Waiting
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LG...can you please elaborate on the importance of the SHM being moved forward 7 weeks? I keep seeing it in your summary, but it does NOT register to ne as relevant to your post.
Can you elaborate on your thoughts?
Hope all is well LG,
Jest
Well many thanks for your WAG, BBAN. I am only trying make sure there is not some way that we could be separated from our positions/participation in these SPEs.
Thanks for your patience!
Jest
Question: What defines possession of the off book assets in any SPEs?
BBAN. WaMu is the bank. WMI is the parent. As I recall it...JPM made an offer for the the entire WMI parent which was turrned down by KK. Off book SPE assets would have been connected specifically to the WMI parent. Correct?
Jest
Regarding molecule size and penetration through membrane...would DMSO facilitate this. DMSO being a well known transdermal purported to be excellent a moving larger molecules through the barrier?
Jest
Security Type (Classes): I believe this is accurate.
Priority Non-Tax Claims (Class 1)
Senior Notes Claims (Class 2)
Senior Subordinated Notes Claims (Class 3)
WMI Medical Plan Claims (Class 4)
JPMC Rabbi Trust/Policy Claims (Class 5)
Other Benefit Plan Claims (Class 6)
Qualified Plan Claims (Class 7)
WMB Vendor Claims (Class 8)
Visa Claims (Class 9)
Bond Claims (Class 10)
WMI Vendor Claims (Class 11)
General Unsecured Claims (Class 12)
Late-Filed Claims (Class 12A)
Convenience Claims (Class 13)
CCB-1 Guarantees Claims (Class 14)
CCB-2 Guarantees Claims (Class 15)
PIERS Claims (Class 16)
WMB Notes Claims (Class 17)
Subordinated Claims (Class 18)
Preferred Equity Interests (Class 19)
Dime Warrants (Class 21)
Common Equity Interests (Class 22)
No.
Preferred shares A N D common shares are effectively uncapped per the agreements.
To clarify (and simplify for you), preferred shares merely get a larger percentage of those assets distributed to the LT. As such, Preferred & Common shares and are in-sync with any distributions and are both uncapped.
Jest
Agree with Clawwman...the 90% is an over estimate. Was covered here in 2009 & 2010 if memory serves. May be worth a look back in time.
G/L
Jest
You need to be more accurate with what you are saying. Please reevaluate your post and determine whether you mean the bank WMB or the parent WMI.
Because you have them confused in your post, it is confusing others.
Please correct ASAP
Jest
LOLOL I LIKE IT!
Long time no see FF
Jest
Shell Game
BUMP. I want to hear this answer please.
Yeah. People are INTENTIONALLY not being concise when talking about these assets IMO.
We should ALL be clear when talking about the TYPE of asset we are speaking about.
"Pass Thru" Assets IMO are the PARENT assets. JPM DID NOT ACQUIRE THESE FROM THE FDIC. Corporate Veil.
Jest
Didn't he address this with an image of the exact document a few days ago/
Jest
GREAT POST!
QUESTION:
From what entities would assets flow into escrow?
I have always seen the Escrow as a marker for ONLY WMI Parent assets which would be released (if any).
Some here believe it is ONLY for the cash received from JPM for the Bank(s) sale.
Some believe BOTH could be the initial source for cash to escrow.
On a side note...we filed the tax forms for a reason...maybe more than one.
Jest
But that's my initial concern. WaMu Assets. You are talking VERY SPECIFICALLY about the BANK assets, NOT the parent assets??
So. If if if JPM pays another 20 billion on top of the $1.888 billion for example?
Hmmmmm
That post is just confusing the hell out of me.
Sorry....just saw this one...!!!
Jest
Also,..to add to your post Desp...is the issue of "RIPENESS".
FDIC-R has not yet been released as their "work" is not yet complete...only then would any litigation (as needed) begin. Any suggestion that there should be litigation at this time would be deemed premature or "not ripe" by the court, correct?
https://en.wikipedia.org/wiki/Ripeness
Jest
THAT is where the magic will happen IMO. I think WMI had WAY more assets than anyone thought. WAY MORE! The FDIC-R has forced the parent to cover the losses of their bastard child because of their bad behavior. Once those bank claims clear..and once the parent claims clear...we will see some action.
Jest
"In a statement, JPMorgan Chase said it was not acquiring any senior unsecured debt, subordinated debt, and preferred stock of Washington Mutual's banks, or any assets or liabilities of the holding company, Washington Mutual Inc."
Thanks voo!
Jest
Bank was seized and sold to JPMC.
Parent, now Bankless, went into BK Protection .
Assets of BANK went to JPM for an initial cost (presumably) of $1.888 BN.
Assets of Parent (IMO there are a shit ton) with FDIC (or a separate bank) as needed to close bank claims even though the corporate veil is in place. Once claims and formalities are complete, LT will receive assets.
This, IMO, is the reason the FDIC-R has not been released.
Of course, that is an over-simplification...but that's how I find it.
Jest
Thanks for your opinion.
LOL I'm with you on that R/D!! IMO There is more value than anyone expected. Only problem is relying on people to have some integrity to see it come back to escrow holders/WMIH (reorg)
The post really stands by itself. Don't assume 2200 properties were OWNED by WMI/WMB. They weren't. No need to be defensive.
To be clear...WMI/WaMu did NOT own the land for many of those 2200 locations and were leases of space/land.
Jest
I have not thought about the bank assets (not the deposits) for well over a year. I am.WAY more interested in the PARENT assets that the FDIC has been sitting on until the bank claims are closed. Will these assets "pass through" directly to reorg WMIH? I don't know, but, to me, that is where any massive "payday"/ROI would come from... Bank assets would be icing.
Jest
Those deposits are considered an asset and a liabilty. Wouldn't JPM be more happy with deposits WITHOUT loans against them? Some here suggest that was the WHOLE POINT...JPM was desperate to acquire deposits to offset thier shortfall of assets to loan against. So many facets.
Eek! Sorry Mord....just read this after posting my prior.
Not IMO...its a fact. My understanding is that Project Fillmore was about parent cash sitting in subsidiary bank and being repositioned to parent to meet THRIFT (OTS) REQUIREMENTS.
Jest
R E C E I V E R S H I P
No..not for years. Was never very good at reading it anyway! LOL
OK. closed order. Jest
Have an order for 100 @ $3.96 limit not closing. We are realll thin!
They control the volatility...it is way more profitable for them to work the long and short angles for as long as they can. Imagine those behind the curtain looking to find the next company to put into a VERY lucrative limbo of volatility. It is amazing really...and quite scary.
Jest
Just bought 1000 shares. Not showing yet. Doesn't volume usually update quickly? GLTA -Jest
Escrows are not shares and therefore will not have a PPS. So, you're right! LOL
Honestly...I was fairly clear in stating it is a theory. Do I think that? I think these entities are connected WAY more than we know at this time. Both were taken down by the same groups at the same time. Something just makes sense about the connection...but im not well versed enough to support the notion to the supreme beings like Patswil. IMO There is a huge connection. Jest
Washington Mutual has potentially hundreds of billions in assets in limbo. On top of this, the NEWCO (WMIH) also increased the Authorized Shares to 3.5 BILLION.
Given the history and timing here...I STILL suspect that they are attached in some way. Courts make decisions. Then capitalization COULD potentially come from WMIH.
Yes...this is a HUGE theory....but given the pieces in play, the players, the timing, and the scale of both entities, I cannot help but envision a collaboration which would both.
Try to keep the critique of this post civil.
Jest
Holy Crappp thats a huge one! LOL Jest