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But LG. There is No Historical Evidence of the Relationship.
You really didn’t answer the question.
Interesting opinion. But just an opinion.
How is a pre-merger sub of NationStar like XOME related to anything of WMI?
Ron
LG. What is the Relationship Between XOME and WMI?
I don’t see it!
Please explain why/how a sub of old NationStar can be related to a ‘WMI’ DST??
Ron
The Bankruptcy Court Requires That Creditors are Paid.
That’s the Law and function of The Bankruptcy Court.
Done with the Plan 7 LT. Paid in Full.
DONE!!
Retained Earnings proved to the BK Court that Class 22 will greatly satisfy Class 19’s claims.
2.1X at implementation. Currently ~2.5X face redemption from Treasury Notes interest.
Not BAD!!! Bravo!!!!!
The Original Trust hid the assets from the Equity Community.
The Equity Community Presentation proved/forced the Court to grant control of the Original Trust created by AAOC in Plan 6 to the Equity Community.
I have already listed all of the sources of revenue sources concerned in the Original Trust largely for Class 22.
The owners of the Debtor’s Estate.
Ron
Plan 7 Liquidation Trust Was For Creditors Only.
The Plan 7 LT paid off all Creditors by design and the remainder was donated to charity.
Equity “beneficial interests” is regarding the Original Trust.
The wording makes it sound like the topic is only one trust. There was two Trusts. The Original Trust is in continuous status until litigation resolve.
The documentation proves it.
Hint;
Just a comma, is all it takes to separate the two topics.
Plan 7 LT has no responsibility to the Equity Classes, only Creditors.
Just a comma splice to separate the two topics.
Again, The Equity Community requested/received control of the Original Trust.
Are the lights on yet?
Ron
Possession Without Title is THEFT.
Possession is nine tenths is a cliche, not law. Please site the US Code!
The FDIC needed WMI to abandon the Title of WMB to the FDIC because they didn’t have the Title to WMB, so that the FDIC could have Court standing to prosecute and close the Receivership.
I posted the link for the LIBOR Litigation earlier today. Which is an example of the needed process by the FDIC for the Receivership.
WMI abandonment of WMB’s title was early 2012, just before Plan 7, and 41.6-41.7 implementation.
Hint; RICO.
Plan 7 LT was only for payments for Creditors as stated. The remnants of the LT were donated to charity as stated.
Please tell us about the Original Trust created by AAOC in Plan 6 that the Equity Community requested/granted control of?
I have, assets in the Original Trust;
• Payment for WMB and it’s Assets.
• RE/DCR.
• Safe Harbor assets.
• Other ABS Assets
• WMI non-Debtor Subs.
• ….
Shall I continue?
Ron
The Function of Companies Bankruptcy Is To Protect Assets.
To pay Creditors as much as possible regarding their claims.
The function of the “Impaired Class” is to hide the assets from the other classes. AAOC created the Original Trust to hide the assets from the other classes like Equity.
WMI had their solvent revenue producing WMB subsidiary illegal seized as proven by the Court Documents (Holding Company vs. Bank Holding Company).
Case in point! The Dual Track in DC; JPM is to pay full book value for WMB and it’s assets as of the date of the seizure. The background for the 41.6 “Willful Misconduct” release of JPM.
RULED ON AND DOCUMENTED!!!
AZ posted regarding the Dual Track, and I did my research to confirm.
Check Mark!
I’m confident about the numbers because they are not my numbers.
I just track the numbers, and the process related to the numbers.
We have already been told about the numbers. WMI sued the FDIC for $307.2 Billion. Retained Earnings of $20.78 Billion, now ~$25 Billion in Treasury Notes.
Preferred Funding;
All you need is two data points to create the graph to calculate the accumulation. I did. +2.1X.
No one has even close to presenting a reasonable response to prove me wrong!
The documents and the numbers prove me right!
Same for the Original Liquidation Trust created by AAOC in Plan 6.
Ron
LP, Look Here for LIBOR Litigation.
https://www.docketbird.com/court-cases/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/nysd-1:2011-md-02262
I see good things.
LIBOR settles the Derivative Market Meltdown put-back for the ABS CERTS Holders. In our case, WMIIC+Preferred Funding.
Ron
Newflow, You Posted The Transcript.
I read it.
Now about two years ago.
Plan 6 hearings, December 7th.
The Equity Community Presentation plus the Equity Community request for control of the Liquidation Trust during Plan 6, long before Plan 7 LT for Creditors.
When you stop focusing on Plan 7 LT, then you might understand the Original Trust.
SS, Rule of Law regarding the illegal seizure of WMB.
The FDIC had no legal authority to request the OTS to seize the WMI Banks.
JPM RICO.
Hence; The Dual Track.
Resolved; JPM is to pay full book value for WMB.
Holdings Company vs. a Bank Holding Company.
Big legal difference.
2008 was all about the Naked Derivative Market Meltdown
Ron
Newflow I Answered Your Question.
Please see my response to your post.
Please forget about the Plan 7 LT.
DONE!
That’s not there the assets and the money is.
We still have “beneficial interests” in the Original Trust.
The wording is very specific and correct.
Note that; sometimes it says Plan 7 LT, and other times it says ‘the Trust’.
Two different trust entities with two different purposes for two different claim holders.
Ron
Excellent Post Newflow.
Everything that they said is true.
All the Original Trust is saying is;
• that JPM hasn’t paid for WMB yet.
• ABS accumulation valuation hasn’t been tabulated yet.
• WMI non-debtor Subs haven’t surfaced yet.
The Original Liquidation Trust was created by AAOC, then acquired the control by the Equity Community by request.
BO. and his HF friends is AAOC.
Think Assets.
The Equity Community created the Plan 7 LT for Creditors from sufficient assets pulled from the Original Trust.
It’s all a funny game of legal wording.
Very easy to follow the documents and BK law.
It’s NOT about You (genetic statement to all, not referring to NF). So please don’t take it personally.
Ron
Yes It Will Always Happen Tomorrow.
Because it can’t happen today.
Today is over!
Stop your complaining and offer a solution!
I stick with my numbers and thesis on valuation supplied by the Court. I’m good with numbers and Count documents.
RE/DCR, The First Liquidated Trust, WMI sued the FDIC for $307.2 Billion, Preferred Funding for Series R .
And MORE!
Prove me wrong!!!!
Starbird Rd
Ron
Last Year’s Derivative Market Notables!
Total market was $362 Trillion. Five times the total GNP for the whole planet! Impossible to bale-out the big banks at theses numbers.
Unregulated insurance companies. We need to return to Glass–Steagall.
Yes I’m a NASCAR fan and Formula One. Any mechanized sport.
Did dirt motorcycles trail riding then trials competition, Go-karts (100 cc), then 250cc Shifters IKF 3 (TZ 250), Raced on car tracks. Top speed of ~150 MPH. The brake zone is incredibly small because the weight class is 350lbs.
Ron
Did "Too Big To Fail" Discuss The Derivative Market Meltdown?
Back in 2006-2008 I was reading and tracking the Derivatives.
Warren Buffet;
“Weapon of financial mass destruction“.
Numbers;
JPM wrote 57% of the derivative contracts in the $83 Trillion market place. Potential exposure of $43.31 Trillion.
According to the Treasury Department, the Residential Housing market was $13 Trillion.
Potential exposure at 10% losses insuring 50% of the RMBS of 57% of the market.
In Billions;
$13,000*.10*.50*.57= $307.5 Billion.
At 20% losses insuring the RMBS;
= $741 Billion.
That’s just the RMBS. Now what about the other ABS’s? … Credit Cards, Auto Loads. … Oil Wells?
Yes JPM was in big trouble along with the other To Big to Fail Banks that the tax payers baled out. TARP. Just throw a blue tarp over it and no one will know!!
TRILLIONS
Ron
The Hedge Funds Had to Sign Releases Also!
Just like us!
JPM’s officers are NOT Released yet because JPM hasn’t paid for WMB yet.
We all released JPM for “Willful Misconduct”, ->RICO with 41.6 in good faith.
The Release is consummated when the check clears.
Ron
The February MOR Retained Earnings;
Have nothing to do with the Reorganized Debtor/COOP!!
During the creation of Plan 6, a Liquidation Trust was created for the benefit of AAOC.
The Equity Community proved to the Court that the assets value in this LT was greater than AAOC/Class 16 claim. The Equity Community proved ~$25 Billion was protected/hidden in the LT;
• BOLI/COLI
• Exchange Event
• Turn Over
• Rabbi Trusts
• others
The Equity Community requested control of that LT during a Plan 6 hearing. The request for the control of the LT was granted during the transition from Plan 6 to Plan 7.
Now that the Equity Community controlled the LT created during Plan 6’s creation, the EC pulled out sufficient funds/money for a new Plan 7 Liquidation Trust for payment in full for all the Creditors.
The Big Hint;
The Retained Earnings of the February MOR are never discussed in the body of the same document regarding Plan 7 because RE has nothing to do with Plan 7 for Creditors.
Plan 7;
The Equity Community representing Class 22 also proved to the Court in the February MOR that the RE held in Treasury Notes was sufficient to pay Class 19’s at a +2.1 multiple due to the 75/25% split of the RE at that date.
The TPS had a $4 Billion Claim.
IMO, now worth ~$10 Billion
Similar math for the Series K.
Have a great Thanksgivings Day with your family and friends,
Ron
Impossible BB0b. NON-CUMULATIVE!!!
What does NON-CUMULATIVE MEAN WHEN???!!!
I’m writing this in yOur wrIting STyaly hpoPing THAT YOU MIGHT UNDERSTAND..
NON-CUMULATIVE!!!!!!!!!….!!!????
parD,
Ron
I Have Calculated the Accumulation for Series R.
“NA Washington Mutual Preferred Funding 7.250% 3/7/2006 EUROMTF Non-Cum WR NR USG9463GAA60 NA 750 Euro Preferred”.
Series R holders received three payments a year.
Two interest payments and one performance payment at the end of the year.
Accumulation of annual Performance Payments;
~+2.1X face of $1,000
I have two data points. Linear Interpolation, the area under the curve.
Interest payments;
Two $36 payments a year. The interest payments stopped because the interest payments is Non-Cumulative.
Series R and Series K;
75% of Retained Earnings, about ~+2.5X to face.
More than 4.6X to Series R.
The Estate belongs to the Commons!
Don’t take it personally. It’s all about ownership.
Ron
Why is LEHNQ Trading at .000001??
LEHNQ is trading but not trading?!?
No volume?!
No value!?
Why?
That’s Because JPM’s Check Hasn’t Cleared Yet.
The WMB Notes are JPM’s responsibility because the UK Covered Notes is backed by ~$26 Billion in assets. JPM also needs to buy the backing assets. Which adds to the valuation of WMB to WMI.
WMI sued the FDIC for $307.2 Billion.
JPM is not released from 41.6 “Willful Misconduct” RICO allegations yet either. JPM settled fast before the RICO allegations were to be heard in open Court. JPM knew that they were guilty and broke due to the Derivative contracts exposure.
Ron
Multiple Sources of Returns.
•RE/DCR ~$26 Billion distributed 75/25%.
• Preferred Funding +~2.1X PQ.
• WMB payment from JPM.
• WMIIC/ABS.
• Other assets.
Ron
That Depends on the Interest Rate.
I don’t believe it is that high yet.
Then did the discussion start at referencing the $25 Billion?
?Six years, eight years after the plan as implemented?
RE = $20.78 Billion.
T = time in years.
R = interest Rate expressed as a decimal.
DCR1 = $25 Billion, said value from discussions.
DCR2= new DCR value.
The formula;
DCR1= RE(1+R*T)
Now solve for R.
R = 1/T(DCR1/RE-1)
With a different interest Rate calculation based on a different time span.
Example;
If the $25 Billion discussion stated six years after plan implementation (early 2012), then DCR2 becomes $26+ Billion at R = 2.54%.
Eight years;
DCR2 = $28.5 Billion, R = 3.34%
The interest rate looks high to me for the time period of 2018-2020, but Rosen did say that ‘they got a good deal’.
Ron
You Posted The Link In The Last Few Days.
I read your post and link.
Why didn’t you read the link you posted!!!!
Read FAQ #6.
“Treasury Regulation 1.468B-9(c)(6) provides that upon the termination of a Disputed Ownership….”
NOL for Equity classes from the Retained Earnings from the February MOR.
This has nothing to do with the WMB stock abandonment which is a NOL the reorganized debtor.
Plan 6 vs. Plan 7.
Ron
Please Read FAQ 6!
NOL’s for Equity classes.
If you only understood the difference between Plan 6 vs. Plan 7.
Plan 7 was only designed to pay Creditors.
Nothing more.
Now where are the assets?
Plan 6.
Ron
Actually I Answered Your Question.
510(b) is the answer.
Yes it’s in the Plan 6-7/GSA. But never as a direct statement. But referenced as evidence and sealed.
The Retained Earnings are a direct statement but not in the language that you can easily understand.
All the assets of the Retained Earnings are listed in the DS.
The Equity Community Presentation gave us the valuations of those assets.
Same for WMI not holding ABS.
True but not Correct.
WMIIC holds the ABS in BK 28.
Please see my post regarding the same.
They never lie. The attorneys and accountants just talk a different language.
Ron
No Class 18 Got Paid Because JPM Assumed Responsibility for the WMB Notes.
Class 17 is JPM’s responsibility
It would be very good if you better explained yourself. Please take the time to explain the reasons for the post.
My response wasn’t personal.
Thank You for the post. It gave me the opportunity to explain 510(b) and the WMB Notes to the Message Board.
Because Class 18 was paid in full, therefore the Equity classes became the impaired class to control the debtors estate WMI!
Ron
Because JPM is Responsible for Class 17.
The WMB Class 17 Notes of $13-$14 Billion claim is backed by ~$26 Billion in assets as UK Covered Notes.
Section 510(b) is an ‘over funded claim’. Therefore Class 17B waived their claim against WMI Bankruptcy because JPM has the Notes backing assets, and therefore the responsibility to pay their claims as agreed to in Plan 6-7/GSA.
“Class 17B (Section 510(b) Subordinated WMB Notes Claims) have waived their rights to distributions, entitling holders with Class 18 to the final distribution pursuant to the Plan. Beyond this, the Bankruptcy Court and WMILT have merely waited for the final reconciliation of remaining claims and monetization of assets."
Ron
Different Topic from My Post.
Your topic is regarding BRICS.
Looks to me like the Bank Cartel is trying to wound BRICS by removing India.
The WMIIC held Certs only involvement with JPM and the Cartel is through LIBOR pay backs.
Retained Earnings is cash held in Treasury Notes. No Cartel connection.
Yes we are in a multi-dimensional Currency War.
Ron
The Statement is True but Not Correct.
True;
WMI Bankruptcy (29) did not hold any certificates.
Correct;
WMIIC Bankruptcy (28) held the certificates.
The first First Filing (28) instructed the Court that only Stu, the Judge, and Rosen could view the assets of WMIIC. All others are off limits!!
29 was bared from disclosing 28’s books.
28 was joined to 29 procedurally only.
The WMI-WMIIC Certs assets are still there and performing.
Ron
I Need To Add another Benefit.
• Differential in interest rates payments back to WMB as I said.
• Differential interest rates payments for the Derivative insurance on the ABS Securitized assets added back to the ABS Certs holders.
Please remember that the derivatives cover your ABS losses. Yes WMB was required for the put-backs.
WMB had $30 Billion set aside for the put-backs, which JPM utilized.
So, three benefits to the WMI Estate from LIBOR resolution.
Ron
The WMB NOTES Cover Themselves.
The WMB Notes where collateralized by $26 Billion in assets.
JPM will need to reimburse WMB for the difference.
Adding to JPM’s bill for “WMB and it’s assets’.
Ron
Yes LIBOR Will Benefit WaMu inTwo Ways.
• Resolution of the differential in interest rates losses to be paid back to WMB which finalizes the book value for “WMB and it’s assets” for JPM to pay.
• Allows for the ABS Certs payments held in Safe Harbor to be released.
IMO; The FDIC has a lien on all ABS Certs payments to the WMI Estate regarding WMB until LIBOR is completed. That is why we haven’t seen the Safe Harbor money like Preferred Funding.
I also believe that the FDIC has a lien against the $20.7 Billion in Retained Earnings in case of the need for ‘claw back’ by the FDIC .
There is no other reason for these funds (ABS/RE) to not have been distributed already.
Ron
My Understanding is That;
The Big Banks (JPM and friends) have settled. The Fairness Hearing is December 12th.
RD, can you confirm?
IMO; now that one Mortgage Company has settled, the rest of the company’s will soon follow now that a precedence has been set.
https://www.docketbird.com/court-cases/In-re-Libor-Based-Financial-Instruments-Antitrust-Litigation/nysd-1:2011-md-02262
Ron
JPM Did the Same Thing with Bear Stearns!
BS through their investors was a very major holder of ABS Certs that JPM was a major insurer.
JPM didn’t have the money to pay BS. JPM delayed ABS derivative insurance payments and forced BS into a cash flow crisis.
THE DERIVATIVE MARKET IS TOTALLY UNREGULATED.
Lights on, anyone???
Ron
JPM Needed to Acquire WaMu’s ABS Portfolio.
JPM was a major issuer of derivatives contracts (CDS, CMO,,,) that covered WaMu/WMI ABS notes/bonds losses.
JPM’s hope/game plan by acquiring WaMu, JPM would pay themselves for the ABS losses rather than WaMu/WMI.
JPM’s total derivative market exposure from only RMBS was $700 Billion to $1.4 Trillion.
JPM/FDIC failed. The HF’s worked against JPM in the effort to get control over WMI for themselves.
The Dual Track in DC ruled against JPM/FDIC.
Then the Equity Community Presentation proved true! The EC took control over the Debtors Estate, WMI.
Both, JPM and the HF’s lost!
The Equity Community won!!!!
41.6.
LIBOR litigation is rectifying the final interest rate losses, plus damages due to currency manipulation by the big banks for the ABS notes/bond OTC holders, like WaMu/WMI.
Remember; WMI owned WaMu/WMB during the LIBOR currency manipulation time period. WMI suffered the losses.
Ron
And Who Ordered The Seizure?
The FDIC!!
SB
Know The True History!
WaMu’s cash and assets saved JPM’s derivatives exposure.
Please oh smart one, please tell us about the current Derivative Market in Notables?!?!
I posted the link last year.
$362 Trillion in Derivative Notables.
Five times the total worlds GDP.
Your turn…
Ron
The FDIC Had NO Authority to Seize WMB.
WMI is a Holding Company of Banks, not a ‘Bank holding company’. WMI/WMB only purchased FDIC insurance to protect the depositors.
WMB was a ‘National Thrift, Savings and Loan’, NOT a ‘NA’, (National Association) like JPM, BoA…
The FDIC only has control over NA Institutions. Tax Law, and one of Dr. A’s points to the Court.
That is why the FDIC/JPM lost!
More;
WMI/WMB was NOT a writer for Derivatives contracts like JPM, BoA…
The LIBOR defendants.
2008 was a total derivative market meltdown.
I have posted the numbers.
I have posted the more current derivative market numbers.
These numbers should concern everyone.
Ron
Both WMI and the FDIC Have Agreed on the NUMBERS.
WMI sued the FDIC for $307.2 Billion for “WMB and it’s assets”.
After about $7.9 Billion was returned to WMI from TPS Exchange Event and the Turn-over of WMI cash at WMB.
Then the FDIC response;
~$299 Billion for WMB and it’s assets”.
The numbers work!
Dr. A is unable to account for idle assets like Mineral Rights, and countless other properties.
I also don’t believe Dr. A was accounting for WMI/WMB ABS self-invested interest in the ABS revenue stream.
Yes I read Dr. A’s presentation’s to the court. Dr. A’s presentation was only based on WMB’s passed reported revenue stream based on other banks performance from banking operations only.
“Wenatchee Wenatchee”,
“There’s Gold in them hills”
Natural Gas near Yakima….
Yes I have been here the whole time.
Ron
CWG, You Totally Don’t Understand 41.6!
We released JPM for “Willful Misconduct”!
Civil RICO can be settled with a monetary fine(a multiple of book Value) rather than jail time.
That means that, JPM’s admission of Guilt for RICO charge that WMI had sued JPM regarding with the Dual Track in DC Court.
DC RULED; JPM is obligated to pay full book value for WMB and it’s Assets.
LIBOR completion determines the final book value for WMB and it’s assets.
LIBOR settle’s ABS interest rates adjustments for OTC Derivatives claimants too.
JPM isn’t released yet. JPM is released for “Willful Misconduct” when the check clears!!!!
Ron
Back in The Early Days of RMBS Derivative Insurance.
Later 1990’s to ~2008ish…
Housing was booming, therefore the derivative insurance covering the ABS Bonds was just free money for the underwriter. The underwriter’s wrote Trillions in contact’s
Just like insuring a good driver.
The LIBOR litigation is all about resolution of the OTC Derivatives contract’s, and the correction in LIBOR interest rates manipulation due to the insured parties.
Ron
Plus, The MBS Became Insured Bonds.
As required by the MBS Prospectus for the Trustee to maintain the insurance coverage.
The OTC Derivatives Market is the insurance provider for these Bonds.
JPM was exposed to between $700 Billion to $1.4 Trillion in OTC Derivatives covering the RMBS Market using the FDIC and US Treasury’s numbers.
The gubermint needed to rescue JPM.
FAST!!
JD; “give me WaMu”. WaMu had more than $40 Billion in cash on hand and a very strong revenue stream due to the insured ABS offerings WaMu reinvested in.
I use WaMu as a generic term actually referencing the Parent WMI.
How many people understand that WaMu was/is a Holding Company, holding multiple banks and other assets?!?
How big is the current Derivative Market in Notables?
I have posted last year’s numbers.
Beyond crazy market manipulation mechanism...!
Ron