:
Plan 7 LT is done, but not the Plan 6 LT.
Hint;
Plan 6 LT = RE/DCE= $26-$28 Billion at 75/25%.
The end of 75/25%.
DONE!
Globic is complete and all ABS/RMBS are free to distribute.
? JPM $500 Billion.
? FDIC Indemnifications.
Dancing to HLCE,
Ron
WMI Vs JPMC.
December 7, 2010
http://sidedraught.com/stocks/WashingtonMutual/Equity%20Committee/POR/WaMu_Closing_Equity_Committe.pdf
Example;
See PDF 76/78.
Liquidating Trust
Which Liquidating Trust?
December 7, 2010 or March 12, 2012.
My favorites
PDF 19-20/78.
The 363 Sale of assets that became RE/DCR of $20.78 Billion.
IT IS HEREBY FOUND, DETERMINED, AND ORDERED THAT:
1. Griffin knowingly and intentionally filed the Amended Complaint in violation of this Court’s Confirmation Order and confirmed Plan.
2. Griffin is hereby barred and enjoined from prosecuting the Amended Complaint, pursuant to the release, injunction, discharge, and exculpation provisions of the Confirmation Order and the Plan, and pursuant to the doctrine of collateral estoppel.
3. Griffin is hereby directed to dismiss the Amended Complaint with prejudice and to refrain from filing any further pleadings against the Trust, the Liquidating Trustee, the Debtors, their estates, and their respective professionals, employees, affiliates, and agents, on account of any of the allegations contained in the Amended Complaint.
4. Attached hereto as Exhibit A is a form of settlement and general release agreement (the “Agreement”) entered into by the Trust and Griffin. Among other things, the Agreement incorporates the Trust’s and Griffin’s consensual resolution of the amount of sanctions to be awarded to the Trust. Griffin is directed to comply with the terms of the Agreement, including, without limitation, (i) paragraph 4 of the Agreement, under which (among other things) Griffin has agreed to waive and release any appeal related to the Underwriter Objection, (ii) paragraph 5 of the Agreement, under which Griffin has agreed (among other things) to waive any appeal from entry of this Order and not take any action to breach the terms of the Agreement or impede or preclude the dissolution of the Trust, and (iii) paragraph 6 of the Agreement, under which (among other things) Griffin has agreed to pay the Amount to the Trust, and the Fees to the Trust if Griffin violates any term or condition of the Agreement or this Order. Without limitation, the Agreement is hereby approved and entered as an order of this Court. For the avoidance of any doubt, the Court sanctions Griffin and adopts and approves the Amount of sanctions set forth in paragraph 6 of the Agreement, including the payment of the Fees to the Trust if Griffin violates any term or condition of the Agreement or this Order.
5. The Court retains exclusive jurisdiction with respect to all matters arising from or related to the implementation of this Order, including any action or proceeding that the Trust may file in order to determine its right to additional monetary sanctions as provided in paragraph 6 of the Agreement.
See Paragraph 6;
http://www.kccllc.net/wamu/document/0812229210624000000000003
What About the WMI Subs?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166270996
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166538098
If COOP is the parent of WMI subs, then COOP needs to report the WMI subs on their books.
That hasn't happened.
WMIH is no longer the Registrant for the Trading Stock.
>WMIH is no longer<. True. WMIH is no longer the Registrant for the Trading Stock.
WMIH is private and the owner of COOP.
Just Look at the Wording.
Court Docket: #12736
Document Name: Certificate of Service with Respect to Orders Granting (I) Emergency Motion to Reopen the Chapter 11 Case and (II) Motion to Enforce Exculpation, Injunction, Release, and Discharge Provisions and Impose Sanctions (related document(s)[12733], [12734], [12735]) Filed by Washington Mutual, Inc.. (Cuomo, Travis)
The Order;
http://www.kccllc.net/wamu/document/0812229210624000000000003
No One Has to Tell Us Anything.
The Holding Company, WMIH is a Private Company that owns COOP.
FDIC and JPM can hide behind FIRREA.
No 8K's required.
Holding Company, WMIH will just make distributions to their Beneficiaries without fanfare.
UQ's.
No 75/25%.
What ever belongs to Class 19, that they will receive, and no more.
My math; 2.1X in performance payments for P's, and what ever the K's get.
Yes, I own P's.
TPS are paid in full with RE/DCR.
HLCE,
Ron
FDIC Sending Demands for Indemnification.
Note the date, early-mid third quarter. The FDIC is saying that Globic is now completed. Globic is the settlement of the Derivative Insurance put-back to cover the RMBS losses.
Note that Derivatives are never mentioned, or how much DB and JPM had to cover from Derivative contracts. "alleged"
WMB securitized Mortgages Trusts into Bonds as RMBS and as bonds they where insured by the likes of JPM from Derivative contracts.
Good job, ND9.
********************
FDIC Seeks to Recover WAMU’s Losses for Residential Mortgage Settlement
August 2, 2021
As Receiver for failed bank Washington Mutual (WAMU), the FDIC has been recently sending demands for indemnification of losses to residential mortgage companies. The losses for which the FDIC is seeking indemnification stem from a June 30, 2017, settlement between WAMU, Deutsche Bank National Trust Co. (Deutsche Bank), and JPMorgan Chase Bank, N.A., (JPMorgan) under which WAMU paid JPMorgan $645 million and gave Deutsche Bank an unsecured receivership claim of $3 billion. The FDIC struck this deal with Deutsche Bank and JPMorgan to settle claims for up to $10 billion in damages arising from WAMU’s alleged breach of representations and warranties made in connection with mortgages sold to securitized trusts.
https://www.jdsupra.com/legalnews/fdic-seeks-to-recover-wamu-s-losses-for-9648976/
RE/DCR of $20.78 Billion.
This has nothing to do with the Plan 7 WMI-LT. The Plan 7 LT is/was only for Creditors to address their remaining claim, and it did. DONE.
Never mine the slow paper work.
The 363 Sale of WMI assets took place before Plan 6. The funds where placed into Treasury Notes. Which later funded the RE/DCR so Class 22 could inherent the WMI Estate. Class 22 guaranteed Class 19 a minimum of greater than 2X return.
2.5-2.8X to all Class 19 holders depending on the interest rate.
The end of 75/25%.
Smile.
Because of FIRREA as a gag order,
JPM could transfer the $500 Billion cash on hand to the FDIC and not be required to make an public announcement. The same is true for a transfer from FDIC to Holding Company, WMIH.
For JPM to hold that much money un-invested is irresponsible. Why didn't JPM make investments at lower creation of funds?
https://www.msn.com/en-us/money/markets/jamie-dimon-says-jpmorgan-has-stockpiled-500-billion-in-cash-that-it-will-look-to-invest-as-inflation-picks-up/ar-AAL3qRh
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=165240041
The securitized Trusts as Bonds of WMB where insured by the likes of JPM.
WMI sued the FDIC for $307 Billion, of which about $7.9B has been paid back.
Hence: $299 Billion according to the FDIC for WMB and its assets.
I'm still here.
HLCE,
Ron
More later after you think about it.
RKT?
COOP can't do it, but the Holding Company, WMIH can.
Correct Newflow, No Back Interest for Class 19.
Series R (P's) are non-accumulative, therefore NO back interest payments are due because of the BK. Before BK, Series R (P's) share price averaged around $1,300 and the interest payment was ~$76.00. Series R (P's) received two distributions; the 7.75% interest and a Performance payment. That's why Series R (P's) sold for ~$1,300.
The K's matured in 2011. Therefore K's are Redeemable. Done.
TPS became all cash with the 'exchange event'. A BK corporation can't offer new Preferred to TPS holders. Done.
Retained Earnings/Disputed Claim Reserve from the February MOR in NOT property of the WMI-LT. RE/DCR never was placed in the last column for the MOR. The last column is stuff for creditors for payment by WMI-LT.
The 363 Sales is the revenue for the RE/DCR ($33B assets-$8B liabilities :
Capital Contributions; $6.5B
Rabbi Trusts; $5B
...
Totaling $20.7B, now with Treasury Note interest should be $2.5B-$2.8B by now to be distributed 75%/25%. The RE/DCR to fully, and with a bonus pay off Class 19 is the reason why Class 22 received the Estate and Class 22 was NOT cancelled. Class 22 grantees Class 19's generous return with the RE/DCR.
Series R (P's) are still attached to the Preferred funding Trusts. IMO, Series R (P's) will still receive accumulated Performance Payments and future payments from this Trust.
The FDIC-R Balance Sheet is now two Quarters old and JPM has paid for WMB's assets. That is why all the entries are zeros!
HLCE,
Ron